NEW YORK, NY -- (Marketwire) -- 05/26/11 -- Tuxis Corporation (PINKSHEETS: TUXS) today reported its financial results for the first quarter ended March 31, 2011.
Tuxis recorded a net loss of $54,963 or $0.05 per share for the three months ended March 31, 2011 compared to a net loss of $84,036 or $0.09 per share for the three months ended March 31, 2010. Revenue from rental income was $109,927 for the three months ended March 31, 2011 compared to $76,337 for the three months ended March 31, 2010. The Company's primary source of revenue is rental income from its self storage facilities. Tuxis had an adjusted EBITDA loss of $23,879 for the three months ended March 31, 2011 compared to an adjusted EBITDA loss of $49,848 for the three months ended March 31, 2010.
The Company's book value per share at March 31, 2011 was $6.34 (shareholders' equity of $6,555,748 divided by 1,033,776 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, 2011 including a reconciliation of net loss to adjusted EBITDA, are appended to the copy of this press release on www.tuxis.com.
Tuxis Corporation is engaged through subsidiaries in self storage and real estate development. Tuxis Self Storage at Heritage Park, Clinton, Connecticut, is a 185 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 118 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.