NEW YORK, Nov. 15, 2006 (PRIMEZONE) -- Winmill & Co. Incorporated (Pink Sheets:WNMLA) announced today its financial results for the third quarter ended September 30, 2006. The Company reported a net loss in the third quarter of 2006 of $358,733 compared to net income of $593,456 for the same quarter a year ago. The net loss per share fully diluted was $0.23 for the third quarter of 2006 compared to net income per share fully diluted of $0.38 for the third quarter of 2005. For the nine months ended September 30, 2006, the Company reported a net loss of $957,474 compared to net income of $1,054,688 in 2005. The diluted loss per share was $0.62 for the nine months of 2006 compared to diluted net income per share of $0.69 for the nine months of 2005. The Company attributes the reported losses in 2006 to a net decrease in unrealized appreciation of the shares owned by the Company of its publicly held affiliates, namely Bexil Corporation (BXL), Tuxis Corporation (TUX), and Foxby Corp. (FXX). Management, distribution and other fees increased due to an increase in mutual fund assets under management. The Company had $194 million in assets under management at September 30, 2006, an increase of 49% from $130 million at September 30, 2005. Total expenses increased as the Company recognized compensation expense for unvested stock options due to the adoption as of January 1, 2006 of Statement of Financial Accounting Standards No. 123(R) "Share-Based Payment" and to an increase in distribution expenses attributable to the increase in assets under management. The Company also reported that its financial condition continues to be strong, with shareholders' equity of $9.6 million and no long-term debt.
The Company's unaudited balance sheet, statements of income, and statements of cash flows as of and for the third quarter ended September 30, 2006 are appended to a copy of this press release at www.winmillco.com.
The Company's 2005 Annual Report, including audited financial statements, is posted at www.winmillco.com.
Winmill & Co. Incorporated is engaged through subsidiaries in stock market and gold investing through its investment management of equity and gold mutual funds. The open-end mutual funds managed by a Company subsidiary are Midas Fund, Inc. (MIDSX), Midas Special Fund, Inc. (MISEX), and Midas Dollar Reserves, Inc. (DOLXX). The closed-end funds are Foxby Corp. (FXX) and Global Income Fund, Inc. (GIF). To learn more about Winmill & Co., including Rule 15c2-11 information, please visit www.winmillco.com.
This release contains certain "forward-looking statements" made pursuant to the "safe-harbor" provisions of 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 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.