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.
<PAGE>
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
<PAGE>
<TABLE>
J. W. MAYS, INC.
<CAPTION>
CONSOLIDATED BALANCE SHEET
October 31, July 31,
ASSETS 1995 1995
--------------------------------------------------------------- --------------- ---------------
(Unaudited) (Audited)
<S> <C> <C>
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-
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
J.W. MAYS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS AND RETAINED EARNINGS
Three Months Ended
October 31,
1995 1994
------------- -------------
<S> <C> <C>
(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.
</TABLE>
<PAGE>
<TABLE>
J. W. MAYS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
<CAPTION>
Three Months Ended
October 31,
---------------- ---------------
1995 1994
------------- -------------
(Unaudited) (Unaudited)
<S> <C> <C>
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-
</TABLE>
<PAGE>
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.
<TABLE>
Marketable Securities - Other Investments (continued)
<CAPTION>
As of October 31, 1995, the Company's marketable securities were classified as follows:
Gross Gross
Unrealized Unrealized Fair
Cost Gains Losses Value
------------- ------------- ------------- -------------
Current
<S <C> <C> <C> <C> <C>
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-
</TABLE>
<PAGE>
4. Long-Term Debt:
<TABLE>
<CAPTION>
October 31, 1995 July 31, 1995
------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
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
============= ============= ============= =============
</TABLE>
(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.
<PAGE>
5. Long-Term Debt - Other:
Long-Term debt - other consists of the following:
<TABLE>
<CAPTION>
October 31, July 31,
1995 1995
--------------- ---------------
<S> <C> <C>
Deferred compensation * $520,000 $520,000
Lease security deposits ** 158,731 157,597
------------- -------------
Total $678,731 $677,597
============= =============
</TABLE>
* 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:
<TABLE>
<CAPTION>
October 31, July 31,
1995 1995
--------------- ---------------
<S> <C> <C>
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
============= =============
</TABLE>
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.
<TABLE>
Supplemental disclosure:
<CAPTION>
Three Months Ended
October 31,
------------------------------
1995 1994
------------------------------
<S> <C> <C>
Interest paid $168,062 $199,691
Income taxes paid (refunded) $38,110 $(3,152)
</TABLE>
<PAGE>
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.
<PAGE>
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.
<PAGE>
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..
<PAGE>
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)
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
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.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
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