Tuxis Corporation Announces Third Quarter 2012 Financial Results
October 24, 2012 - Tuxis Corporation (Ticker: TUXS) today reported its
financial results for the third quarter ended September 30,
2012.
Tuxis recorded a net loss of $21,288 or $0.02 per share for
the three months ended September 30,
2012 compared to a net loss of $40,659 or $0.04 per share for
the three months ended September
30, 2011. Revenue from rental income was $117,256 for the
three months ended September 30,
2012 compared to $114,809 for the three months ended
September 30, 201. Tuxis recorded a net loss of $312,247 or
$0.28 per share for the nine months ended September 30, 2012
compared to a
net loss of $128,683 or $0.12 per share for the nine months
ended September 30, 2011. Revenue
from rental income was $351,349 for the nine months ended
September 30, 2012 compared to
$336,066 for the nine months ended September 30, 2011. The
Company's primary source of
revenue is rental income from its self storage facilities.
Tuxis had an adjusted EBITDA loss of
$148,221 for the nine months ended September 30, 2012
compared to an adjusted EBITDA loss of $27,332 for the nine
months ended September 30, 2011.
The Company's book value per share at September 30, 2012 was
$5.52 (shareholders' equity of
$6,175,860 divided by 1,118,577 shares issued and
outstanding).
The Company's unaudited balance sheet, statements of income,
and statements of cash flows as of and for the third quarter
and nine months ended September 30, 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 including wine storage bins and complemented by rental office 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 SHEET September 30, 2012
(Unaudited)
Assets
Current assets
Cash and cash equivalents | $ 516,781 |
Acconnts receivable | 19,217 |
Prepaid expenses | 47,456 |
Total current assets | 583,454 |
Property and equipment, net | 6,800,832 |
Other assets | 3,664 |
6,804,496 |
Total assets $ 7,387,950
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued expenses
Total current liabilities
Due to afrùiates
Death benerrt obligation
Totalliabilities
Shareholders' equity
Common stock, $0.01 par value, 1,000,000 shares authorized;
l, 118,577 issued and outstanding
Series Aparticipating preferred stock, $0.01 par value, 100,000 shares authorized, -0- shares issued and outstanding
$ 35,775
35,775
993,834
182,481
l, 176,315
1,212,090
11,186
TUXIS CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Revenues
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
Rental income and other fees $ 117,256 $ 114,809 $ 351,349 $ 336,066
Expenses
Generai and administrative | 51,305 | 47,147 | 153,154 | 160,967 |
Compensation and benefits | 44,344 | 62,327 | 319,385 | 179,640 |
Deprec iation | 31,889 | 31,485 | 95,451 | 94,456 |
Professional | 11,684 | 6,750 | 27,031 | 22,791 |
Share-based compensation | 3,272 | 63,193 | 3,272 | |
139,222 | 150,981 | 658,214 | 461,126 |
Other inc ome
Dividends and interest | 678 580 1,848 1,444 |
Loss before income taxes | (21,288) (35,592) (305,017) (123,616) |
Income tax expense | 5,067 7,230 5,067 |
Net loss | $(21,288) $ (40,659) $(312,247) $(128,683) |
Basic and diluted per share net loss | $ (0.02) | $ (0.04) | $ (0.28) | $ (0.12) |
Basic and diluted average shares outstanding | l, 118,577 | 1,043,765 | l, 114,391 | 1,038, 799 |
TUXIS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2012 and 2011 (Unaudited)
Cash flows from operating activities | 2012 2011 |
Net loss Adjustments to reconcile net loss to net cash provided by | $ (312,247) $ (128,683) |
(used in) operating activities | |
Depreciation | 95,451 94,456 |
Share-based compensation expense | 63,193 3,272 |
Increase in accounts receivable | (6,239) (3,925) |
Increase in prepaid expenses | (20,247) (10,862) |
Increas e in other as s ets | (288) |
Increase (decrease) in accounts payable and accrued expenses | 731 (2,575) |
Increas e in due t o affiliates | 102,080 202,648 |
Increase in death benefit obligation | 165,029 |
Net cash provided by operating activities | 87,751 154,043 |
Cash flows frominvesting activities
Real estate development (19,241) (40,016) Fixed asset acquisitions (15,546) (6,374)
Net cash used in investing activities (34,787) (46,390)
Cash flows fromfinancing activities
Issuance ofstock upon exercise ofstock options 23,681 17,731
Promissory note accepted with exercise ofstock options (23,482) (17,582) Prepayment of promissory note 650
Net cash provided by financing activities 849 149
Net increase in cash and cash equivalents 53,813 107,802
Cash and cash equivalents
Beginning of period 462,968 303,925
End ofperiod $ 516,781 $ 411,727
Supplemental disclosure:
Income taxes paid $ 7,230 $ 5,067
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 nine months ended September
30, 2012 and 2011, respectively, is set forth in the
following table:
2012 | 2011 | ||||||
Net los s | $ (312,247) | $ (128,683) | |||||
Adjus tments : | |||||||
Dividends , interes t, and other income | (1,848) | (1,444) | |||||
Depreciation | 95,451 | 94,456 | |||||
Share-bas ed compens ation | 63,193 | 3,272 | |||||
Income tax expens e | 7,230 | 5,067 | |||||
Adjus ted EBITDA | $ (148,221) | $ (27,332) | |||||
distributed by |