TUXIS CORPORATION 
By May 29, 2013 - Tuxis Corporation (TUXS) today reported its financial results for the year ended
December 31, 2012.
Tuxis recorded a net loss of $340,974 or $0.31 per share for the year ended December 31, 2012 compared to a net loss of $190,067 or $0.18 per share for the year ended December 31, 2011. Revenue from rental income and fees was $467,999 for the year ended December 31, 2012 compared to $451,864 for the year ended December 31, 2011. The Company's primary source of revenue is rental income from its self storage facilities. Tuxis had an adjusted EBITDA loss of
$139,593 for the year ended December 31, 2012 compared to an adjusted EBITDA loss of
$54,022 for the year ended December 31, 2011.
The Company's book value per share at December 31, 2012 was $5.50 (shareholders' equity of
$6,147,433 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 year ended December 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 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 SHEETS December 31,2012 and 2011
(Unaudited)
Assets | 2012 | 2011 |
Current assets Cash and cash equivalents | $ 352,560 | $ 462,968 |
Investment in securities | 200,000 | |
Acconnts receivable | 7,526 | 1,117 |
Refundable income taxes | 13,857 | 11,861 |
Prepaid expenses | 24,803 | 27,209 |
Total current assets | 598,746 | 503,155 |
Property and equipment, net | 6,776,052 | 6,861,496 |
Other assets | 2,130 | 3,664 |
6,778,182 | 6,865,160 |
Total assets $ 7,376,928 $ 7,368,315
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued expenses $ 31,599 $ 35,044
Total current liabilities 31,599 35,044
Due to affiliates 1,031,165 909,206
Death benerrt obligation 166,731
l,197,896 909,206
Totalliabilities 1,229,495 944,250
Shareholders' equity
Common stock, $0.01 par value; shares authorized, issued and outstanding at December 31, 2012 and 2011 were:
1,000,000,000 and l, 118,577 and 1,000,100,000 and
1,048,677, respectively 11,186 10,487
Series Aparticipating preferred stock, $0.01 par value, 100,000 shares authorized, -0- shares issued and outstanding
Additional paid in capitai 10,412,329 10,326,154
Total shareholders' equity 6,147,433 6,424,065
Totalliabilities and shareholders' equity $ 7,376,928 $ 7,368,315
TUXIS CORPORATION CONSOLIDATED STATEMENTS OF INCOME Years Ended December 31, 2012 and 2011
(Unaudited)
RevenuesRental incarne and other fees
2012 2011
$ 467,999 $ 451,864
ExpensesGenerai and administrative | 195,103 | 207,194 |
Compensation and benefits | 378,148 | 255,344 |
Deprec iation | 127,657 | 126,664 |
Share-based compensation | 63,193 | 3,272 |
Professional | 34,341 43,348 | |
Other inc ome | 798,442 635,822 | |
Dividends, interest, and other | 2,376 1,952 | |
Loss before income taxes | (328,067) (182,006) | |
Income tax expense | 12,907 8,061 | |
Net 1oss | $ (340,974) $ (190,067) |
Basic and diluted per share net 1oss
$ (0.31) $ (0.18)
TUXIS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended December 31, 2012 and 2011
(Unaudited)
Cash flows from operating activities | 2012 2011 |
Net loss Adjustments to reconcile net loss to net cash provided by (used in) operating activities Share-based compensation | $ (340,974) $ (190,067) 63,193 3,272 |
Depreciation | 127,657 126,664 |
Increase in acconnts receivable | (6,409) (1,117) |
Increase in refundable income taxes | (1,996) (3,825) |
Decrease (increase) in prepaid expenses | 2,406 (1,633) |
Decrease in other assets | 1,534 178 |
Decrease in accounts payable and accrued expenses | (3,445) (3,774) |
Increase in due to affiliates | 121,959 285,071 |
Increase in death benerrt obligation | 166,731 |
Net cash provided by operating activities | 130,656 214,769 |
Real estate development (26,161) (46,413)
Fixed asset acquisitions p6,0522 9,4622
Net cash provided by rmancing activities l, 149 149
Net (decrease) increase in cash and cash equivalents (110,408) 159,043
Cash and cash equivalents, beginning of year 462,968 303,925 Cash and cash equivalents, end of year $ 352,560 $ 462,968
Supplemental disclosure
Income taxes paid $ 12,907 $ 8,061
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, 2012 and 2011, respectively, is set forth in the following table:
2012 | 2011 | |
Net los s | $ (340,974) | $ (190,067) |
Adjus tments : | ||
Dividends , interes t, and other income | (2,376) | (1,952) |
Depreciation | 127,657 | 126,664 |
Share-bas ed compens ation | 63,193 | 3,272 |
Income tax expens e | 12,907 | 8,061 |
Adjus ted EBITDA
$ (139,593)$
(54,022)
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