Business Context and Reporting Period
Company: J. W. Mays, Inc.
Filing Type: Form 10-K (Annual Report)
Reporting Period: Fiscal year ended July 31, 1996
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 30 people, with about 20% covered by a union contract.
Key Financial Metrics
Note: Specific revenue, profit, cash flow, and margin figures are incorporated by reference from the 1996 Annual Report to Shareholders and are not explicitly detailed in the provided text.
- Real Estate Assets: Total investment in real estate (buildings and improvements) was $45,128,700 as of July 31, 1996.
- Accumulated Depreciation: $19,233,598 as of July 31, 1996.
- Capital Improvements: $1,652,961 added during the fiscal year.
- Debt and Encumbrances: Total encumbrances on real estate properties were $7,448,167.
- Market Capitalization: Aggregate market value of voting stock held by non-affiliates was approximately $11,317,922 as of September 27, 1996.
- Shares Outstanding: 2,136,397 shares of common stock as of September 27, 1996.
- Valuation Allowances: Allowance for net unrealized gains/losses on marketable securities was $25,261; Deferred income tax asset valuation allowance was $41,597.
Material Changes and Property Portfolio
The Company's property portfolio consists of owned and leased commercial spaces. Key locations include:
- Brooklyn, NY (Fulton St.): 380,000 sq. ft. (Major portion owned). Approximately 232,000 sq. ft. available for lease.
- Jamaica, NY: 297,000 sq. ft. (Owned building, leased fee). Approximately 137,000 sq. ft. available for lease.
- Fishkill, NY: 211,000 sq. ft. (Owned). Approximately 186,000 sq. ft. available for lease.
- Brooklyn, NY (Jowein Building): 430,000 sq. ft. (50% owned, 50% leased). 149,000 sq. ft. available for lease.
- Other Locations: Levittown, NY; Massapequa, NY; Circleville, OH.
Accounting Changes: The filing references prior changes in accounting methods for marketable securities (1995) and income taxes (1994) noted in the independent accountants' reports.
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.
- Labor Relations: Relations with employees and the union are considered good.
- Guidance: The provided text does not contain specific forward-looking guidance or numerical outlooks, as this information is incorporated by reference from the Annual Report to Shareholders.
- Accountant Change: The Company changed its certifying accountants. The information regarding this change is incorporated by reference from a Form 8-K dated January 11, 1996.
Investor Verification Checklist
- Verify the specific revenue, net income, and cash flow figures in the 1996 Annual Report to Shareholders (incorporated by reference), as they are not listed in the 10-K text.
- Review the Definitive Proxy Statement for details on executive compensation and security ownership.
- Examine the Form 8-K (Jan 11, 1996) for details regarding the change in certifying accountants.
- Assess the impact of the $7.45 million in encumbrances on the Company's liquidity and debt service obligations.
- Monitor the status of pending legal proceedings to confirm management's assessment of non-material impact.