As filed with the Securities and Exchange Commission on May 12, 1995
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
X Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 1995
or
Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Transition Period From _____________ to ____________
For Quarter Ended March 31, 1995Commission File Number 0-9667
BULL & BEAR GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 13-1897916
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
11 Hanover Square, New York, New York 10005
(Address of principal executive offices) (Zip Code)
212-785-0900
Company's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months and (2) has been subject to such filing require-
ments for the past 90 days. Yes X No
The number of shares outstanding of each of the registrant's classes of common
stock, as of April 30, 1995 were as follows:
Class A Common Stock non-voting, par value $.01 per share - 1,503,152 shares
Class B Common Stock voting, par value $.01 per share - 20,000 shares<PAGE>
BULL & BEAR GROUP, INC.
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 1995
INDEX
Page
Number
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets
- - - - - (Unaudited) March 31, 1995 and December 31, 1994 3
Consolidated Statements of Income (Loss)
- - - - - (Unaudited) Three Months Ended March 31, 1995 and March 31, 19944
Consolidated Statements of Changes in Shareholders' Equity
- - - - - (Unaudited) Three Months Ended March 31, 1995 and March 31, 19945
Consolidated Statements of Cash Flows
- - - - - (Unaudited) Three Months Ended March 31, 1995 and March 31, 19946
Notes to Consolidated Financial Statements (Unaudited)7
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations12
PART II. OTHER INFORMATION
Item 4.Submission of Matters to a Vote of Security Holders During
First Quarter of the Year Ended December 31, 199513
Item 6.Exhibits and Reports on Form 8-K13
Management's Representation and Signatures14
BULL & BEAR GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, December 31,
1995 1994
ASSETS
Current Assets:
Cash and cash equivalents $ 1,353,287 $ 2,316,040
Marketable securities (Note 3) 1,210,287 183,534
Management, distribution and
service fees receivable 166,396 160,567
Interest, dividends and other receivables 236,555 215,854
Prepaid expenses and other assets 272,749 234,269
Total Current Assets 3,239,274 3,110,264
Real estate held for investment, net 313,219 315,388
Equipment, furniture and fixtures, net 193,512 199,760
Excess of cost over net book value of
subsidiaries, net 493,739 505,352
Other 104,175 109,477
1,104,645 1,129,977
Total Assets $ 4,343,919 $ 4,240,241
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 174,092 $ 197,523
Accrued expenses 127,264 118,919
Other 14,100 14,100
Total Current Liabilities 315,456 330,542
Shareholders' Equity: (Notes 4, 5, 6)
Common Stock, $.01 par value
Class A, 10,000,000 shares authorized;
1,503,152 shares in 1995 and 1994 15,032 15,032
Class B, 20,000 shares authorized;
20,000 shares issued and outstanding 200 200
Additional paid-in capital 6,497,796 6,497,796
Retained earnings (deficit) (2,184,565) (2,298,329)
Notes receivable for common stock issued (300,000) (305,000)
Total Shareholders' Equity 4,028,463 3,909,699
Total Liabilities and Shareholders'
Equity $ 4,343,919 $ 4,240,241
See accompanying notes to consolidated financial statements.
<PAGE>
BULL & BEAR GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
Three Months Ended March 31,
1995 1994
Revenues:
Management, distribution and service fees $ 832,583 $1,080,269
Brokerage commissions 380,914 446,812
Dividends, interest and other 62,986 52,713
1,276,483 1,579,794
Expenses:
General and administrative (Note 8) 793,631 859,750
Marketing 185,129 640,780
Clearing and brokerage charges 155,900 186,225
Amortization and depreciation 24,499 22,684
1,159,159 1,709,439
Income (loss) before income taxes 133,416 (159,285)
Income taxes (Note 7) 19,652 4,323
Net income (loss) $ 113,764 $ (163,608)
Per share data:
Primary and fully diluted
Net income (loss) $ .07 $ (.11)
Average shares outstanding:
Primary and fully diluted 1,569,724 1,503,152
See accompanying notes to the consolidated financial statements.
