-----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, B7a7Zm+vAJ6b0AnoBH8H/JmfJOaDV04nKWJaQXDkOOmxbf8aYQaUrCsHk/efzhZv KWQHje5TERcWUl3W0qNi2w== 0000054187-96-000010.txt : 19961213 0000054187-96-000010.hdr.sgml : 19961213 ACCESSION NUMBER: 0000054187-96-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961031 FILED AS OF DATE: 19961212 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: 96679469 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, 1996 [ ] 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 10, 1996 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 - 13 Management's Discussion and Analysis of Results of Operations and Financial Condition 14 Part II - Other Information 15 J. W. MAYS, INC.
CONSOLIDATED BALANCE SHEET October 31, July 31, 1996 1996 --------------- --------------- (Unaudited) (Audited) Property and Equipment - net (Notes 4 and 6) $26,345,653 $26,080,506 ------------- ------------- Current Assets: Cash and cash equivalents 463,877 412,653 Marketable securities - other investments (Notes 3 and 8) 2,853,293 2,792,800 Receivables 211,244 315,179 Deferred income taxes 89,000 67,000 Prepaid expenses 665,533 1,171,896 Income taxes refundable - 4,496 Real estate taxes refundable 13,409 13,409 ------------- ------------- Total current assets 4,296,356 4,777,433 ------------- ------------- Other Assets: Deferred charges 2,577,783 2,414,194 Less accumulated amortization 933,333 883,229 ------------- ------------- Net 1,644,450 1,530,965 Security deposits 579,748 887,121 Unbilled receivables (Note 9) 4,226,166 4,126,436 Receivables 245,992 194,453 Marketable securities - other investments (Notes 3 and 8) 98,222 98,056 Deferred income taxes 3,000 76,000 ------------- ------------- Total other assets 6,797,578 6,913,031 ------------- ------------- TOTAL ASSETS $37,439,587 $37,770,970 ============= ============= Long-Term Debt: Mortgages payable (Note 4) $6,832,080 $6,964,717 Other (Note 5) 710,825 1,039,709 ------------- ------------- Total long-term debt 7,542,905 8,004,426 ------------- ------------- Current Liabilities: Payable to securities broker (Note 8) 1,486,033 1,497,320 Accounts payable 63,257 32,460 Payroll and other accrued liabilities 562,144 607,037 Income taxes payable 5,664 - Other taxes payable 4,419 5,194 Current portion of long-term debt-mortgages payable (Note 4) 503,641 483,450 ------------- ------------- Total current liabilities 2,625,158 2,625,461 ------------- ------------- ------------- ------------- Total liabilities 10,168,063 10,629,887 ------------- ------------- Shareholders' Equity: Common stock, par value $1 each share (shares - 5,000,000 authorized; 2,178,297 outstanding) 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) 47,702 17,261 Retained earnings 21,983,520 21,883,520 ------------- ------------- 27,555,764 27,425,323 Less common stock held in treasury, at cost - 41,900 shares at October 31, 1996 and July 31, 1996 284,240 284,240 ------------- ------------- Total shareholders' equity 27,271,524 27,141,083 ------------- ------------- Commitments and Contingencies (Note 14) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $37,439,587 $37,770,970 ============= ============= See Notes to Consolidated Financial Statements. -3-
J. W. MAYS, INC. CONSOLIDATED STATEMENT OF OPERATIONS AND RETAINED EARNINGS Three Months Ended October 31, -------------- --------------- 1996 1995 ------------- ------------- (Unaudited) (Unaudited) Revenues Rental income $2,442,009 $2,026,254 ------------- ------------- ------------- ------------- Expenses Real estate operating expenses 1,424,116 1,272,618 Administrative and general expenses 505,236 516,280 Depreciation and amortization 233,468 217,084 ------------- ------------- Total expenses 2,162,820 2,005,982 ------------- ------------- Income before investment income, interest expense and income taxes 279,189 20,272 ------------- ------------- Investment income and interest expense Investment income 61,856 60,309 Interest expense (178,045) (167,103) ------------- ------------- (116,189) (106,794) ------------- ------------- Income before income taxes 163,000 (86,522) Income taxes provided (benefit) 63,000 (17,000) ------------- ------------- Income (loss) 100,000 (69,522) Retained earnings, beginning of period 21,883,520 22,024,806 ------------- ------------- Retained earnings, end of period $21,983,520 $21,955,284 ============= ============= Income (loss) per common share $.05 $(.03) ============= ============= Dividends per share $- $- ============= ============= Average common shares outstanding 2,136,397 2,136,397 ============= ============= See Notes to Consolidated Financial Statements. -4-
J. W. MAYS, INC. CONSOLIDATED STATEMENT OF CASH FLOWS
