8-K 1 bxl8k6-04.txt NEWS RELEASE DATED AUGUST 13, 2004 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ----------------------------- 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): June 30, 2004 BEXIL CORPORATION ------------------------------------------------- (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 ------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Item 7. Financial Statements and Exihibits. (c) Exhibits. Exhibit No. Description of Exhibit ========== ================================================= 99.1 Press Release announcing its financial results for the first quarter ended June 30, 2004. Item 12. Results of Operations and Financial Conditions. On August 13, 2004, Bexil Corporation (the "Company") issued a press release announcing financial results for the first quarter ended June 30, 2004. A copy of the August 13, 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. 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 13, 2004 /s/ Thomas B. Winmill --------------------- Thomas B. Winmill President EXHIBIT INDEX ------------- Exhibit Number Exhibit Description -------------- ------------------- 99.1 Press Release announcing its financial results for the first quarter ended June 30, 2004. Exhibit 99.1 Bexil Corporation Announces Financial Results for the Second Quarter Ended June 30, 2004 New York - Bexil Corporation (AMEX: BXL) today announced its financial results for the second quarter ended June 30, 2004.
Bexil Corporation ------------------------------------------------------------------------ Three Months Six Months Ended June 30, Ended June 30, -------------- -------------- 2004 2003 2004 2003 ---- ---- ---- ---- Revenues: Interest and other income $ 36,763 $ 37,884 $ 102,204 $ 83,706 Equity in earnings of unconsolidated affiliate 456,348 401,904 975,853 1,355,275 --------- --------- ---------- ---------- 493,111 439,788 1,078,057 1,438,981 --------- --------- ---------- ---------- Expenses: General and administrative 179,252 139,756 382,743 260,599 Communication costs 12,192 8,875 16,977 12,545 Professional fees 64,167 26,585 82,965 49,605 --------- --------- ---------- ---------- 255,611 175,216 482,685 322,749 --------- --------- ---------- ---------- Income before income taxes 237,500 264,572 595,372 1,116,232 Income tax expense (benefit) (47,929) (17,828) (65,173) 21,975 --------- --------- ---------- ---------- Net income $ 285,429 $ 282,400 $ 660,545 $1,094,257 ========= ========= ========== ========== Per share net income: Basic $ 0.32 $ 0.32 $ 0.75 1.26 Diluted $ 0.32 $ 0.32 $ 0.75 1.26 Average shares outstanding: Basic 879,591 871,359 879,591 869,109 Diluted 879,591 871,359 880,249 869,109
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. --------------------------------------------------- Six Months ended Six Months ended June 30, 2004 June 30, 2003 ---------------------- ---------------------- Sales $ 28,380,576 $ 24,739,656 Expenses $ 25,309,800 $ 19,901,202 Net income $ 1,951,718 $ 2,710,549 Working Capital $ 10,409,373 $ 5,636,579 Total Assets $ 24,780,031 $ 20,206,718 Long Term Debt $ 1,658,900 $ 1,514,911 Shareholder's Equity $ 14,757,584 $ 9,916,293 Contact: William G. Vohrer Treasurer 1-212-785-0400, ext 279 wvohrer@bexil.com