<PAGE>
BULL & BEAR GROUP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Three Months Ended March 31, 1995 and 1994
(Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Notes
Receivable Retained Total
Class A Class B Class A Class B Additional for Common Earnings Shareholders'
Common Common Common Common Paid-in-Capital Stock Issued (Deficit) Equity
Three Months Ended
March 31, 1994
Balance, January 1, 1,498,152 20,000 $14,982 $200 $6,491,596 $ (325,000) $(2,381,789) $3,799,989
1994
Proceeds from
issuance of Class A
Common Stock, 5,000 - 50 - 6,200 - - 6,250
par value $.01
Net loss - - - - - - (163,608) (163,608)
Balance, March 31, 1,503,152 20,000 $15,032 $200 $6,497,796 $(325,000) $(2,545,397) $3,642,631
1994
Three Months Ended
March 31, 1995
Balance, Jan-
uary 1, 1995 1,503,152 20,000 $15,032 $200 $6,497,796 $ (305,000) $(2,298,329) $3,909,699
Collection of note
receivable - - - - - 5,000 - 5,000
Net Income - - - - - - 113,764 113,764
Balance, March 31, 1,503,152 20,000 $15,032 $200 $6,497,796 $(300,000) $(2,184,565) $4,028,463
1995
</TABLE>
See accompanying notes to the consolidated financial statements.
<PAGE>
BULL & BEAR GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
1995 1994
Cash Flows from Operating Activities:
Net income (loss) $ 113,764 $(163,608)
Adjustments to reconcile net income
to net cash provided by
(used in) Operating Activities:
Depreciation and amortizationm 24,499 22,684
Increase in cash value of life insurance 7,500 -
Other (16,092) 29,640
(Increase) decrease in:
Management, distribution and service
fees receivable (5,829) (1,537)
Interest, dividends and other receivables (20,701) 135,149
Prepaid expenses and other assets (34,480) 42,882
Other 12,802 -
Increase (decrease) in:
Accounts payable (23,431) 71,117
Accrued expenses 8,345 (79,846)
Other - 683
Total adjustments (66,387) 220,772
Net cash provided by Operating Activities 47,377 57,164
Cash Flows from Investing Activities:
Proceeds from sales of investments - 484,727
Purchases of investments (1,010,661) (62,513)
Capital expenditures (4,469) (233,775)
Net cash provided by (used in)
Investing Activities (1,015,130) 188,439
Cash Flows from Financing Activities:
Collection of note receivable 5,000 6,250
Net increase (decrease) in cash and
cash equivalents (962,753) 251,853
Cash and cash equivalents:
At beginning of period 2,316,040 1,522,059
At end of period $1,353,287 $ 1,773,912
Supplemental disclosure: The Company did not pay any interest or Federal income
taxes during the three months ended March 31, 1995 or 1994.
See accompanying notes to the consolidated financial statements.
<PAGE>
BULL & BEAR GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1995 and 1994
(Unaudited)
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF BUSINESS
Bull & Bear Group, Inc. ("Company") and Subsidiary Companies' business consists
of providing investment management services as the investment adviser, manager
and distributor for the Bull & Bear Funds ("Funds"). In addition, a subsidiary
company provides discount brokerage services.
BASIS OF PRESENTATION
The consolidated financial statements include the accounts of Bull & Bear Group,
Inc. and all of its majority-owned subsidiaries. Substantially all intercompany
accounts and transactions have been eliminated.
CASH AND CASH EQUIVALENTS
Investments in money market funds are considered to be cash equivalents. At
March 31, 1995 and December 31, 1994, the Company and subsidiaries had invested
approximately $1,056,500 and $1,672,400, respectively, in an affiliated money m
arket fund.
MARKETABLE SECURITIES
Marketable securities for the broker/dealer subsidiary are valued at market with
the unrealized gain or loss included in earnings. For the non-broker/dealer
companies marketable securities are considered to be "available-for-sale" and
are recorded at market value with the unrealized gain or loss included in
stockholders' equity.
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK
In the normal course of business, the Company's customer activities involve the
execution and settlement of customer transactions. These activities may expose
the Company to risk of loss in the event the customer is unable to fulfill its
contracted obligations, in which case the Company may have to purchase
or sell financial instruments at prevailing market prices. Any loss from such
transactions is not expected to have a material effect on the Company's finan-
cial statements.
