J.W. Mays Reports Net Income of $86,784 for Q2 2025, Significant Turnaround from Prior Year

J.W. Mays, Inc. reported a net income of $86,784, or $0.04 per share, for the three months ending April 30, 2025, a significant turnaround from a net loss of $84,880, or $(0.04) per share, in the same period last year. The company's total revenues increased to $5.63 million from $5.36 million, primarily driven by higher rental income from existing and new tenants. For the nine months ending April 30, 2025, the company recorded a net loss of $44,240, or $(0.02) per share, compared to a loss of $375,483, or $(0.19) per share, in the prior year. This improvement was attributed to increased rental income and reduced administrative costs, despite rising real estate taxes and insurance expenses.

The company's total revenues for the nine-month period rose to $16.81 million from $16.10 million, reflecting a similar trend of increased rental income. Real estate operating expenses also increased to $11.70 million from $11.35 million, largely due to higher taxes and insurance costs. Administrative expenses decreased to $3.78 million from $4.01 million, primarily due to lower executive payroll costs. The company’s depreciation expense rose slightly to $1.35 million from $1.29 million, reflecting new tenant build-outs.

In terms of operational developments, J.W. Mays has engaged in several leasing activities, including a lease extension for 10,569 square feet at its Jowein building in Brooklyn and a new lease for 2,051 square feet at its Jamaica premises. The company also faced challenges, including the termination of leases by several tenants, which could result in a loss of approximately $1.15 million in annual rental income. As of April 30, 2025, the company had cash and cash equivalents of $2.28 million, an increase from $1.24 million at the end of the previous fiscal year.

The company’s total assets decreased to $87.86 million from $89.53 million, while total liabilities fell to $35.00 million from $36.63 million. Shareholders' equity remained relatively stable at $52.85 million compared to $52.90 million in the prior period. The company’s mortgage payable decreased to $3.28 million from $3.87 million, reflecting ongoing debt repayment efforts. J.W. Mays anticipates incurring an additional $1.2 million in capital expenditures over the next twelve months, with its primary sources of liquidity being cash from operations and borrowings.

Looking ahead, J.W. Mays remains cautious about the potential impacts of economic conditions, interest rates, and tenant retention on its financial performance. The company is focused on maintaining positive relationships with its tenants and lenders while navigating the challenges posed by the evolving commercial real estate market. The management's outlook emphasizes the importance of operational efficiency and strategic leasing to enhance revenue stability in the coming periods.