XNAS:MAYS JW Mays Inc Annual Report 10-K Filing - 7/31/2012

Effective Date 7/31/2012

XNAS:MAYS (JW Mays Inc): Fair Value Estimate
Premium
XNAS:MAYS (JW Mays Inc): Consider Buying
Premium
XNAS:MAYS (JW Mays Inc): Consider Selling
Premium
XNAS:MAYS (JW Mays Inc): Fair Value Uncertainty
Premium
XNAS:MAYS (JW Mays Inc): Economic Moat
Premium
XNAS:MAYS (JW Mays Inc): Stewardship
Premium
 



UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549
__________________

FORM 10-K
__________________

x       ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Fiscal Year Ended: July 31, 2012
OR
c 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 incorporation or organization) (I.R.S. Employer 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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Name of each exchange on which registered
Common Stock, par value $1 per share The NASDAQ Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

     Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o   No x

     Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o   No x

     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 o

     Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x   No o

     Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulations S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x No delinquent filers

     Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer o
Non-accelerated filer o Smaller reporting company  x

     Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o   No x

     The aggregate market value of voting stock held by non-affiliates of the registrant was approximately $6,540,568 as of January 31, 2012 based on the average of the bid and asked price of the stock reported for such date. For the purpose of the foregoing calculation, the shares of common stock held by each officer and director and by each person who owns 5% or more of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

     The number of shares outstanding of the registrant’s common stock as of September 7, 2012 was 2,015,780.

DOCUMENTS INCORPORATED BY REFERENCE

Part of Form 10-K
in which the Document
Document       is incorporated
Annual Report to Shareholders for Fiscal Year Ended July 31, 2012 Parts I and II
Definitive Proxy Statement for the 2012 Annual Meeting of Shareholders Part III





J.W. MAYS, INC.
FORM 10-K FOR THE FISCAL YEAR ENDED JULY 31, 2012

TABLE OF CONTENTS

Page
Part I            
Item 1. Business 1
  Item 1A. Risk Factors 1-2
Item 1B. Unresolved Staff Comments 2
Item 2. Properties 3-7
Item 3. Legal Proceedings 7
Item 4. Mine Safety Disclosures 7
Executive Officers of the Registrant 8
Part II
Item 5. Market for Registrant’s Common Equity, Related Stockholder
             Matters and Issuer Purchases of Equity Securities 8-9
             Performance Graph 9-10
Item 6. Selected Financial Data 10
Item 7. Management’s Discussion and Analysis of Financial Condition
             and Results of Operations 10
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 10
Item 8. Financial Statements and Supplementary Data 10
Item 9. Changes in and Disagreements with Accountants on Accounting
             and Financial Disclosure 10
Item 9A. Controls and Procedures 10-11
Item 9B. Other Information 11
Part III
Item 10. Directors, Executive Officers and Corporate Governance 11
Item 11. Executive Compensation 11
Item 12. Security Ownership of Certain Beneficial Owners and Management
               and Related Stockholder Matters 11
Item 13. Certain Relationships and Related Transactions, and Director Independence 11
Item 14. Principal Accounting Fees and Services 12
Part IV
Item 15. Exhibits and Financial Statement Schedules 12-13
Signatures 14



PART I

ITEM 1. BUSINESS.

     J.W. Mays, Inc. (the “Company” or “Registrant”) with executive offices at 9 Bond Street, Brooklyn, New York 11201, operates a number of commercial real estate properties, which are described in Item 2 “Properties”. The Company’s business was founded in 1924 and incorporated under the laws of the State of New York on July 6, 1927.

     The Company discontinued its department store business which operated under the name of “MAYS”, in the year ended July 31, 1989, and has continued the leasing of real estate. The Company has no foreign operations.

     The Company employs 29 employees and has a contract, expiring November 30, 2013, with a union covering rates of pay, hours of employment and other conditions of employment for approximately 24% of its employees. The Company considers that its labor relations with its employees and union are good.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

     This Annual Report on Form 10-K may contain forward-looking statements which include assumptions about future market conditions, operations and financial results. These statements are based on current expectations and are subject to risks and uncertainties. They are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results, performance or achievements in the future could differ significantly from the results, performance or achievements discussed or implied in such forward-looking statements herein and in prior U. S. Securities and Exchange Commission (“SEC”) filings by the Company. The Company assumes no obligation to update these forward-looking statements or to advise of changes in the assumptions on which they were based.

