FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2000 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 1-3647 J.W. Mays, Inc. (Exact name of registrant as specified in its charter) New York 11-1059070 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 9 Bond Street, Brooklyn, New York 11201-5805 (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) 718-624-7400 Not Applicable (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X . No . Number of shares outstanding of the issuer's common stock as of the latest practicable date. Class Outstanding at December 4, 2000 Common Stock, $1 par value 2,063,280 shares This report contains 15 pages. -1- J. W. MAYS, INC. INDEX Page No. Part I - Financial Information: Consolidated Balance Sheet 3 Consolidated Statement of Income and Retained Earnings 4 Consolidated Statement of Comprehensive Income 4 Consolidated Statement of Cash Flows 5 Notes to Consolidated Financial Statements 6 - 10 Management's Discussion and Analysis of Results of Operations and Financial Condition 11 - 13 Part II - Other Information 14 -2- J. W. MAYS, INC. CONSOLIDATED BALANCE SHEET October 31, July 31, ASSETS 2000 2000 --------------------------------------------------------------- --------------- --------------- (Unaudited) (Audited) Property and Equipment - Net (Notes 6 and 8) $29,761,217 $29,554,405 ------------- ------------- Current Assets: Cash and cash equivalents 1,630,689 1,529,082 Marketable securities (Note 4) 42,224 41,685 Receivables (Note 9) 433,944 215,872 Deferred income taxes 95,000 180,000 Security deposits 33,295 33,125 Prepaid expenses 500,423 1,005,279 ------------- ------------- Total current assets 2,735,575 3,005,043 ------------- ------------- Other Assets: Deferred charges 2,662,780 2,619,188 Less accumulated amortization 1,511,587 1,466,651 ------------- ------------- Net 1,151,193 1,152,537 Security deposits 616,621 613,799 Unbilled receivables (Note 9) 4,744,961 4,735,115 Unbilled receivables - affiliated company (Note 9) 318,391 363,875 Marketable securities (Note 4) 3,153,660 3,059,770 ------------- ------------- Total other assets 9,984,826 9,925,096 ------------- ------------- TOTAL ASSETS $42,481,618 $42,484,544 ============= ============= LIABILITIES AND SHAREHOLDERS ' EQUITY --------------------------------------------------------------- Long-Term Debt: Mortgages payable (Note 6) $5,780,792 $5,999,844 Other (Note 7) 338,250 362,443 ------------- ------------- Total long-term debt 6,119,042 6,362,287 ------------- ------------- Deferred Income Taxes 2,378,000 2,333,000 ------------- ------------- Current Liabilities: Accounts payable 70,263 43,663 Payroll and other accrued liabilities 725,677 756,660 Income taxes payable 50,489 22,365 Other taxes payable 4,735 3,414 Current portion of long-term debt - mortgages payable (Note 6) 1,031,507 1,023,035 Current portion of long-term debt - other (Note 7) 137,295 137,125 ------------- ------------- Total current liabilities 2,019,966 1,986,262 ------------- ------------- Total liabilities 10,517,008 10,681,549 ------------- ------------- Shareholders' Equity: Common stock, par value $1 each share (shares - 5,000,000 authorized; 2,178,297 issued) 2,178,297 2,178,297 Additional paid in capital 3,346,245 3,346,245 Unrealized gain on available for sale securities 125,007 63,117 Retained earnings 27,075,413 26,761,938 ------------- ------------- 32,724,962 32,349,597 Less common stock held in treasury, at cost - 115,017 shares at October 31, 2000 and 90,017 shares at July 31, 2000 760,352 546,602 ------------- ------------- Total shareholders' equity 31,964,610 31,802,995 ------------- ------------- Contingencies (Note 12) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $42,481,618 $42,484,544 ============= ============= See Notes to Consolidated Financial Statements. -3- J. W. MAYS, INC. CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS Three Months Ended October 31, ------------------------------ 2000 1999 -------------- -------------- (Unaudited) (Unaudited) Revenues Rental income (Note 9) $2,633,489 $2,601,502 Rental income - affiliated company 103,403 103,403 -------------- -------------- Total revenues 2,736,892 2,704,905 -------------- -------------- Expenses Real estate operating expenses 1,405,989 1,358,842 Administrative and general expenses 545,816 542,313 Bad debt (recovery) (47,532) - Depreciation and amortization 261,277 246,241 -------------- -------------- Total expenses 2,165,550 2,147,396 -------------- -------------- Income from operations before investment income, interest expense and income