BROKERAGE INCOME AND EXPENSES
Brokerage commission and fee income and clearing and brokerage expenses are
recorded on a settlement date basis. The difference between recording such in-
come and expenses on a settlement date basis as opposed to trade date, as re-
quired by generally accepted accounting principles, is not material to the
consolidated financial statements.
INCOME TAXES
The Company and its wholly-owned subsidiaries file consolidated income tax re-
turns. Deferred income taxes are provided for timing differences between fi-
nancial and tax reporting.
RECLASSIFICATIONS
Certain reclassifications of the 1994 financial statements have been made to
conform to the 1995 presentation.
REAL ESTATE HELD FOR INVESTMENT AND EQUIPMENT
Real estate held for investment is recorded at cost and is depreciated on the
straight-line basis over its estimated useful life. At March 31, 1995 and De-
cember 31, 1994, accumulated depreciation amounted to $116,613 and $114,444,
respectively. Equipment, furniture and fixtures are recorded at cost and are
depreciated on the straight-line basis over their estimated useful lives, 5 to
10 years. At March 31, 1995 and December 31, 1994, accumulated depreciation
amounted to $639,445 and $628,728, respectively.
<PAGE>
BULL & BEAR GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1995 and 1994
(Unaudited)
EXCESS OF COST OVER NET BOOK VALUE OF SUBSIDIARIES
The excess of cost over net book value of subsidiaries is capitalized and
amortized over five and forty years using the straight-line method. At March
31, 1995 and December 31, 1994, accumulated
amortization amounted to $522,883 and $476,431, respectively.
MARKETING COSTS
Costs in connection with the sale of the Funds' shares are charged to
operations as incurred.
EARNINGS PER SHARE
Primary and fully diluted earnings per share for the three months ended
March 31, 1995 is determined by dividing net income by the weighted average
number of common shares outstanding after giving effect for common stock equiv-
alents arising from stock options assumed converted to common stock.
2.DOVER REGIONAL FINANCIAL SHARES
As a result of a self-tender offer by Dover Regional Financial Shares
("Dover"), a closed-end registered investment company, in the fall of 1993 in
which the Company did not participate, the Company's equity
interest increased to approximately 71% from approximately 16%.
Consequently, Dover's operations were required to be included in the Company's
consolidated financial statements subsequent to November 22, 1993.
On December 30, 1994, Dover approved a plan of liquidation and
dissolution in which the net assets of Dover were distributed to the outstanding
shareholders. As a result, at December 31, 1994, Dover is
no longer included in the Company's consolidated balance sheet.
3.MARKETABLE SECURITIES
At March 31, 1995, marketable securities consisted of:
Broker/dealer subsidiaries -at market
Equity securities(cost - $78,376) $ 143,106
Affiliated mutual funds(cost - $59,527) 54,909
U.S. Treasury Note due 5/15/97(cost - $497,921) 496,565
Other companies
Available-for-sale securities - at market
Mutual Funds (cost - $19,035) 19,035
U.S. Treasury Note due 6/30/99 (cost - $496,672) 496,672
$1,210,287
At December 31, 1994, marketable securities
consisted of:
Broker/dealer subsidiaries - at market
Equity securities (cost - $63,276) $ 110,558
Affiliated mutual funds (cost - $59,527) 53,941
Other companies
Available-for-sale securities - at market
Mutual Funds (cost - $19,035) 19,035
$ 183,534
<PAGE>
BULL & BEAR GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1995 and 1994
(Unaudited)
4.SHAREHOLDERS' EQUITY
The Class A and Class B Common Stock are identical in all respects except
for voting rights, which are vested solely in the Class B Common Stock. The
Company also has 1,000,000 shares of Preferred Stock, $.01 par value, author-
ized. As of March 31, 1995 and December 31, 1994, none of the
Preferred Stock was issued.
