-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LMuBStpB1xwBpfr5dga3AVZtmupt+nIYrp68zHsEA/iBnTs//geQXk8qRjXwAfz9 Rj9vB4GVsXdzHRT0lbggIw== 0000054187-95-000008.txt : 19951213 0000054187-95-000008.hdr.sgml : 19951213 ACCESSION NUMBER: 0000054187-95-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951031 FILED AS OF DATE: 19951212 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAYS J W INC CENTRAL INDEX KEY: 0000054187 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 111059070 STATE OF INCORPORATION: NY FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03647 FILM NUMBER: 95600897 BUSINESS ADDRESS: STREET 1: 9 BOND ST CITY: BROOKLYN STATE: NY ZIP: 11201-5805 BUSINESS PHONE: 7186247400 MAIL ADDRESS: STREET 1: 9 BOND STREET CITY: BROOKLYN STATE: NY ZIP: 11201-5805 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 1995 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 1-3647 J.W. Mays, Inc. (Exact name of registrant as specified in its charter) New York 11-1059070 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 9 Bond Street, Brooklyn, New York 11201-5805 (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) 718-624-7400 Not Applicable (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X . No . Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at December 8, 1995 Common Stock, $1 par value 2,136,397 shares This report contains 16 pages. J. W. MAYS, INC. INDEX Page No. Part I - Financial Information: Consolidated Balance Sheet 3 Consolidated Statement of Operations and Retained Earnings 4 Consolidated Statement of Cash Flows 5 Notes to Consolidated Financial Statements 6 - 12 Management's Discussion and Analysis of Results of Operations and Financial Condition 13 - 14 Part II - Other Information 15 J. W. MAYS, INC.
CONSOLIDATED BALANCE SHEET October 31, July 31, ASSETS 1995 1995 --------------------------------------------------------------- --------------- --------------- (Unaudited) (Audited) Property and Equipment - net (Notes 4 and 6) $25,810,671 $25,285,935 ------------- ------------- Current Assets: Cash and cash equivalents 587,355 490,315 Marketable securities - other investments (Notes 3 and 8) 2,876,042 2,799,712 Receivables 203,241 244,992 Deferred income taxes 53,000 27,000 Prepaid expenses 666,475 1,121,694 ------------- ------------- Total current assets 4,386,113 4,683,713 ------------- ------------- Other Assets: Deferred charges 2,338,919 2,329,140 Less accumulated amortization 954,824 913,311 ------------- ------------- Net 1,384,095 1,415,829 Security deposits 460,845 458,641 Unbilled receivables (Note 9) 4,173,288 4,026,435 Receivables 151,797 109,687 Marketable securities - other investments (Notes 3 and 8) 128,137 164,063 ------------- ------------- Total other assets 6,298,162 6,174,655 ------------- ------------- TOTAL ASSETS $36,494,946 $36,144,303 ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITY --------------------------------------------------------------- Long-Term Debt: Mortgages payable (Note 4) $6,239,688 $5,954,306 Other (Note 5) 678,731 677,597 ------------- ------------- Total long-term debt 6,918,419 6,631,903 ------------- ------------- Deferred Income Taxes 8,000 14,000 ------------- ------------- Current Liabilities: Payable to securities broker (Note 8) 1,389,504 1,225,100 Accounts payable 58,746 64,744 Payroll and other accrued liabilities 437,317 487,956 Income taxes payable 9,478 18,588 Other taxes payable 2,433 4,081 Current portion of long-term debt - mortgages payable (Note 4) 421,197 404,813 ------------- ------------- Total current liabilities 2,318,675 2,205,282 ------------- ------------- Total liabilities 9,245,094 8,851,185 ------------- ------------- Shareholders' Equity: Common stock, par value $1 each share (shares - 5,000,000 authorized; 2,178,297 issued) 2,178,297 2,178,297 Additional paid in capital 3,346,245 3,346,245 Unrealized gain on available for sale securities (Note 3) 54,266 28,010 Retained earnings 21,955,284 22,024,806 ------------- ------------- 27,534,092 27,577,358 Less common stock held in treasury, at cost - 41,900 shares at October 31, 1995 and July 31, 1995 284,240 284,240 ------------- ------------- Total shareholders' equity 27,249,852 27,293,118 ------------- ------------- Commitments and Contingencies (Note 14) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $36,494,946 $36,144,303 ============= ============= See Notes to Consolidated Financial Statements. - 3-
