 |
Press Releases |
April 18, 2005
BEXIL CORPORATION ANNOUNCES CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRMS, LATE FILING, AND UNAUDITED COMPARATIVE FINANCIAL DATA
NEW YORK
--
Bexil Corporation (AMEX: BXL) announced today that effective April 13, 2005 its
Board of Directors has accepted the resignation of Tait, Weller & Baker as
the Company's independent registered public accounting firm and has engaged
Deloitte & Touche LLP as its new independent registered public accounting
firm.
"We are looking forward to our relationship with Deloitte & Touche,"
stated William Vohrer, the Company's Chief Financial Officer. "We
believe that Deloitte's industry experience and technical expertise will be a
good fit with Bexil," he continued. Mr. Vohrer did note that Tait,
Weller & Baker's resignation was not a result of any disagreement between
Tait, Weller & Baker and the Company, including in regard to the Company's
accounting principles and practices, financial statement disclosures or audit
procedures. "Bexil's primary business is comprised of its 50% interest in
privately held York Insurance Services Group, Inc. and Deloitte is York's
auditor," Mr. Vohrer said.
Since the 1930's, York's affiliates have served as third party
administrators and independent adjusters providing claims data and risk related
services to insurance carriers, self insureds, public entities, brokers, Management Buyout, Leveraged buyout financing, LBO, and
other intermediaries. York's claims services include property & casualty,
workers' compensation, special investigative unit services & surveillance,
transportation & logistics, environmental, construction, and inland &
ocean marine. York is a 50% owned unconsolidated affiliate accounted for by the
equity method.
Late Filing of 10-KSB
The Company also announced that it had submitted a notification of late
filing on Form 12b-25 that it would make a late filing of its annual report on
Form 10-KSB for the year ended December 31, 2004 due to delays in concluding the
new client acceptance process. The filing is currently expected by May 20, 2005.
Unaudited Comparative Financial Data for 2004
Bexil also released preliminary and unaudited comparative data of its
2004 financial results. Although subject to audit, the Company expects to show
that earnings per share in the fourth quarter ending December 31, 2004 exceeded
2003 fourth quarter results by approximately 65% and that for the full 2004 year
earnings per share declined by approximately 1%.
Bexil is a holding company operating businesses directly or through companies in which it has a majority or other substantial interest. More information about Bexil may be found at its web site
http://www.bexil.com. Bexil's
primary business is comprised of its 50% interest in privately held York, an
unconsolidated affiliate accounted for by the equity method. More information
about York may be found at its web site, http://www.yorkclaims.com.
This press release may contain 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, these forward-looking statements.
Press Release Links
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
|
