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J. W. Mays Inc. Reports Operating Results (10-Q)

March 10, 2011 | About:
10qk

10qk

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J. W. Mays Inc. (MAYS) filed Quarterly Report for the period ended 2011-01-31.

J. W. Mays Inc. has a market cap of $39.09 million; its shares were traded at around $19.39 with a P/E ratio of 74.58 and P/S ratio of 2.65. J. W. Mays Inc. had an annual average earning growth of 2.7% over the past 5 years.

Highlight of Business Operations:

Assets:

Marketable securities -

available for sale $1,336,874 $1,336,874 $- $- $1,248,707 $1,248,707 $- $-

held-to-maturity 771,581 771,581 - - 979,218 979,218 - -

- - - - - - - -

$2,108,455 $2,108,455 $- $- $2,227,925 $2,227,925 $- $-

= = = = = = = =



Certificate of deposit $50,095 $- $- $50,095 $50,032 $- $- $50,032

Corporate debt

securities 653,706 10,805 93 664,418 301,235 3,412 123 304,524

- - - - - - - -

$703,801 $10,805 $ 93 $714,513 $351,267 $3,412 $123 $354,556

= = = = = = = =

Noncurrent:

Available-for-sale:

Mutual funds $679,216 $73,878 $- $753,094 $675,739 $10,328 $- $686,067

Equity securities 510,252 74,288 760 583,780 510,252 60,428 8,040 562,640

- - - - - - - -

$1,189,468 $148,166 $760 $1,336,874 $1,185,991 $70,756 $8,040 $1,248,707

= = = = = = = =



Held-to-maturity:

Corporate debt

securities $101,842 $ 5,321 $- $107,163 $661,700 $13,127 $133 $674,694

= = = = = = = =



Three Months Ended Six Months Ended

January 31 January 31

- -

2011 2010 2011 2010

- - - -

Interest income $14,937 $8,547 $28,301 $12,736

Dividend income 15,557 22,744 25,059 43,675

- - - -

Total $30,494 $31,291 $53,360 $56,411

= = = =





January 31, 2011 July 31, 2010

- -

Current

Annual Final Due Due Due Due

Interest Payment Within After Within After

Rate Date One Year One Year One Year One Year

- - - - - -



Mortgages:

Jamaica, New York property (a) 6% 4/01/12 $71,966 $1,049,021 $69,844 $1,085,542

Jamaica, New York property (b) 6.81% 10/01/11 2,184,691 - 137,910 2,113,949

Fishkill, New York property (c,d) 6.98% 2/18/15 40,539 1,653,441 39,122 1,673,579

Bond St. building, Brooklyn, NY (d) 6.98% 2/18/15 102,305 4,172,637 98,730 4,223,457

Jowein building, Brooklyn, NY (e) Variable 8/01/10 - - 20,000 -

- - - -

Total $2,399,501 $6,875,099 $365,606 $9,096,527

= = = =



(d) The Company, on August 19, 2004, closed a loan with a bank for a

$12,000,000 multiple draw term loan. This loan finances seventy-five (75%)

percent of the cost of capital improvements for an existing lease to a

tenant and capital improvements for potential future tenant leases at the

Company's Brooklyn, New York (Bond Street building) and Fishkill, New York

properties through February 2008. The loan also financed $850,000 towards

the construction of two new elevators at the Company's Brooklyn, New York

property (Bond Street building). The loan consists of: a) a permanent,

first mortgage loan to refinance an existing first mortgage loan affecting

the Fishkill, New York property, which matured on July 1, 2004 (the "First

Permanent Loan")(see Note 7(c)), b) a permanent subordinate mortgage loan

in the amount of $1,870,000 (the "Second Permanent Loan"), and c) multiple,

successively subordinate loans in the amount $8,295,274 ("Subordinate

Building Loans"). As of August 19, 2004, the Company refinanced the

existing mortgage on the Company's Fishkill, New York property, which

balance was $1,834,726 and took down an additional $2,820,000 for capital

improvements for two tenants at the Company's Bond Street building in

Brooklyn, New York. In fiscal 2006, 2007 and 2008, the Company drew down

additional amounts totaling $916,670, on its multiple draw term loan to

finance tenant improvements and brokerage commissions for the leasing of

13,026 square feet for office use at the Company's Bond Street building in

Brooklyn, New York. The Company in February 2008 converted the loan to a

seven (7) year permanent mortgage loan. The interest rate on conversion

was 6.98%. Since the loan has been converted to a permanent mortgage loan,

the balance of the financing on this loan was for the new elevators at the

Company's Bond Street building in Brooklyn, New York in the amount of

$850,000 referred to above. The $850,000 was drawn down in fiscal 2010.



Read the The complete Report

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