Business
Winmill & Co. Incorporated Reports Second Quarter 2024 Financial Results
Winmill & Co. Incorporated Reports Second Quarter 2024 Financial Results.
About this update from Winmill & Co. Incorporated
[{"type":"text","content":"Rochester, NY – August 12, 2024 – Winmill & Co. Incorporated (Stock Symbol: WNMLA) (“Winmill & Co.” or the “Company”) today reported its financial results for the second quarter ended June 30, 2024.For the three months ended June 30, 2024, the Company recorded net income of approximately $0.7 million or $0.49 per diluted share, compared to a net loss of approximately $1.3 million or $0.94 per diluted share for the three months ended June 30, 2023.For the six months ended June 30, 2024, the Company recorded net income of approximately $2.0 million or $1.44 per diluted share, compared to a net loss of approximately $0.75 million or $0.53 per diluted share for the six months ended June 30, 2023.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 $2.0 million for the three months ended June 30, 2024, compared to net unrealized losses of $1.3 million for the three months ended June 30, 2023. The Company recorded net unrealized losses of $0.6 million for the six months ended June 30, 2024, compared to net unrealized gains of $0.7 million for the six months ended June 30, 2023. 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, 2024 was $8.51, based on shareholders’ equity of approximately $12.1 million and 1,418,758 shares of common stock comprising Class A and Class B issued and outstanding. 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, in privately negotiated transactions, or any other method 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 ...