TUXIS CORPORATION 
By May 18, 2012 - Tuxis Corporation (TUXS) today reported its financial results for the year ended
December 31, 2011.
Tuxis recorded a net loss of $190,067 or $0.18 per share for the year ended December 31, 2011 compared to a net loss of $297,096 or $0.30 per share for the year ended December 31, 2010. Revenue from rental income and fees was $451,864 for the year ended December 31, 2011 compared to $367,190 for the year ended December 31, 2010. The Company's primary source of revenue is rental income from its self storage facilities. Tuxis had an adjusted EBITDA loss of
$54,022 for the year ended December 31, 2011 compared to an adjusted EBITDA loss of
$114,786 for the year ended December 31, 2010.
The Company's book value per share at December 31, 2011 was $6.13 (shareholders' equity of
$6,424,065 divided by 1,048,677 shares issued and outstanding).
The Company's unaudited balance sheets, statements of income, and statements of cash flows as of and for the year ended December 31, 2011, including a reconciliation of net loss to adjusted EBITDA, are appended to the copy of this press release on www.tuxis.com.
About Tuxis
Tuxis Corporation is engaged through subsidiaries in self storage and real estate development. Tuxis Self Storage at Heritage Park, Clinton, Connecticut, is a 184 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 141 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.
Safe Harbor Note
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 book value per share and adjusted EBITDA, non-GAAP financial measures, as an important indicator of financial performance and as a complement to results in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Presented in conjunction with other financial information, the combined presentation can enhance an investor's understanding of the Company's underlying financial
condition and results from operations. The definition of book value as presented in this press release is shareholders' equity divided by currently issued and outstanding shares. 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.
Contact: Thomas O'Malley
Chief Financial Officer
1-212-785-9300, ext. 267 tomalley@tuxis.com www.tuxis.com
TUXIS CORPORATION CONSOLIDATED BALANCE SHEETS December 31,
2011 and 2010
(Unaudited)
Assets
Current assets
2011 2010
Cash and cash equivalents
$ 462,968 $
303,925
Accounts receivable 1,117 - Refundable income taxes 11,861
8,036
Prepaid expenses 27,209 25,576 Total current assets 503,155
337,537
Property and equipment, net 6,861,496 6,932,285
Other assets 3,664 3,842
6,865,160 6,936,127
Total assets
$ 7,368,315 $
7,273,664
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued expenses
$ 35,044 $ 38,818
Total current liabilities 35,044 38,818 Due to affiliates
909,206 624,135 Total liabilities 944,250 662,953
Shareholders' equity
Common stock, $0.01 par value; shares authorized, issued and
outstanding at December 31, 2011 and 2010 w ere:
1,000,100,000 and 1,048,677 and 1,000,000,000 and
1,033,776, respectively 10,487 10,338
Series A participating preferred stock, $0.01 par value,
100,000
shares authorized, -0- shares issued and outstanding - -
Additional paid in capital 10,326,154 10,305,300
Notes receivable for common stock issued (17,582) -
Accumulated deficit (3,894,994) (3,704,927)
Total shareholders' equity 6,424,065 6,610,711
Total liabilities and shareholders' equity
$ 7,368,315 $
7,273,664
TUXIS CORPORATION CONSOLIDATED STATEMENTS OF INCOME Years Ended December 31, 2011 and 2010 (Unaudited)
Revenues
Rental income and other fees
2011 2010
$ 451,864 $ 367,190
Expenses
General and administrative | 207,194 | 234,112 |
Compensation and benefits | 255,344 | 230,729 |
Depreciation | 126,664 | 127,941 |
Share-based compensation | 3,272 | 70,166 |
Professional | 43,348 17,135 | |
Other income | 635,822 680,083 | |
Dividends, interest, and other | 1,952 18,867 | |
Loss before income taxes | (182,006) (294,026) | |
Income tax expense | 8,061 3,070 | |
Net loss | $ (190,067) $ (297,096) |
Basic and diluted per share net loss
$ (0.18) $
(0.30)
TUXIS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended December 31, 2011 and 2010
(Unaudited)
2011 2010 | |
Cash flow s from operating activities | |
Net loss | $ (190,067) $ (297,096) |
Adjustments to reconcile net loss to net cash provided by | |
(used in) operating activities | |
Share-based compensation | 3,272 70,166 |
Depreciation | 126,664 127,941 |
(Increase) decrease in accounts receivable | (1,117) 29,335 |
(Increase) decease in refundable income taxes | (3,825) 4,165 |
Increase in prepaid expenses | (1,633) (6,037) |
Decrease in other assets | 178 449 |
Decrease in accounts payable and accrued expenses | (3,774) (45,700) |
Increase in due to affiliates | 285,071 260,026 |
Net cash provided by operating activities | 214,769 143,249 |
Cash flow s from investing activities
Real estate development | (46,413) (64,113) |
Fixed asset acquisitions | (9,462) (89,272) |
Net cash used in investing activities | (55,875) (153,385) |
Cash flow s from financing activities
Issuance of stock upon exercise of stock options 17,731 -
Promissory note accepted w ith exercise of stock options
(17,582) -
Net cash provided by financing activities 149 - Net increase
(decrease) in cash and cash equivalents 159,043 (10,136)
Cash and cash equivalents, beginning of year 303,925
314,061
Cash and cash equivalents, end of year
$ 462,968 $
303,925
Supplemental disclosure
Income taxes paid
$ 8,061 $
3,070
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 years ended December 31, 2011 and 2010, respectively, is set forth in the following table:
2011 | 2010 | |
Net los s | $ (190,067) | $ (297,096) |
Adjus tments : | ||
Dividends , interes t, and other income | (1,952) | (18,867) |
Depreciation | 126,664 | 127,941 |
Share-bas ed compens ation | 3,272 | 70,166 |
Income tax expens e | 8,061 | 3,070 |
Adjus ted EBITDA
$ (54,022)$
(114,786)
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distributed by
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