Three Months Ended October 31, ---------------- --------------- 1996 1995 ------------- ------------- (Unaudited) (Unaudited) Cash Flows From Operating Activities Income (loss) $100,000 $(69,522) Adjustments to reconcile income (loss) to net cash provided by operating activities: Amortization of premium on marketable debt securities 77 173 Unrealized (loss) on marketable securities - (14,000) Depreciation and amortization 233,468 217,084 Amortization of deferred expenses 55,202 41,513 Other assets - deferred expenses (168,687) (9,779) - security deposits 307,373 (2,204) - unbilled receivables (99,730) (146,853) - receivables (51,539) (42,110) Deferred income taxes 36,000 (32,000) Changes in: Receivables 103,935 41,751 Prepaid expenses 506,363 455,219 Income taxes refundable 4,496 - Accounts payable 30,797 (5,998) Payroll and other accrued liabilities (44,893) (50,639) Income taxes payable 5,664 (9,110) Other taxes payable (775) (1,648) ------------- ------------- Cash provided by operating activities 1,017,751 371,877 ------------- ------------- Cash Flows From Investing Activities Capital expenditures (498,615) (741,820) Marketable securities - other investments: Receipts from sales or maturities 35,000 - Payments for purchases (50,295) (321) ------------- ------------- Cash (used) by investing activities (513,910) (742,141) ------------- ------------- Cash Flows From Financing Activities Borrowings - securities broker 77,902 228,537 Payments - securities broker (89,189) (64,133) Increase (reduction) of mortgage debt - short-term 20,191 16,384 Increase (reduction) of mortgage debt and other - long-term (461,521) 286,516 ------------- ------------- Cash provided (used) by financing activities (452,617) 467,304 ------------- ------------- Increase in cash 51,224 97,040 Cash and cash equivalents at beginning of period 412,653 490,315 ------------- ------------- Cash and cash equivalents at end of period $463,877 $587,355 ============= ============= See Notes to Consolidated Financial Statements. -5- -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, 1996 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, 1996. 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, 1997. The preparation of the Company's financial statements requires management to make estimates and judgements that affect the reported consolidated statements of operations and consolidated balance sheets and related disclosures. Actual results could differ from those estimates. 2. Income (loss) per common share has been computed by dividing the income (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 income (loss) per common share were 2,136,397 in each of the three months ended October 31, 1996 and 1995. 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.
As of October 31, 1996, the Company's marketable securities were classified as follows: -------------------------------------------------------------- Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value ------------- ------------- ------------- ------------- < Available for sale Equity securities $2,725,300 $70,702 $- $2,796,002 Certificate of deposit 27,291 - - 27,291 ------------- ------------- ------------- ------------- Total 2,752,591 70,702 - 2,823,293 Held to maturity Corporate debt securities due within one year 30,000 2 - 30,002 ------------- ------------- ------------- ------------- Total current $2,782,591 $70,704 $- $2,853,295 ============= ============= ============= ============= Held to maturity Corporate debt securities $98,222 $4,530 $- $102,752 ============= ============= ============= ============= Three Months Ended October 31, ------------------------------ 1996 1995 ___________ ___________ Interest income $10,424 $10,405 Dividend income 51,432 49,904 ------------- ------------- Total $61,856 $60,309 ============= ============= -7-
4. Long-Term Debt:
October 31, 1996 July 31, 1996 ------------------------------ -------------------------- 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 2/01/07 $- $- $20,682 $1,479,318 Mortgages: Jamaica, New York Property (b) 8 1/2% 4/01/07 29,304 1,470,696 - - Jowein Building, Brooklyn, N.Y. (c) 7 3/8% 3/31/98 85,370 809,630 83,825 831,560 Fishkill, New York Property (d) 9% 11/01/99 111,115 2,532,708 108,651 2,561,428 Circleville, Ohio Property (e) 7% 9/30/02 270,166 1,819,566 262,767 1,890,947 Other 8 1/2% 5/01/01 7,686 199,480 7,525 201,464 ------------- ------------- ------------- --------- Total $503,641 $6,832,080 $483,450 $6,964,717 ============= ============= ============= =========
(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. There is no prepayment penalty for early payoff of the loan. The Company had taken down the $1,500,000 and repaid the amount on September 11, 1996, (see Note 4(b) below). (b)The Company, on September 11, 1996, closed a loan with a bank in the amount of $4,000,000, the loan to be secured by a first mortgage lien covering the entire leasehold interest of the Company, as tenant in a certain ground lease and building in the Jamaica property. The financial statements do not give effect to the loan. The loan proceeds are to be utilized by the Company toward (a) payment in full of the outstanding term loan by the Company in favor of the same bank in the amount of $1,500,000 plus interest (see Note 4(a) above) and (b) its costs for the renovations to the portions of the premises in connection with the Company's sublease of a significant portion of the building. The interest rate on the loan is 8 1/2% for a period of five (5) years and six (6) months, with such rate to change on the first day of the sixty-seventh (67th) month of the term to a rate equal to the then prime rate plus 1/4%, fixed