taxes 571,342 557,509 -------------- -------------- Investment income and interest expense: Investment income 60,288 64,395 Interest expense (Notes 6 and 11) (144,155) (160,404) -------------- -------------- (83,867) (96,009) -------------- -------------- Income before income taxes 487,475 461,500 Income taxes provided 174,000 167,000 -------------- -------------- Net income 313,475 294,500 Retained earnings, beginning of period 26,761,938 25,696,000 -------------- -------------- Retained earnings, end of period $27,075,413 $25,990,500 ============== ============== Net income per common share (Note 2) $.15 $.14 ============== ============== Dividends per share $- $- ============== ============== Weighted average common shares outstanding 2,086,378 2,135,780 ============== ============== See Notes to Consolidated Financial Statements. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Three Months Ended October 31, -------------- -------------- 2000 1999 -------------- -------------- (Unaudited) (Unaudited) Net Income $313,475 $294,500 -------------- -------------- Other comprehensive income, net of tax (Note 3) Unrealized gain (loss) on available-for-sale securities: Net of taxes (benefit) of $32,000 and $(45,000) for the three months ended October 31, 2000 and 1999, respectively. 61,890 (86,831) ============== ============== Comprehensive Income $375,365 $207,669 ============== ============== See Notes to Consolidated Financial Statements. -4- J. W. MAYS, INC. CONSOLIDATED STATEMENT OF CASH FLOWS Three Months Ended October 31, ------------------------------- 2000 1999 -------------- --------------- (Unaudited) (Unaudited) Cash Flows From Operating Activities: Net income $313,475 $294,500 Adjustments to reconcile income to net cash provided by operating activities: Depreciation and amortization 261,277 246,241 Amortization of deferred expenses 51,417 53,181 Other assets - deferred expenses (50,073) (12,048) - unbilled receivables (9,846) (77,092) - unbilled receivables - affiliated company 45,484 45,484 - receivables - 3,278 Deferred income taxes 98,000 134,000 Changes in: Receivables (218,072) 106,017 Prepaid expenses 504,856 451,876 Income taxes refundable - 28,057 Accounts payable 26,600 27,613 Payroll and other accrued liabilities (30,983) 60,680 Income taxes payable 28,124 - Other taxes payable 1,321 1,784 ------------- ------------- Cash provided by operating activities 1,021,580 1,363,571 ------------- ------------- Cash Flows From Investing Activities: Capital expenditures (468,089) (478,461) Security deposits (2,992) (3,746) Marketable securities: Receipts from sales or maturities - 50,000 Payments for purchases (539) (175,401) ------------- ------------- Cash (used) by investing activities (471,620) (607,608) ------------- ------------- Cash Flows From Financing Activities: Increase - security deposits 1,977 2,559 Payments - mortgages and other debt (236,580) (225,423) Purchase of treasury stock (213,750) - ------------- ------------- Cash (used) by financing activities (448,353) (222,864) ------------- ------------- Increase in cash 101,607 533,099 Cash and cash equivalents at beginning of period 1,529,082 1,489,843 ------------- ------------- Cash and cash equivalents at end of period $1,630,689 $2,022,942 ============= ============= See Notes to Consolidated Financial Statements. -5- J. W. MAYS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Accounting Records and Use of Estimates: The accounting records are maintained in accordance with generally accepted accounting principles ("GAAP"). The preparation of the Company's financial statements in accordance with GAAP requires management to make estimates that affect the reported consolidated balance sheets, consolidated statements of income and retained earnings and consolidated statements of comprehensive income and related disclosures. Actual results could differ from those estimates. The interim financial statements are prepared pursuant to the requirements for reporting on Form 10-Q. The July 31, 2000 balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes included in the Company's latest Form 10-K Annual Report for the year ended July 31, 2000. In the opinion of management, the interim financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for interim periods. The results of operations for the current period are not necessarily indicative of the results for the entire year ending July 31, 2001. 