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PRESS RELEASES


August 22, 2008
News Release
For Immediate Release

OTC: TUXS
CUSIP 901144105



Tuxis Corporation Announces Second Quarter 2008 Financial Results

August 22, 2008 – Tuxis Corporation (Symbol: TUXS) today reported its financial results for the second quarter ended June 30, 2008.

Tuxis recorded a net loss of $124,137 or $0.13 per share for the three months ended June 30, 2008 compared to a net loss of $114,673 or $0.12 per share for the three months ended June 30, 2007. For the six months ended June 30, 2008, Tuxis recorded a net loss of $252,343 or $0.26 per share compared to a net loss of $246,536 or $0.25 per share for the six months ended June 30, 2007.

The Company’s unaudited consolidated balance sheet, statements of income, and statements of cash flows as of and for the second quarter and six months ended June 30, 2008 are appended below .

Tuxis Corporation is engaged through subsidiaries in real estate development and self storage. The Company operates Tuxis Self Storage, Clinton, Connecticut, a 184 unit facility which offers a mix of standard and climate control units. To learn more about our self storage facility please visit www.tuxisselfstorage.com. To learn more about Tuxis Corporation, including Rule 15c2-11 information, please visit www.tuxis.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 Tuxis 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.

 

 

TUXIS CORPORATION
CONSOLIDATED BALANCE SHEET
June 30, 2008
(Unaudited)

ASSETS

 

Current assets:

 

  Cash and cash equivalents

$1,737,364

  Rentals receivable

3,772

  Refundable income taxes

26,171

  Prepaid expenses

39,545

  Asset held for sale

2,253,186

line

    Total current assets

4,060,038

line

Properties and equipment, net

3,328,971

Other assets

6,977

line

 

3,335,948

line

    Total assets

$7,395,986

line
line

LIABILITIES AND SHAREHOLDERS' EQUITY

 

Current liabilities:

 

  Accounts payable and accrued expenses

$108,692

line

    Total current liabilities

108,692

line

 

 

Commitments and contingencies

 -  

Shareholders' equity

 

  Common stock, $0.01 par value, 999,900,000 shares authorized; 983,776 shares issued and outstanding

 9,838

  Series A participating preferred stock, $0.01 par value, 100,000 shares authorized, -0- shares issued and outstanding

 -  

Additional paid in capital

10,144,966

Accumulated deficit

(2,867,510)

line

  Total shareholders' equity

7,287,294

line

  Total liabilities and shareholders' equity

$7,395,986
line

line
line

 

 

TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

 

Three Months Ended March 31,
line

Six Months Ended June 30,
line

 

2008
line

2007
line

2008
line

2007
line

Revenue

 

   

 

  Rental income

$50,976

$20,091

$100,874

$-  

  Other

246

-  

2,885

-  

line line line line

 

51,222

20,091

103,759

 -  

line line line line

Expenses

 

   

 

  Employee compensation and benefits

100,903

102,606

213,430

209,165

  General and administrative

62,007

49,391

124,815

87,525

  Professional

14,835

14,450

28,049

37,461

line line line line

 

177,745

166,447

366,294

334,151

line line line line

Operating loss

(126,523)

(146,356)

262,535

(314,060)

Non-operating revenue

 

   

 

  Dividends

11,136

41,218

28,767

90,362

line line line line

Loss before income taxes

(115,387)

(105,138)

(233,768)

(223,698)

Income taxes

8,750

9,535

18,575

22,838

line line line line

Net loss

$(124,137)

$(114,673)

$(252,343)

$(246,536)

line line line line
line line line line

Basic and diluted per share net loss

$(0.13)

$(0.12)

$(0.26)

$(0.25)

Basic and diluted weighted average common shares outstanding

983,776

983,776

983,776

983,776

 

 

TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 

Six Months Ended June 30,
line

 

2008
line

2007
line

Cash flows from operating activities

 

 

  Net loss

$(252,343)

$(246,536)

  Adjustments to reconcile net loss to net cash provided by (used in) operating activities

 

 

    Depreciation

34,374

18,873

    Share-based compensation expense

17,978

41,254

  (Increase) decrease in rentals receivable

(3,407)

15,300

  Increase in prepaid expenses

(17,433)

(3,970)

  Increase (decrease) in accounts payable and accrued expenses

19,652

(22,864)

line line

    Net cash used in operating activities

(201,179)

(197,943)

line line

 

 

 

Cash flows from investing activities

 

 

Purchase of self storage facility

 -  

(1,509,489)

Real estate development

(118,920)

(158,025)

Purchase of equipment

(33,049)

 -  

line line

    Net cash used in investing activities

(151,969)

(1,677,514)

line line

 

 

 

    Net decrease in cash and cash equivalents

(353,148)

(1,865,457)

Cash and cash equivalents

 

 

  Beginning of period

2,090,512

4,203,601

line line

  End of period

$1,737,364

$2,338,144

line line
line line

 

 

 

Supplemental disclosure:

 

 

  Income taxes paid

$24,250

$22,838



 

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Principal Office:   3814 Route 44, Millbrook, NY 12545   |  Tel: (845) 677-2700   |  Fax: (845) 677-2800
Connecticut Office:   6 Heritage Park Road, Clinton, CT 06413   |  Tel: (860) 669-9302
Tuxis Self Storage,  where "Security is Our First Priority"

This web site, including the financial statements included herein, is provided to the shareholders of the Company for their information.
The financial information included herein is taken from the records of the Company.
This is not a prospectus, circular or representation intended for use in the purchase of shares of the Company or any securities mentioned in this web site.