Business
Bexil Corporation Reports 2022 Financial Results
Bexil Corporation Reports 2022 Financial Results.
About this update from Bexil Corp.
[{"type":"text","content":"MILLBROOK, NY / ACCESSWIRE / March 30, 2023 / Bexil Corporation (OTC PINK:BXLC) ("Bexil" or the "Company") today reported its financial results for the year ended December 31, 2022. Bexil recorded a net loss attributable to Bexil shareholders of $1.8 million or $2.34 per diluted share for the year ended December 31, 2022, compared to net income attributable to Bexil shareholders of $6.5 million or $7.99 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 losses of $4.5 million for the year ended December 31, 2022, compared to net unrealized gains of $4.2 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 attributable to Bexil shareholders at December 31, 2022 was $33.84, based on shareholders' equity attributable to Bexil shareholders of approximately $25.5 million and 752,867 shares issued and outstanding, a per share decrease of about 6% from book value per share of $36.01 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.Bexil.com and at www.otcmarkets.com.About Bexil CorporationThe objective of Bexil Corporation, a holding company, is to increase book value per share over time for the benefit of its stockholders. 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).Safe Harbor NoteThis 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...