J. W. Mays Inc. has a market cap of $29.78 million; its shares were traded at around $14.77 with a P/E ratio of 52.75 and P/S ratio of 2.01.
Highlight of Business Operations:The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities. We believe the critical accounting policies in Note 1 to the Condensed Consolidated Financial Statements affect our more significant judgments and estimates used in the preparation of our financial statements. Actual results may differ from these estimates under different assumptions and conditions. (See Note 1 on page 7 to the Condensed Consolidated Financial Statements herein and Note 1 on pages 8 and 9 to the Consolidated Financial Statements in the Annual Report to Shareholders for the fiscal year ended July 31, 2011).
In October, 2010, the Company entered into a lease agreement with a tenant for 18,218 square feet for office space at the Companys Nine Bond Street, Brooklyn, New York building. The cost of construction and brokerage commissions to the Company was $2,114,544. The Company has financed these costs through operating funds. The project was completed in November 2011. Rent will commence in early 2012.
The Company had expenditures of $124,878 in the three months ended October 31, 2011 for the renovation of 18,218 square feet for office space for a tenant at the Companys Nine Bond Street Brooklyn, New York building. The cost of the project was $1,639,404 and was completed in November 2011. The Company also had expenditures of $258,000 in the three months ended October 31, 2011 for a new heating system at its 25 Elm Place, Brooklyn, New York building.
This section, Managements Discussion and Analysis of Financial Condition and Results of Operations, other sections of this Report on Form 10-Q and other reports and verbal statements made by our representatives from time to time may contain forward-looking statements that are based on our assumptions, expectations and projections about us and the real estate industry. These include statements regarding our expectations about revenues, our liquidity, our expenses and our continued growth, among others. Such forward-looking statements by their nature involve a degree of risk and uncertainty. We caution that a variety of factors, including but not limited to the factors listed below, could cause business conditions and our results to differ materially from what is contained in forward-looking statements:
We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to review any additional disclosures we make in proxy statements, Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K filed with the United States Securities and Exchange Commission.
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