     Factors that could cause or contribute to such differences include, but are not limited to, changes in the competitive environment of the Company, general economic and business conditions, industry trends, changes in government rules and regulations and environmental rules and regulations. Statements concerning interest rates and other financial instrument fair values and their estimated contribution to the Company’s future results of operations are based upon market information as of a specific date. This market information is often a function of significant judgment and estimation. Further, market interest rates are subject to potential significant volatility.

ITEM 1A. RISK FACTORS.

Risks Relating to Ownership Structure

     The controlling shareholder group may be able to vote its shares in favor of its interests that may not always coincide with the interests of shareholders not part of such group. This risk may be counter-balanced to a degree by the actions of the Board of Directors whose composition is made up of a majority of independent directors.

     The controlling shareholder group includes a corporation that owns a significant percentage of the Company’s common stock and which does business with the Company, as further described in the Notes to the Consolidated Financial Statements. In theory, this could result in a conflict of interest; nevertheless, the Company and its largest shareholder have put in place some controls to reduce the effects of any perceived conflict of interest.

     Certain conflicts of interest may be perceived by the relationship between the Company and its largest shareholder. Both entities have the same Chief Executive Officer, and certain management personnel work for both entities. Nevertheless, the Company’s Board of Directors is composed of a majority of independent directors. As recently as 2005, in a case involving both entities, the Delaware Supreme Court in connection with an attempt to obtain books and records of the Company through a proceeding against the Company’s significant shareholder, held that the actions of the Company’s Board were proper.

1



Risks Related to Our Business

     We are a part of the communities in which we do business. Accordingly, like other businesses in our communities, we are subject to the following risks:

  • the continued threat of terrorism;
     
  • economic downturns, both on a national and on local scales;
     
  • loss of key personnel;
     
  • the availability, if needed, of additional financing;
     
  • the continued availability of insurance (in different types of policies) at reasonably acceptable rates; and
     
  • the general burdens of governmental regulation, at the Local, State and Federal levels.

Risks Related to Real Estate Operations

     Our investment in property development may be limited by increasing costs required to “fit up” property to be leased to tenants. Also, as the cost of fitting up properties increases, we may be required to wait and forsake opportunities that would be revenue producing until such time that we obtain the necessary financing of such ventures. This risk may be mitigated by our obtaining of lines of credit and other financing vehicles, although such have significant limitations on the amounts that may be borrowed at any point in time.

     We also may be subject to environmental liability as an owner or operator of properties. Many of our properties are old and when we need to fit up a property for a new tenant, we may find materials and the like that could be deemed to contain hazardous elements requiring remediation or encapsulation.

     We try to lease our properties to tenants with adequate finances, but as a result of the recent economic downturn, even formerly financially strong tenants may be at risk. The Company is trying to mitigate the latter by leasing our properties to multiple tenants where applicable in order to diversify the tenant base.

Risks Related to our Investments

     Excess cash and cash equivalents may be invested from time to time. We seek to earn rates of return that will help us finance our business operations. These investments may be subject to significant uncertainties and may not be successful for many reasons, including, but not limited to the following:

  • fluctuations in interest rates;
     
  • worsening of general economic and market conditions; and
     
  • adverse legal, financial and regulatory developments that may affect a particular business.

Risk Factors Summary

     These are some of the “Risk Factors” that could affect the Company’s business. The Company endeavors to take actions and do business in a way that reduces these “Risk Factors” or, at least, takes them into account when conducting its business. Nevertheless, some of these “Risk Factors” cannot be avoided so that the Company must also take actions and do business that negates the adverse effects that these may have on the ongoing business of the Company.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

     There are no unresolved comments from the staff of the U. S. Securities and Exchange Commission as of the date of this Annual Report on Form 10-K.

2



ITEM 2. PROPERTIES.

