NEW YORK, July 28, 2006 (PRIMEZONE) -- Winmill & Co. Incorporated (Pink Sheets:WNMLA) announced today its financial results for 2005. The Company reported that net income was $2,157,381 in 2005 versus $56,210 in 2004, or $1.40 per share fully diluted versus $.04 per share fully diluted in the prior period. In 2005, net increases in unrealized appreciation of the shares owned by the Company of its publicly held affiliates, namely Bexil Corporation (BXL) and Tuxis Corporation (TUX), contributed the bulk of 2005's earnings, unlike 2004 when gains in management, distribution and other fees and only modest expense increases contributed the most to the Company's positive overall 2004 results. The Company also reported that its financial condition continues to be strong, with shareholders' equity of approximately $10.4 million and no long term debt.
The Company's 2005 Annual Report, including audited financial statements, is posted at www.winmillco.com.
The Company also announced today that the Board of Directors of the Company has authorized a program to buy back up to 500,000 of its shares in the open market and in privately negotiated transactions over the next five years, which may provide additional market liquidity as it returns excess cash to stockholders.
Winmill & Co. Incorporated is engaged through subsidiaries in stock market and gold investing through its investment management of equity and gold mutual funds. The open-end mutual funds managed by a Company subsidiary are Midas Fund, Inc. (MIDSX), Midas Special Fund, Inc. (MISEX), and Midas Dollar Reserves, Inc. (DOLXX). The closed-end funds are Foxby Corp. (FXX) and Global Income Fund, Inc. (GIF). To learn more about Winmill & Co., including Rule 15c2-11 information, please visit www.winmillco.com.
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 Winmill & Co., 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.