5.NET CAPITAL REQUIREMENTS
The Company's broker/dealer subsidiaries are member firms of the National
Association of Securities Dealers, Inc. and are registered with the Securities
and Exchange Commission as broker/dealers. Under the Uniform Net Capital Rule
(Rule 15c3-1 under the Securities Exchange Act of 1934), a broker/dealer
must maintain minimum net capital, as defined, of not less than (a)
$250,000 or, when engaged solely in the sale of redeemable shares of registered
investment companies, $25,000, or (b) 6-2/3% of
aggregate indebtedness, whichever is greater; and a ratio of aggregate
indebtedness to net capital, as defined, of not more than 15 to 1.
At March 31, 1995, these subsidiaries had net capital of approximately $464,900
and $663,400; net capital requirements of approximately $250,000 and $25,000;
excess net capital of approximately $214,900 and $638,400; and the ratios
of aggregate indebtedness to net capital were approximately .41 to 1 and .38 to
1, respectively.
6.STOCK OPTIONS
The Company has an Incentive Stock Option Plan ("Stock Option Plan"),
which provides for the granting of options to officers, directors and key
employees for the purchase of shares of Class A Common Stock of the Company.
The plan provided for the issuance of options with respect to 500,000
shares and the option price may not be less than the greater of 100% of the
fair market value or the par value of such shares on the day of the grant.
Options granted under the Stock Option Plan must be exercised during a period
not more than ten years from the date of grant and in installments at such time
and in such amounts as the Board of Directors may determine. If the
recipient of any options owns 10% or more of the total combined voting power of
all classes of stock, the option price must be 110% of the
fair market value and must be exercised within five years of the date of
grant. Stock option activity from January 1, 1994 to March 31, 1995 is
summarized as follows:
Number Option Price
of Shares Per Share Range
Outstanding options at December 31, 1993 165,000 $1.00 - $2.25
Granted 23,000 $1.50
Exercised (5,000) $1.25
Canceled (37,000) $1.00 - $2.25
Outstanding options at December 31,
1994 and March 31, 1995 146,000 $1.00 - $1.875
At March 31, 1995, options to purchase 116,000 shares were exercisable.
In addition, there were 26,000 non-qualified stock options outstanding as of
March 31, 1995, of which 6,000 were exercisable.
In connection with the exercise of the options and related tax expense, the
Company received from certain officers and directors notes with an interest rate
of 4.86% per annum payable the earlier of November 1, 1998 or within 60 days
after termination of employment. The balance of the notes at
March 31, 1995 and December 31, 1994 was $380,000 and $385,000, of which
$300,000 was classified as "notes receivable for common stock issued" and
$80,000 included in "other assets", and $305,000, all classified as "notes re-
ceivable for common stock issued", respectively. Accrued interest due on the
notes was $21,836 and $17,049 at March 31, 1995 and December 31, 1994,
respectively.
BULL & BEAR GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1995 and 1994
(Unaudited)
7.INCOME TAXES
The provision for income taxes charged to operations for the three months
ended March 31, 1995
and 1994 was as follows:
1995 1994
Current
State and local $19,652 $4,323
Federal - -
$19,652 $4,883
Deferred tax assets (liabilities) are comprised of the following at March 31,
1995 and December 31, 1994:
1995 1994
Unrealized (appreciation)
on investments $ (20,000) $ (14,200)
Net operating loss
carryforwards 517,300 551,900
Total deferred
tax assets 497,300 537,700
Deferred tax asset
valuation allowance (497,300) 537,700
Net deferred
tax assets $ - $ -
The change in the valuation allowance for the three months ended March
31, 1995 was the result of the utilization of net operating loss carryforwards
and the decrease or increase in the unrealized
depreciation or appreciation of investments.
The provision for income taxes differs from the amount of income taxes
determined by applying the applicable U.S. statutory federal tax rates to pre-
tax income as a result of utilization of net operating loss carryfowards.
At December 31, 1994, the Company had net operating loss
carryforwards for Federal income tax purposes of approximately $1,623,200, of
which $11,500, $1,384,900, $180,100 and $46,700 expire in 2002, 2004, 2005 and
2006, respectively. In addition, the Company has a capital loss
carryforward for Federal income tax purposes of approximately $32,100,
which expires in 1995.