2. Income Per Share of Common Stock: Income per share has been computed by dividing the net income for the periods by the weighted average number of shares of common stock outstanding during the periods, adjusted for the purchase of treasury stock. Shares used in computing income per share were 2,086,378 and 2,135,780 in the three month periods ended October 31, 2000 and October 31, 1999, respectively. The Company's adoption of Statement of Financial Standards No. 128 ("SFAS 128"), "Earnings Per Share", has had no effect on the computation of previously reported earnings per share. 3. Recent Accounting Pronouncements: In June 1997, SFAS No. 130, "Reporting Comprehensive Income" ("SFAS 130"), was issued. SFAS 130 establishes standards for the reporting of comprehensive income and its components. It requires all items that are required to be recognized as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other income statement information. SFAS 130 is effective for financial statements for periods beginning after December 15, 1997. Reclassification of financial statements for earlier periods presented for comparative purposes was required upon adoption. -6- 4. Marketable Securities: The Company categorizes marketable securities as either trading, available-for-sale or held-to-maturity. Trading securities are carried at fair value with unrealized gains and losses included in income. Available-for-sale securities are carried at fair value with unrealized gains and losses recorded as a separate component of shareholders' equity. Held to maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. As of October 31, 2000, the Company's marketable securities were classified as follows: Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value ------------- ------------- ------------- ------------- Current: Certificate of deposit $42,224 $- $- $42,224 ============= ============= ============= ============= Noncurrent: Available-for-sale: Equity securities $2,964,653 $189,007 $- $3,153,660 ============= ============= ============= ============= Investment income consists of the following: Three Months Ended October 31, ---------------------------- 2000 1999 ------------- ------------- Interest income $14,403 $18,355 Dividend income 45,885 46,040 ------------- ------------- Total $60,288 $64,395 ============= ============= 5. Financial Instruments and Credit Risk Concentrations: Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities, cash and cash equivalents and receivables. Marketable securities and cash and cash equivalents are placed with high credit quality financial institutions and instruments to minimize risk. The Company derives rental income from thirty-eight tenants, of which one tenant accounted for more than 10% of rental income during the three months ended October 31, 2000. That tenant accounted for 15.72% of rental income. -7- 6. Long-Term Debt: October 31, 2000 July 31, 2000 ------------------------------- ------------------------------- 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) 8 1/2 % 4/01/07 $266,667 $2,800,000 $266,666 $2,866,667 Jowein building, Brooklyn, N.Y. (b) 9 % 3/31/05 105,448 452,571 103,128 479,819 Fishkill, New York property (c) 8 1/4 % 7/01/04 91,167 2,140,001 89,312 2,163,500 Circleville, Ohio property (d) 7 % 9/30/02 396,124 388,220 389,272 489,858 Other 8 1/2 % 5/01/01 172,101 - 174,657 - -------------- -------------- -------------- ------------ Total $1,031,507 $5,780,792 $1,023,035 $5,999,844 ============== ============== ============== ============ (a) The Company, on September 11, 1996, closed a loan with a bank in the amount of $4,000,000. The loan is secured by a first mortgage lien covering the entire leasehold interest of the Company, as tenant, in a certain ground lease and building in the Jamaica property. The interest rate on the loan is 8 1/2% for a period of five (5) years and six (6) months, with such rate to change on the first day of the sixty-seventh (67th) month of the term to a rate equal to the then prime rate plus 1/4%, fixed for the balance of the term. The loan is to become due and payable on the first day of the month following the expiration of ten (10) years and six (6) months from the closing date. (b)Mortgage is held by an affiliated corporation owned by members, including certain directors of the Company, of the family of the late Joe Weinstein, former Chairman of the Board of Directors. Interest and amortization of principal are paid quarterly. Effective April 1, 2000, the maturity date of the mortgage which was scheduled to be on March 31, 2000 was extended to March 31, 2005. The interest rate remained at 9%. During the extended period the constant quarterly payments of interest and principal increased from $37,263 to $38,044. The mortgage loan is self-amortizing. (c)On June 2, 1999, the existing first mortgage loan balance on the Fishkill property was extended for a period of five years. The annual interest rate was reduced from 9% to 8 1/4% and the interest and principal payments are to be made in constant monthly amounts based upon a fifteen (15) year payout period. (d)The mortgage loan, which is self-amortizing, matures September 30, 2002. The loan is payable at an annual interest rate of 7%. Under the terms of the loan, constant monthly payments, including interest and principal, are currently in the amount of $36,540. -8- 7. Long-Term Debt - Other: Long-Term debt - Other consists of the following: October 31, 2000 July 31, 2000 ------------------------------- ------------------------------- Due Due Due Due Within After Within After One Year One Year One Year One Year ------------- ------------- ------------- ------------- Deferred compensation * $104,000 $17,333 $104,000 $43,333 Lease security deposits ** 33,295 320,917 33,125 319,110 ------------- ------------- ------------- ------------- Total $137,295 $338,250 $137,125 $362,443 ============= ============= ============= ============= * In fiscal 1964 the Company entered into a deferred compensation agreement with Max L. Shulman, its then Chairman of the Board. The agreement, as amended, provides for a total of $520,000 to be paid in monthly installments of $8,666.67 for a period of 60 months, payable upon the expiration of his employment, retirement or permanent disability as defined in the agreement, or death. Mr. Shulman retired as an employee on December 31, 1996 and the monthly payments commenced January, 1997. **Does not include three irrevocable letters of credit totaling $291,500 at October 31, 2000 and $275,000 at July 31, 2000, provided by three tenants. 8. Property and Equipment - at cost: October 31, July 31, 2000 2000 --------------- --------------- Property: Buildings and improvements $39,576,145 $38,917,272 Improvements to leased property 9,158,009 9,158,009 Land 4,008,835 4,008,835 Construction in progress 42,137 246,342 ------------- ------------- 52,785,126 52,330,458 Less accumulated depreciation 23,240,073 22,991,894 ------------- ------------- Property - net 29,545,053 29,338,564 ------------- ------------- Fixtures and equipment and other: Fixtures and equipment 585,610 572,189 Other fixed assets 209,223 209,223 ------------- ------------- 794,833 781,412 Less accumulated depreciation 578,669 565,571 ------------- ------------- Fixtures and equipment and other - net 216,164 215,841 ------------- ------------- Property and equipment - net $29,761,217 $29,554,405 ============= ============= -9- 9. Unbilled Receivables and Rental Income: Unbilled receivables represent the excess of scheduled rental income recognized on a straight-line basis over rental income as it becomes receivable according to the provisions of each lease. Rental income includes $103,403 for each of the quarters ended October 31, 2000 and October 31, 1999, representing rentals from an affiliated company. Amounts due from the affiliated company are as follows: October 31, July 31, 2000 2000 --------------- ------------- Unbilled Receivables $318,391 $363,875 ============= ============= 10. Employees' Retirement Plan: The Company sponsors a noncontributory Money Purchase Plan covering substantially all of its employees. Operations were charged $58,445 and $54,040 as company contributions to the Plan for the three months ended October 31, 2000 and October 31, 1999, respectively. 11. Cash Flow Information: For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three months or less, which are readily convertible into cash. Supplemental disclosure: Three Months Ended October 31, ------------------------------ 2000 1999 -------------- -------------- Interest paid $145,566 $161,727 Income taxes paid $47,876 $4,943 12. Contingencies: Jamesway Corporation ("Jamesway"), which occupied retail space in the Fishkill, New York property and whose lease extended to January 31, 2005, filed for relief under Chapter 11 of the Bankruptcy Code on October 18, 1995. Jamesway rejected its lease for the Fishkill location with the approval of the Bankruptcy Court, effective February 29, 1996, but continued occupancy until March 22, 1996. The Company has realized from Jamesway $513,343, or 54% on account of its unsecured claim, and 100% of its allowed administrative claim of $54,887, for a total of $568,230. The Company has made no provision in its financial statements for the balance of its claims filed