Business
Bexil Corporation Reports Third Quarter 2022 Financial Results
Bexil Corporation Reports Third Quarter 2022 Financial Results.
About this update from Bexil Corp.
[{"type":"text","content":"MILLBROOK, NY / ACCESSWIRE / November 11, 2022 / Bexil Corporation (OTC PINK:BXLC) ("Bexil" or the "Company") today reported its financial results for the third quarter ended September 30, 2022.For the three months ended September 30, 2022, Bexil recorded a net loss attributable to Bexil shareholders of approximately $0.61 million or $0.81 of diluted earnings per share, compared to net income attributable to Bexil shareholders of approximately $0.14 million or $0.18 of diluted earnings per share for the three months ended September 30, 2021.For the nine months ended September 30, 2022, Bexil recorded a net loss attributable to Bexil shareholders of approximately $2.54 million or $3.38 of diluted earnings per share compared to net income attributable to Bexil shareholders of approximately $5.43 million or $6.59 of diluted earnings per share for the nine months ended September 30, 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 $1.64 million for the three months ended September 30, 2022, compared to net unrealized losses of $0.32 million for the three months ended September 30, 2021. The Company recorded net unrealized losses of $5.52 million for the nine months ended September 30, 2022, compared to net unrealized gains of $4.14 million for the nine months ended September 30, 2021. The amount of investment unrealized gains/losses in any given period is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules, as noted in a recent Berkshire Hathaway press release.The Company's book value per share attributable to Bexil shareholders at September 30, 2022 was $32.75, based on shareholders' equity attributable to Bexil shareholders of approximately $24.7 million and 752,908 shares issued and outstanding. The Company's book value per share attributable to Bexil shareholders at September 30, 2021 was $34.19, based on shareholders' equity attributable to Bexil shareholders of approximately $26.8 million and 784,177 shares issued and outstanding.The limited information above in this press release is not adequate for making an info...