     The table below sets forth certain information as to each of the properties currently operated by the Company:

Approximate
Location       Square Feet
1.       Brooklyn, New York
       Fulton Street at Bond Street 380,000
2. Brooklyn, New York
       Jowein building at Elm Place 201,000
3. Jamaica, New York
       Jamaica Avenue at 169th Street 297,000
4. Fishkill, New York
       Route 9 at Interstate Highway 84 203,000
(located on
14.6 acres)
5. Levittown, New York
       Hempstead Turnpike 10,000
(located on
75,800 square
feet of land)
6. Massapequa, New York
       Sunrise Highway 133,400
7. Circleville, Ohio
       Tarlton Road 193,350
(located on
11.6 acres)
8. Brooklyn, New York
       Truck bays, passage facilities and tunnel-Schermerhorn Street 17,000
       Building-Livingston Street 10,500

     Properties are leased under long-term leases for varying periods, the longest of which extends to 2073, and in most instances renewal options are included. Reference is made to Note 6 to the Consolidated Financial Statements contained in the 2012 Annual Report to Shareholders, incorporated herein by reference. The properties owned which are held subject to mortgage are the Brooklyn Bond Street building and the Fishkill property.

1.       Brooklyn, New York—Fulton Street at Bond Street
 
10% of the property is leased by the Company under five separate leases. Expiration dates are as follows: 12/8/2043 (1 lease) which lease currently has one thirty-year renewal option through 12/8/2073. The Company in July 2012, exercised the first renewal option for thirty years ending 12/8/2043; 4/30/2021 (2 leases), which leases previously had expiration dates of April 30, 2011 and were extended for an additional ten years; and 4/30/31 (2 leases) which leases previously had expiration dates of April 30, 2011 and were extended for an additional twenty years. The Company renovated 18,218 square feet for office space for a tenant, which was completed in December 2011. There are plans to renovate vacant space for office use upon the execution of future leases to tenants, although no assurances can be made as to when or if such leases will be entered into.
 
The property is currently leased to twenty tenants of which eleven are retail tenants, one is a fast food restaurant and eight occupy office space. Two tenants have leased in excess of 10% of the rentable square footage. One tenant is a department store (33.42%) and the other tenant occupies office space (15.06%).

3



Occupancy Lease Expiration
Year Year Number of Area
Ended       Rate       Ended       Leases       Sq. Ft.
7/31/2008 53.05% 7/31/2013 2 323
7/31/2009 62.06% 7/31/2014 5 66,641
7/31/2010 69.74% 7/31/2016 3 16,009
7/31/2011 69.68% 7/31/2018 1 3,300
7/31/2012   72.28% 7/31/2019 1 21,121
7/31/2021   5     146,912
  7/31/2022   1 2,000
7/31/2026 1   7401
7/31/2032 1 18,218
20 281,925

      As of July 31, 2012 the federal tax basis is $23,933,986 with accumulated depreciation of $10,617,410 for a net carrying value of $13,316,576. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.
 
The real estate taxes for this property are $1,258,818 per year and the rate used is averaged at $11.222 per $100 of assessed valuation.
 
2. Brooklyn, New York—Jowein building at Elm Place
 
The building is owned. The property is currently leased to thirteen tenants of which two are retail stores, one is a fast food restaurant, two are for warehouse and eight leases are for office space. There are plans to renovate vacant space for office use upon the execution of future leases to tenants, although no assurances can be made as to when or if such leases will be entered into.

Occupancy Lease Expiration
Year Year Number of Area
Ended       Rate       Ended       Leases       Sq. Ft.
7/31/2008 68.09% 7/31/2013 3 31,908
7/31/2009 71.38% 7/31/2014 1 5,000
7/31/2010   69.85% 7/31/2015 1 56,547
7/31/2011 76.02% 7/31/2016 3 9,260
7/31/2012 76.38% 7/31/2017   1   5,500
    7/31/2018 2   17,364
7/31/2021   1 8,500
7/31/2059 1 19,437
13 153,516

As of July 31, 2012 the federal tax basis is $11,356,323 with accumulated depreciation of $4,391,492 for a net carrying value of $6,964,831. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.

The real estate taxes for this property are $520,602 per year and the rate used is averaged at $10.556 per $100 of assessed valuation.

4



3.       Jamaica, New York—Jamaica Avenue at 169th Street
 
The building is owned and the land is leased from an affiliated company. The lease expires July 31, 2027. The property is currently leased to eleven tenants: six are retail tenants and five for office space. Three tenants each occupy in excess of 10% of the rentable square footage: a major retail store occupies 15.86%; and two tenants occupy office space—one occupies 14.23% and the other 12.83% of the rentable space. Approximately 23,000 square feet of the building are available for lease. There are plans to renovate vacant space for office use upon the execution of future leases to tenants, although no assurances can be made as to when or if such leases will be entered into.

