Self-Storage Operator Tuxis Corp. Reports 1Q 2014 Financial Results

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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 $68,324, or $0.06 per share for the quarter, compared to a net loss of $62,263, or $0.06 per share, during the same period in 2013. Revenue from rental income was $117,027 for the quarter, which is slightly lower than the $121,051 the company reported during the same period in 2013.

Tuxis had an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss of $26,467 for the first quarter, compared to $33,052 during the same period in 2013. Its book value per share at March 31 was $5.32 (shareholders' equity of $6,035,320 divided by 1,133,477 shares issued and outstanding).

The company's unaudited balance sheet, statements of income and statements of cash flows for the quarter included a reconciliation of net loss to adjusted EBITDA, which is available on its website.

Tuxis’ primary source of revenue comes from unit rentals at its two Tuxis Self Storage facilities. Its facility at Heritage Park in Clinton, Conn., is comprised of 184 units. The location at Millbrook Commons 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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