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PRESS RELEASES


May 19, 2010
News Release
For Immediate Release

OTC: TUXS
CUSIP 901144105


Tuxis Corporation Announces 2009 Financial Results

May 19, 2010 – Tuxis Corporation (Ticker Symbol: TUXS) today reported its financial results for the year ended December 31, 2009.

Tuxis recorded a net loss of $358,291 or $0.36 per share for the year ended December 31, 2009 compared to a net loss of $434,373 or $0.44 per share for the year ended December 31, 2008.

The Company’s unaudited consolidated balance sheets, statements of income, and statements of cash flows as of and for the years ended December 31, 2009 and 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 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.

 

TUXIS CORPORATION
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2009 AND 2008
(Unaudited)

ASSETS
2009
2008
Current assets:    
Cash and cash equivalents  $           314,061  $           849,771
Accounts receivable                 29,335                 13,529
Refundable income taxes                 12,201                 39,714
Prepaid expenses                 19,539                 27,578
   
Total current assets               375,136               930,592
   
Properties and equipment, net            6,906,841            6,408,656
Other assets                   4,291                   4,324
   
           6,911,132            6,412,980
   
Total assets  $        7,286,268  $        7,343,572
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses  $           448,626  $           156,659
   
Total current liabilities               448,626               156,659
   
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          10,235,634          10,226,614
Accumulated deficit          
(3,407,830)
         
(3,049,539)
   
Total shareholders' equity            6,837,642            7,186,913
   
Total liabilities and shareholders' equity  $        7,286,268  $        7,343,572

 

 

 

TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31, 2009 AND 2008
(Unaudited)

2009
2008
Revenue    
Rental income  $           236,019  $           219,846
   
              236,019               219,846
   
Expenses
Employee compensation and benefits               214,335               438,609
General and administrative               351,205               250,717
Professional                  29,026                 60,628
   
              594,566               749,954
   
Operating loss              (358,547)              (530,108)
Non-operating revenue
Dividends, interest, and other                 17,260               106,442
   
Loss before income taxes              (341,287)              (423,666)
Income taxes                 17,004                 10,707
   
Net loss  $          (358,291)  $          (434,373)
Basic and diluted per share net loss  $                 (0.36)  $                 (0.44)
Basic and diluted weighted average common shares outstanding               983,776               983,776

 

 

 

TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2009 AND 2008
(Unaudited)

 
2009 
 
2008 
Cash flows from operating activities    
Net loss  $     (358,291)  $     (434,372)
Adjustments to reconcile net loss to net cash provided by
(used in) operating activities
Share-based compensation expense               9,019             99,625
Depreciation           123,590             72,641
Increase in accounts receivable           (15,806)           (13,164)
Decrease (increase) in refundable income taxes             27,513           (13,543)
Decrease (increase) in prepaid expenses               8,040             (5,466)
Increase in accounts payable and accrued expenses           291,968             67,530
Decrease in other assets                    33               2,743
   
Net cash provided by (used in) operating activities             86,066         (224,006)
   
Cash flows from investing activities
Real estate development         (596,990)         (978,244)
Fixed asset acquisitions           (24,786)           (38,491)
   
Net cash used in investing activities         (621,776)      (1,016,735)
   
Net decrease in cash and cash equivalents         (535,710)      (1,240,741)
Cash and cash equivalents
Beginning of year           849,771        2,090,512
   
End of year  $       314,061  $       849,771
Supplemental disclosure:
Income taxes paid  $         20,000  $         24,250

 



 

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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.