Bexil Corporation Reports 2022 Financial Results

Rhea-AI Summary

Bexil Corporation (OTC PINK:BXLC) reported a significant net loss of $1.8 million or $2.34 per diluted share for the year ended December 31, 2022, marking a decline from a net income of $6.5 million in 2021. The loss includes unrealized losses of $4.5 million, contrasting with unrealized gains of $4.2 million the previous year. Book value per share decreased to $33.84, a 6% decline from $36.01 in 2021. Investors are encouraged to review the audited annual report for more comprehensive financial insights.

Positive

• Book value per share remained significant at $33.84.

Negative

• Net loss of $1.8 million represents a substantial decline from the previous year's net income.
• Unrealized losses totaled $4.5 million, a negative swing from previous gains.
• 6% decrease in book value per share from the prior year.

MILLBROOK, NY / ACCESSWIRE / March 30, 2023 / Bexil Corporation (OTC PINK:BXLC) ("Bexil" or the "Company") today reported its financial results for the year ended December 31, 2022. Bexil recorded a net loss attributable to Bexil shareholders of $1.8 million or $2.34 per diluted share for the year ended December 31, 2022, compared to net income attributable to Bexil shareholders of $6.5 million or $7.99 per diluted share for the year ended December 31, 2021.

Generally Accepted Accounting Principles ("GAAP") require that the Company include the changes in unrealized gains/losses of its equity security investments in net income. The Company recorded net unrealized losses of $4.5 million for the year ended December 31, 2022, compared to net unrealized gains of $4.2 million for the year ended December 31, 2021. The amount of investment unrealized gains/losses in any given period is usually meaningless and delivers figures for earnings per share that can be extremely misleading to investors without sufficient knowledge of accounting rules.

The Company's book value per share attributable to Bexil shareholders at December 31, 2022 was $33.84, based on shareholders' equity attributable to Bexil shareholders of approximately $25.5 million and 752,867 shares issued and outstanding, a per share decrease of about 6% from book value per share of $36.01 a year earlier.

The limited information above in this press release is not adequate for making an informed investment judgment, and stockholders and investors are urged to read the Company's audited annual report for the year ended December 31, 2022 and other information available at www.Bexil.com and at www.otcmarkets.com.

About Bexil Corporation

The objective of Bexil Corporation, a holding company, is to increase book value per share over time for the benefit of its stockholders. The Company is primarily engaged through a wholly owned subsidiary, Bexil Advisers LLC, in investment management. Bexil Advisers is a registered investment adviser and the investment manager to Dividend and Income Fund, a closed end fund (Stock Symbol: DNIF) (NAV Symbol: XDNIX).

Safe Harbor Note

This release may contain certain "forward looking statements" within the meaning of federal securities laws including, but not limited to the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Bexil, which may cause the Company's actual results to be materially different from those expressed or implied by such statements. The Company may also make additional forward looking statements from time to time. All such subsequent forward looking statements, whether written or oral, by the Company or on its behalf, are also expressly qualified by these cautionary statements. Investors should carefully consider the risks, uncertainties, and other factors, together with the information included in the Company's Annual Report, at http://www.bexil.com/cautionary-language.html, and similar information. All forward looking statements made herein are only made as of the date of this release, and the Company undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances.

The Company views book value per share, a non-GAAP financial measure, as an important indicator of financial performance. Presented in conjunction with other financial information, the combined presentation can enhance an investor's understanding of the Company's underlying financial condition and results from operations. The definition of book value as presented in this press release is shareholders' equity attributable to Bexil shareholders divided by currently issued and outstanding shares.

Contact:

Thomas O'Malley
Chief Financial Officer
212-785-0900
tomalley@bexil.com
www.Bexil.com

SOURCE: Bexil Corporation

View source version on accesswire.com:
https://www.accesswire.com/746840/Bexil-Corporation-Reports-2022-Financial-Results

FAQ

What was Bexil Corporation's net loss for 2022?

Bexil Corporation reported a net loss of $1.8 million for the year ended December 31, 2022.

How did Bexil Corporation perform compared to 2021?

In 2022, Bexil Corporation's net income of $6.5 million in 2021 turned into a net loss of $1.8 million in 2022.

What was the book value per share for Bexil Corporation as of December 31, 2022?

The book value per share for Bexil Corporation at December 31, 2022, was $33.84.

What unrealized losses did Bexil Corporation report for 2022?

Bexil Corporation reported unrealized losses of $4.5 million for the year ended December 31, 2022.