Bexil Corporation (PINKSHEETS: BXLC) today reported its financial results for the first quarter ended March 31, 2010.
Bexil recorded a net loss of $170,867 or $0.17 per share for the three months ended March 31, 2010 compared to a net loss of $155,561 or $0.17 per share for the three months ended March 31, 2009.
The Company's book value per share at March 31, 2010 (1,011,592 shares issued and outstanding) was $37.45, as compared to book value per share at March 31, 2009 (988,592 shares issued and outstanding) of $38.87. At March 31, 2010, Bexil had positive working capital of $37,177,041, total assets of $38,190,496, no long term debt, and shareholders' equity of $37,883,345. The Company's current source of income is from dividends earned from money market funds.
The Company's unaudited balance sheet, statements of income, and statements of cash flows as of and for the three months ended March 31, 2010 are appended to the copy of this press release on www.bexil.com.
Business Overview
Bexil is currently 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 22% 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 Email Contactwww.bexil.com
