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Press Releases

November 14, 2005

Bexil Corporation Announces Third Quarter 2005 Financial Results

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

             BEXIL CORPORATION UNAUDITED CONDENSED STATEMENTS OF INCOME

               Three Months
                 Ended September 30,

              Nine Months
                Ended September 30,

            2005                 2004*   

               2005               2004*   

  Revenues :

  

  

  Consulting fees

$ 37,500  

$ 24,999  

$   112,500  

 $   74,997  

  Other

38,992  

6,162  

86,115  

58,368  

76,492  

31,161  

198,615  

133,365  

  Expenses:

  

  

  General and administrative

166,434  

152,279  

499,208  

535,022  

  Communications

4,762  

6,055  

13,042  

23,032  

  Professional fees

125,665  

19,793  

298,403  

102,728  

296,861  

178,097  

810,653  

660,782  

  Loss before income taxes

  

  

  

  

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

        (220,369)

       (146,936)

       (612,038)

      (527,417)

  Income tax expense (benefit)

        124,555

         17,105

         92,935

        (48,068)

  Equity in earnings of York        
    Insurance Services        

    Group, Inc.

954,127  

588,106  

2,134,590  

1,563,959  

  Net income

$609,203  

$424,065  

$1,429,617  

$1,084,610  

  Per share net income:

 

  

 

  

  Basic

$0.69  

$0.48  

$1.63  

$1.23  

  Diluted

$0.69  

$0.48  

$1.63  

$1.23  

  Average shares             

   outstanding:

 

  

 

  

  Basic

879,592  

879,591  

879,592  

879,591  

  Diluted

879,592  

879,591  

879,592  

880,043  

* Note: The unaudited statements of income for the three and nine month periods ended September 30, 2004 were restated to correct the presentation of equity 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, and therefore our financial results are not consolidated with York's. 

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

For the three months ended September 30, 2005 compared to the three months ended September 30, 2004, total revenue of $76,492 increased $45,331 or 145.5% from $31,161, due to an increase in consulting fees of $12,501 and an increase in other revenue of $32,830. The increase in other revenue was primarily due to an increase in dividends earned from an investment in a money market fund. Equity in earnings of York of $954,127 increased $366,021 or 62.2% due to York's increased earnings. York's revenue in the same comparable period increased 5.1%.  

Total expenses of $296,861 increased $118,764 or 66.7% compared to the same period in 2004. Professional fees increased $105,902 or 535.9% primarily due to an increase in audit fees. General and administrative expense and communications expense increased $12,862. 

Net income for the three months ended September 30, 2005 was $609,203 or $0.69 per share on a diluted basis as compared to net income of  $424,065 or $0.48 per share on a diluted basis for the three months ended September 30, 2004 .

Nine Months Ended September 30, 2005 Compared to Nine Months Ended September 30, 2004

For the nine months ended September 30, 2005 compared to the nine months ended September 30, 2004, total revenue of $198,615 increased $65,250 or 48.9% from $133,365, due to an increase in consulting fees of $37,503 and an increase in other revenue of $27,747.  The increase in other revenue was primarily due to an increase in investment income from dividends earned from an investment in a money market fund. Equity in earnings of York of $2,134,590 increased $570,631 or 36.5% due to York's increased earnings. York's revenue in the same comparable period increased 14.7%.

Total expenses of $810,653 increased $149,871 or 22.7% compared to the same period in 2004. Professional fees increased $195,675 or 190.5% primarily due to an increase in audit fees.  The increase in professional fees was partially offset by decreases to general and administrative expenses of $38,814 or 6.7% and communications expenses of $9,990 or 43.4%.

Net income for the nine months ended September 30, 2005 was $1,429,617 or $1.63 per share on a diluted basis as compared to net income of $1,084,610 or $1.23 per share on a diluted basis for the nine months ended September 30, 2004 .

York is a privately owned insurance services business process outsourcing company.  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 in 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 nine months ended September 30, 2005 and 2004 was as follows:

York Insurance Services Group, Inc

          Nine Months Ended September 30,

         2005

           2004   

  

  

  Revenues

$ 51,357,653  

$ 44,761,334  

  Expenses

$ 44,529,657  

$ 39,694,559  

  Net Income

$ 4,269,181  

$ 3,127,918  

  

  

  

  Working Capital

$ 12,820,028  

$ 11,265,627  

  Total Assets

$ 29,309,281  

$ 29,980,077  

  Total Liabilities

$ 11,534,510  

$ 14,046,284  

  Shareholder's Equity

$ 17,774,771  

$15,933,793  

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

November 14, 2005
Bexil Corporation Announces Third Quarter 2005 Financial Results
Novermber 10, 2005
Bexil Corporation Adopts Shareholder Rights Plan
November 9, 2005
Bexil Corporation Announces Conference Call  
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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