Business
Winmill & Co. Incorporated Reports Second Quarter 2023 Financial Results
Winmill & Co. Incorporated Reports Second Quarter 2023 Financial Results.
About this update from Winmill & Co. Incorporated
[{"type":"text","content":"Rochester, NY - August 14, 2023 – Winmill & Co. Incorporated (Stock Symbol: WNMLA) (“Winmill & Co.” or the “Company”) today reported its financial results for the second quarter ended June 30, 2023.For the three months ended June 30, 2023, the Company recorded a net loss of approximately $1.3 million or $0.94 per diluted share, compared to net income of approximately $0.3 million or $0.19 per diluted share for the three months ended June 30, 2022.For the six months ended June 30, 2023, the Company recorded a net loss of approximately $0.75 million or $0.53 per diluted share, compared to net income of approximately $0.69 million or $0.49 per diluted 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 losses of $1.3 million in the three months ended June 30, 2023, compared to net unrealized gains of $0.2 million in the three months ended June 30, 2022. The Company recorded net unrealized losses of $0.7 million in the six months ended June 30, 2023, compared to net unrealized gains of $0.7 million in 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 at June 30, 2023 was $6.92, based on shareholders’ equity of approximately $9.8 million and 1,418,758 shares of common stock comprising Class A and Class B 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 June 30, 2023, and other information available at www.winmillco...