Bexil Corporation Announces First Quarter Financial Results


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November 10 , 2008 - Bexil Corporation (BXLC) today reported its financial results for the third quarter ended September 30, 2008.

Bexil recorded net income of $72,836 or $0.08 per share on a diluted basis for the three months ended September 30, 2008 compared to net income of $344,244 or $0.37 per share on a diluted basis for the three months ended September 30, 2007. For the nine months ended September 30, 2008, Bexil recorded net income of $295,572 or $0.32 per share on a diluted basis compared to net income of $401,048 or $0.43 per share on a diluted basis for the nine months ended September 30, 2007.

Our book value per share at September 30, 2008 (883,592 shares issued and outstanding) was $43.70, as compared to $43.61 at September 30, 2007. At September 30, 2008, we had positive working capital of $38,508,272, total assets of $38,825,605, no long term debt, and shareholders equity of $38,615,093. 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 third quarter and nine months ended September 30, 2008 are appended to the copy of this press release on www.bexil.com.

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.

Contact:            Thomas O’Malley
                        Chief Financial Officer
                        1-212-785-0400, ext. 267
                                tomalley@bexil.com
                                www.bexil.com

BEXIL CORPORATION
BALANCE SHEET
September 30, 2008
(Unaudited)

ASSETS
Current assets
	Cash and cash equivalents		$ 38,504,515
	Refundable taxes		213,231
	Other		1,038

		Total current assets	38,718,784

Deferred taxes			106,821

		Total assets	$ 38,825,605

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
	Accounts payable and accrued expenses		$ 210,512

		Total current liabilities	210,512

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		13,015,306
	Accumulated other comprehensive loss		(364)
	Retained earnings		25,591,315

		Total shareholders' equity	38,615,093

		Total liabilities and shareholders' equity	$ 38,825,605

BEXIL CORPORATION
STATEMENTS OF INCOME
(Unaudited)

		Three Months Ended		Nine Months Ended
		September 30,		September 30,
		2008	2007	2008	2007
Revenues		$ -	$ -	$ -	$ -

Expenses
	Compensation and benefits	163,747	172,461	538,800	584,930
	Professional	38,130	42,934	120,877	368,774
	General and administrative	25,616	31,062	84,741	102,365

		227,493	246,457	744,418	1,056,069

Other income
	Dividends and interest	355,521	449,707	1,224,731	1,340,598

Income before income taxes		128,028	203,250	480,313	284,529

Income tax expense (benefit)		55,192	(140,994)	184,741	(116,519)

Net income		$ 72,836	$ 344,244	$ 295,572	$ 401,048

Per share net income:
	Basic	$ 0.08	$ 0.39	$ 0.33	$ 0.45
	Diluted	$ 0.08	$ 0.37	$ 0.32	$ 0.43

Average shares outstanding:
	Basic	883,592	883,592	883,592	884,306
	Diluted	911,866	930,126	917,878	932,567

BEXIL CORPORATION
STATEMENTS OF CASH FLOWS (Unaudited)

				Nine Months Ended
				September 30,
				2008	2007
Cash flows from operating activities
	Net income			$295,572	$401,048
	Adjustments to reconcile net income to net cash
		provided by (used in) operating activities
			Share-based compensation expense	42,758	97,638
			Accretion of discount on short term investment securities	27,853	-
			(Increase) decrease in deferred taxes	(6,551)	4,264
	Decrease in interest receivable			609,375	438,804
	Increase in refundable taxes			-	(224,085)
	Decrease in other assets			1,749	46,455
	Increase (decrease) in accounts payable and accrued expenses			75,278	(25,207)

		Net cash provided by operating activities		1,046,034	738,917

Cash flows from investing activities
Proceeds from maturity of investment securities				36,500,000	-

		Net cash provided by investing activities		36,500,000	-

		Net increase in cash and cash equivalents		37,546,034	738,917

Cash and cash equivalents
	Beginning of period			958,481	458,032

	End of period			$38,504,515	$1,196,949

Supplemental disclosure
	Income taxes paid			$157,000	$63,250

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