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): August 15, 2005
BEXIL CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Maryland 005-51849 13-3907058
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(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 2.02. Results of Operations and Financial Conditions.
On August 15, 2005, Bexil Corporation (the "Company") issued a press
release announcing financial results for the second quarter ended June 30, 2005.
A copy of the August 15, 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.
Item 9.01. Financial Statements and Exihibits.
(c) Exhibits.
Exhibit No. Description of Exhibit
========== =================================================
99.1 Press Release announcing its financial results for
the second quarter ended June 30, 2005.
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: August 15, 2005 /s/ Thomas B. Winmill
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Thomas B. Winmill
President
EXHIBIT INDEX
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Exhibit Number Exhibit Description
-------------- -------------------
99.1 Press Release announcing its financial
results for the second quarter ended
June 30, 2005.
Bexil Corporation Announces Second Quarter 2005 Financial Results
NEW YORK - Bexil Corporation (AMEX: BXL) today reported its financial results
for the second quarter of 2005.
BEXIL CORPORATION
UNAUDITED CONDENSED STATEMENTS OF INCOME
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2005 2004 * 2005 2004 *
---- ----- ------ -------
Revenues:
Consulting fees $ 37,500 $ 24,999 $ 75,000 $ 49,998
Other 21,402 11,764 47,123 52,206
-------- -------- -------- ------
58,902 36,763 122,123 102,204
-------- -------- -------- -------
Expenses:
General and Administrative 177,266 179,252 332,773 382,743
Communications 4,877 12,192 8,281 16,977
Professional fees 156,238 64,167 172,738 82,965
-------- -------- -------- -------
338,381 255,611 513,792 482,685
-------- -------- -------- --------
Loss before income taxes and equity in earnings of
York Insurance Services Group, Inc. (279,479) (218,848) (391,669) (380,481)
Income tax benefit (43,362) (47,929) (31,620) (65,173)
Equity in earnings of York Insurance Services Group, Inc. 586,043 456,348 1,180,462 975,853
-------- -------- ---------- --------
Net income $ 349,926 $ 285,429 $ 820,413 $ 660,545
========= ========= ========= =========
Per share net income:
Basic $ 0.40 $ 0.32 $ 0.93 $ 0.75
Diluted $ 0.40 $ 0.32 $ 0.93 $ 0.75
Average shares outstanding:
Basic 879,591 879,591 879,591 879,591
Diluted 879,591 879,591 879,591 880,249
* Note:
The unaudited statements of income for the three and six month periods ended
June 30, 2004 were restated to correct the presentation of equity in earnings of
York Insurance Services Group, Inc. The restatement presents the equity in
earnings of York after income taxes on the statement of income instead of as a
component of revenue 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.
Three Months Ended June 30, 2005 Compared to Three Months Ended June 30, 2004
For the three months ended June 30, 2005 compared to the three months ended June
30, 2004, total revenue of $58,902 increased $22,139 or 60.2% from $36,763, due
to an increase in consulting fees of $12,500 and other revenue of $9,638. The
increase in other revenue was due primarily to dividends earned from money
market fund balances. The equity in the earnings of York of $586,043 increased
$129,695 or 28.4% due to York's increased earnings. York's revenue in the same
comparable period increased 25.7%.
Total expenses of $338,381 increased $82,770 or 32.4% compared to the same
period in 2004. Professional fees increased $92,071 or 143.5% primarily due to
an increase in audit fees. General and administrative and communications
expenses decreased $9,301.
Net income for the three months ended June 30, 2005 was $349,926 or $0.40 per
share on a diluted basis as compared to net income of $285,429 or $0.32 per
share on a diluted basis for the three months ended June 30, 2004.
Six Months Ended June 30, 2005 Compared to Six Months Ended June 30, 2004
For the six months ended June 30, 2005 compared to the six months ended June 30,
2004, total revenue of $122,123 increased $19,919 or 19.5% from $102,204, due to
an increase in consulting fees of $25,002 partially offset by a decrease in
other revenue of $5,083. The equity in the earnings of York of $1,180,462
increased $204,609 or 21.0% due to York's increased earnings. York's revenue in
the same comparable period increased 20.3%.
Total expenses of $513,792 increased $31,107 or 6.4% compared to the same period
in 2004. Professional fees increased $89,773 or 108.2% primarily due to an
increase in audit fees. General and administrative expenses decreased $49,970 or
13.1% due to lower compensation costs and directors fees of approximately
$37,000 and $11,000, respectively. Communications expense decreased $8,696.
Net income for the six months ended June 30, 2005 was $820,413 or $0.93 per
share on a diluted basis as compared to net income of $660,545 or $0.75 per
share on a diluted basis for the six months ended June 30, 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 six
months ended June 30, 2005 and 2004 was as follows:
Six Months Ended June 30,
York Insurance Services Group, Inc. 2005 2004
---- ----
Revenues $ 34,139,589 $ 28,380,576
Expenses $ 30,002,810 $ 25,309,800
Net income $ 2,360,926 $ 1,951,706
Working capital $ 11,512,969 $ 10,409,373
Total assets $ 27,359,677 $ 24,780,031
Total liabilities $ 11,151,779 $ 10,022,447
Shareholder's equity $ 16,207,898 $ 14,757,584
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