Occupancy Lease Expiration
Year Year Number of Area
Ended       Rate       Ended       Leases       Sq. Ft.
7/31/2008 79.38% 7/31/2014 3 64,063
7/31/2009 79.38% 7/31/2015 1 24,109
7/31/2010   80.99% 7/31/2016 1   6,021
7/31/2011 81.14% 7/31/2017   5   102,532
7/31/2012 81.14% 7/31/2020   1 42,250
11 238,975

      As of July 31, 2012 the federal tax basis is $18,617,463 with accumulated depreciation of $9,175,022 for a net carrying value of $9,442,441. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.
 
The real estate taxes for this property are $355,342 per year and the rate used is averaged at $11.280 per $100 of assessed valuation.
 
4. Fishkill, New York—Route 9 at Interstate Highway 84
 
The Company owns the entire property. There are approximately 203,000 square feet of the building available for lease. There are plans to renovate vacant space to tenants upon the execution of future leases to tenants, although no assurances can be made as to when or if such leases will be entered into.

Occupancy Lease Expiration
Year Year Number of Area
Ended       Rate       Ended       Leases       Sq. Ft.
7/31/2008  
7/31/2009
7/31/2010      
7/31/2011    
7/31/2012

As of July 31, 2012 the federal tax basis is $9,608,447 with accumulated depreciation of $8,298,723 for a net carrying value of $1,309,724. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.

The real estate taxes for this property are $126,639 per year and the rate used is averaged at $2.32 per $100 of assessed valuation.

5



5.       Levittown, New York—Hempstead Turnpike
 
The Company owns the entire property. In October 2006, the Company entered into a lease agreement with a restaurant. The restaurant constructed a new 10,000 square foot building, which opened in May 2008. Ownership of the building reverts to the Company at the conclusion of the leasing arrangement, currently August 16, 2017.

Occupancy Lease Expiration
Year Year Number of Area
Ended       Rate       Ended       Leases       Sq. Ft.
7/31/2008 25.00% 7/31/2018 Building 10,000
7/31/2009 100.00% Land 75,800
7/31/2010   100.00%     1 85,800
7/31/2011 100.00%      
7/31/2012 100.00%

      The real estate taxes for this property are $157,631 per year and the rate used is averaged at $765.94 per $100 of assessed valuation.
 
6. Massapequa, New York—Sunrise Highway
 
The Company is the prime tenant of this leasehold. The lease expired May 14, 2009, and there was one renewal option for twenty-one years, which the Company exercised in April 2008. The entire leasehold is currently subleased to two tenants; one, to a drive-in restaurant and the other for use as a bank. The bank occupies 85.01% of the property and the restaurant occupies 14.99% of the property. Both subleases expire in May 2030, with no renewal options. The restaurant occupancy began in April 2012. There are no present plans for additional improvements of this property.

Occupancy Lease Expiration
Year Year Number of Area
Ended       Rate       Ended       Leases       Sq. Ft.
7/31/2008

100.00%

 

7/31/2030

2 133,400
7/31/2009 96.25%  
7/31/2010 85.01%        
7/31/2011   85.01%
7/31/2012 89.38%

      The real estate taxes for this property are $257,996 per year and the rate used is averaged at $704.46 per $100 of assessed valuation.
 
The Company does not own this property. Improvements to the property, if any, are made by tenants.
 
7. Circleville, Ohio—Tarlton Road
 
The Company owns the entire property. The property is currently leased to two tenants. The tenants use these premises for warehouse and distribution facilities. One tenant’s lease agreement was executed for a five year period, with a right to cancel after three years, for 75,000 square feet to November 11, 2010. The tenant is currently on a month to month lease agreement and occupies 30,000 square feet. The other tenant’s lease agreement was executed for a three-year period effective April 1, 2012, and allows the tenant to have permanent space of 60,000 square feet and revolving space of up to 48,000 square feet. There are approximately 55,000 square feet of the building available for lease. There are plans to renovate vacant space to tenants upon the execution of future leases to tenants, although no assurances can be made as to when or if such leases will be entered into.

6



Occupancy Lease Expiration
Year Year Number of Area
Ended       Rate       Ended       Leases       Sq. Ft.
7/31/2008 49.13% 7/31/2013   1 30,000
7/31/2009   69.82% 7/31/2015 1 108,000
7/31/2010 67.80%     138,000
7/31/2011 66.11%  
7/31/2012 77.75%

      As of July 31, 2012 the federal tax basis is $4,388,456 with accumulated depreciation of $2,634,077 for a net carrying value of $1,754,379. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.
 