for the balance of the term. The loan is to become due and payable on the first day of the month following the expiration of ten (10) years and six (6) months from the closing date. During the first six (6) months of the term, the Company is to have the option to secure advances against the loan amount with the loan to convert to a ten year term at the expiration of the initial six (6) month period thereof. Payments are to be made, in arrears, on the first day of each and every month during the term, calculated (a) during the initial six (6) month period of the term, interest only, and (b) during the final ten (10) year period of the term, at the sum of the interest plus amortization sufficient to fully liquidate the loan over a fifteen (15) year period. As additional security, the Company conditionally assigned to the bank certain leases and rents on the premises, or portions thereof, now existing and will assign certain leases on the premises hereafter consummated. The Company has an option to prepay principal, in whole or in part, plus interest accrued thereon, at any time during the term, upon thirty (30) days prior notice to the bank, without premium or penalty. Other provisions of the loan agreement provide certain restrictions on the incurrence of indebtedness and the sale or transfer of the Company's ground lease interest in the premises. (c)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. On September 6, 1995, the maturity date of the mortgage was extended to March 31, 1998. The interest rate of 10% continued until March 31, 1996 and from April 1, 1996 the interest rate was established at the bank's prevailing rate as at March 31, 1996 which was 7 3/8%. During the renewal period there will be no change in the constant quarterly payments of interest and principal in the amount of $37,263. (d)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 (15) year payout period. (e)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, 1996 1996 --------------- --------------- Deferred compensation * $433,333 $459,333 Lease security deposits ** 277,492 580,376 ------------- ------------- Total $710,825 $1,039,709 ============= =============
* In fiscal 1964 the Company entered into a deferred compensation agreement with its then Chairman of the Board. This agreement, as amended, provides for a total of $520,000 (long-term debt $433,333 and current debt $86,667) 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 three irrevocable letters of credit totaling $275,000 provided by two tenants as lease security deposits. 6. Property and Equipment - Net:
October 31, July 31, 1996 1996 --------------- --------------- Property and equipment - at cost: Buildings and improvements $32,463,782 $31,988,028 Improvements to leased property 9,138,336 9,131,836 Fixtures and equipment 510,109 493,748 Land 4,008,835 4,008,835 Other 171,183 171,183 ------------- ------------- 46,292,245 45,793,630 Less accumulated depreciation and amortization 19,946,592 19,713,124 ------------- ------------- Property and equipment - net $26,345,653 $26,080,506 ============= =============
7. Income Taxes: Effective August 1, 1993, the Company adopted Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes" ("FAS 109"). 8. Payable to Securities Broker: The Company borrowed funds, payable on demand, from a securities broker. The loan balance at October 31, 1996 in the amount of $1,486,033, secured by the Company's marketable securities, accrues interest, which at October 31, 1996, was at the annual rate of 7 1/2%. 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 $34,425 and $35,000 as contributions to the Plan for the three months ended October 31, 1996 and 1995, 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, ------------------------------ 1996 1995 __________ __________ Interest paid $178,484 $168,062 Income taxes paid $16,840 $38,110
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-six tenants, of which two tenants each accounted for more than 10% of rental income during the quarter ended October 31, 1996. The City of New York is one of the two tenants and the other tenant is 510 Fulton Street Realty Associates, 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 as of January 31, 1994. By order dated January 21, 1994, the Bankruptcy Court authorized McCrory to reject such lease agreement effective January 31, 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 for damages arising from the rejection of the lease ("Lease Rejection Claim") and a proof of claim in the amount of $86,650 for pre-petition rental obligations. The Company has also filed an administrative claim in the amount of approximately $296,000 ("Administrative Claim") for damages resulting from McCrory's failure to repair and maintain the premises as required by the lease. The Company's claim for pre-petition unpaid rent in the amount of approximately $86,500 has been allowed in the reduced amount of $84,354.39 without prejudice to McCrory's right to assert other and further objections. McCrory has filed an objection to the Company's Lease Rejection Claim and Administrative Claim, and asserts that no amount is due and owing. The Company has not included its claim against McCrory in its