Bexil Corporation Announces Third Quarter 2010 Financial Results and Investor Conference Call
15 Novembre 2010 - 6:24PM
Marketwired
Bexil Corporation (PINKSHEETS: BXLC) today reported its financial
results for the third quarter ended September 30, 2010.
Financial Results Bexil recorded a net
loss of $455,058 or $0.45 per share for the three months ended
September 30, 2010 compared to a net loss of $146,633 or $0.15 per
share for the three months ended September 30, 2009. For the nine
months ended September 30, 2010, Bexil recorded a net loss of
$946,753 or $0.93 per share compared to a net loss of $438,183 or
$0.46 per share for the nine months ended September 30, 2009.
The Company's book value per share at September 30, 2010
(1,016,592 shares issued and outstanding) was $36.53. At September
30, 2010, Bexil had positive working capital of $35,909,901, total
assets of $37,685,214, no long term debt, and shareholders' equity
of $37,131,334. The Company's current source of income is from
dividends earned from money market funds.
The Company's unaudited balance sheet, statements of income, and
statements of cash flows as of and for the third quarter and nine
months ended September 30, 2010 are appended to the copy of this
press release on www.bexil.com.
Business Development On November 9, 2010,
Bexil announced that it has entered into an agreement (the
"Transaction Agreement") with Chartwell Investment Partners
("Chartwell"), the investment adviser to Chartwell Dividend &
Income Fund (the "Fund") (NYSE: CWF), to facilitate the transfer of
the investment management services and responsibilities for the
Fund, together with certain assets and transitional services
related thereto (the "Business Transfer"), to Bexil Advisers LLC
("Bexil Advisers"), a wholly owned subsidiary of Bexil. Chartwell
will continue to manage the Fund until, and will help facilitate
the transition of advisory services for the Fund to Bexil Advisers
upon, receipt of stockholder approval of both a new advisory
agreement and election of the director nominees, and satisfaction
of the other conditions of the Transaction Agreement with Bexil and
Bexil Advisers.
Under the Transaction Agreement, Bexil and Bexil Advisers have
agreed to make payments to Chartwell totaling up to $4,325,000 in
consideration for the Business Transfer. The transaction is
expected to close on or about December 30, 2010 (the "Closing").
Upon Closing, Bexil Advisers will become the investment adviser to
the Fund. Under the New Advisory Agreement, the Fund will pay to
Bexil Advisers a fee at the annual rate of .95% of the Fund's
"Managed Assets." "Managed Assets" means the average weekly value
of the Fund's total assets minus the sum of the Fund's liabilities,
which liabilities exclude debt relating to leverage, short-term
debt and the aggregate liquidation preference of any outstanding
preferred stock. As of May 31, 2010, the Fund reported (unaudited)
investments at value, which is generally representative of Managed
Assets, of approximately $88 million.
Bexil Advisers has offered to contractually agree for a period
of two years, to waive up to .10% of its advisory fee annually to
the extent that the ratio stated as a percentage of the Fund's
direct operating expenses to the Fund's Managed Assets exceeds at
the annual rate the lesser of (1) 1.58% or (2) the ratio stated as
a percentage set forth in the Financial Highlights of the Fund's
audited annual report for the year ended November 30, 2010 in the
line entitled "Total operating expenses including waiver of fees."
Bexil Advisers strongly advises all stockholders to read the Fund's
proxy statement and other proxy materials as they become available
because they will contain important information. Proxy materials
will be available at no charge on the SEC's website at
http://www.sec.gov.
Investor Conference Call The Company has
currently scheduled a conference call to discuss the above
financial results and business development for Tuesday, November
16th at 11:00 a.m. ET. Company executives will make a brief
presentation and respond to questions.
To access the conference call, call toll free 1-888-245-4141
(international toll phone number: 1-630-364-3730) room number
452358. It is anticipated that a recording will be posted on
www.bexil.com for a limited time.
About Bexil Corporation Bexil is a holding
company. To learn more about Bexil Corporation, including Rule
15c2-11 information, please visit www.bexil.com. Approximately 22%
of Bexil's shares are owned by Winmill & Co. Incorporated
(WNMLA), which is engaged through subsidiaries in stock market and
gold investing through its investment management of equity and gold
mutual funds.
This release contains certain "forward looking statements" made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These statements involve known and
unknown risks, uncertainties and other factors, many of which are
beyond the control of Bexil Corporation, which may cause the
Company's actual results to be materially different from those
expressed or implied by such statements. The forward looking
statements made herein are only made as of the date of this
release, and the Company undertakes no obligation to publicly
update such forward looking statements to reflect subsequent events
or circumstances.
The Company views book value per share, a non-GAAP financial
measure, as an important indicator of financial performance.
Presented in conjunction with other financial information, the
combined presentation can enhance an investor's understanding of
the Company's underlying financial condition and results from
operations. The definition of book value as presented in this press
release is shareholders' equity divided by currently issued and
outstanding shares.
This press release is neither an offer to sell,
nor a solicitation of an offer to buy, shares of the Fund, nor is
it a solicitation of any proxy.
Contact: Thomas O'Malley Chief Financial Officer 1-212-785-0400,
ext. 267 Email Contact www.bexil.com
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