Business Context and Reporting Period
Company: J. W. Mays, Inc.
Filing Type: Form 10-K (Annual Report)
Period Ended: July 31, 1995
Business Overview: The Company operates a portfolio of commercial real estate properties in New York and Ohio. It discontinued its department store business in 1989 and now focuses exclusively on leasing real estate. The Company employs approximately 31 people, with 19% covered by a union contract.
Key Financial Metrics
Note: Specific revenue, profit, cash flow, and margin figures are incorporated by reference from the 1995 Annual Report to Shareholders and are not explicitly detailed in the provided text. The following metrics are derived from the included schedules.
- Real Estate Investment: Total carrying value of real estate and improvements was $43,475,739 as of July 31, 1995.
- Accumulated Depreciation: Total accumulated depreciation on real estate was $18,398,773.
- Depreciation Expense: $781,534 for the fiscal year ended July 31, 1995.
- Capital Improvements: $946,719 added to real estate assets during the fiscal year.
- Debt/Liquidity: The filing text does not provide specific values for total debt, cash flow, or liquidity ratios. It notes that the Jowein Building, Fishkill property, Ohio property, and a portion of the former Brooklyn store are held subject to mortgages.
- Market Data: As of September 29, 1995, the aggregate market value of voting stock held by nonaffiliates was approximately $7,073,777. There were 2,136,397 shares of Common Stock outstanding.
Material Changes and Property Activity
- New Leasing Activity: On July 6, 1995, the Company leased approximately 24,000 square feet in the Jowein Building (Brooklyn) to a chain store tenant for a term of 14.5 years. The lease provides for fixed rent aggregating approximately $2,375,000 in the initial five-year period.
- Recent Leases: Additional retail leases were entered into in June and July 1995 for 26,000 and 24,000 square feet respectively at the Jowein Building.
- Accounting Changes: The independent accountants' report notes a change in the method of accounting for marketable securities (other investments) in 1995 and a change in the method of accounting for income taxes in 1994.
- Valuation Accounts: The allowance for net unrealized gains/losses on marketable securities ended the period at $42,010 (a reduction of $73,779 from the prior year's negative balance). The deferred income tax asset valuation allowance ended at $117,098.
Outlook, Risks, and Management Commentary
- Legal Proceedings: Various lawsuits and claims are pending. Management opines that the resolution of these matters will not have a material adverse effect on the financial statements.
- Property Availability: Significant square footage remains available for lease across multiple properties, including approximately 232,000 sq. ft. in Brooklyn, 137,000 sq. ft. in Jamaica, and 164,000 sq. ft. at the Jowein Building.
- Management Structure: Max L. Shulman and Lloyd J. Shulman serve as Co-Chairmen of the Board. Lloyd J. Shulman is also President and CEO.
- Guidance: The filing text does not contain specific forward-looking financial guidance or earnings projections.
Investor Verification Checklist
- Verify the specific revenue, net income, and cash flow figures in the "Summary of Selected Financial Data" and "Consolidated Statements of Operations" incorporated by reference from the 1995 Annual Report to Shareholders.
- Review the "Management's Discussion and Analysis" section (incorporated by reference) for detailed commentary on occupancy rates and rental income trends.
- Confirm the total debt obligations and interest coverage ratios, as specific debt values are not listed in the provided text.
- Assess the impact of the accounting changes regarding marketable securities and income taxes on the comparability of financial results.
- Monitor the status of pending legal proceedings to ensure management's assessment of "no material adverse effect" remains valid.