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

June 10, 2010 | About:
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10qk

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J. W. Mays Inc. (MAYS) filed Quarterly Report for the period ended 2010-04-30.

J. W. Mays Inc. has a market cap of $31.45 million; its shares were traded at around $15.6 with and P/S ratio of 1.89. J. W. Mays Inc. had an annual average earning growth of 0.6% over the past 10 years.

Highlight of Business Operations:

Income per common share (Note 2):

Income from continuing operations $.03 $.16 $.25 $.30

Income (loss) from discontinued operations (.01) .01 (.02) .03

- - - -

Net income $.02 $.17 $.23 $.33

= = = =



Certificate of deposit $50,013 $- $- $50,013 $49,888 $- $- $49,888

Corporate debt

securities 351,616 4,692 200 356,108 - - - -

- - - - - - - -

$401,629 $4,692 $200 $406,121 $49,888 $- $- $49,888

= = = = = = = =

Noncurrent:

Available-for-sale:

Mutual funds $200,000 $650 $- $200,650 $- $- $- $-

Equity securities 1,410,252 140,438 43,520 1,507,170 1,410,252 52,810 140,888 1,322,174

- - - - - - - -

$1,610,252 $141,088 $43,520 $1,707,820 $1,410,252 $52,810 $140,888 $1,322,174

= = = = = = = =



Held-to-maturity:

Corporate debt

securities $203,313 $10,941 $- $214,254 $303,378 $- $4,173 $299,205

= = = = = = = =



Three Months Ended Nine Months Ended

April 30 April 30

- -

2010 2009 2010 2009

- - - -

Interest income $8,471 $103 $21,207 $10,559

Dividend income 22,744 32,137 66,419 95,025

(Loss) on writedown or

impairment of securities - - - (99,976)

- - - -

Total $31,215 $32,240 $87,626 $5,608

= = = =





April 30, 2010 July 31, 2009

- -

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 $68,807 $1,103,397 $65,786 $1,155,387

Jamaica, New York property (b) 6.81% 10/01/11 135,595 2,149,417 128,856 2,251,859

Fishkill, New York property (c,d) 6.98% 2/18/15 38,440 1,683,706 62,453 1,691,509

Bond St. building, Brooklyn, NY (d) 6.98% 2/18/15 97,008 4,249,013 127,202 3,445,170

Term-loan payable to bank (e) 6.50% 5/01/10 35,582 - 325,306 -

Jowein building, Brooklyn, NY (f) Variable 8/01/10 80,000 - 240,000 20,000

- - - -

Total $455,432 $9,185,533 $949,603 $8,563,925

= = = =



(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 future tenant leases at the Company's

Brooklyn, New York (Bond Street building) and Fishkill, New York

properties. The loan will also finance $850,000 towards the construction

of two new elevators at the Company's Brooklyn, New York property (Bond

Street building). The Company had three and one-half years to draw down

amounts under this loan. The loan consists of: a) a permanent, first

mortgage loan to refinance an existing first mortgage loan affecting the

Fishkill Property, which matured on July 1, 2004 (the "First Permanent

Loan")(see Note 9(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"). The loan is structured in two phases: 1) a forty-two

(42) month loan with payments of interest only at the floating one-month

LIBOR rate plus 2.25% per annum, but not less than 3.40%; and 2) after the

forty-two (42) month period, the loan would convert to a seven-year (7)

permanent mortgage loan on a seventeen (17) year level amortization, plus

interest, at the option of the Company. The interest rate on the permanent

loan would be at a fixed rate equal to the Federal Home Loan Bank of New

York's seven-year (7) fixed interest rate plus 2.25% per annum at the time

of conversion. 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. In the nine (9) months ended April 30, 2010, the Company has drawn

down the $850,000.



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