against Jamesway due to the fact that there will not be any further distributions. There are various lawsuits and claims pending against the Company. It is the opinion of management that the resolution of these matters will not have a material adverse effect on the Company's Consolidated Financial Statements. -10- J. W. MAYS, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION Results of Operations: Three Months Ended October 31, 2000 Compared to the Three Months Ended October 31, 1999: In the three months ended October 31, 2000, the Company reported net income of $313,475, or $.15 per share. In the comparable three months ended October 31, 1999, the Company reported net income of $294,500, or $.14 per share Revenues in the current three months increased to $2,736,892 from $2,704,905 in the comparable 1999 three months. The increase is primarily due to the leasing of 11,200 square feet to a tenant at the Company's Jamaica, New York property. The lease commenced September 1, 2000. Real estate operating expenses in the current three months increased to $1,405,989 from $1,358,842 in the comparable 1999 three months primarily due to an increase in real estate taxes, utility and maintenance costs, partially offset by a decrease in water and sewer costs and license and permits. Administrative and general expenses in the current three months increased to $545,816 from $542,313 in the comparable 1999 three months. The bad debt recovery in the amount of $47,532 in the current three months relates to prior years' bad debt write-off from Jamesway. See Note 12 to the Consolidated Financial Statements. There was no comparable item in the 1999 three month period. Depreciation and amortization expense in the current three months increased to $261,277 from $246,241 in the comparable 1999 three months. Interest expense in the current three months exceeded investment income by $83,867 and by $96,009 in the comparable 1999 three months. The decrease was due to scheduled repayments of debt. Liquidity and Capital Resources: The Company has been operating as a real estate enterprise since the discontinuance of the retail department store segment of its operations on January 3, 1989. Management considers current working capital and borrowing capabilities adequate to cover the Company's planned operating and capital requirements. The Company's cash and cash equivalents amounted to $1,630,689 at October 31, 2000. The Company, on October 26, 2000, signed a commitment letter with a bank for a loan in the amount of $3,500,000, the loan to be secured by a second position leasehold mortgage covering the entire leasehold interest of the Company as tenant in a certain ground lease and building in the Jamaica, New York property. The financial statements do not give effect to the commitment letter. The loan proceeds are to be utilized by the Company toward its costs of capital improvements of the premises in connection with the Company's lease of 42,250 square feet of a floor in the building to the State of New York. -11- The loan is structured in two phases: 1) A nine-month second mortgage construction loan with a six-month extension option with interest at a floating prime rate. During this period, the Company is to have the option to secure advances against the loan amount. 2) Upon completion of the renovations, the construction loan would convert to a 10-year second mortgage permanent loan on a fifteen (15) year level amortization, plus interest, at the option of the Company. The interest rate on the permanent loan during the first five (5) years is at a fixed rate equal to the five (5)-year treasury note rate plus 2.25% per annum, set 3 days prior to closing and during the five (5) year renewal term, at a fixed rate equal to the five (5) year treasury note rate, as of the start of such period, plus 2.25% per annum. Payments are to be made, in arrears, on the first day of each and every month calculated (a) during the period of the construction loan, interest only, and (b) during the ten (10) year period of the term loan, equal to the sum of the interest rate plus amortization sufficient to fully liquidate the loan over a fifteen (15) year period. As additional collateral security, the Company will conditionally assign to the bank all leases and rents on the premises, or portions thereof, whether now existing or hereafter consummated. The Company has an option to prepay principal, in whole or in part, plus interest accrued thereon, at any time during the term, without premium or penalty. Other provisions of the commitment letter provide certain