NEW YORK, NY--(Marketwire - November 15, 2010) - Bexil Corporation (
Financial Results
Bexil recorded a net loss of $455,058 or $0.45 per share for the three months ended September 30, 2010 compared to a net loss of $146,633 or $0.15 per share for the three months ended September 30, 2009. For the nine months ended September 30, 2010, Bexil recorded a net loss of $946,753 or $0.93 per share compared to a net loss of $438,183 or $0.46 per share for the nine months ended September 30, 2009.
The Company's book value per share at September 30, 2010 (1,016,592 shares issued and outstanding) was $36.53. At September 30, 2010, Bexil had positive working capital of $35,909,901, total assets of $37,685,214, no long term debt, and shareholders' equity of $37,131,334. The Company's current source of income is from dividends earned from money market funds.
The Company's unaudited balance sheet, statements of income, and statements of cash flows as of and for the third quarter and nine months ended September 30, 2010 are appended to the copy of this press release on www.bexil.com.
Business Development
On November 9, 2010, Bexil announced that it has entered into an agreement (the "Transaction Agreement") with Chartwell Investment Partners ("Chartwell"), the investment adviser to Chartwell Dividend & Income Fund (the "Fund") (
Under the Transaction Agreement, Bexil and Bexil Advisers have agreed to make payments to Chartwell totaling up to $4,325,000 in consideration for the Business Transfer. The transaction is expected to close on or about December 30, 2010 (the "Closing"). Upon Closing, Bexil Advisers will become the investment adviser to the Fund. Under the New Advisory Agreement, the Fund will pay to Bexil Advisers a fee at the annual rate of .95% of the Fund's "Managed Assets." "Managed Assets" means the average weekly value of the Fund's total assets minus the sum of the Fund's liabilities, which liabilities exclude debt relating to leverage, short-term debt and the aggregate liquidation preference of any outstanding preferred stock. As of May 31, 2010, the Fund reported (unaudited) investments at value, which is generally representative of Managed Assets, of approximately $88 million.
Bexil Advisers has offered to contractually agree for a period of two years, to waive up to .10% of its advisory fee annually to the extent that the ratio stated as a percentage of the Fund's direct operating expenses to the Fund's Managed Assets exceeds at the annual rate the lesser of (1) 1.58% or (2) the ratio stated as a percentage set forth in the Financial Highlights of the Fund's audited annual report for the year ended November 30, 2010 in the line entitled "Total operating expenses including waiver of fees." Bexil Advisers strongly advises all stockholders to read the Fund's proxy statement and other proxy materials as they become available because they will contain important information. Proxy materials will be available at no charge on the SEC's website at http://www.sec.gov.
Investor Conference Call
The Company has currently scheduled a conference call to discuss the above financial results and business development for Tuesday, November 16th at 11:00 a.m. ET. Company executives will make a brief presentation and respond to questions.
To access the conference call, call toll free 1-888-245-4141 (international toll phone number: 1-630-364-3730) room number 452358. It is anticipated that a recording will be posted on www.bexil.com for a limited time.
About Bexil Corporation
Bexil is a holding company. To learn more about Bexil Corporation, including Rule 15c2-11 information, please visit www.bexil.com. Approximately 22% of Bexil's shares are owned by Winmill & Co. Incorporated (WNMLA), which is engaged through subsidiaries in stock market and gold investing through its investment management of equity and gold mutual funds.
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 Bexil Corporation, 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.
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.
This press release is neither an offer to sell, nor a solicitation of an offer to buy, shares of the Fund, nor is it a solicitation of any proxy.
Contact Information:
Contact:
Thomas O'Malley
Chief Financial Officer
1-212-785-0400, ext. 267
www.bexil.com