Bexil : Reports First Quarter 2021 Financial Results

Press Release May 13 , 2021

Bexil Corporation Reports First Quarter 2021 Financial Results

NEW YORK, NY - May 13, 2021 - Bexil Corporation (Stock Symbol: BXLC) ("Bexil" or the "Company") today reported its financial results for the first quarter ended March 31, 2021.

For the three months ended March 31, 2021, Bexil recorded net income attributable to Bexil shareholders of approximately $2.19 million or $2.65 of diluted earnings per share, compared to a net loss attributable to Bexil shareholders of approximately $5.47 million or $6.65 of diluted earnings per share for the three months ended March 31, 2020.

The Company's book value per share attributable to Bexil shareholders at March 31, 2021 was $29.75, based on sharehold- ers' equity attributable to Bexil shareholders of approximately $24.7 million and 830,577 shares issued and outstanding.

The Company's consolidated unaudited balance sheet, statements of comprehensive income (loss), and statements of cash flows as of and for the three months ended March 31, 2021 are appended to the copy of this press release at www.Bexil.com.

About Bexil Corporation

Bexil is primarily engaged through a wholly owned subsidiary in investment management. To learn more about Bexil, including Rule 15c2-11 information, please visit www.Bexil.com.

Safe Harbor Note

This release may contain certain "forward looking statements" within the meaning of federal securities laws including, but not limited to the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, un- certainties, and other factors, many of which are beyond the control of Bexil, which may cause the Company's actual results to be materially different from those expressed or implied by such statements. The Company may also make additional forward looking statements from time to time. All such subsequent forward looking statements, whether written or oral, by the Company or on its behalf, are also expressly qualified by these cautionary statements. Investors should carefully consider the risks, uncertainties, and other factors, together with the information included in the Company's Annual Report, at http://www.bexil.com/cautionary-language.html, and similar information. All 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 perfor- mance. 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 attributable to Bexil shareholders divided by currently issued and outstanding shares.

Contact:	Thomas O'Malley
	Chief Financial Officer
	1-212-785-0900
	[e-mail]
	www.Bexil.com

Bexil.com

Bexil Corporation
Consolidated Balance Sheet
March 31, 2021
(Unaudited)
Assets
Cash and cash equivalents	$	3,821,404
Investments in securities		17,390,508.00
Accounts receivable		202,663
Prepaid expenses		50,864
Intangible asset, net		991,146
Deferred tax assets, net		2,473,607
Total assets	$	24,930,192
Liabilities and equity
Accounts payable and accrued expenses	$	395,719
Total liabilities		395,719
Commitments and Contingencies
Equity
Bexil Corporation shareholders' equity
Common stock, $0.01 par value, 9,900,000 shares authorized; 830,577 issued
and outstanding at March 31, 2021		8,306
Series A participating preferred stock, $0.01 par value, 100,000 shares
authorized; zero shares issued and outstanding		-
Additional paid in capital		13,841,690
Notes receivable for common stock issued		(992,561)
Accumulated comprehensive loss		-
Retained earnings		11,851,632
Total Bexil Corporation shareholders' equity		24,709,067
Noncontrolling interests in subsidiary		(174,594)
Total equity		24,534,473
Total liabilities and equity	$	24,930,192

Bexil.com

Bexil Corporation

Consolidated Statements of Comprehensive Income (Loss)

Three Months Ended March 31, 2021 and 2020

(Unaudited)

Revenues		2021			2020
Management and other fees	$	581,757	$	500,706
Dividends and interest		313,764			304,262
Realized gain on investments in securities		7,073			3,969
Unrealized gain (loss) on investments in securities		1,855,431			(5,726,697)
Expenses		2,758,025			(4,917,760)
Compensation and benefits		291,938			278,180
General and administrative		131,066			170,783
Professional services		84,483			40,514
Income (loss) before taxes		507,487			489,477
	2,250,538			(5,407,237)
Income tax expense		64,165			65,664
Net income (loss)		2,186,373			(5,472,901)
Net loss attributable to noncontrolling interests		719			796
Net income (loss) attributable to Bexil Corporation shareholders	$	2,187,092		$	(5,472,105)
Net income (loss) per share
Basic, attributable to Bexil Corporation shareholders	$	2.67	$	(6.65)
Diluted, attributable to Bexil Corporation shareholders	$	2.65	$	(6.65)
Weighted average shares outstanding
Basic		819,751			822,791
Diluted		826,438			822,791
Other comprehensive gain (loss), net of tax
Unrealized gain on investment securities		-			8,725
Other comprehensive gain, net of tax		-			8,725
Comprehensive income (loss)		2,186,373			(5,464,176)
Comprehensive loss attributable to noncontrolling interests		719			796
Comprehensive income (loss) attributable to Bexil Corporation	$	2,187,092		$	(5,463,380)

Bexil.com

Bexil Corporation

Consolidated Statements of Cash Flows

Three Months Ended March 31, 2021 and 2020

(Unaudited)

Cash flows from operating activities		2021			2020
Net income (loss)	$	2,186,373	$	(5,472,901)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities
Purchase of investment securities, trading		(311,067)			(287,416)
Proceeds on sales of investment securities, trading		44,783			241,296
Stock-based compensation expense		-			1,551
Realized gain on investments in securities		(7,073)			(3,969)
Unrealized (gain) loss on investments in securities		(1,855,431)			5,726,697
Amortization		90,104			90,104
Amortization of premium (accretion of discount)		-			7,478
Changes in operating assets and liabilities:
Decrease in accounts receivable		185,782			59,024
Decrease in prepaid expenses		269			-
Increase in accounts payable and accrued expenses		101,032			99,995
Net cash provided by operating activities		434,772			461,859
Cash flows from investing activities
Purchase of investment securities, available-for-sale		-			(1,055,311)
Proceeds on maturities of investment securities, available-for-sale		-			1,700,000
Net cash provided by investing activities		-			644,689
Cash flows from financing activities
Stock options exercised		300,690			-
Repayments on notes receivable for common stock issued		29,506			29,187
Common stock repurchases		(657,051)			(62,400)
Net settlement of cashless stock option exercises		(40,952)			(92,313)
Net cash used in provided by financing activities		(367,807)			(125,526)
Net increase in cash and cash equivalents		66,965			981,022
Cash and cash equivalents, beginning of period		3,754,439			937,770
Cash and cash equivalents, end of period	$	3,821,404		$	1,918,792

Bexil.com