Tuxis Corp. : May 29, 2013 Tuxis Corporation Announces First Quarter 2013 Financial Results

Tuxis Corporation Announces First Quarter 2013 Financial Results

May 29, 2013 - Tuxis Corporation (Ticker: TUXS) today reported its financial results for the first quarter ended March 31, 2013.
Tuxis recorded a net loss of $62,263 or $0.06 per share for the three months ended March 31,
2013 compared to a net loss of $96,991 or $0.09 per share for the three months ended March 31,
2012. Revenue from rental income was $121,051 for the three months ended March 31, 2013 compared to $119,868 for the three months ended March 31, 2012. The Company's primary source of revenue is rental income from its self storage facilities. Tuxis had an adjusted EBITDA loss of $33,052 for the three months ended March 31, 2013 compared to an adjusted EBITDA loss of $2,912 for the three months ended March 31, 2012.
The Company's book value per share at March 31, 2013 was $5.48 (shareholders' equity of
$6,129,567 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 three months ended March 31, 2013 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 [e-mail]
www.tuxis.com

TUXIS CORPORATION CONSOLIDATED BALANCE SHEET March 31,2013

(Unaudited)

Assets

Current assets

Cash and cash equivalents	$ 297,544
Investment in securities	210,307
Acconnts receivable	641
Refundable income taxes	18,823
Prepaid expenses	31,839
Total current assets	559,154
Property and equipment, nel	6,779,261
Other assets	2,130
	6,781,391

Total assets $ 7,340,545

Liabilities and shareholders' equity

Current liabilities

Accounts payable and accrued expenses

Total current liabilities

Due to affiliates

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

$ 19,116

19,116

1,031,881

159,981

l, 191,862

1,210,978

11,186

TUXIS CORPORATION CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Mareh 31, 2013 and 2012 (Unaudited)

Revenues

Rental income and other fees

Expenses

Compensation and benefits Generai and administrative Deprec iation

Professional

Share-based compensation

Other inc ome

2013 2012

$ 121,051 $ 119,868

81,857 59,886

61,843 56,144

30,793 31,744

10,403 58,500

6,750

184,896 213,024

Dividends and interest	1,582 250
Loss before income taxes	(62,263) (92,906)
Income tax expense	4,085
Net 1oss	$ (62,263) $ (96,991)

Basic and diluted per share net 1oss

$ (0.06) $ (0.09)

TUXIS CORPORATION CONSOLIDA1ED STATEMENTS OF CASH FLOWS Three Months Ended Mareh 31, 2013 and 2012 (Unaudited)

Cash flows from operating activities

2013

...

2012

Net loss $ (62,263) $ (96,991) Adjustments to reconcile net loss to net cash provided by

(used in) operating activities

Depreciation 30,793 31,744

Share-based compensation expense 58,500

Decrease (increase) in accounts receivable 6,885 (4,506) Increas e in refundable income taxes (4,966)

Increase in prepaid expenses (7,036) (11,338) Decrease in accounts payable and accrued expenses (12,483) (7,147) Increas e in due t o affiliates 716 68,527

Decrease in death benefìt obligation (6,750)

Net cash (used in) provided by operating activities (55,104) 38,789

Cash flows frominvesting activities

Fixed asset acquisitions (27,678) (4,905) Real estate development (6,324) (7,018) Purchase ofinvestment securities (1,374)

Net cash used in investing activities (35,376) (11,923)

Cash flows fromfinancing activities

Forgiveness ofpromissory note 35,164

Prepayment ofpromissory note 300 50

Issuance ofstock upon exercise ofstock options 23,681

Promissory note accepted with exercise ofstock options (23,482) Net cash provided by financing activities 35,464 249

Net (decrease) increase in cash and cash equivalents (55,016) 27,115

Cash and cash equivalents

Beginning of period 352,560 462,968

End of period $ 297,544 $ 490,083

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,

2013 and 2012, respectively, is set forth in the following table:

	2013	2012
Net los s Adjus tments : Dividends , interes t, and other income	$ (62,263) (1,582)	$ (96,991) (250)
Depreciation	30,793	31,744
Share-bas ed compens ation	-	58,500
Income tax expens e	-	4,085
Adjus ted EBITDA	$ (33,052)	$ (2,912)