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PRESS RELEASES


May 22, 2008
News Release
For Immediate Release

OTC: TUXS
CUSIP 901144105



Tuxis Corporation Announces First Quarter 2008 Financial Results

May 22, 2008 – Tuxis Corporation (Symbol: TUXS) today reported its financial results for the first quarter ended March 31, 2008.

Tuxis recorded a net loss of $128,206 or $0.13 per share for the three months ended March 31, 2008 compared to a net loss of $131,863 or $0.13 per share for the three months ended March 31, 2007. Total rental revenues increased $52,538 in 2008 compared to the same period in 2007. The Company attributes the increase in total rental revenue to the addition of Tuxis Self Storage revenues for the first three months of 2008.

The Company’s unaudited consolidated balance sheet, statements of income, and statements of cash flows as of and for the first quarter ended March 31, 2008 are appended below .

Tuxis Corporation is engaged through subsidiaries in real estate development and self storage. The Company operates Tuxis Self Storage, Clinton, Connecticut, a 184 unit facility which offers a mix of standard and climate control units. To learn more about our self storage facility please visit www.tuxisselfstorage.com. To learn more about Tuxis Corporation, including Rule 15c2-11 information, please visit www.tuxis.com.

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.

 

 

TUXIS CORPORATION
CONSOLIDATED BALANCE SHEET
March 31, 2008
(Unaudited)

ASSETS

 

Current assets:

 

  Cash and cash equivalents

$1,923,602

  Rentals receivable

2,039

  Refundable income taxes

26,171

  Prepaid expenses

49,491

  Asset held for sale

2,225,967

line

    Total current assets

4,227,270

line

Properties and equipment, net

3,266,613

Other assets

7,180

line

 

3,273,793

line

    Total assets

$7,501,063

line
line

LIABILITIES AND SHAREHOLDERS' EQUITY

 

Current liabilities:

 

  Accounts payable and accrued expenses

$99,438

line

    Total current liabilities

99,438

line

 

 

Commitments and contingencies

 -  

Shareholders' equity

 

  Common stock, $0.01 par value, 999,900,000 shares authorized; 983,776 shares issued and outstanding

 9,838

  Series A participating preferred stock, $0.01 par value, 100,000 shares authorized, -0- shares issued and outstanding

 -  

Additional paid in capital

10,135,160

Accumulated deficit

(2,743,373)

line

  Total shareholders' equity

7,401,625

line

  Total liabilities and shareholders' equity

$7,501,063
line

line
line

 

 

TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

 

Three Months Ended March 31,
line

 

2008
line

2007
line

Revenue

 

 

  Rental income

$52,538

$-  

line line

 

52,538

 -  

line line

Expenses

 

 

  Employee compensation and benefits

112,527

106,560

  General and administrative

62,809

38,133

  Professional

13,214

23,011

line line

 

188,550

167,704

line line

Operating loss

(136,012)

(167,704)

Non-operating revenue

 

 

  Dividends

17,631

49,144

line line

Loss before income taxes

(118,381)

(118,560)

Income taxes

9,825

13,303

line line

Net loss

$(128,206)

$(131,863)

line line
line line

Basic and diluted per share net loss

$(0.13)

$(0.13)

Basic and diluted weighted average common shares outstanding

983,776

983,776

 

 

TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 

Three Months Ended March 31,
line

 

2008
line

2007
line

Cash flows from operating activities

 

 

  Net loss

$(128,206)

$(131,863)

  Adjustments to reconcile net loss to net cash provided by (used in) operating activities

 

 

    Depreciation

16,946

8,020

    Share-based compensation expense

8,172

18,562

  (Increase) decrease in rentals receivable

(1,674)

15,300

  Decrease in receivable from affiliate

 -  

10,717

  Decrease in other receivables

 -  

10,182

  Increase in prepaid expenses

(27,379)

(1,463)

  Increase in accounts payable and accrued expenses

10,308

96,872

  Increase in other assets

(113)

 -  

line line

    Net cash (used in) provided by operating activities

(121,946)

26,327

line line

 

 

 

Cash flows from investing activities

 

 

Real estate development

(39,134)

(77,442)

Purchase of equipment

(5,830)

 -  

line line

    Net cash used in investing activities

(44,964)

(77,442)

line line

 

 

 

    Net decrease in cash and cash equivalents

(166,910)

(51,115)

Cash and cash equivalents

 

 

  Beginning of period

2,090,512

4,203,601

line line

  End of period

$1,923,602

$4,152,486

line line
line line

 

 

 

Supplemental disclosure:

 

 

  Income taxes paid

$8,270

$13,303



 

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Principal Office:   3814 Route 44, Millbrook, NY 12545   |  Tel: (845) 677-2700   |  Fax: (845) 677-2800
Connecticut Office:   6 Heritage Park Road, Clinton, CT 06413   |  Tel: (860) 669-9302
Tuxis Self Storage,  where "Security is Our First Priority"

This web site, including the financial statements included herein, is provided to the shareholders of the Company for their information.
The financial information included herein is taken from the records of the Company.
This is not a prospectus, circular or representation intended for use in the purchase of shares of the Company or any securities mentioned in this web site.