Business
Bexil Corporation Reports First Quarter 2023 Financial Results
Bexil Corporation Reports First Quarter 2023 Financial Results.
About this update from Bexil Corp.
[{"type":"text","content":"ROCHESTER, NY / ACCESSWIRE / May 11, 2023 / Bexil Corporation (Stock Symbol:BXLC) ("Bexil" or the "Company") today reported its financial results for the first quarter ended March 31, 2023.For the three months ended March 31, 2023, Bexil recorded net income attributable to Bexil shareholders of approximately $0.69 million or $0.96 of diluted earnings per share, compared to net income attributable to Bexil shareholders of approximately $0.14 million or $0.19 of diluted earnings per share for the three months ended March 31, 2022.Generally Accepted Accounting Principles ("GAAP") require that the Company include the changes in unrealized gains/losses of its equity security investments in net income. Such investment gains/losses include gains of $0.25 million in the three months ended March 31, 2023 and losses of $0.30 million in the three months ended March 31, 2022. 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 March 31, 2023 was $34.92, based on shareholders' equity attributable to Bexil shareholders of approximately $24.8 million and 710,165 shares issued and outstanding. The Company's book value per share attributable to Bexil shareholders at March 31, 2022 was $36.25, based on shareholders' equity attributable to Bexil shareholders of approximately $27.3 million and 753,228 shares issued and outstanding.The Company may, in its sole discretion, engage in repurchases of shares of the Company. Such repurchases, should they occur, could be made through tender offers, solicited or unsolicited transactions in the open market, or in privately negotiated transactions at such times and prices, and on such other terms, as the Company deems appropriate.The limited information above in this press release is not adequate for making an informed investment judgment, and we urge stockholders and investors to read the Company's unaudited quarterly report for the quarterly period ended March 31, 2023, which is available at www.Bexil.com appended to the copy of this press release and at www.otcmarkets.com under the Company's stock symbol.About Bexil CorporationTh...