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): July 12, 2005
BEXIL CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Maryland 005-51849 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)
Item 9.01. Financial Statements and Exihibits.
(c) Exhibits.
Exhibit No. Description of Exhibit
========== =================================================
99.1 Press Release announcing its financial results for
the first quarter ended March 31, 2005.
Item 2.02. Results of Operations and Financial Conditions.
On July 12, 2005, Bexil Corporation (the "Company") issued a press
release announcing financial results for the first quarter ended March 31, 2005.
A copy of the July 12, 2005 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.
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: July 12, 2005 /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 first quarter ended
March 31, 2005.
Exhibit 99.1
Bexil Corporation Announces Financial Results for the First Quarter Ended
March 31, 2005
NEW YORK - Bexil Corporation (AMEX: BXL) today announced its financial results
for the first quarter ended March 31, 2005.
Three Months
Ended March 31, (Unaudited)
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2005 2004 *
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Revenues:
Consulting fees $ 37,500 $ 25,000
Other 25,721 40,441
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63,221 65,441
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Expenses:
General and Administrative 155,508 203,493
Communications 3,403 4,785
Professional fees 16,500 18,798
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175,411 227,076
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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
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Net income $ 470,487 $ 375,120
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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.
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.
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.
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Three Months Ended Three Months Ended
March 31, 2005 March 31, 2004
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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
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.
Contact: Thomas O'Malley
Chief Financial Officer
1-212-785-0400, ext. 267
tomalley@bexil.com