-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BkonDoLoEMAYOOuh5DlsL29srysJ7C6LoRNd9uITrn6ibEgw8PCnMGcmCr3W/cJj SgfH4HKPxtRbV2fTqMB/Hg== 0001023714-05-000034.txt : 20050712 0001023714-05-000034.hdr.sgml : 20050712 20050712142226 ACCESSION NUMBER: 0001023714-05-000034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050331 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050712 DATE AS OF CHANGE: 20050712 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEXIL CORP CENTRAL INDEX KEY: 0001023714 STANDARD INDUSTRIAL CLASSIFICATION: INVESTORS, NEC [6799] IRS NUMBER: 133907058 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12233 FILM NUMBER: 05950117 BUSINESS ADDRESS: STREET 1: 11 HANOVER SQUARE STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 2127850900 MAIL ADDRESS: STREET 1: 11 HANOVER SQUARE STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: BULL & BEAR U S GOVERNMENT SECURITIES FUND INC DATE OF NAME CHANGE: 19960926 8-K 1 bxl8k7-05.txt PRESS RELEASE 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): July 12, 2005 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 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 --------------------- Thomas B. Winmill President EXHIBIT INDEX ------------- Exhibit Number Exhibit Description - -------------- ------------------- 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) --------------------------- 2005 2004 * ---- ------ Revenues: Consulting fees $ 37,500 $ 25,000 Other 25,721 40,441 ---------- -------- 63,221 65,441 ---------- -------- Expenses: General and Administrative 155,508 203,493 Communications 3,403 4,785 Professional fees 16,500 18,798 ---------- -------- 175,411 227,076 ---------- -------- 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 ---------- -------- Net income $ 470,487 $ 375,120 ========== ========== 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. --------------------------------------------------- Three Months Ended Three Months Ended March 31, 2005 March 31, 2004 ------------------- -------------------- 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 -----END PRIVACY-ENHANCED MESSAGE-----