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PRESS RELEASES


November 10, 2008
News Release
For Immediate Release

OTC: TUXS
CUSIP 901144105


Tuxis Corporation Announces Third Quarter 2008 Financial Results

November 10, 2008 – Tuxis Corporation (TUXS) today reported its financial results for the third quarter ended September 30, 2008.

Tuxis recorded a net loss of $109,297 or $0.11 per share for the three months ended September 30, 2008 compared to a net loss of $207,778 or $0.21 per share for the three months ended September 30, 2007. For the nine months ended September 30, 2008, Tuxis recorded a net loss of $361,639 or $0.37 per share compared to a net loss of $454,314 or $0.46 per share for the nine months ended September 30, 2007.

The Company’s unaudited consolidated balance sheet, statements of income, and statements of cash flows as of and for the third quarter and nine months ended September 30, 2008 are appended to the copy of this press release on www.tuxis.com.

Tuxis Corporation is engaged through subsidiaries in real estate development and self storage. Tuxis Self Storage at Heritage Park, Clinton, Connecticut is a 184 unit self storage facility which offers a mix of standard and climate control units. Tuxis Self Storage at Millbrook Commons, Millbrook, New York is a 190 unit climate control self storage facility which is under construction and is forecasted to be completed by the first quarter of 2009. To learn more about our self storage facilities 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
September 30, 2008
(Unaudited)

ASSETS

 

Current assets:

 

  Cash and cash equivalents

$1,289,130

  Rentals receivable

4,526

  Refundable income taxes

57,769

  Prepaid expenses

42,538

  Asset held for sale

2,298,799

line

    Total current assets

3,692,762

line

Properties and equipment, net

3,651,787

Other assets

6,282

line

 

3,658,069

line

    Total assets

$7,350,831

line
line

LIABILITIES AND SHAREHOLDERS' EQUITY

 

Current liabilities:

 

  Accounts payable and accrued expenses

$168,583

line

    Total current liabilities

168,583

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

10,149,216

Accumulated deficit

(2,976,806)

line

  Total shareholders' equity

7,182,248

line

  Total liabilities and shareholders' equity

$7,350,831
line

line
line

 

 

TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

 

Three Months Ended September 30,
line

Nine Months Ended September 30,
line

 

2008
line

2007
line

2008
line

2007
line

Revenue

 

   

 

  Rental income

$60,383

$50,033

$161,258

$70,124

  Other

576

-  

3,461

-  

line line line line

 

60,959

50,033

164,719

70,124

line line line line

Expenses

 

   

 

  Employee compensation and benefits

98,664

169,530

311,272

378,696

  General and administrative

68,206

92,102

193,843

179,626

  Professional

19,807

13,514

47,856

50,975

line line line line

 

186,677

275,146

552,971

609,297

line line line line

Operating loss

(125,718)

(225,113)

(388,252)

(539,173)

Non-operating revenue

 

   

 

  Dividends

8,553

27,065

37,320

117,427

line line line line

Loss before income taxes

(117,165)

(198,048)

(350,932)

(421,746)

Income tax expense (benefit)

(7,868)

9,730

10,707

32,568

line line line line

Net loss

$(109,297)

$(207,778)

$(361,639)

$(454,314)

line line line line
line line line line

Basic and diluted per share net loss

$(0.11)

$(0.21)

$(0.37)

$(0.46)

Basic and diluted weighted average common shares outstanding

983,776

983,776

983,776

983,776

 

 

TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 

Nine Months Ended

September 30,

 

2008
line

2007
line

Cash flows from operating activities

 

 

  Net loss

$(361,639)

$(454,314)

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

 

 

    Depreciation

54,124

35,390

    Share-based compensation expense

22,227

54,516

  (Increase) decrease in rentals receivable

(4,161)

15,250

  Increase in refundable taxes

(31,598)

-

  (Increase) decrease in prepaid expenses and other assets

(19,642)

5,237

line line
Increase (decrease) in accounts payable and accrued expenses
79,454
(15,685)

    Net cash used in operating activities

(261,235)

(359,606)

line line

 

 

 

Cash flows from investing activities

 

 

Purchase of self storage facility

 -  

(1,509,489)

Real estate development

(501,656)

(145,443)

Purchase of equipment

(38,491)

 -  

line line

    Net cash used in investing activities

(540,147)

(1,654,932)

line line

 

 

 

    Net decrease in cash and cash equivalents

(801,382)

(2,014,538)

Cash and cash equivalents

 

 

  Beginning of period

2,090,512

4,203,601

line line

  End of period

$1,289,130

$2,189,063

line line
line line

 

 

 

Supplemental disclosure:

 

 

  Income taxes paid

$28,762

$29,258



 

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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.