Bexil Corporation Reports Third Quarter 2022 Financial Results

Rhea-AI Summary

Bexil Corporation (OTC PINK:BXLC) reported a net loss of approximately $0.61 million or $0.81 per share for Q3 2022, compared to a net income of $0.14 million or $0.18 per share in Q3 2021.

For the nine months ended September 30, 2022, the company experienced a net loss of $2.54 million or $3.38 per share, contrasting with a net income of $5.43 million or $6.59 per share for the same period in 2021. Additionally, Bexil recorded unrealized losses of $1.64 million in Q3 2022, significantly higher than the $0.32 million loss for Q3 2021.

Positive

• Book value per share decreased only slightly from $34.19 in 2021 to $32.75 in 2022, indicating relative stability.

Negative

• Net loss of approximately $0.61 million in Q3 2022, compared to a profit of $0.14 million in Q3 2021.
• Cumulative net loss of $2.54 million for the nine-month period in 2022, significantly down from a profit of $5.43 million in 2021.
• Increased unrealized losses of $1.64 million in Q3 2022 versus $0.32 million in Q3 2021.

MILLBROOK, NY / ACCESSWIRE / November 11, 2022 / Bexil Corporation (OTC PINK:BXLC) ("Bexil" or the "Company") today reported its financial results for the third quarter ended September 30, 2022.

For the three months ended September 30, 2022, Bexil recorded a net loss attributable to Bexil shareholders of approximately $0.61 million or $0.81 of diluted earnings per share, compared to net income attributable to Bexil shareholders of approximately $0.14 million or $0.18 of diluted earnings per share for the three months ended September 30, 2021.

For the nine months ended September 30, 2022, Bexil recorded a net loss attributable to Bexil shareholders of approximately $2.54 million or $3.38 of diluted earnings per share compared to net income attributable to Bexil shareholders of approximately $5.43 million or $6.59 of diluted earnings per share for the nine months ended September 30, 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 $1.64 million for the three months ended September 30, 2022, compared to net unrealized losses of $0.32 million for the three months ended September 30, 2021. The Company recorded net unrealized losses of $5.52 million for the nine months ended September 30, 2022, compared to net unrealized gains of $4.14 million for the nine months ended September 30, 2021. The amount of investment unrealized 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, 2022 was $32.75, based on shareholders' equity attributable to Bexil shareholders of approximately $24.7 million and 752,908 shares issued and outstanding. 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 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, 2022, 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 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

View source version on accesswire.com:
https://www.accesswire.com/725294/Bexil-Corporation-Reports-Third-Quarter-2022-Financial-Results

FAQ

What were Bexil Corporation's earnings for Q3 2022?

Bexil Corporation reported a net loss of approximately $0.61 million or $0.81 per diluted share for Q3 2022.

How did Bexil's financial performance compare in 2022 versus 2021?

For the nine months ended September 30, 2022, Bexil recorded a net loss of $2.54 million, compared to a profit of $5.43 million in 2021.

What is the current book value per share for Bexil Corporation?

As of September 30, 2022, Bexil's book value per share was $32.75.

What were the unrealized losses reported by Bexil in Q3 2022?

Bexil reported unrealized losses of $1.64 million for Q3 2022, up from $0.32 million in Q3 2021.