May 18, 2012 - Tuxis Corporation (TUXS) today reported its financial results for the first quarter ended March 31, 2012.
Tuxis recorded a net loss of $96,991 or $0.09 per share for the three months ended March 31,
2012 compared to a net loss of $57,421 or $0.06 per share for the three months ended March 31,
2011. Revenue from rental income and fees was $119,868 for the three months ended March 31,
2012 compared to $109,827 for the three months ended March 31, 2011. The Company's primary source of revenue is rental income from its self storage facilities. Tuxis had an adjusted EBITDA loss of $2,912 for the three months ended March 31, 2012 compared to an adjusted EBITDA loss of $26,337 for the three months ended March 31, 2011.
The Company's book value per share at March 31, 2012 was $5.71 (shareholders' equity of
$6,385,823 divided by 1,118,577 shares issued and outstanding).
The Company's unaudited balance sheets, statements of income, and statements of cash flows as of and for the three months ended March 31, 2012, 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 March 31, 2012
and 2011
(Unaudited)
Assets
Current assets
2012 2011
Cash and cash equivalents
$ 490,083 $
318,744
Accounts receivable 5,623 - Refundable income taxes 11,861
9,441
Prepaid expenses 38,547 31,109 Total current assets 546,114
359,294
Property and equipment, net 6,841,675 6,918,418
Other assets 3,664 3,983
6,845,339 6,922,401
Total assets
$ 7,391,453 $
7,281,695
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued expenses
$ 27,897 $ 34,889
Total current liabilities 27,897 34,889 Due to affiliates
977,733 693,516 Total liabilities 1,005,630 728,405
Shareholders' equity
Common stock, $0.01 par value; shares authorized, issued and
outstanding at March 31, 2012 and 2011 w ere:
1,000,100,000 and 1,118,577 and 1,000,000,000 and
1,033,776, respectively 11,186 10,338
Series A participating preferred stock, $0.01 par value,
100,000
shares authorized, -0- shares issued and outstanding - -
Additional paid in capital 10,407,636 10,305,300
Notes receivable for common stock issued (41,014) -
Accumulated deficit (3,991,985) (3,762,348)
Total shareholders' equity 6,385,823 6,553,290
Total liabilities and shareholders' equity
$ 7,391,453 $
7,281,695
TUXIS CORPORATION CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, 2012 and 2011 (Unaudited)
Revenues
Rental income and other fees
2012 2011
$ 119,868 $ 109,827
Expenses
General and administrative 56,144 68,006
Compensation and benefits 59,886 60,898
Depreciation 31,744 31,485
Share-based compensation 58,500 - Professional 6,750 7,260
213,024 167,649
Other income
Dividends and interest 250 401 Loss before income taxes
(92,906) (57,421)
Income tax expense 4,085 -
Net loss
$ (96,991) $
(57,421)
Basic and diluted per share net loss
$ (0.09) $
(0.06)
TUXIS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2012 and 2011 (Unaudited)
Cash flow s from operating activities
2012 2011
Net loss
Adjustments to reconcile net loss to net cash provided by
(used in) operating activities
$ (96,991) $
(57,421)
Share-based compensation 58,500 - Depreciation 31,744
31,485
Increase in accounts receivable (4,506) - Increase in
refundable income taxes - (1,405) Increase in prepaid
expenses (11,338) (5,533) Increase in other assets - (141)
Decrease in accounts payable and accrued expenses (7,147)
(3,929) Increase in due to affiliates 68,527 69,381
Net cash provided by operating activities 38,789 32,437
Cash flow s from investing activities
Real estate development | (7,018) (16,702) |
Fixed asset acquisitions | (4,905) (916) |
Net cash used in investing activities | (11,923) (17,618) |
Cash flow s from financing activities
Issuance of stock upon exercise of stock options 23,681 -
Promissory notes accepted w ith exercise of stock options
(23,482) - Prepayment of promissory note 50 -
Net cash provided by financing activities 249 - Net increase
in cash and cash equivalents 27,115 14,819
Cash and cash equivalents, beginning of period 462,968
303,925
Cash and cash equivalents, end of period
$ 490,083 $
318,744
Supplemental disclosure
Income taxes paid
$ 4,085 $ -
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 three months ended March 31, 2012 and 2011, respectively, is set forth in the following table:
2012 | 2011 | |
Net los s Adjus tments : Dividends , interes t, and other income | $ (96,991) (250) | $ (57,421) (401) |
Depreciation | 31,744 | 31,485 |
Share-bas ed compens ation 58,500 -
Income tax expens e 4,085 -
Adjus ted EBITDA
$ (2,912)$
(26,337)
distributed by |