The real estate taxes for this property are $31,150 per year and the rate used is averaged at $4.41 per $100 of assessed valuation.
 
8. Brooklyn, New York—Livingston Street
 
The City of New York through its Economic Development Administration constructed a municipal garage at Livingston Street opposite the Company’s Brooklyn properties. The Company has a long-term lease with the City of New York and another landlord expiring in 2013 with renewal options, the last of which expires in 2073. The Company exercised one of the renewal options in July 2012 for an additional thirty year period, expiring in 2043, under which:
 
(1)       Such garage, available to the public, provides truck bays and passage facilities through a tunnel, both for the exclusive use of the Company, to the structure referred to in (2) below. The truck bays, passage facilities and tunnel, totaling approximately 17,000 square feet, are included in the lease from the City of New York and another landlord referred to in the preceding paragraph.
 
(2) The Company constructed a building of six stories and basement on a 20 x 75-foot plot (acquired and made available by the City of New York and leased to the Company for a term expiring in 2013 with renewal options, the last of which expires in 2073). The Company in July 2012, exercised the first renewal option for thirty years, ending in 2043. The plot is adjacent to and connected with the Company’s Brooklyn properties.

     In the opinion of management, all of the Company’s properties are adequately covered by insurance.

     See Note 11 to the Consolidated Financial Statements contained in the 2012 Annual Report to Shareholders, which information is incorporated herein by reference, for information concerning the tenants, the rental income from which equals 10% or more of the Company’s rental income.

ITEM 3. LEGAL PROCEEDINGS.

     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.

     The Company was required to remove the foot bridge over Bond Street in Brooklyn, New York by June 2012. The removal of the foot bridge was completed in November 2011 at a cost of $309,423.

     If the Company sells, transfers, disposes of or demolishes 25 Elm Place, Brooklyn, New York, then the Company may be liable to create a condominium unit for the loading dock. The necessity of creating the condominium unit and the cost of such condominium unit cannot be determined at this time.

ITEM 4. MINE SAFETY DISCLOSURES.

     None

7



EXECUTIVE OFFICERS OF THE REGISTRANT

       The following information is furnished with respect to each Executive Officer of the Registrant (each of whose position is reviewed annually but each of whom has a three-year employment agreement, effective August 1, 2008 and renewed August 1, 2011), whose present term of office will expire upon the election and qualification of his successor:

First Became
Business Experience During Such Officer
Name       Age       the Past Five Years       or Director
Lloyd J. Shulman 70 President November, 1978
Co-Chairman of the Board
       and President June, 1995
Chairman of the Board
       and President   November, 1996
  Director November, 1977
Mark S. Greenblatt 58 Vice President August, 2000
Treasurer August, 2003
Director August, 2003
  Assistant Treasurer November, 1987
Ward N. Lyke, Jr.   61 Vice President February, 1984
Assistant Treasurer August, 2003
George Silva 62 Vice President March, 1995

       All of the above mentioned officers have been appointed as such by the directors and have been employed as Executive Officers of the Company during the past five years.

PART II

ITEM 5.     

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

COMMON STOCK AND DIVIDEND INFORMATION

       Effective November 8, 1999, the Company’s common stock commenced trading on The Nasdaq Capital Market tier of The Nasdaq Stock Market under the Symbol: “Mays”. Such shares were previously traded on The Nasdaq National Market. Effective August 1, 2006, NASDAQ became operational as an exchange in NASDAQ-Listed Securities. It is now known as The NASDAQ Stock Market LLC.

       The following is the sales price range per share of J. W. Mays, Inc. common stock during the fiscal years ended July 31, 2012 and 2011:

Sales Price
Three Months Ended       High       Low
October 31, 2011 $ 17.00 $ 13.10
January 31, 2012 17.00   13.30
April 30, 2012   19.69 14.80
July 31, 2012 20.25 17.10
 
October 31, 2010 $ 16.89 $ 12.60
January 31, 2011 19.91 11.73
April 30, 2011 20.00 17.25
July 31, 2011 20.05 16.50

       The quotations were obtained for the respective periods from the National Association of Securities Dealers, Inc. There were no dividends declared in either of the two fiscal years.

       On September 7, 2012, the Company had approximately 1,350 shareholders of record.

