Thu, Jun 13, 12:50 PM (86 days ago)
For the quarter ending April 30, 2024, J.W. Mays, Inc. reported a net loss of $(84,880), or $(0.04) per share, compared to a net loss of $(39,160), or $(0.02) per share, in the same quarter of 2023. This decline was primarily due to a decrease in rental income, which fell from $5,563,396 to $5,364,324, attributed to the loss of a tenant and reduced rent from a seasonal tenant. Real estate operating expenses decreased slightly to $3,826,499, and administrative expenses also saw a reduction. Depreciation expenses remained relatively stable. Interest expense, net of capitalized interest, exceeded investment income by $(39,183), influenced by unrealized losses on marketable securities. For the nine months ending April 30, 2024, the company reported a net loss of $(375,483), or $(0.19) per share, compared to a net income of $65,095, or $0.03 per share, in the same period of 2023. Revenues decreased to $16,102,968 from $17,170,949, primarily due to the same tenant loss. Real estate operating expenses decreased, while administrative and general expenses saw a slight increase. Interest expense, net of capitalized interest, improved, and there was a realized gain on marketable securities. The company’s liquidity remains strong, with total liquidity of $3,321,117, including cash and cash equivalents of $1,171,121 and marketable securities valued at $2,149,996. The company anticipates $2 million in capital expenditures over the next 12 months and plans to secure additional financing if necessary.