Bexil Corporation Announces Third Quarter 2011 Financial Results
November 15 2011 - 11:57AM
Marketwired
Bexil Corporation (PINKSHEETS: BXLC) today reported its financial
results for the third quarter ended September 30, 2011.
Bexil recorded a net loss of $356,172 or $0.35 per share for the
three months ended September 30, 2011 compared to a net loss of
$455,058 or $0.45 per share for the three months ended September
30, 2010. For the nine months ended September 30, 2011, Bexil
recorded a net loss of $789,840 or $0.78 per share compared to a
net loss of $946,753 or $0.93 per share for the nine months ended
September 30, 2010.
The Company's book value per share at September 30, 2011
(1,017,592 shares issued and outstanding) was $35.45. At September
30, 2011, Bexil had positive working capital of $28,982,782, total
assets of $36,476,713, no long term debt, and shareholders' equity
of $36,073,130.
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, 2011 are appended to the copy of this
press release on www.bexil.com.
Business Development
On October 7, 2011 Bexil announced that it has agreed with the
John Robbins Group to develop Bexil American Mortgage Inc., a new
mortgage origination company focusing on the wholesale and retail
market. The John Robbins Group is an experienced mortgage banking
executive team, led by John M. Robbins, the former CEO of American
Mortgage Network and past Chairman of the Mortgage Bankers
Association. This executive team, which comprises the senior
management of Bexil American Mortgage, has previously formed
startups, and has operated and successfully sold two mortgage banks
to major financial institutions, including JP Morgan Chase and
Wachovia Bank.
About Bexil Corporation
Bexil is engaged through subsidiaries in investment management
and mortgage banking. Bexil subsidiary, Bexil Advisers LLC is the
investment manager to Dividend and Income Fund, Inc., a closed end
fund (NYSE: DNI) (NAV: XDNIX). To learn more about Bexil, including
Rule 15c2-11 information, please visit www.bexil.com. Certain
affiliates of Bexil are engaged in stock market and gold investing
through investment management of equity and gold mutual funds,
closed end funds, and proprietary trading.
Safe Harbor Note
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 Contact www.bexil.com
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