8.RELATED PARTIES
MANAGEMENT, DISTRIBUTION AND SERVICE FEES
All management and distribution fees are from providing services to the
Funds. All such services are provided pursuant to agreements that set forth the
fees to be charged for these services. These agreements are subject to annual
review and approval by each Fund's Board of Directors and a
majority of the Fund's non-interested directors. Service fees represent
reimbursement of costs incurred by subsidiaries of the Company on behalf of the
Funds. Such reimbursement amounted to $116,308 and $122,880 for the three
months ended March 31, 1995, and 1994, respectively.
BULL & BEAR GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1995 and 1994
(Unaudited)
In connection with investment management services, the Company's
investment manager, Bull &
Bear Advisers, Inc., waived or reimbursed management fees to the Funds
in the amount of
$71,629 and $48,015 for the three months ended March 31, 1995 and
1994, respectively, and are
included in general and administrative expenses in the Statement of
Income (Loss).
Certain officers of the Company also serve as officers and/or directors of
the Funds.
The Company has a key man life insurance policy on the life of the
Company's Chairman which provides for the payment of $1,000,000 to the Company
upon his death. As of March 31, 1995, the policy had a cash surrender value of
approximately $24,175 and is included in other assets in the balance sheet.
The Company's discount broker/dealer received brokerage commissions
of approximately $58,556 and $8,100 from the Funds for the three months ended
March 31, 1995 and 1994, respectively.
9.COMMITMENTS AND CONTINGENCIES
The Company has a lease for approximately 9,300 square feet of office
space. The rent is approximately $116,250 per annum plus $23,250 per annum for
electricity. The lease expires December 31, 1996 and is cancelable at the
option of the Company on three months' notice. In addition, the Company's dis-
count broker/dealer has a branch office in Boca Raton, Florida
consisting of approximately 1,000 square feet. The rent is approximately
$20,800 per annum and is cancelable at the option of the Company on six months'
notice.
In connection with the collection on a promissory note issued to purchase
shares of the Company's stock in 1985, the Company commenced an action against
the maker of the note to recover legal and other expenses, which is pending and
the ultimate outcome is uncertain at this time. In 1991, the maker of the note
commenced an action against the Company and one of its officers seeking
$1,000,000 in damages. With settlement discussions pending, the parties
have entered into standstill agreements with respect to currently outstanding
claims.
In July 1994, the Company entered into a Death Benefit Agreement
("Agreement") with the Company's Chairman. The Agreement provides for annual
payments to his wife following his death amounting to 80% of his average annual
salary for the three year period prior to his death subject to certain adjust-
ments. The Company's obligations under the Agreement are not secured
and will terminate if he leaves the Company's employ under certain
conditions.
From time to time, the Company and/or its subsidiaries are threatened or
named as defendants in litigation arising in the normal course of business.
The Company, its present directors, and certain former and present officers are
defendents in a lawsuit brought on April 24, 1995 by Maxus Investment Group,
Maxus Capital Partners, Maxus Asset Management,Inc. , and Maxus
Securities Corp. as plaintiffs claiming to collectively own or control
357,500 shares, or approximately 23%, of the Class A non-voting common stock of
the Company. The action, seeking declaratory and injunctive relief, was filed
in the federal district court for the Southern District of New York and purports
to be brought on the plaintiffs' own behalf and derivatively on behalf of the
Company. The complaint alleges that defendants breached thier fiduciary duties
to the Company regarding the adoption and implementation of the Company's 1990
incentive stock option plan ("ISOP"), and the Company's 1986 purchase of an
office building. Plaintiffs also allege that all the individual defendants have
received excessive compensation and other unspecified benefits. The complaint
seeks rescission of the 1990 ISOP and an accounting, the imposition of a
constructive trust and restitution regarding all allegedly improper benefits.
The Company believes that the lawsuit is without merit and intends to defend it
vigorously. As of March 31, 1995, neither the Company nor any of its subsidi-
aries was involved in any other litigation that, in the opinion of management,
would have a material adverse impact on the Consolidated Financial Statements.