financial statements due to the pending litigation over the Lease Rejection Claim and Administrative Claim and the uncertainty of the amount that may ultimately be allowed and collected. McCrory has filed a Plan of Reorganization with the Bankruptcy Court. The Company has leased approximately 69,000 square feet of the approximate 99,000 square feet of space surrendered by McCrory. The remander of the space of approximately 30,000 square feet is not leaseable due to the renovations required to accommodate six tenants where formerly there was one. The rental income to be derived from the six tenants over the terms of their leases will be approximately $5,040,000 less than the total rental income that would have been due from McCrory for the period February 1, 1994 through April 29, 2010, the termination date of their rejected lease agreement. The lease with IBM, a former tenant in the Fishkill, New York property, 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 by IBM. Occupancy commenced in November 1995. Jamesway Corporation, which occupied retail space in the Fishkill, New York property, filed for relief under Chapter 11 of the Bankruptcy Code on July 19, 1993. Jamesway emerged from bankruptcy on January 28, 1995. Jamesway, which was expected to account for approximately 5.2% of the annual rental income of the Company for the fiscal year ended July 31, 1996, and whose lease extended to January 31, 2005, filed for relief under Chapter 11 of the Bankruptcy Code again on October 18, 1995. Jamesway rejected its lease for the Fishkill location with the approval of the Bankruptcy Court, effective February 29, 1996, but continued occupancy until March 22, 1996. The Company has filed an unsecured claim in the amount of approximately $981,255 for damages resulting from the rejection of the lease and an administrative priority claim in the amount of approximately $189,000 for certain amounts due under the lease after the filing of Jamesway's Chapter 11 petition and for the costs of repairs resulting from Jamesway's failure to fulfill its repair and maintenance obligations under the lease. The Company has made no provision in its financial statements for the claims filed against Jamesway due to the uncertainty of the amount that may ultimately be allowed and collected, except for the pre-petition rental obligations claim of $31,971 which amount is included in the unsecured claim of approximately $981,255. 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: Three Months Ended October 31, 1996 Compared to the Three Months Ended October 31, 1995: In the three months ended October 31, 1996, the Company reported income in the amount of $100,000, or $.05 per share. In the three months ended October 31, 1995, the Company reported a loss in the amount of $69,522, or $.03 per share. Rental income in the current three months increased to $2,442,009 from $2,026,254 in the comparable 1995 three months, primarily due to the addition of new tenants. Interest expense in the current quarter exceeded investment income by $116,189 as compared to $106,794 in the 1995 quarter. The increase was primarily due to the interest on the loan facility discussed in Note 4(a) to Consolidated Financial Statements.. Real estate operating expenses increased to $1,424,116 from $1,272,618 principally due to an increase in real estate taxes, maintenance and utility costs. Administrative and general expenses decreased to $505,236 from $516,280. Depreciation and amortization expense in the current three months increased to $233,468 from $217,084 in the three months ended October 31, 1995 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 69,000 square feet of space in the Jowein Building located in the Fulton Mall in downtown Brooklyn, New York to three chain store tenants and two additional tenants for retail space and one tenant for office space, the leasing of 25,000 square feet to the U. S. Post Office in Fishkill, New York and the leasing to the State of New York of approximately 46,000 square feet of office space for two tenants in the Company's former store in Jamaica, New York, will provide additional working capital for the Company. The Jamaica leases are anticipated to commence in April 1997. To defray the costs of renovations for the State occupancy, the Company borrowed from a bank the principal amount of $2,500,000. The Company had working capital of $1,671,198, with a ratio of current assets to current liabilities of 1.6 to 1 at October 31, 1996. 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 10, 1996 Lloyd J. Shulman Lloyd J. Shulman Chairman Date December 10, 1996 Alex Slobodin Alex Slobodin Exec. Vice-President (Principal Financial Officer) EX-27 2 ARTICLE 5 FIN. DATA SCHEDULE FOR 1ST QTR 10-Q
5 This schedule contains summary financial information extracted from the contained quarterly 10-Q and is qualified in its entirety by reference to such Form 10-Q. 1 3-MOS Jul-31-1997 Aug-01-1996 Oct-31-1996 463,877 2,853,293 211,244 0 0 4,296,356 46,292,245 19,946,592 37,439,587 2,625,158 0 2,178,297 0 0 25,093,227 37,439,587 0 2,442,009 0 0 2,162,820 0 178,045 163,000 63,000 100,000 0 0 0 100,000 0.05 0.00
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