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PRESS RELEASES


December 10, 2009
News Release
For Immediate Release

OTC: TUXS
CUSIP 901144105


Tuxis Corporation Announces Third Quarter 2009 Financial Results

December 10, 2009 – Tuxis Corporation (TUXS) today reported its financial results for the third quarter ended September 30, 2009.

Tuxis recorded a net loss of $119,549 or $0.12 per share for the three months ended September 30, 2009 compared to a net loss of $112,297 or $0.11 per share for the three months ended September 30, 2008. For the nine months ended September 30, 2009, Tuxis recorded a net loss of $227,517 or $0.23 per share compared to a net loss of $361,639 or $0.37 per share for the nine months ended September 30, 2008.

Tuxis had an adjusted EBITDA loss of $73,351 and $142,362 for the three and nine months ended September 30, 2009, respectively.

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, 2009, including a reconciliation of net loss to adjusted EBITDA, 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, located in 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, in Millbrook, New York, is a mixed use facility consisting of 118 climate control self storage units complemented by office/retail space. 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.

The Company views adjusted EBITDA, a non-GAAP financial measure, as a to results in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The term “adjusted EBITDA” is a financial measure that the Company defines as net income (loss) before dividend and interest income, income taxes, depreciation, and share-based compensation. Adjusted EBITDA is not a substitute for measures determined in accordance with GAAP and may not be comparable to adjusted EBITDA as reported by other companies.

 

TUXIS CORPORATION
CONSOLIDATED BALANCE SHEET
September 30, 2009
(Unaudited)

ASSETS
Current assets:
Cash and cash equivalents  $           262,638
Rentals receivable                 26,253
Refundable income taxes                 67,769
Prepaid expenses                 31,222
 
Total current assets               387,882
 
Properties and equipment, net            6,941,730
Other assets                   4,077
 
           6,945,807
 
Total assets  $        7,333,689
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses  $           365,435
 
Total current liabilities               365,435
 
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          10,235,472
Accumulated deficit           (3,277,056)
 
Total shareholders' equity            6,968,254
 
Total liabilities and shareholders' equity  $        7,333,689

 

 

TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

Three Months Ended
Nine Months Ended
September 30,
September 30,
2009
2008
2009
2008
Revenue        
Rental income  $            50,596  $          60,959  $          168,451  $          164,719
       
Expenses
Compensation and benefits                64,569               94,415              143,705              289,867
General and administrative                55,131               52,606              160,043              151,747
Depreciation                37,958                19,750                81,327                54,124
Share-based compensation                  8,857                  4,249                  8,857                22,227
Professional                   4,247                15,657                  7,065                35,006
       
             170,762              186,677              400,997              552,971
       
Operating loss            (120,166)            (125,718)            (232,546)            (388,252)
Non-operating revenue
Dividends and interest                     617                  8,553                  5,029                37,320
       
Loss before income taxes            (119,549)            (117,165)            (227,517)            (350,932)
Income tax expense (benefit)                       -                  (7,868)                       -                  10,707
       
Net loss  $        (119,549)  $       (109,297)  $        (227,517)  $        (361,639)
Basic and diluted per share net loss  $              (0.12)  $              (0.11)  $              (0.23)  $              (0.37)
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,
 
2009 
 
2008 
Cash flows from operating activities    
Net loss  $        (227,517)  $        (361,639)
Adjustments to reconcile net loss to net cash provided by
(used in) operating activities
Depreciation                81,327                54,124
Share-based compensation expense                  8,857                22,227
Increase in rentals receivable              (12,723)                (4,161)
Increase in refundable taxes              (28,055)              (31,598)
Increase in prepaid expenses and other assets                (3,397)              (19,642)
Increase in accounts payable and accrued expenses              208,776                79,454
   
Net cash provided by (used in) operating activities                27,268            (261,235)
   
Cash flows from investing activities
Real estate development            (612,169)            (501,656)
Purchase of equipment                (2,232)              (38,491)
   
Net cash used in investing activities            (614,401)            (540,147)
   
Net decrease in cash and cash equivalents            (587,133)            (801,382)
Cash and cash equivalents
Beginning of period              849,771           2,090,512
   
End of period  $          262,638  $       1,289,130
Supplemental disclosure:
Income taxes paid  $                   -    $            28,762

 

TUXIS CORPORATION
NON-GAAP FINANCIAL MEASURE AND RECONCILIATION
(Unaudited)

The Company views adjusted EBITDA, a non-GAAP financial measure, as a complement to results in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The term “adjusted EBITDA” is a financial measure that the Company defines as net income (loss) before dividends and interest income, income taxes, depreciation, and share-based compensation. Adjusted EBITDA is not a substitute for measures determined in accordance with GAAP and may not be comparable to adjusted EBITDA as reported by other companies. A reconciliation of net loss to adjusted EBITDA for the three and nine months ended September 30, 2009 and 2008, respectively, is set forth in the following table:

Three Months Ended
Nine Months Ended
September 30,
September 30,
2009
2008
2009
2008
       
Net loss  $        (119,549)  $        (109,297)  $        (227,517)  $        (361,639)
Adjustments:
Dividend and interest income                   (617)                (8,553)                (5,029)              (37,320)
Depreciation                37,958                19,750                81,327                54,124
Share-based compensation                  8,857                  4,249                  8,857                22,227
Income tax expense (benefit)                       -                  (7,868)                       -                  10,707
       
Adjusted EBITDA  $          (73,351)  $        (101,719)  $        (142,362)  $        (311,901)
     

 



 

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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"

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The financial information included herein is taken from the records of the Company.
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