Bexil Corporation Reports Third Quarter 2021 Financial Results

Rhea-AI Summary

Bexil Corporation (BXLC) reported financial results for Q3 2021, showing net income of approximately $0.14 million or $0.18 diluted EPS, down from $0.40 million or $0.47 diluted EPS in Q3 2020. For the first nine months of 2021, net income was $5.43 million or $6.59 diluted EPS, a turnaround from a net loss of $3.61 million or $4.36 diluted EPS in the same period last year. The book value per share increased to $34.19 from $21.88 a year earlier, highlighting improved shareholder equity.

Positive

• Turnaround to net income of $5.43 million for the nine months ended September 30, 2021.
• Increase in book value per share to $34.19, up from $21.88 year-over-year.

Negative

• Q3 2021 net income of $0.14 million is down from $0.40 million in Q3 2020.
• Three-month investment losses of $0.32 million, affecting quarterly performance.

MILLBROOK, NY / ACCESSWIRE / November 12, 2021 / Bexil Corporation (Stock Symbol:BXLC) ("Bexil" or the "Company") today reported its financial results for the third quarter ended September 30, 2021.

For the three months ended September 30, 2021, Bexil recorded net income attributable to Bexil shareholders of approximately $0.14 million or $0.18 of diluted earnings per share, compared to net income attributable to Bexil shareholders of approximately $0.40 million or $0.47 of diluted earnings per share for the three months ended September 30, 2020.

For the nine months ended September 30, 2021, Bexil recorded net income attributable to Bexil shareholders of approximately $5.43 million or $6.59 of diluted earnings per share compared to a net loss attributable to Bexil shareholders of approximately $3.61 million or $4.36 of diluted earnings per share for the nine months ended September 30, 2020.

Generally Accepted Accounting Principles ("GAAP") require that the Company include the changes in unrealized gains/losses of its equity security investments in net income. Such investment gains/losses include losses of $0.32 million in the three months and gains of $4.14 million in the nine months ended September 30, 2021 and losses of $0.97 million in the three months and losses of $5.39 million in the nine months ended September 30, 2020. The amount of investment gains/losses in any given period is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules, as noted in a recent Berkshire Hathaway press release.

The Company's book value per share attributable to Bexil shareholders at September 30, 2021 was $34.19, based on shareholders' equity attributable to Bexil shareholders of approximately $26.8 million and 784,177 shares issued and outstanding. The Company's book value per share attributable to Bexil shareholders at September 30, 2020 was $21.88, based on shareholders' equity attributable to Bexil shareholders of approximately $18.4 million and 841,257 shares issued and outstanding.

The limited information above in this press release is not adequate for making an informed investment judgment, and we urge stockholders and investors to read the Company's unaudited quarterly report for the quarterly period ended September 30, 2021, which is available at www.Bexil.com appended to the copy of this press release and at www.otcmarkets.com under the Company's stock symbol.

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 shareholders. 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). To learn more about Bexil, including Rule 15c2-11 information, please visit www.Bexil.com.

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
1-212-785-0900
tomalley@bexil.com
www.Bexil.com

SOURCE: Bexil Corporation

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https://www.accesswire.com/672694/Bexil-Corporation-Reports-Third-Quarter-2021-Financial-Results

FAQ

What were Bexil Corporation's Q3 2021 financial results?

Bexil reported a Q3 2021 net income of approximately $0.14 million and diluted EPS of $0.18, down from $0.40 million and diluted EPS of $0.47 in Q3 2020.

How did Bexil's net income change in the first nine months of 2021?

Bexil recorded a net income of $5.43 million for the nine months ended September 30, 2021, compared to a net loss of $3.61 million for the same period in 2020.

What is the book value per share for Bexil Corporation as of September 30, 2021?

The book value per share for Bexil as of September 30, 2021, is $34.19, an increase from $21.88 a year ago.

What were the unrealized gains/losses reported by Bexil in Q3 2021?

Bexil reported three-month investment losses of $0.32 million in Q3 2021, whereas investment losses were $0.97 million in Q3 2020.