Tuxis Corporation Announces First Quarter 2008 Financial Results
May 22, 2008 – Tuxis Corporation (Symbol: TUXS) today reported its financial results for the first quarter ended March 31, 2008.
Tuxis recorded a net loss of $128,206 or $0.13 per share for the three months ended March 31, 2008 compared to a net loss of $131,863 or $0.13 per share for the three months ended March 31, 2007. Total rental revenues increased $52,538 in 2008 compared to the same period in 2007. The Company attributes the increase in total rental revenue to the addition of Tuxis Self Storage revenues for the first three months of 2008.
The Company’s unaudited consolidated balance sheet, statements of income, and statements of cash flows as of and for the first quarter ended March 31, 2008 are appended below .
Tuxis Corporation is engaged through subsidiaries in real estate development and self storage. The Company operates Tuxis Self Storage, Clinton, Connecticut, a 184 unit facility which offers a mix of standard and climate control units. To learn more about our self storage facility 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
March 31, 2008
(Unaudited)
ASSETS |
|
Current assets: |
|
Cash and cash equivalents |
$1,923,602 |
Rentals receivable |
2,039 |
Refundable income taxes |
26,171 |
Prepaid expenses |
49,491 |
Asset held for sale |
2,225,967 |
|
 |
Total current assets |
4,227,270 |
|
|
Properties and equipment, net |
3,266,613 |
Other assets |
7,180 |
|
|
|
3,273,793 |
|
|
Total assets |
$7,501,063 |
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
Current liabilities: |
|
Accounts payable and accrued expenses |
$99,438 |
|
|
Total current liabilities |
99,438 |
|
|
|
|
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 |
10,135,160 |
Accumulated deficit |
(2,743,373) |
|
|
Total shareholders' equity |
7,401,625 |
|
|
Total liabilities and shareholders' equity |
$7,501,063
|
|
|
|
|
TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
|
Three Months Ended March 31,
|
|
2008
|
2007
|
Revenue |
|
|
Rental income |
$52,538 |
$- |
|
|
|
|
52,538 |
- |
|
|
|
Expenses |
|
|
Employee compensation and benefits |
112,527 |
106,560 |
General and administrative |
62,809 |
38,133 |
Professional |
13,214 |
23,011 |
|
|
|
|
188,550 |
167,704 |
|
|
|
Operating loss |
(136,012) |
(167,704) |
Non-operating revenue |
|
|
Dividends |
17,631 |
49,144 |
|
|
|
Loss before income taxes |
(118,381) |
(118,560) |
Income taxes |
9,825 |
13,303 |
|
|
|
Net loss |
$(128,206) |
$(131,863) |
|
|
|
|
|
|
Basic and diluted per share net loss |
$(0.13) |
$(0.13) |
Basic and diluted weighted average common shares outstanding |
983,776 |
983,776 |
TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
Three Months Ended March 31,
|
|
2008
|
2007
|
Cash flows from operating activities |
|
|
Net loss |
$(128,206) |
$(131,863) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
Depreciation |
16,946 |
8,020 |
Share-based compensation expense |
8,172 |
18,562 |
(Increase) decrease in rentals receivable |
(1,674) |
15,300 |
Decrease in receivable from affiliate |
- |
10,717 |
Decrease in other receivables |
- |
10,182 |
Increase in prepaid expenses |
(27,379) |
(1,463) |
Increase in accounts payable and accrued expenses |
10,308 |
96,872 |
Increase in other assets |
(113) |
- |
|
|
|
Net cash (used in) provided by operating activities |
(121,946) |
26,327 |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
Real estate development |
(39,134) |
(77,442) |
Purchase of equipment |
(5,830) |
- |
|
|
|
Net cash used in investing activities |
(44,964) |
(77,442) |
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
(166,910) |
(51,115) |
Cash and cash equivalents |
|
|
Beginning of period |
2,090,512 |
4,203,601 |
|
|
|
End of period |
$1,923,602 |
$4,152,486 |
|
|
|
|
|
|
|
|
|
Supplemental disclosure: |
|
|
Income taxes paid |
$8,270 |
$13,303 |
|
