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.
<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 - 13
Management's Discussion and Analysis of Results
of Operations and Financial Condition 14
Part II - Other Information 15
<PAGE>
<TABLE>
J. W. MAYS, INC.
<CAPTION>
CONSOLIDATED BALANCE SHEET
October 31, July 31,
1996 1996
--------------- ---------------
(Unaudited) (Audited)
<S> <C> <C>
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-
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
J. W. MAYS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS AND RETAINED EARNINGS
Three Months Ended
October 31,
-------------- ---------------
1996 1995
<S> <C>
------------- -------------
(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-
</TABLE>
<PAGE>
<TABLE>
J. W. MAYS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
<CAPTION>
Three Months Ended
October 31,
---------------- ---------------
1996 1995
------------- -------------
(Unaudited) (Unaudited)
<S> <C> <C>
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-
</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, 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.
<TABLE>
<CAPTION>
As of October 31, 1996, the Company's marketable securities were classified as follows:
--------------------------------------------------------------
Gross Gross
Unrealized Unrealized Fair
Cost Gains Losses Value
------------- ------------- ------------- -------------
<S <C> <C> <C> < <C> <C>
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-
</TABLE>
<PAGE>
4. Long-Term Debt:
<TABLE>
<CAPTION>
October 31, 1996 July 31, 1996
------------------------------ --------------------------
<S> <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 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
============= ============= ============= =========
</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. 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.
<PAGE>
5. Long-Term Debt - Other:
Long-Term debt - other consists of the following:
<TABLE>
<CAPTION>
October 31, July 31,
1996 1996
--------------- ---------------
<S> <C> <C>
Deferred compensation * $433,333 $459,333
Lease security deposits ** 277,492 580,376
------------- -------------
Total $710,825 $1,039,709
============= =============
</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 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:
<TABLE>
<CAPTION>
October 31, July 31,
1996 1996
--------------- ---------------
<S> <C> <C>
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
============= =============
</TABLE>
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.
<TABLE>
Supplemental disclosure:
<CAPTION>
Three Months Ended
October 31,
------------------------------
1996 1995
__________ __________
<S> <C> <C>
Interest paid $178,484 $168,062
Income taxes paid $16,840 $38,110
</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-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.
<PAGE>
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.
<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 10, 1996 Lloyd J. Shulman
Lloyd J. Shulman
Chairman
Date December 10, 1996 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 contained quarterly 10-Q and is qualified in its
entirety by reference to such Form 10-Q.
</LEGEND>
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0
0
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