Winmill & Co. Incorporated Announces First Quarter 2007 Financial Results
NEW YORK, NY--(Marketwire - July 12, 2007) - Winmill & Co. Incorporated (PINKSHEETS: WNMLA)
announced today its financial results for the first quarter ended March 31,
2007. The Company reported a net loss in the first quarter of 2007 of
$43,963 compared to a net loss of $407,048 for the same quarter a year ago.
The net loss per share fully diluted was $0.03 for the first quarter of
2007 compared to a net loss per share fully diluted of $0.26 for the first
quarter of 2006. Total revenue increased in 2007 primarily due to a net
increase in unrealized appreciation of the shares owned by the Company of
its publicly held affiliates, namely Bexil Corporation (AMEX: BXL), Tuxis
Corporation (PINKSHEETS: TUXS), and Foxby Corp. (AMEX: FXX). Management,
distribution and other fees increased due to an increase in mutual fund
assets under management. The Company had $231 million in assets under
management at March 31, 2007, an increase of 32% from $175 million at March
31, 2006. Total expenses increased due 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 $11.1 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 first quarter ended March 31, 2007 are
appended to a copy of this press release at www.winmillco.com.
As previously announced, the Board of Directors of the Company has
authorized a five year program commencing on July 10, 2006 to buy back up
to 500,000 of its shares in the open market and in privately negotiated
transactions. As of the date of this press release, 80,608 shares have been
acquired since the commencement of this program for a total cost of
approximately $400,000, leaving 419,392 shares remaining of the 500,000
originally authorized.
Winmill & Co. Incorporated is engaged through subsidiaries in stock market
and gold
investing through its investment management of equity and gold mutual
funds. The mutual funds managed by a Company subsidiary are Midas Fund, Inc. (NASDAQ: MIDSX), Midas Special Fund, Inc. (NASDAQ: MISEX), and Midas Dollar Reserves,
Inc. (NASDAQ: DOLXX). The closed end funds are Foxby Corp. (AMEX: FXX) and Global Income Fund, Inc. (AMEX: 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.