<PAGE>
Item 2.Management's Discussion and Analysis of Financial Condition
and Results of Operations
First Quarter of 1995 compared to First Quarter of 1994
Lower asset levels in the Funds has in turn produced lower management,
distribution and service fees. The Federal Reserve tightening and sharply
rising interest rates has also reduced the Company's brokerage commissions.
Expenses have accordingly been reduced.
Total revenues decreased $257,579 or 16.6%, which was primarily due
to a decrease in management, distribution and service fees of $247,686 because
of a lower level of net assets under management. Brokerage commissions de-
creased by $65,898 due to a decrease in customer transaction activity. Net
assets under management were approximately $317.3 million at December 31, 1993,
$278.3 million at March 31, 1994, $236.1 million at December 31, 1994 and
$235.1 million at March 31, 1995. Dividends, interest and other income
had minor increases.
Total expenses decreased $550,280 or 32.2% primarily as a result of a
decrease in marketing and general and administrative expenses of $455,651 and
$66,119, respectively. Clearing and brokerage charges decreased $30,325 due to
a decrease in customer transaction activity. Net income for the period was
$113,764 or $.07 per share as compared to net loss of $163,608 or $.11 per share
for 1994.
Liquidity and Capital Resources
The following table reflects the Company's consolidated working capital,
total assets, long term debt and shareholders' equity as of the dates indicated:
March 31, 1995 December 31, 1994
Working Capital $2,923,818 $2,779,722
Total Assets $4,343,919 $4,240,241
Long Term Debt - -
Shareholders' Equity $4,028,463 $3,909,699
Working capital, total assets and shareholders' equity increased $144,096,
$103,678 and $118,764, respectively for the three months ended March 31, 1995.
The increase in working capital for the quarter was primarily the result of the
net income from operations and non-cash expense items of
depreciation and amortization of $24,499. The increase in total assets and
shareholders' equity was primarily the result of the net income for the quarter.
As discussed previously, significant changes in the securities market can
have a dramatic effect on the Company's results of operations. Based on current
information available, management believes that current resources are sufficient
to meet its liquidity needs.
<PAGE>
Effects of Inflation and Changing Prices
Since the Company derives most of its revenues from acting as investment
manager to mutual funds, discount brokerage services and from general invest-
ments, it is not possible for it to discuss
or predict with accuracy the impact of inflation and changing prices on its
revenue from continuing operations.
Part II Other Information
Item 4.Submission of Matters to a Vote of Security Holders During First
Quarter of the Year Ended December 31, 1995
At the annual meeting of Class B shareholder held March 8, 1995, the
following matters were unanimously approved: the selection of Tait, Weller &
Baker as the independent accountants of the Company and the election of Robert
D. Anderson, Bassett S. Winmill, Charles A. Carroll, Mark C. Winmill, Edward
G. Webb, Jr. and Thomas B. Winmill as directors of the Company.
Item 6.Exhibits and Reports on Form 8K
There are no exhibits and no reports on Form 8K that were filed during the
period.
<PAGE>
MANAGEMENT'S REPRESENTATION
The information furnished in this report reflects all adjustments which are,
in the opinion of management, necessary to a fair statement of the results of
the period.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Company has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
BULL & BEAR GROUP, INC.
Dated: May 12, 1995 By:/s/ William K. Dean
William K. Dean, CPA
Treasurer, Chief Accounting Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the Company
and in the capacities and on the date indicated.
Dated: May 12, 1995/s/ Bassett S. Winmill
Bassett S. Winmill
Chairman of the Board,
Director
Dated: May 12, 1995/s/ Robert D. Anderson
Robert D. Anderson
Vice Chairman, Director
Dated: May 12, 1995/s/ Mark C. Winmill
Mark C. Winmill
Co-President,
Chief Financial Officer, Director
Dated: May 12, 1995/s/ Thomas B. Winmill
Thomas B. Winmill, Esq.
Co-President,
General Counsel, Director
Dated: May 12, 1995/s/ Edward G. Webb, Jr.
Edward G. Webb, Jr., Director
Dated: May 12, 1995/s/ Charles A. Carroll
Charles A. Carroll, Director
14
