Winmill & Co. Reports 2022 Financial Results

Rhea-AI Summary

Winmill & Co. Incorporated (OTC PINK: WNMLA) announced its 2022 financial results, reporting a net income of $0.9 million or $0.64 per diluted share, down from $2.8 million or $1.93 per diluted share in 2021. The reported net unrealized gains were $0.9 million for 2022, a decrease from $2.6 million in 2021. Despite the drop in earnings, the company reported a 9% increase in book value per share, reaching $7.44, supported by approximately $10.6 million in shareholders' equity. The company emphasizes the importance of book value as a financial performance indicator, advising investors to review their audited annual report for comprehensive insights.

Positive

• 9% increase in book value per share from $6.80 to $7.44
• Net income of $0.9 million, indicating positive operations despite decline from previous year

Negative

• Net income decreased significantly from $2.8 million in 2021 to $0.9 million in 2022
• Net unrealized gains fell from $2.6 million in 2021 to $0.9 million in 2022

ROCHESTER, NY / ACCESSWIRE / April 11, 2023 / Winmill & Co. Incorporated (OTC PINK:WNMLA) ("Winmill & Co." or the "Company") today reported its financial results for the year ended December 31, 2022. The Company recorded net income of $0.9 million or $0.64 per diluted share for the year ended December 31, 2022, compared to net income of $2.8 million or $1.93 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 gains of $0.9 million for the year ended December 31, 2022, compared to net unrealized gains of $2.6 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 at December 31, 2022 was $7.44, based on shareholders' equity of approximately $10.6 million and 1,418,758 shares issued and outstanding, a per share increase of 9% from book value per share of $6.80 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.winmillco.com and at www.otcmarkets.com.

About Winmill & Co. Incorporated

The objective of Winmill & Co., a holding company, is to increase book value per share over time for the benefit of its stockholders. The Company is primarily engaged through its wholly owned subsidiaries, in investment management and distribution for mutual funds Midas Fund (Stock Symbol: MIDSX) and Midas Magic (Stock Symbol: MISEX), and investment management for Foxby Corp., a closed end fund (Stock Symbol: FXBY) (NAV Symbol: XFXBX). To learn more about Winmill & Co., please visit www.Winmillco.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 Winmill & Co., 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 at www.winmillco.com/cautionary-language.html, together with the information included in the Company's Annual Report, 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 divided by currently issued and outstanding shares.

Contact:

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

SOURCE: Winmill & Co. Incorporated

View source version on accesswire.com:
https://www.accesswire.com/748639/Winmill-Co-Reports-2022-Financial-Results

FAQ

What were Winmill & Co.'s earnings for 2022?

Winmill & Co. reported a net income of $0.9 million or $0.64 per diluted share for the year ended December 31, 2022.

How did Winmill & Co.'s book value per share change in 2022?

The book value per share increased by 9%, from $6.80 in 2021 to $7.44 in 2022.

What are the net unrealized gains reported by Winmill & Co. for 2022?

The company reported net unrealized gains of $0.9 million for 2022, a decrease from $2.6 million in 2021.

What was the impact of the financial results on Winmill & Co.'s stock performance?

The decline in net income and unrealized gains may negatively influence investor sentiment and stock performance.