restrictions on the incurrence of indebtedness and the sale or transfer of the Company's ground lease interest in the premises. Both facilities will be subject to the bank's existing first position mortgage loan on the premises. The Company, on October 20, 2000, completed a lease with the State of New York for 42,250 square feet of office space in the Company's Jamaica, New York property. Occupancy is anticipated to commence on or about August 1, 2001. See above for details of a commitment letter with a bank, signed by the Company on October 26, 2000, for a loan to cover the cost of capital improvements in connection with the aforementioned lease of 42,250 square feet. During fiscal 2000, the Company leased 11,200 square feet of office space to the State of New York which space is contiguous to the existing office space occupied by the State in the Company's Jamaica, New York property. Rent for the additional space commenced September 1, 2000. The Company has a mortgage on its Brooklyn, New York property which becomes due on May 1, 2001. The Company has not determined whether it will renew this mortgage. Cash Flows From Operating Activities: Deferred Expenses: Cash expenditures for the three months ended October 31, 2000 increased by $50,073 due primarily to legal and professional costs in obtaining a new tenant and partial financing costs to obtain a loan, the proceeds of which are to be utilized by the Company toward its cost of capital improvements relating to the new tenant's occupancy at the Company's Jamaica, New York building. Occupancy is anticipated to commence on or about August 1, 2001. -12- Receivables: The Company is due the amount of $264,130 as of October 31, 2000 for expenditures for renovations made on behalf of one tenant at the Jamaica, New York building. Prepaid Expenses: Cash expenditures for the three months ended October 31, 2000 decreased by $16,757 compared to the comparable three months ended October 31, 1999, due primarily to a decrease in insurance premiums. Payroll and other Accrued Liabilities: The Company incurred a liability in the amount of $213,750 in the three months ended October 31, 2000 due to the purchase of 25,000 shares of its outstanding common stock in a private transaction. Cash Flows From Investing Activities: Capital Expenditures: The Company had expenditures of $568,668 for the three months ended October 31, 2000 to renovate 11,200 square feet of additional space for an existing tenant at its Jamaica, New York building, of which $204,806 is applicable to the three months and is to be reimbursed by the tenant. The Company anticipates that the total renovation will cost approximately $1,000,000, of which approximately $400,000 will be reimbursed by the tenant. As of October 31, 2000, the Company has expended a total of $986,818 for the renovations which are anticipated to be completed during December, 2000. The Company had expenditures of $42,137 for the three months ended October 31, 2000 for renovations of its Fishkill, New York building. The company anticipates that the renovations will cost approximately $110,000 and are anticipated to be completed during December, 2000. Cash Flows From Financing Activities: The Company purchased 25,000 shares of its outstanding common stock in a private transaction for a total purchase price of $213,750 in the three months ended October 31, 2000. -13- Part II - Other Information Item 6 - Exhibits and Reports on Form 8-K (a) List of Exhibits: Sequentially Exhibit Numbered Number Exhibit Page ------- ------- ------------ (2) Plan of acquisition, reorganization, arrangement, liquidation or succession. N/A (4) Instruments defining the rights of security holders, including indentures. N/A (10) Material contracts. N/A (11) Statement re computation of per share earnings. N/A (15) Letter re unaudited interim financial information. N/A (18) Letter re change in accounting principles. N/A (19) Report furnished to security holders. N/A (22) Published report regarding matters submitted to vote of security holders. N/A (24) Power of attorney. N/A (27) Financial data schedule. N/A (99) Additional exhibits. N/A (b) Reports on Form 8-K - No report on Form 8-K was required to be filed by the Company during the three months ended October 31, 2000. -14- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. J.W. MAYS, Inc. --------------- (Registrant) Date December 4, 2000 Lloyd J. Shulman ---------------------- Lloyd J. Shulman Chairman Date December 4, 2000 Alex Slobodin ----------------------------- Alex Slobodin Exec. Vice-President (Principal Financial Officer)