J.W. Mays, Inc. reported a net income of $86,784 for the three months ended April 30, 2025, a notable improvement from a net loss of $84,880 in the same period of 2024. For the nine months ended April 30, 2025, the company significantly reduced its net loss to $44,240, down from $375,483 in the comparable prior year period. Total revenues for the nine-month period increased to $16.81 million from $16.10 million year-over-year.
The company's third-quarter revenue was $5.63 million, an increase from $5.36 million in the prior year's third quarter. Operational highlights included an 84,000 square foot expansion at the Circleville, Ohio property, and new 10-year office leases at both the Jamaica premises and the 9 Bond Street building. These leasing activities contributed to the revenue growth.
However, J.W. Mays also experienced tenant turnover, including a lease termination at 9 Bond Street resulting in an estimated $120,000 annual rent loss. Additionally, non-renewal notices for space at the Jowein building and 9 Bond Street represent approximately $1.03 million in potential annual rent loss. As of April 30, 2025, the company held $2.28 million in cash and cash equivalents, with net cash provided by operating activities at $3.35 million for the nine-month period.
A critical financial risk for J.W. Mays is the $3.30 million outstanding mortgage on the Fishkill building, which includes a provision allowing the lender to demand full repayment at any time from April 30, 2025. The company anticipates incurring an additional $1.20 million in capital expenditures over the next twelve months ending April 30, 2026, indicating planned investments in its properties.
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