Self-Storage Operator Tuxis Corp. Reports 1Q 2016 Financial Results

Tuxis Corp., which operates self-storage facilities in Connecticut and New York, reported its financial results for the first quarter ended March 31. The company recorded a net loss of $45,684, or $0.04 per share, for the quarter, compared to a net loss of $71,969, or $0.06 per share, during the same period in 2015.

Tuxis Corp., which operates self-storage facilities in Connecticut and New York, reported its financial results for the first quarter ended March 31. The company recorded a net loss of $45,684, or $0.04 per share, for the quarter, compared to a net loss of $71,969, or $0.06 per share, during the same period in 2015.

Revenue from rental income and related fees was $141,864 for the period, a 7 percent increase over the $132,637 the company reported during the same period in 2015.

The company had an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $23,195 for the first three months, compared to $2,924 during the same period in 2015. Its book value per share on March 31 was $4.94 (shareholders' equity of $5,990,612 divided by 1,213,477 shares issued and outstanding). Its unaudited balance sheet, statements of income and statements of cash flows for the period included a reconciliation of net loss to adjusted EBITDA, which is available on its website.

The company’s primary source of revenue is unit rentals at its two Tuxis Self Storage facilities. Its location at Heritage Park in Clinton, Conn., is comprised of 184 units. The Millbrook Commons location in Millbrook, N.Y., is a mixed-use facility comprised of 141 climate-controlled units, wine storage and office/retail space.

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TAGS: Financing News
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