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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
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|
Professional fees
|
125,665
|
19,793
|
298,403
|
102,728
|
|
|
|
|
|
|
|
296,861
|
178,097
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810,653
|
660,782
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|
|
|
|
|
|
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
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|
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.
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