J.W. MAYS, INC. CONSOLIDATED STATEMENT OF OPERATIONS AND RETAINED EARNINGS Three Months Ended October 31, 1995 1994 ------------- ------------- (Unaudited) (Unaudited) Revenues Rental income $2,026,254 $2,070,749 ------------- ------------- Expenses Real estate operating expenses 1,272,618 1,354,563 Administrative and general expenses 516,280 521,204 Depreciation and amortization 217,084 208,429 ------------- ------------- Total expenses 2,005,982 2,084,196 ------------- ------------- Income (loss) from operations before investment income, interest expense and income taxes 20,272 (13,447) ------------- ------------- Investment income and interest expense Investment income 60,309 109,386 Interest expense (167,103) (174,115) ------------- ------------- (106,794) (64,729) ------------- ------------- (Loss) from operations before income taxes (86,522) (78,176) Income taxes (benefit) (17,000) (21,000) ------------- ------------- (Loss) from operations before cumulative effect of change in accounting for certain investments in debt and equity securities (69,522) (57,176) Cumulative effect of change in accounting for certain investments in debt and equity securities - 21,769 ------------- ------------- Net (loss) (69,522) (35,407) Retained earnings, beginning of period 22,024,806 22,396,845 ------------- ------------- Retained earnings, end of period $21,955,284 $22,361,438 ============= ============= (Loss) per common share (Loss) from operations $(.03) $(.03) Cumulative effect of change in accounting for certain investments in debt and equity securities - .01 ------------- ------------- Net (loss) per common share $(.03) $(.02) ============= ============= Dividends per share $- $- ============= ============= Average common shares outstanding 2,136,397 2,136,397 ============= ============= See Notes to Consolidated Financial Statements.
J. W. MAYS, INC. CONSOLIDATED STATEMENT OF CASH FLOWS
Three Months Ended October 31, ---------------- --------------- 1995 1994 ------------- ------------- (Unaudited) (Unaudited) Cash Flows From Operating Activities (Loss) from operations $(69,522) $(57,176) Cumulative effect of change in accounting for certain investments in debt and equity securities - 21,769 ------------- ------------- Net (loss) (69,522) (35,407) Adjustments to reconcile net (loss) to net cash provided by operating activities: Amortization of premium on marketable debt securities 173 842 Unrealized (loss) gain on marketable securities (14,000) 21,231 Depreciation and amortization 217,084 208,429 Amortization of deferred expenses 41,513 49,906 Other assets - deferred expenses (9,779) (7,616) - security deposits (2,204) (192,621) - unbilled receivables (146,853) (179,086) - receivables (42,110) - Deferred income taxes (32,000) (94,000) Changes in: Receivables 41,751 29,899 Prepaid expenses 455,219 484,229 Income taxes refundable - 22,005 Accounts payable (5,998) 1,241 Payroll and other accrued liabilities (50,639) (69,645) Income taxes payable (9,110) 11,147 Other taxes payable (1,648) (1,711) ------------- ------------- Net cash provided by operating activities 371,877 248,843 ------------- ------------- Cash Flows From Investing Activities Capital expenditures (741,820) (288,934) Marketable securities - other investments: Payments for purchases (321) (267,474) ------------- ------------- Net cash (used) by investing activities (742,141) (556,408) ------------- ------------- Cash Flows From Financing Activities Borrowings - securities broker 228,537 488,639 Payments - securities broker (64,133) (68,783) Increase (reduction) of mortgage debt - short term 16,384 (208,984) - long term 286,516 (97,209) ------------- ------------- Net cash provided by financing activities 467,304 113,663 ------------- ------------- Net increase (decrease) in cash 97,040 (193,902) Cash and cash equivalents at beginning of period 490,315 602,289 ------------- ------------- Cash and cash equivalents at end of period $587,355 $408,387 ============= ============= See Notes to Consolidated Financial Statements. -5-
J. W. MAYS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. The interim financial statements are prepared pursuant to the requirements for reporting on Form 10-Q. The July 31, 1995 balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes included in the Company's latest Annual Report on Form 10-K for the year ended July 31, 1995. In the opinion of management, the interim financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for interim periods. The results of operations for the current period are not necessarily indicative of the results for the entire year ending July 31, 1996. 2. Loss per common share has been computed by dividing the net loss for the periods by the weighted average number of shares of common stock outstanding during the periods, adjusted for the purchase of treasury stock. Shares used in computing the loss per common share were 2,136,397 in each of the three months ended October 31, 1995 and 1994. 