8



RECENT SALES OF UNREGISTERED SECURITIES

       During the year ended July 31, 2012 we did not sell any unregistered securities.

RECENT PURCHASES OF EQUITY SECURITIES

       During the year ended July 31, 2012 we did not repurchase any of our outstanding equity securities.

PERFORMANCE GRAPH

       The following graph sets forth a five-year comparison of cumulative total shareholder return for the Company, the Standard & Poor’s 500 Stock-Index (“S&P 500”), and a Peer Group. The graph assumes the investment of $100 at the close of trading July 31, 2007 in the common stock of the Company, the S&P 500 and the Peer Group, and the reinvestment of all dividends, although the Company did not pay a dividend during this five-year period.

Comparison of Five-Year Cumulative Total Return*
J.W. MAYS, INC., Standard & Poor’s 500 and Peer Group
(Performance Results Through 7/31/12)

7/31/2007       7/31/2008       7/31/2009       7/31/2010       7/31/2011       7/31/2012
J. W. MAYS, INC. $ 100.00 $ 79.88   $ 66.20    $ 67.74    $ 72.82    $ 84.95
Standard & Poor’s 500 $ 100.00   $ 88.91 $ 71.16 $ 81.00 $ 96.92 $ 105.77
Peer Group $ 100.00 $ 116.75 $ 59.91 $ 67.53 $ 71.94 $ 62.66
____________________

Assumes $100 invested at the close of trading 7/31/07 in J. W. MAYS, INC. common stock, Standard & Poor’s 500 and Peer Group.

*Cumulative total return assumes reinvestment of dividends.

Source: Value Line, Inc.

Factual material is obtained from sources believed to be reliable, but the publisher is not responsible for any errors or omissions contained herein.

9



       The Performance Graph shall not be deemed incorporated by reference by any general statement of incorporation by reference in any filing made under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, and shall not otherwise be deemed filed under such Acts.

ITEM 6.       SELECTED FINANCIAL DATA.

       The information appearing under the heading “Summary of Selected Financial Data” on page 2 of the Registrant’s 2012 Annual Report to Shareholders is incorporated herein by reference.

ITEM 7.     

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

       The information appearing under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Registrant’s 2012 Annual Report to Shareholders is incorporated herein by reference.

ITEM 7A.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

       The Company uses fixed-rate debt to finance its capital requirements. These transactions do not expose the Company to market risk related to changes in interest rates. The Company does not use derivative financial instruments. At July 31, 2012, the Company had fixed-rate debt of $6,750,259.

ITEM 8.       FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

       The Registrant’s Consolidated Financial Statements, together with the report of D’Arcangelo & Co., LLP, independent registered public accounting firm, dated October 4, 2012, appearing on pages 4 through 20 of the Registrant’s 2012 Annual Report to Shareholders is incorporated herein by reference. With the exception of the aforementioned information and the information incorporated by reference in Items 2, 5, 6, and 7 hereof, the 2012 Annual Report to Shareholders is not to be deemed filed as part of this Form 10-K Annual Report.

ITEM 9.     

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

       There are no disagreements between the Company and its accountants relating to accounting or financial disclosures.

ITEM 9A.       CONTROLS AND PROCEDURES.

(A) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES.

       The Company’s management reviewed the Company’s internal controls and procedures and the effectiveness of these controls. As of July 31, 2012, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Rules 13a-14(c) and 15d-14(c) of the Securities Exchange Act of 1934. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective in timely alerting them to material information relating to the Company required to be included in its periodic SEC filings.

(B) CHANGE TO INTERNAL CONTROLS OVER FINANCIAL REPORTING.

       There was no change in the Company’s internal controls over financial reporting or in other factors during the Company’s last fiscal quarter that materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting. There were no significant deficiencies or material weaknesses noted, and therefore there were no corrective actions taken.

10



(C) MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING.

       The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Rule 13(a)-15(f). Our internal control system has been designed to provide reasonable assurance to the Company’s management and its Board of Directors regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Even those systems that have been determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. The Company’s management assessed the effectiveness of our internal control over financial reporting as of July 31, 2012. In making this assessment, the Company’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework Guidance for Small Public Companies. Based on the Company’s assessments, we believe that, as of July 31, 2012, its internal control over financial reporting is effective based on these criteria.

