MILLBROOK, NY / ACCESSWIRE / August 5, 2022 / Bexil Corporation (OTC PINK:BXLC) ("Bexil" or the "Company") today reported its financial results for the second quarter ended June 30, 2022.
For the three months ended June 30, 2022, Bexil recorded a net loss attributable to Bexil shareholders of approximately $2.08 million or $2.76 of diluted earnings per share, compared to net income attributable to Bexil shareholders of approximately $3.10 million or $3.69 of diluted earnings per share for the three months ended June 30, 2021.
For the six months ended June 30, 2022, Bexil recorded a net loss attributable to Bexil shareholders of approximately $1.94 million or $2.57 of diluted earnings per share compared to net income attributable to Bexil shareholders of approximately $5.29 million or $6.34 of diluted earnings per share for the six months ended June 30, 2021.
Generally Accepted Accounting Principles ("GAAP") require that the Company include the changes in unrealized gains/losses of its equity security investments in net income. The Company recorded net unrealized losses of $3.58 million for the three months ended June 30, 2022, compared to net unrealized gains of $2.60 million for the three months ended June 30, 2021. The Company recorded net unrealized losses of $3.88 million for the six months ended June 30, 2022, compared to net unrealized gains of $4.46 million for the six months ended June 30, 2021. The amount of investment unrealized gains/losses in any given period is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules, as noted in a recent Berkshire Hathaway press release.
The Company's book value per share attributable to Bexil shareholders at June 30, 2022 was $33.53, based on shareholders' equity attributable to Bexil shareholders of approximately $25.2 million and 752,908 shares issued and outstanding. The Company's book value per share attributable to Bexil shareholders at June 30, 2021 was $33.52, based on shareholders' equity attributable to Bexil shareholders of approximately $27.8 million and 830,577 shares issued and outstanding.
The limited information above in this press release is not adequate for making an informed investment judgment, and we urge stockholders and investors to read the Company's unaudited quarterly report for the quarterly period ended June 30, 2022, which is available at www.Bexil.com appended to the copy of this press release and at www.otcmarkets.com under the Company's stock symbol.
About Bexil Corporation
The objective of Bexil Corporation, a holding company, is to increase book value per share over time for the benefit of its shareholders. The Company is primarily engaged through a wholly owned subsidiary, Bexil Advisers LLC, in investment management. Bexil Advisers is a registered investment adviser and the investment manager to Dividend and Income Fund, a closed end fund (Stock Symbol:DNIF) (NAV Symbol:XDNIX). To learn more about Bexil please visit www.Bexil.com.
Safe Harbor Note
This release may contain certain "forward looking statements" within the meaning of federal securities laws including, but not limited to 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, which may cause the Company's actual results to be materially different from those expressed or implied by such statements. The Company may also make additional forward looking statements from time to time. All such subsequent forward looking statements, whether written or oral, by the Company or on its behalf, are also expressly qualified by these cautionary statements. Investors should carefully consider the risks, uncertainties, and other factors, together with the information included in the Company's Annual Report, at http://www.bexil.com/cautionary-language.html, and similar information. All 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 attributable to Bexil shareholders divided by currently issued and outstanding shares.
Contact:
Thomas O'Malley
Chief Financial Officer
1-212-785-0900
tomalley@bexil.com
www.Bexil.com
SOURCE: Bexil Corporation
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