3. Marketable Securities - Other Investments: Effective August 1, 1994, the Company adopted Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities" ("FAS 115"). FAS 115 requires certain securities to be categorized as either trading, available for sale or held to maturity. Trading securities are carried at fair value with unrealized gains and losses included in income. Available for sale securities are carried at fair value with unrealized gains and losses recorded as a separate component of shareholders' equity. Held to maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. The cumulative effect as of August 1, 1994 of adopting Statement No. FAS 115 increased net income by $21,769 (net of $10,000 in deferred income taxes), or $.01 per share. The opening balance of shareholders' equity at August 1, 1994 was decreased by $21,769 to reflect the net unrealized holding gains on securities classified as available for sale previously carried at amortized cost or lower of cost or market. For the three months ended October 31, 1995, shareholders' equity was increased by $26,256 (net of $14,000 in deferred income taxes). For the three months ended October 31, 1994, shareholders' equity was decreased by $81,167 (net of $43,000 in deferred income taxes), for a total decrease of shareholders' equity of $102,936. Marketable Securities - Other Investments (continued)
As of October 31, 1995, the Company's marketable securities were classified as follows: Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value ------------- ------------- ------------- ------------- Current Available for sale Equity securities $2,531,940 $82,266 $- $2,614,206 Certificate of deposit 26,125 - - 26,125 ------------- ------------- ------------- ------------- Total 2,558,065 82,266 - 2,640,331 Held to maturity Corporate debt securities due within one year 235,711 2,284 - 237,995 ------------- ------------- ------------- ------------- Total current $2,793,776 $84,550 $- $2,878,326 ============= ============= ============= ============= Noncurrent Held to maturity Corporate debt securities 128,137 5,952 - 134,089 ------------- ------------- ------------- ------------- Total noncurrent $128,137 $5,952 $- $134,089 ============= ============= ============= ============= Investment income consists of the following: Three Months Ended October 31, ------------------------------ 1995 1994 ____________ ____________ Interest income $10,405 $51,512 Dividend income 49,904 57,874 ------------- ------------- Total $60,309 $109,386 ============= ============= -7-
4. Long-Term Debt:
October 31, 1995 July 31, 1995 ------------------------------ ------------------------------ Current Annual Final Due Due Due Due Interest Payment Within After Within After Rate Date One Year One Year One Year One Year ------- -------- ------------- ------------- ------------- ------------- Term - loan payable to bank (a) Variable 8/01/00 $8,333 $391,667 $- $- Mortgages: Jowein Building, Brooklyn, N.Y. (b) 10% 3/31/98 54,851 907,299 53,513 921,524 Fishkill, New York Property (c) 9% 11/01/99 101,585 2,643,823 99,333 2,670,079 Circleville, Ohio Property (d) 7% 9/30/02 249,366 2,089,732 245,053 2,153,714 Other 8 1/2% 5/01/01 7,062 207,167 6,914 208,989 ------------- ------------- ------------- ------------- Total $421,197 $6,239,688 $404,813 $5,954,306 ============= ============= ============= =============
(a)On August 17, 1995 the Company entered into an agreement with a bank wherein the bank approved a $1,500,000 loan facility for the Company to use to fund building construction/renovation costs to accommodate tenants under lease. The overall term of the facility is five years with a one year line of credit, to be taken down as needed. The initial twelve month period is to be on an interest only basis, payable monthly, with the principal balance outstanding to be converted to a four year fully amortizing term loan, payable with monthly payments to be first applied to the payment of interest, and second, to the payment of the principal indebtedness. The interest rate for advances under the line and the term loan will be the bank's prime rate of interest on a floating basis. The leases between the Company and two of its tenants in the Brooklyn (Jowein Building) renovated area have been assigned to the bank as collateral for the loan. There is no prepayment penalty for early payoff of the loan. The Company has taken down $400,000 as of the date of this report. (b)Mortgage is held by an affiliated corporation owned by members, including certain directors of the Company, of the family of the late Joe Weinstein, former Chairman of the Board of Directors. Interest and