Thu, Dec 12, 1:02 PM (34 days ago)
J.W. Mays, Inc. (MAYS) reported a net income of $26.7K for Q1 2024, a significant turnaround from a net loss of $192.5K in Q1 2023. Revenue increased to $5.54M, driven by higher rental income from existing tenants and new leases, despite some tenant losses. Operating expenses rose to $5.49M, primarily due to increased real estate taxes and insurance costs. The company maintained a stable cash position, ending the quarter with $3.29M in cash and equivalents, up from $2.34M a year earlier. Key performance metrics showed improved profit margins, with operating income reaching $52.2K compared to a loss of $51.7K the previous year. Cash flow from operations was robust at $1.80M, reflecting effective management of receivables and expenses. The company continues to face uncertainties, including potential impacts from economic conditions and tenant stability, but anticipates ongoing cash flow improvements supported by leasing activities and strategic renovations. Future liquidity hinges on operational cash flows and refinancing efforts for existing debt.