Tuxis Corporation Announces Second Quarter 2020 Financial Results

Rhea-AI Summary

Tuxis Corporation (OTC PINK:TUXS) reported a net income of $81,662 or $0.07 per diluted share for Q2 2020, contrasting with a net loss of $54,502 or $0.05 per share in Q2 2019. However, for the first half of 2020, the company recorded a net loss of $236,429 or $0.19 per diluted share, higher than a loss of $142,001 or $0.12 per share in 2019. The company's book value per share stood at $6.56 as of June 30, 2020.

Positive

• Transition to net income of $81,662 in Q2 2020 from a loss in Q2 2019.
• Book value per share at $6.56 indicates financial stability.

Negative

• Net loss of $236,429 for the first half of 2020, a decline compared to the same period last year.

NEW YORK, NY / ACCESSWIRE / September 2, 2020 / Tuxis Corporation (OTC PINK:TUXS) (the "Company") today reported its financial results for the second quarter ended June 30, 2020.

The Company recorded net income of $81,662 or $0.07 per diluted share for the three months ended June 30, 2020 compared to a net loss of $54,502 or $0.05 per share for the three months ended June 30, 2019. The Company recorded a net loss of $236,429 or $0.19 per diluted share for the six months ended June 30, 2020 compared to a net loss of $142,001 or $0.12 per share for the six months ended June 30, 2019.

The Company's book value per share at June 30, 2020 was $6.56 (shareholders' equity of $8,180,402 divided by 1,246,988 shares issued and outstanding).

The Company's unaudited balance sheet, statements of comprehensive income (loss), and statements of cash flows as of and for the six months ended June 30, 2020 are appended to the copy of this press release on www.tuxis.com.

About Tuxis Corporation

Tuxis Corporation is a holding company that engages through subsidiaries primarily in real estate development and management. To learn more about Tuxis Corporation, including Rule 15c2-11 information, please visit www.tuxis.com.

Cautionary Note Regarding Forward-Looking Statements

Certain information presented in this press release may contain "forward-looking statements" within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the Company's plans, including its plans as to the use of the proceeds from the sale, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes," "expects," "estimates," "may," "will," "should," "anticipates," or "intends," or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward-looking statements by the Company involve known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, which may cause the Company's actual results to be materially different from those expressed or implied by such statements, including the negative impacts from the continued spread of COVID-19 on the economy, the broader financial markets, the Company's financial condition, and results of operations and cash flows. The Company may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by the Company or on its behalf, are also expressly qualified by these cautionary statements. All forward-looking statements, including without limitation, the Company's examination of historical operating trends and estimates of future earnings, are based upon the Company's current expectations and various assumptions. The Company's expectations, beliefs, and projections are expressed in good faith, but there can be no assurance that the Company's expectations, beliefs, and projections will result or be achieved. All forward-looking statements apply only as of the date made. The Company undertakes no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

The Company views book value per share, a non-GAAP financial measure, as an important indicator of financial performance. 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.

CONTACT:
Thomas O'Malley
Chief Financial Officer
1-212-785-0900, ext. 267
tomalley@tuxis.com
www.tuxis.com

SOURCE: Tuxis Corporation

View source version on accesswire.com:
https://www.accesswire.com/604533/Tuxis-Corporation-Announces-Second-Quarter-2020-Financial-Results

FAQ

What were Tuxis Corporation's earnings for Q2 2020?

Tuxis Corporation reported a net income of $81,662 or $0.07 per diluted share for Q2 2020.

How did Tuxis Corporation perform in the first half of 2020?

The company recorded a net loss of $236,429 or $0.19 per diluted share for the first half of 2020.

What is the book value per share for Tuxis Corporation?

The book value per share for Tuxis Corporation as of June 30, 2020, was $6.56.

What is Tuxis Corporation's stock symbol?

Tuxis Corporation's stock symbol is TUXS.

How did Tuxis Corporation's Q2 2020 results compare to Q2 2019?

In Q2 2020, Tuxis Corporation reported net income, whereas in Q2 2019, it had a net loss.