amortization of principal are paid quarterly. The mortgage was due to mature on March 31, 1996. On September 6, 1995, the maturity date of the mortgage was extended to March 31, 1998. The interest rate of 10% will continue until March 31, 1996 and from April 1, 1996 the interest rate will be established at a bank's prevailing rate as at March 31, 1996. During the renewal period there will be no change in the constant quarterly payments of interest and principal in the amount of $37,263. (c)On October 28, 1994, the existing first mortgage loan balance on the Fishkill property was paid down by a $200,000 payment and the due date of the mortgage loan was extended for a period of five years from November 1, 1994. The annual interest rate was reduced from 10% to 9% and the principal and interest payments are to be made in constant monthly amounts based upon a fifteen year payout period. (d)The mortgage loan, which is self-amortizing, matures September 30, 2002. The loan is payable at an annual interest rate of 7%. Under the terms of the loan, constant monthly payments, including interest and principal, commenced April 1, 1994 in the amount of $33,767, until October 1, 1997, at which time the monthly payments of interest and principal increase to $36,540. 5. Long-Term Debt - Other: Long-Term debt - other consists of the following:
October 31, July 31, 1995 1995 --------------- --------------- Deferred compensation * $520,000 $520,000 Lease security deposits ** 158,731 157,597 ------------- ------------- Total $678,731 $677,597 ============= =============
* In fiscal 1964 the Company entered into a deferred compensation agreement with its then Chairman of the Board. This agreement, as amended, provides for the $520,000 to be paid in monthly installments of $8,666.67 for a period of 60 months, payable upon the expiration of his employment, retirement or permanent disability as defined in the agreement, or death. **Does not include two irrevocable letters of credit totaling $370,000, provided by two tenants as lease security deposits. 6. Property and Equipment - Net:
October 31, July 31, 1995 1995 --------------- --------------- Property and equipment - at cost: Buildings and improvements $31,512,895 $30,867,736 Improvements to leased property 8,692,779 8,215,035 Fixtures and equipment 486,257 483,208 Land 4,008,835 4,008,835 Other 167,223 167,223 Construction in progress - 384,133 ------------- ------------- 44,867,989 44,126,170 Less accumulated depreciation and amortization 19,057,318 18,840,235 ------------- ------------- Property and equipment - net $25,810,671 $25,285,935 ============= =============
7. Income Taxes: Effective August 1, 1993, the Company adopted Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes" ("FAS 109"). The adoption of FAS 109 resulted in a cumulative adjustment which decreased the earnings for the fiscal 1994 first quarter and the year ended July 31, 1994 by $275,000. 8. Payable to Securities Broker: The Company borrowed funds, payable on demand, from a securities broker. The loan balance at October 31, 1995 in the amount of $1,389,504, secured by the Company's marketable securities, accrues interest, which at October 31, 1995, was at the annual rate of 8%. 9. Unbilled Receivables: Unbilled receivables represent the excess of scheduled rental income recognized on a straight-line basis over rental income as it becomes receivable according to the provisions of each lease. 10. Employees' Retirement Plan: The Company sponsors a noncontributory Money Purchase Plan covering substantially all of its employees. Operations were charged $35,000 and $34,000 as contributions to the Plan for the three months ended October 31, 1995 and 1994, respectively. 11. Cash Flow Information: For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three months or less, which are readily convertible into cash. Supplemental disclosure:
Three Months Ended October 31, ------------------------------ 1995 1994 ------------------------------ Interest paid $168,062 $199,691 Income taxes paid (refunded) $38,110 $(3,152)
