Bexil Corporation Announces First Quarter Financial Results


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August 12 , 2008 - Bexil Corporation (BXLC) today reported its financial results for the first quarter ended June 30, 2008.

Bexil recorded net income of $104,886 or $0.11 per share on a diluted basis for the three months ended March 31, 2008 compared to a net loss of $18,333 or $0.02 per share on a diluted basis for the three months ended March 31, 2007.

Bexil recorded net income of $117,850 or $0.13 per share on a diluted basis for the three months ended June 30, 2008 compared to net income of $75,137 or $0.08 per share on a diluted basis for the three months ended June 30, 2007. For the six months ended June 30, 2008, Bexil recorded net income of $222,736 or $0.24 per share on a diluted basis compared to net income of $56,803 or $0.06 per share on a diluted basis for the six months ended June 30, 2007.

Our book value per share at June 30, 2008 (883,592 shares issued and outstanding) was $43.74, as compared to $42.98 at June 30, 2007. At June 30, 2008, we had positive working capital of $38,602,969, total assets of $38,815,883, no long term debt, and shareholders equity of $38,648,886. Our primary source of income since the sale of our fifty percent interest in York Insurance Services Group, Inc. (“York”) in April 2006 has been from interest and dividends earned from U.S. Treasury securities and money market funds.

The Company’s unaudited balance sheet, statements of income, and statements of cash flows as of and for the second quarter and six months ended June 30, 2008 are appended below.

Business Overview

Since the sale of the York shares, we have been operating to acquire and/or develop one or more businesses. There are no limits on the types of businesses or fields in which we may devote our assets. We have not agreed to acquire any business as of the date of this press release. We have no plans to dissolve and liquidate the Company.

Our acquisition parameters for a public company and private business are:

A proven track record with demonstrated earning power.
A seasoned business with solid customer relations.
Good return on equity, little or no debt.
Solid management. Audited financials required.
Particularly interested in a “spin-off” from a larger company.

We generally are not interested in acquiring (but we may develop) start-ups, turnarounds, or high tech. We will sign a confidentiality agreement and will protect a broker’s sell agreement. If the seller quotes a price, we will respond promptly.

About Bexil Corporation
Bexil is a holding company. To learn more about Bexil Corporation, including Rule 15c2-11information, please visit www.bexil.com. Approximately 25% of Bexil's shares are owned by Winmill & Co. Incorporated (WNMLA), which is engaged through subsidiaries in stock market and gold investing through its investment management of equity and gold mutual funds.

This release contains certain “forward looking statements” made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Bexil Corporation, which may cause the Company’s actual results to be materially different from those expressed or implied by such statements. The forward looking statements made herein are only made as of the date of this release, and the Company undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances.

The Company views book value per share, a non-GAAP financial measure, as an important indicator of financial performance. Presented in conjunction with other financial information, the combined presentation can enhance an investor's understanding of the Company's underlying financial condition and results from operations. The definition of book value as presented in this press release is shareholder’s equity divided by currently issued and outstanding shares.

BEXIL CORPORATION
BALANCE SHEET
June 30, 2008
(Unaudited)

ASSETS
Current assets
Cash and cash equivalents	$1,283,126
Investment securities, available-for-sale	36,678,053
Receivables:
Interest	595,556
Refundable taxes	213,231

Total current assets	38,769,966

Deferred taxes	45,917
Total assets	$38,815,883

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses	$166,997

Total current liabilities	166,997

Shareholders' equity
Common stock, $0.01 par value, 9,900,000 shares authorized, 883,592 shares issued and outstanding	8,836
Series A participating preferred stock, $0.01 par value, 100,000 shares authorized, -0- shares issued and outstanding	-
Additional paid-in capital	13,013,663
Accumulated other comprehensive income	107,909
Retained earnings	25,518,478

Total shareholders' equity	38,648,886

Total liabilities and shareholders' equity	$38,815,883

BEXIL CORPORATION
STATEMENTS OF INCOME
(Unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2008	2007	2008	2007

Revenues	$ -	$ -	$ -	$ -

Expenses
Compensation and benefits	184,866	200,391	375,053	412,469
Professional	30,837	31,059	82,747	325,840
General and administrative	28,287	40,245	59,124	71,304

	254,283	331,518	516,924	809,613
Other income
Dividends and interest	433,592	449,398	869,209	890,891

Income before income taxes	179,309	117,880	352,285	81,278
Income tax expense	61,459	42,743	129,549	24,475

Net income	$117,850	75,137	222,736	56,803


Per share net income
Basic	$ 0.13	$ 0.08	$ 0.25	$ 0.06
Diluted	$ 0.13	$ 0.00	$ 0.25	$ 0.06
Average shares outstanding
Basic	883,592	885,603	883,592	884,669
Diluted	920,369	934,631	920,776	993,785

BEXIL CORPORATION
STATEMENTS OF CASH FLOWS
(Unaudited)

	Three Months Ended June 30,
	2008	2007

Cash flows from operating activities
Net income	$ 226,736	$ 56,803
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Share-based compensation expense	41,115	75,161
(Increase) decrease in deferred taxes	(6,551)	13,480
Decrease in interest receivable	13,819	-
Increase in refundable taxes	-	(56,250)
Decrease in other assets	21,764	28,776
Increase in accounts payable and accrued expenses	31,762	49,906

Net cash provided by operating activities	324,645	164,876

Net increase in cash and cash equivalents	324,645	164,876
Cash and cash equivalents
Beginning of period	958,481	458,032

End of period	$ 1,283,126	$ 622,908


Supplemental disclosure
Income taxes paid	$ 107,000	$ 61,250

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