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PRESS RELEASES


May 20, 2009
News Release
For Immediate Release

OTC: TUXS
CUSIP 901144105


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)

 
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
   
           6,412,980            5,471,629
   
Total assets  $        7,343,572  $        7,610,789
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses  $           156,659  $             89,129
   
Total current liabilities               156,659                 89,129
   
Commitments and contingencies                         -                           -  
Shareholders' equity
Common stock, $0.01 par value, 999,900,000 shares authorized;
983,776 shares issued and outstanding                   9,838                   9,838
Series A participating preferred stock, $0.01 par value, 100,000
shares authorized, -0- shares issued and outstanding                         -                           -  
Additional paid in capital          10,226,614          10,126,989
Accumulated deficit          (3,049,539)          (2,615,167)
   
Total shareholders' equity            7,186,913            7,521,660
   
Total liabilities and shareholders' equity  $        7,343,572  $        7,610,789

TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31, 2008 and 2007
(Unaudited)

Years Ended December 31,
2008
2007
Revenue    
Rental income  $           219,846  $           121,564
   
              219,846               121,564
   
Expenses
Employee compensation and benefits               438,609               495,757
General and administrative               250,717               220,583
Professional                  60,628                 63,187
   
              749,954               779,527
   
Operating loss             
(530,108)
            
(657,963)
Non-operating revenue
Dividends               106,442               141,393
   
Loss before income taxes             
(423,666)
            
(516,570)
Income taxes                 10,707                   9,706
   
Net loss  $         (434,373)  $         (526,276)
Basic and diluted per share net loss  $                (0.44)  $                (0.53)
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)

 
Years Ended December 31, 
  2008 
  2007 
Cash flows from operating activities    
Net loss  $    (434,372)  $    (526,276)
Adjustments to reconcile net loss to net cash provided by
(used in) operating activities
Share-based compensation expense             99,625             62,778
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)
   
Net cash used in operating activities         (224,006)         (427,362)
   
Cash flows from investing activities
Real estate development         (978,244)         (171,538)
Fixed asset acquisitions           (38,491)             (4,700)
Purchase of self storage facility                    -       (1,509,489)
   
Net cash used in investing activities     (1,016,735)     (1,685,727)
   
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
   
End of year  $       849,771  $    2,090,512
Supplemental disclosure:
Income taxes paid  $         24,250  $         35,877

 



 

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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.