Tuxis Corporation Announces 2008 Financial Results
May 20, 2009 – Tuxis Corporation (Symbol: TUXS) today reported its financial results for the year ended December 31, 2008.
Tuxis recorded a net loss of $434,373 or $0.44 per share for the year ended December 31, 2008 compared to a net loss of $526,710 or $0.53 per share for the year ended December 31, 2007.
The Company’s unaudited consolidated balance sheets, statements of income, and statements of cash flows as of and for the year ended December 31, 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 185 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 118 unit climate control self storage facility which is under construction and is forecasted to be completed by the second 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
December 31, 2008 and 2007
(Unaudited)
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December 31, |
| ASSETS |
|
2008 |
|
2007 |
| Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ 849,771 |
|
$ 2,090,512 |
|
Accounts receivable: |
|
|
|
|
|
|
Rental |
|
13,529 |
|
- |
|
|
Other |
|
- |
|
365 |
|
Refundable income taxes |
|
39,714 |
|
26,171 |
|
Prepaid expenses |
|
27,578 |
|
22,112 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
930,592 |
|
2,139,160 |
|
|
|
|
|
|
|
|
| Properties and equipment, net |
6,408,656 |
|
5,464,562 |
| Other assets |
|
4,324 |
|
7,067 |
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|
|
|
|
|
|
|
|
|
|
|
|
6,412,980 |
|
5,471,629 |
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|
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|
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Total assets |
|
$ 7,343,572 |
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$ 7,610,789 |
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|
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| LIABILITIES AND SHAREHOLDERS' EQUITY |
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| Current liabilities: |
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Accounts payable and accrued expenses |
$ 156,659 |
|
$ 89,129 |
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Total current liabilities |
|
156,659 |
|
89,129 |
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| Commitments and contingencies |
- |
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- |
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| Shareholders' equity |
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Common stock, $0.01 par value, 999,900,000 shares authorized; |
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|
|
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983,776 shares issued and outstanding |
9,838 |
|
9,838 |
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Series A participating preferred stock, $0.01 par value, 100,000 |
|
|
|
|
shares authorized, -0- shares issued and outstanding |
- |
|
- |
|
Additional paid in capital |
10,226,614 |
|
10,126,989 |
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Accumulated deficit |
|
(3,049,539) |
|
(2,615,167) |
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|
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|
|
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Total shareholders' equity |
7,186,913 |
|
7,521,660 |
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Total liabilities and shareholders' equity |
$ 7,343,572 |
|
$ 7,610,789 |
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TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31, 2008 and 2007
(Unaudited)
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Years Ended December 31, |
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2008 |
|
2007 |
| Revenue |
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|
|
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Rental income |
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$ 219,846 |
|
$ 121,564 |
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|
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|
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219,846 |
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121,564 |
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|
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|
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| Expenses |
|
|
|
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Employee compensation and benefits |
|
438,609 |
|
495,757 |
|
General and administrative |
|
250,717 |
|
220,583 |
|
Professional |
|
60,628 |
|
63,187 |
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|
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|
|
|
|
|
|
|
749,954 |
|
779,527 |
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|
|
|
|
|
|
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| Operating loss |
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(530,108) |
|
(657,963) |
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|
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|
|
|
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| Non-operating revenue |
|
|
|
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Dividends |
|
106,442 |
|
141,393 |
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|
|
|
|
|
|
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| Loss before income taxes |
|
(423,666) |
|
(516,570) |
| Income taxes |
|
10,707 |
|
9,706 |
|
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|
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|
|
|
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| Net loss |
|
$ (434,373) |
|
$ (526,276) |
|
|
|
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|
|
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| Basic and diluted per share net loss |
|
$ (0.44) |
|
$ (0.53) |
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|
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| Basic and diluted weighted average common shares outstanding |
983,776 |
|
983,776 |
TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2008 and 2007
(Unaudited)
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Years Ended December 31, |
|
|
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2008 |
|
2007 |
| Cash flows from operating activities |
|
|
|
|
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Net loss |
|
$ (434,372) |
|
$ (526,276) |
|
Adjustments to reconcile net loss to net cash provided by |
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(used in) operating activities |
|
|
|
|
|
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Share-based compensation expense |
|
99,625 |
|
62,778 |
|
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Depreciation |
|
72,641 |
|
52,064 |
|
(Increase) decrease in rentals receivable |
|
(13,529) |
|
15,300 |
|
Decrease in receivable from affiliate |
|
- |
|
10,717 |
|
Decrease in other receivables |
|
365 |
|
9,817 |
|
Increase in refundable income taxes |
|
(13,543) |
|
(26,171) |
|
Increase in prepaid expenses |
|
(5,466) |
|
(20,158) |
|
Increase (decrease) in accounts payable and accrued expenses |
67,530 |
|
(2,495) |
|
Decrease (increase) in other assets |
|
2,743 |
|
(2,938) |
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|
|
|
|
|
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Net cash used in operating activities |
|
(224,006) |
|
(427,362) |
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| Cash flows from investing activities |
|
|
|
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| Real estate development |
|
(978,244) |
|
(171,538) |
| Fixed asset acquisitions |
|
(38,491) |
|
(4,700) |
| Purchase of self storage facility |
|
- |
|
(1,509,489) |
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Net cash used in investing activities |
|
(1,016,735) |
|
(1,685,727) |
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Net decrease in cash and cash equivalents |
|
(1,240,741) |
|
(2,113,089) |
| Cash and cash equivalents |
|
|
|
|
|
Beginning of year |
|
2,090,512 |
|
4,203,601 |
|
|
|
|
|
|
|
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End of year |
|
$ 849,771 |
|
$ 2,090,512 |
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| Supplemental disclosure: |
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Income taxes paid |
|
$ 24,250 |
|
$ 35,877 |
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