BXL Bexil Corp

Bexil Corporation (AMEX:BXL) today announced its financial results for the first quarter ended March 31, 2005. -0- *T Three Months Ended March 31, (Unaudited) --------------------- 2005 2004 * ---------- ---------- Revenues: Consulting fees $ 37,500 $ 25,000 Other 25,721 40,441 ---------- ---------- 63,221 65,441 ---------- ---------- Expenses: General and Administrative 155,508 203,493 Communications 3,403 4,785 Professional fees 16,500 18,798 ---------- ---------- 175,411 227,076 ---------- ---------- Loss before income taxes and equity in earnings of York Insurance Services Group, Inc. (112,190) (161,635) Income tax expense (benefit) 11,743 (17,244) Equity in earnings of York Insurance Services Group, Inc. 594,420 519,511 ---------- ---------- Net income $ 470,487 $ 375,120 ========== ========== Per share net income: Basic $ 0.53 $ 0.43 Diluted $ 0.53 $ 0.43 Average shares outstanding: Basic 879,591 879,571 Diluted 879,591 880,928 * Note: The presentation of equity in earnings of York for the three months ended March 31, 2004 of $519,511 was restated to correct the presentation to conform to SEC Regulation S-X, Rule 5-03(b)(13). The restatement presents the equity in earnings of York after income tax expense (benefit) instead of as a component of revenues as originally reported. The correction had no effect on net income or earnings per share. *T Bexil Corporation is a holding company. Our primary holding is a 50% interest in privately held York Insurance Services Group, Inc. ("York"). We account for our interest in York using the equity method, therefore York's financial results are not consolidated with our own. For the three months ended March 31, 2005 compared to three months ended March 31, 2004, total revenue of $63,221 decreased $2,220 or 3.4% from $65,441, due to a decrease in other revenue of $14,720 which was partially offset by an increase in consulting fees of $12,500. Equity in earnings of York of $594,420 increased $74,909 or 14.4% due to York's increased earnings. Total expenses of $175,411 decreased $51,665 or 22.8% compared to the same period in 2004. General and administrative expense decreased $47,985 or 23.6% primarily due to lower employment costs. The remaining expenses of communications expense and professional fees decreased $3,680. Net income for the three months ended March 31, 2005 was $470,487 or $0.53 per share on a diluted basis as compared to net income of $375,120 or $0.43 per share on a diluted basis for the three months ended March 31, 2004. York is one of the leading privately owned insurance services business process sourcing companies in the United States. Since the 1930's, York through predecessor companies, has served as both an independent adjustment company and third party administrator providing claims data and risk related services to insurance companies, self insureds, and intermediaries throughout the United States. More recently York has established business units in the program management, licensed private investigation, recovery, environmental consulting, retail logistics and large/complex loss adjusting markets. -0- *T York's summarized and unaudited condensed financial information for the three months ended March 31, 2005 and 2004 was as follows: York Insurance Services Group, Inc. ------------------------------------- Three Months Ended Three Months Ended March 31, 2005 March 31, 2004 ------------------ ------------------ Sales $ 16,839,102 $ 14,617,026 Expenses $ 14,706,958 $ 12,803,075 Net income $ 1,188,840 $ 1,039,022 Working capital $ 15,230,081 $ 9,715,543 Total assets $ 32,400,946 $ 23,893,948 Total liabilities $ 12,365,134 $ 10,049,054 Shareholder's equity $ 20,035,812 $ 13,844,894 *T More information about Bexil may be found at its web site http://www.bexil.com. This press release may contain "forward looking information" and "forward looking statements" and similar expressions that reflect Bexil's current expectations about its future performance, and are subject to risks, uncertainties and other factors that could cause Bexil's actual performance to differ materially from those expressed in, or implied by, the forward looking information and these forward looking statements.