SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 30, 2004
BEXIL CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Maryland 001-12233 13-3907058
(State or Other Jurisdiction of (Commission File Number) (IRS Employer
Incorporation) Identification No.)
11 Hanover Square New York, NY 10005
(Address of Principal Executive Offices) (ZIP Code)
Registrant's telephone number, including area code: 1-212-785-0400
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Section 2 - Financial Information
Item 2.02. Results of Operations and Financial Conditions.
On November 15, 2004, Bexil Corporation (the "Company") issued a press
release announcing financial results for the third quarter ended September 30,
2004. A copy of the Novemebr 15, 2004 press release is attached hereto as
Exhibit 99.1 and incorporated herein by reference.
The information contained in this report on Form 8-K (including the
exhibit) is being furnished pursuant to Item 5 and shall not be deemed to be
"filed" for the purposes of Section 18 of the Securities Exchange Act of 1934,
as amended (the "Exchange Act") or otherwise subject to the liabilities of that
section, nor shall it be deemed incorporated by reference in any filing made by
the Company under the Securities Act of 1933, as amended or the Exchange Act,
except as expressly set forth by specific reference in such a filing.
Section 9 - Financial Statements and Exihibits
Item 9.01. Financial Statements and Exihibits.
(c) Exhibits.
Exhibit No. Description of Exhibit
========== =================================================
99.1 Press Release announcing its financial results for
the third quarter ended September 30, 2004.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BEXIL CORPORATION
Date: November 15, 2004 /s/ Thomas B. Winmill
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Thomas B. Winmill
President
EXHIBIT INDEX
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Exhibit Number Exhibit Description
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99.1 Press Release announcing its financial
results for the third quarter ended
September 30, 2004.
Exhibit 99.1
Bexil Corporation Announces Financial Results for the
Third Quarter Ended September 30, 2004
New York - Bexil Corporation (AMEX: BXL) today announced its financial results
for the third quarter ended September 30, 2004.
Three Months Nine Months
Ended September 30, Ended September 30,
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2004 2003 2004 2003
---- ---- ---- ----
Revenues:
Interest and other income $ 31,161 $ 51,427 $ 133,365 $ 135,133
Equity in earnings of unconsolidated affiliate 588,106 602,488 1,563,959 1,957,763
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619,267 653,915 1,697,324 2,092,896
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Expenses:
General and administrative 152,279 147,336 535,022 407,935
Communication costs 6,055 14,215 23,032 26,760
Professional fees 19,763 29,900 102,728 79,505
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178,097 191,451 660,782 514,200
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Income before income taxes 441,170 462,464 1,036,542 1,578,696
Income tax expense (benefit) 17,105 17,128 (48,068) 39,103
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Net income $ 424,065 $ 445,336 $1,084,610 $1,539,593
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Per share net income:
Basic $ 0.48 $ 0.51 $ 1.23 $ 1.76
Diluted $ 0.48 $ 0.51 $ 1.23 $ 1.76
Average shares outstanding:
Basic 879,591 874,744 879,591 873,016
Diluted 879,591 874,744 880,043 873,016
Bexil's primary business is comprised of its 50% interest in privately held York
Insurance Services Group, Inc. ("York"). Since the 1930's, York's affiliates
have served as third party administrators and independent adjusters providing
claims data and risk related services to insurance carriers, self insureds,
public entities, brokers, and other intermediaries. York's claims services
include property & casualty, workers' compensation, special investigative unit
services & surveillance, transportation & logistics, environmental,
construction, and inland & ocean marine. York is a 50% owned unconsolidated
affiliate accounted for by the equity method.
York's summarized condensed financial information is as follows:
York Insurance Services Group, Inc.
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2004 2003
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Sales $ 44,761,334 $ 37,837,718
Expenses $ 39,694,559 $ 30,790,154
Net income $ 3,127,922 $ 3,915,526
Working Capital $ 11,265,627 $ 7,316,080
Total Assets $ 29,980,077 $ 21,059,699
Long Term Debt $ 1,283,293 $ 2,151,825
Shareholder's Equity $ 15,933,793 $ 11,121,273
Number of Employees 508 463
Contact: William G. Vohrer
Treasurer
1-212-785-0400, ext 279
wvohrer@bexil.com