12. Financial Accounting Standards No. 121: In May 1995, the Financial Accounting Standards Board issued Statement of Financial Standards No. 121 ("FAS 121"), "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of", effective for fiscal years beginning after December 15, 1995. FAS 121 requires the recognition of an impairment loss related to long-lived assets and certain identifiable intangibles whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company believes that the adoption of the new accounting standard will not have any effect on the consolidated financial statements. 13. Financial Instruments and Credit Risk Concentrations: Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities-other investments, cash equivalents and receivables. Marketable securities-other investments and cash equivalents are placed with high credit quality financial institutions and instruments to minimize risk. The Company derives rental income from twenty-one tenants, of which three tenants each accounted for more than 10% of rental income during the quarter ended October 31, 1995. The City of New York is one of the three tenants and the other two tenants are 510 Fulton Street Realty Association and its related 168-21 Jamaica Avenue Store Corporation, the owners of which are long established in business. McCrory Stores Corporation ("McCrory"), which occupied space in the Fulton Mall in downtown Brooklyn, New York, and whose lease extended to April 29, 2010 and accounted for approximately 14% of the 1993 annual rental income of the Company, filed for Chapter 11 bankruptcy protection from creditors on February 26, 1992. McCrory made application to the United States Bankruptcy Court for authorization to reject the lease agreement, as amended, between the Company, as landlord, and McCrory, as tenant, effective January 31, 1994. The United States Bankruptcy Court authorized McCrory to reject such lease agreement effective January 31, 1994 by order signed on January 21, 1994. The Company has filed a Proof of Claim with the United States Bankruptcy Court, Southern District of New York in the total amount of $7,753,732 which amount includes $7,667,082 for damages arising from the rejection of the lease and $86,650 for pre- petition rental obligations. The Company has not included this claim in its financial statements due to the uncertainty of the ultimate court determined amount. McCrory has not as yet filed a Plan of Reorganization with the Bankruptcy Court. The Company has leased 50,000 square feet of the 99,000 square feet of space surrendered by McCrory. The lease with IBM, a former tenant in Fishkill, New York, expired on March 31, 1994. The IBM lease previously accounted for approximately 8% of the annual rental income of the Company. On August 31, 1995, the Company leased to the U.S. Post Office, 25,000 square feet of the 100,000 square feet of space vacated. Occupancy commenced in November 1995. Jamesway Corporation, which occupies retail space in the Fishkill, New York property and accounts for approximately 6% of the annual rental income of the Company, filed for Chapter 11 bankruptcy protection from creditors on July 19, 1993. On December 22, 1993, conditioned upon Jamesway not rejecting the lease, the Company granted Jamesway a $250,000 cumulative reduction of the fixed rent for the period between February 1, 1994 and January 31, 1997. On December 8, 1994, as an additional inducement for Jamesway to assume the lease, the lease was further modified by reducing the original expiration date of the lease from January 31, 2009 to January 31, 2005, granting Jamesway a four-year extension period to expire January 31, 2009 at an increased rental during such extension period and requiring the payment of the amount of $26,211 to cure its monetary default. On December 29, 1994 an order was signed by the Judge of the United States Bankruptcy Court, Southern District of New York approving the assumption of the modified lease by Jamesway and ordering Jamesway to cure its monetary default in the amount of $26,211 by paying such amount in cash within ten (10) days from the entry of the Order. The amount was paid. Jamesway emerged from bankruptcy on January 28, 1995. Of the $250,000 cumulative reduction in the fixed rent, Jamesway applied $75,000 through July 31, 1994, $125,000 for fiscal 1995 and the balance of $50,000 will be applied through January 31, 1997. Jamesway Corporation, which is expected to account for approximately 5.2% of the annual rental income of the Company for the fiscal year ending July 31, 1996, filed for Chapter 11 bankruptcy protection from creditors again on October 18, 1995. Jamesway has received authorization from the bankruptcy court to conduct a Going Out of Business Sale at all of its stores. It is anticipated that the Going Out of Business Sale will conclude on or about January 20, 1996. Jamesway has retained an agent to market the Jamesway leasehold in the Fishkill location. 