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Press Releases

August 15, 2005

Bexil Corporation Announces Second Quarter 2005 Financial Results

NEW YORK -- Bexil Corporation (AMEX: BXL) today reported its financial results for the second quarter of 2005. 

             BEXIL CORPORATION UNAUDITED CONDENSED STATEMENTS OF INCOME

    Three Months
    Ended June 30

    Six Months
    Ended June 30

    2005

    2004*

    2005

    2004*

  Revenues :

  

  

  Consulting fees

$ 37,500  

$ 24,999  

$ 75,000  

$ 49,998  

  Other

21,402  

11,764  

47,123  

52,206  

58,902  

36,763  

122,123 

102,204  

  Expenses:

  

  

  General and administrative

177,266  

179,252  

332,773  

382,743  

  Communication 

4,877  

12,192  

8,281  

16,977  

  Professional fees

156,238  

64,167  

172,738  

82,965  

338,381  

255,611  

513,792 

482,685  

  Loss before income taxes 

  

  

  

   and equity in earnings of
   York Insurance Services 
   Group, Inc.

(279,479)  

(218,848)  

(391,669)  

(380,481)  

  Income tax benefit

(43,362)  

(47,929)  

(31,620)  

(65,173)  

  Equity in earnings of York 

  

  

  

   Insurance Services Group, Inc.

586,043  

456,348  

1,180,462  

975,853  

  Net income

$ 349,926  

$ 285,429  

$ 820,413  

$ 660,545  

  Per share net income:

  

  

  Basic

$ 0.40  

$ 0.32  

$ 0.93  

$ 0.75  

  Diluted

$ 0.40  

$ 0.32  

$ 0.93  

$ 0.75  

  Average shares outstanding:

  

  

  Basic

879,591  

879,591  

879,591  

879,591  

  Diluted

879,591  

879,591  

879,591  

880,249  

* Note: The unaudited statements of income for the three and six month periods ended June 30, 2004 were restated to correct the presentation in earnings of York Insurance Services Group, Inc.  The restatement presents the equity in earnings of York after income taxes on the statement of income instead of as a component of revenue as originally reported. The correction had no effect on net income or earnings per share.

Bexil Corporation is a holding company. Our primary holding is a 50% interest in privately held York Insurance Services Group, Inc. ("York"). We account for our interest in York using the equity method, therefore York's financial results are not consolidated with our own. 

Three Months Ended June 30, 2005 Compared to Three Months Ended June 30, 2004

For the three months ended June 30, 2005 compared to the three months ended June 30, 2004, total revenue of $58,902 increased $22,139 or 60.2% from $36,763, due to an increase in consulting fees of $12,500 and other revenue of $9,638. The increase in other revenue was due primarily to dividends earned from money market fund balances. The equity in the earnings of York of $586,043 increased $129,695 or 28.4% due to York's increased earnings. York's revenue in the same comparable period increased 25.7%.  

Total expenses of $338,381 increased $82,770 or 32.4% compared to the same period in 2004.  Professional fees increased $92,071 or 143.5% primarily due to an increase in audit fees. General and administrative and communications expenses decreased $9,301. 

Net income for the three months ended June 30, 2005 was $349,926 or $0.40 per share on a diluted basis as compared to net income of $ 285,429 or $0.32 per share on a diluted basis for the three months ended June 30, 2004.

Six Months Ended June 30, 2005 Compared to Six Months Ended June 30, 2004

For the six months ended June 30, 2005 compared to the six months ended June 30, 2004, total revenue of $122,123 increased $19,919 or 19.5% from $102,204, due to an increase in consulting fees of $25,002 partially offset by a decrease in other revenue of $5,083. The equity in the earnings of York of $1,180,462 increased $204,609 or 21.0% due to York's increased earnings. York's revenue in the same comparable period increased 20.3%.

Total expenses of $513,792 increased $31,107 or 6.4% compared to the same period in 2004.  Professional fees increased $89,773 or 108.2% primarily due to an increase in audit fees. General and administrative expenses decreased $49,970 or 13.1% due to lower compensation costs and directors fees of approximately $37,000 and $11,000, respectively. Communications expense decreased $8,696. 

Net income for the six months ended June 30, 2005 was $820,413 or $0.93 per share on a diluted basis as compared to net income of $660,545 or $0.75 per share on a diluted basis for the six months ended June 30, 2004. 

York is one the leading privately owned insurance services business process sourcing companies in the United States. Since the 1930's, York through predecessor companies, has served as both an independent adjustment company and third party administrator providing claims data and risk related services to insurance companies, self insureds, and intermediaries throughout the United States. More recently York has established business units the program management, licensed private investigation, recovery, environmental consulting, retail logistics and large/complex loss adjusting markets. 

York's summarized and unaudited condensed financial information for the six months ended June 30, 2005 and 2004 was as follows:

York Insurance Services Group, Inc

          Six Months Ended June 30,

         2005

           2004   

  

  

  Revenues

$ 34,139,589  

$ 28,380,576  

  Expenses

$ 30,002,810  

$ 25,309,800  

  Net Income

$ 2,360,926  

$ 1,951,706  

  

  

  

  Working Capital

$ 11,512,969  

$ 10,409,373  

  Total Assets

$ 27,359,677  

$ 24,780,031  

  Total Liabilities

$ 11,151,779  

$ 10,022,447  

  Shareholder's Equity

$ 16,207,898  

$14,757,584  

More information about Bexil may be found at its web site http://www.bexil.com

This press release may contain "forward looking information" and "forward looking statements" and similar expressions that reflect Bexil's current expectations about its future performance, and are subject to risks, uncertainties and other factors that could cause Bexil's actual performance to differ materially from those expressed in, or implied by, the forward looking information and these forward looking statements.

 Press Release Links

August 15, 2005
Bexil Corporation Announces Second Quarter 2005 Financial Results 
July 11, 2005
Bexil Corporation Announces Financial Results for the First Quarter Ended March 31, 2005 
June 20, 2005
Bexil Corporation Announces Financial Results for 2004 and New Filing Date for 10-QSB
May 27, 2005
Bexil Corporation Announces Plan Developments for Late 10-KSB and 10-QSB Filings
May 24, 2005
Bexil Corporation Announces Late Filing of First Quarter 10QSB and Unaudited Comparative Financial Data
May 20, 2005
Bexil Corporation Announces Further Delay in 10KSB Filing
April 26, 2005
Bexil Corporation Announces Receipt of AMEX Notice of Failure to Satisfy Continued Listing Standard
April 18, 2005
Bexil Corporation Announces Change of Independent Registered Public Accounting Firms
September 13, 2004
Bexil Corporation Announces Conference Call
August 13, 2004
Bexil Corporation Announces Financial Results for the Second Quarter Ended June 30, 2004
May 17, 2004
Bexil Corporation Announces Financial Results for the First Quarter 2004
March 1, 2004
Bexil Corporation Omits First Quarter Dividend
January 6, 2004
Bexil Corporation Announces Deregistration



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