Bexil Corporation Announces Second Quarter Financial Results


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August 14, 2009 -Bexil Corporation (Ticker Symbol: BXLC) today reported its financial results for the second quarter ended June 30, 2009.

Bexil recorded a net loss of $135,989 or $0.14 per share for the three months ended June 30, 2009 compared to net income of $117,850 or $0.13 per share on a diluted basis for the three months ended June 30, 2008. For the six months ended June 30, 2009, Bexil recorded a net loss of $291,550 or $0.31 per share on a diluted basis compared to net income of $222,736 or $0.24 per share on a diluted basis for the six months ended June 30, 2008.

The Company’s book value per share at June 30, 2009 (988,592 shares issued and outstanding) was $38.73, as compared to book value per share at June 30, 2008 (883,592 shares issued and outstanding) of $43.74. At June 30, 2009, Bexil had positive working capital of $37,971,930, total assets of $38,486,504, no long term debt, and shareholders’ equity of $38,292,670. The Company’s 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, 2009 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 the Company’s 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, with 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 15c2-11 information, 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 shareholders’ 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
June 30, 2009
(Unaudited)

ASSETS
Current assets
	Cash and cash equivalents		$37,953,004
	Investment securities, available-for-sale		1,110
	Receivables:
		Refundable taxes	210,149
		Other	961

		Total current assets	38,165,224

Deferred taxes			321,280

		Total assets	$38,486,504

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
	Accounts payable and accrued expenses		$193,834

		Total current liabilities	193,834

Shareholders' equity
	Common stock, $0.01 par value, 9,900,000 shares authorized,
		988,592 shares issued and outstanding	9,886
	Series A participating preferred stock, $0.01 par value, 100,000
		shares authorized, -0- shares issued and outstanding	-
	Additional paid-in capital		15,383,411
	Notes receivable for common stock issued		(2,365,883)
	Accumulated other comprehensive loss		(325)
	Retained earnings		25,265,581

		Total shareholders' equity	38,292,670

		Total liabilities and shareholders' equity	$38,486,504

BEXIL CORPORATION
STATEMENTS OF INCOME
(Unaudited)

		Three Months Ended June 30,		Six Months Ended June 30,
		2009	2008	2009	2008
Revenues		$-	$-	$-	$-

Expenses
	Compensation and benefits	224,788	184,866	477,085	375,053
	Professional	27,990	41,130	55,902	82,747
	General and administrative	77,311	28,287	162,984	59,124

		330,089	254,283	695,971	516,924

Other income
	Dividends and interest	75,859	433,592	201,820	869,209

Income before income taxes		(254,230)	179,309	(494,151)	352,285

Income tax expense (benefit)		(118,241)	61,459	(202,601)	129,549

Net income		$(135,989)	$117,850	$(291,550)	$222,736

Per share net income:
	Basic	$(0.14)	$0.13	$(0.31)	$0.25
	Diluted	$(0.14)	$0.13	$(0.31)	$0.24

Average shares outstanding:
	Basic	988,592	883,592	940,443	883,592
	Diluted	988,592	920,369	940,443	920,776

BEXIL CORPORATION
STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 2009 and 2008
(Unaudited)

				2009	2008
Cash flows from operating activities
	Net income (loss)			$(291,550)	$222,736
	Adjustments to reconcile net income (loss) to net cash
		provided by (used in) operating activities
			Increase in deferred taxes	(202,601)	(6,551)
			Share-based compensation	-	41,115
	(Increase) decrease in interest receivable			(960)	13,819
	(Increase) decrease in other assets			-	21,764
	Increase in accounts payable and accrued expenses			38,183	31,762

		Net cash provided by (used in) operating activities		(456,928)	324,645

Cash flows from financing activities
Issuance of stock upon exercise of stock options				2,366,933	-
Notes receivable for common stock issued				(2,365,883)	-

		Net cash provided by financing activities		1,050	-

		Net (decrease) increase in cash and cash equivalents		(455,878)	324,645

Cash and cash equivalents
	Beginning of period			38,408,882	958,481

	End of period			$37,953,004	$1,283,126

Supplemental disclosure
	Income taxes paid			$-	$107,000

11 Hanover Square, New York, NY 10005 Tel: 1-212-785-0400 Fax: 1-212-363-1101
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