Business
Bexil Corporation Reports Second Quarter 2023 Financial Results
Bexil Corporation Reports Second Quarter 2023 Financial Results.
About this update from Bexil Corp.
[{"type":"text","content":"Bexil Corporation Reports Second Quarter 2023 Financial ResultsAugust 10, 2023 – Bexil Corporation (Stock Symbol: BXLC) (“Bexil” or the “Company”) today reported its financial results for the second quarter ended June 30, 2023.For the three months ended June 30, 2023, Bexil recorded net income attributable to Bexil shareholders of approximately $0.54 million or $0.76 of diluted earnings per share, compared to a net loss attributable to Bexil shareholders of approximately $2.08 million or $2.76 of diluted earnings per share for the three months ended June 30, 2022.For the six months ended June 30, 2023, Bexil recorded net income attributable to Bexil shareholders of approximately $1.23 million or $1.72 of diluted earnings per share compared to a net loss attributable to Bexil shareholders of approximately $1.94 million or $2.57 of diluted earnings per share for the six months ended June 30, 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 net unrealized gains of $0.07 million in the three months ended June 30, 2023 compared to net unrealized losses of $3.58 million in the three months ended June 30, 2022. The Company recorded net unrealized gains of $0.32 million for the six months ended June 30, 2023, compared to net unrealized losses of $3.88 million for the six months ended June 30, 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 June 30, 2023 was $35.73, based on shareholders’ equity attributable to Bexil shareholders of approximately $25.3 million and 709,165 shares issued and outstanding. The Company’s book value per share attributable to Bexil shareholders at June 30, 2022 was $33.53, based on shareholders’ equity attributable to Bexil shareholders of approximately $25.2 million and 752,908 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 unsoli...