14. Commitments and Contingencies: There are various lawsuits and claims pending against the Company. It is the opinion of management that the resolution of these matters will not have a material adverse effect on the Company's Financial Statements. J. W. MAYS, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION Results of operations: Quarter Ended October 31, 1995 Compared to the Quarter Ended October 31, 1994: Operations for the three months ended October 31, 1995 resulted in an after tax net loss of $69,522, or $.03 per share, compared to an after tax net loss of $57,176, or $.03 per share, in the 1994 quarter. In the three months ended October 31, 1995, the Company reported an overall net loss in the amount of $69,522, or $.03 per share. In the three months ended October 31, 1994, the Company reported an overall net loss in the amount of $35,407, or $.02 per share, after the cumulative effect (an increase of income) of a change in accounting for certain investments in debt and equity securities in the amount of $21,769, or $.01 per share. There was no comparable item in the 1995 three month period. Rental income in the current three months decreased to $2,026,254 from $2,070,749 in the 1994 three months, primarily due to the loss of two tenants and the concession of rent for another tenant (see Note 13 to Consolidated Financial Statements), partially offset by rental income from a new tenant. Interest expense in the current quarter exceeded investment income by $106,794 as compared to $64,729 in the 1994 quarter. The increase was primarily due to the interest on the broker loan discussed in Note 8 to Consolidated Financial Statements. Real estate operating expenses decreased to $1,272,618 from $1,354,563 principally due to an allowed credit for utility costs. Administrative and general expenses decreased to $516,280 from $521,204. Depreciation and amortization expense in the current three months increased to $217,084 from $208,429 in the three months ended October 31, 1994 because of additional improvements to property. Liquidity and Capital Resources: The Company has been operating as a real estate enterprise since the discontinuance of the retail department store segment of its operations on January 3, 1989. The leasing of 50,000 square feet of space in the Jowein Building located in the Fulton Mall in downtown Brooklyn, New York to two chain store tenants for retail space and the leasing of 25,000 square feet to the U.S. Post Office in Fishkill, New York will provide additional working capital for the Company. The terms of the Brooklyn and Fishkill leases commenced in November, 1995. Negotiations are in progress to lease office and retail space in the Company's buildings in Brooklyn, Jamaica and Fishkill, New York On August 17, 1995, the Company entered into an agreement with a bank wherein the bank approved a $1,500,000 loan facility for the Company to use to fund building construction/renovation costs to accommodate tenants under lease. The Company has taken down $400,000 as of the date of this report. (See Note 4(a) to Consolidated Financial Statements). The Company had working capital of $2,067,438 with a ratio of current assets to current liabilities of 1.9 to 1 at October 31, 1995. Management considers current working capital and borrowing capabilities adequate to cover the Company's planned operating and capital requirements. Part II - Other Information Item 6 - Exhibits and Reports on Form 8-K (a) List of Exhibits: Sequentially Exhibit Numbered Number Exhibit Page _ (2) Plan of acquisition, reorganization, arrangement, liquidation or succession. N/A (4) Instruments defining the rights of security holders, including indentures. N/A (10) Material contracts. N/A (11) Statement re computation of per share earnings. N/A (15) Letter re unaudited interim financial information. N/A (18) Letter re change in accounting principles. N/A (19) Report furnished to security holders. N/A (22) Published report regarding matters submitted to vote of security holders. N/A (24) Power of attorney. N/A (27) Financial data schedule. N/A (99) Additional exhibits. N/A (b) Reports on Form 8-K - No report on Form 8-K was required to be filed by the Registrant during the quarter for which this report on Form 10-Q is being filed.. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. J.W. MAYS, Inc. (Registrant) Date December 8, 1995 Lloyd J. Shulman Lloyd J. Shulman, Co-Chairman Date December 8, 1995 Alex Slobodin Alex Slobodin, Exec. Vice-President (Principal Financial Officer) EX-27 2 ARTICLE 5 FIN. DATA SCHEDULE FOR 1ST QTR 1996 FORM 10-Q
5 This schedule contains summary financial information extracted from the first quarter Form 10-Q and is qualified in its entirety by reference to such Form 10-Q. 1 3-MOS Jul-31-1996 Aug-01-1995 Oct-31-1995 587,355 2,876,042 203,241 0 0 4,386,113 44,867,989 19,057,318 36,494,946 2,318,675 0 2,178,297 0 0 25,071,555 36,494,946 0 2,026,254 0 0 2,005,982 0 167,103 (86,522) (17,000) (69,522) 0 0 0 (69,522) (.03) .00
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