       This Form 10-K Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal controls over financial reporting. Management’s report was not subject to attestation by our independent registered public accounting firm pursuant to the permanent exemption for small reporting company filers from the internal control audit requirement of Section 404(b) of the Sarbanes-Oxley Act of 2002.

ITEM 9B.       OTHER INFORMATION.

       Reports on Form 8-K—One report on Form 8-K was filed by the Company during the three months ended July 31, 2012.

       Item reported—The Company reported its financial results for the three and nine months ended April 30, 2012.

       Date of report filed – June 7, 2012

PART III

ITEM 10.       DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

       The information relating to directors of the Company is contained in the Definitive Proxy Statement for the 2012 Annual Meeting of Shareholders and such information is incorporated herein by reference.

       The information with respect to Executive Officers of the Company is set forth in Part I hereof.

ITEM 11.       EXECUTIVE COMPENSATION.

       The information required by this item appears under the heading “Executive Compensation” in the Definitive Proxy Statement for the 2012 Annual Meeting of Shareholders and such information is incorporated herein by reference.

ITEM 12.     

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

       The information required by this item appears under the headings “Security Ownership of Certain Beneficial Owners and Management” and “Information Concerning Nominees for Election as Directors” in the Definitive Proxy Statement for the 2012 Annual Meeting of Shareholders and such information is incorporated herein by reference.

ITEM 13.     

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

       The information required by this item appears under the headings “Executive Compensation”, “Certain Transactions,” and “Board Interlocks and Insider Participation” in the Definitive Proxy Statement for the 2012 Annual Meeting of Shareholders and such information is incorporated herein by reference.

11



ITEM 14.       PRINCIPAL ACCOUNTING FEES AND SERVICES.

       The following table sets forth the fees paid by the Company to its independent registered public accounting firm, D’Arcangelo & Co., LLP, for the fiscal years 2012 and 2011.

Fiscal Year        Fiscal Year
2012 2011
Audit Fees $ 126,527   $ 142,725
Tax Fees and Other Fees 21,970 35,321
       Total $ 148,497 $ 178,046

       Audit Fees for fiscal year 2012 and fiscal year 2011 were for professional services rendered for the audits of the consolidated financial statements of the Company, interim quarterly reviews of Form 10-Q information and assistance with the review of documents filed with the U. S. Securities and Exchange Commission.

       Tax Fees and Other Fees for fiscal year 2012 and fiscal year 2011 were for services related to tax compliance and preparation of federal, state and local corporate tax returns and audit of real estate tax matters.

       The officers of the Company consult with, and receive the approval of, the Audit Committee before engaging accountants for any services.

PART IV

ITEM 15.       EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

       The following documents are filed as part of this report:

        1.        The Consolidated Financial Statements and report of D’Arcangelo & Co., LLP, independent registered public accounting firm, dated October 4, 2012, set forth on pages 4 through 20 of the Company’s 2012 Annual Report to Shareholders.
 
2. See accompanying Index to the Company’s Financial Statements and Schedules.
 
3. Exhibits:
 
(2)        Plan of acquisition, reorganization, arrangement, liquidation or succession—not applicable.
 
(3) Articles of incorporation and by-laws:
 
(i) Certificate of Incorporation, as amended, incorporated by reference to the Company’s Form 8-K dated December 3, 1973.
 
(ii) By-laws, as amended June 1, 1995, incorporated by reference to the Company’s Form 10-K dated October 23, 1995.
 
(iii) Amendment to By-laws, effective November 1, 1999, incorporated by reference to the Company’s Proxy Statement dated October 19, 2000.
 
(iv)        Amendment to By-laws, effective November 20, 2007, incorporated by reference to the Company’s Form 8-K dated November 20, 2007.
 
(4) Instruments defining the rights of security holders, including indentures—see Exhibit (3) above.
 
(9) Voting trust agreement—not applicable.

12



               (10)        Material contracts:
 
(i)        The J.W. Mays, Inc. Retirement Plan and Trust, Summary Plan Description, effective August 1, 1991, incorporated by reference to the Company’s Form 10-K dated October 23, 1992 and, as amended, effective August 1, 1993, incorporated by reference to the Company’s Form 10-Q for the Quarter ended October 31, 1993 dated December 2, 1993.
 
(ii) Employment Agreements with Messrs. Shulman, Greenblatt, Lyke and Silva, each dated August 1, 2005, incorporated by reference to the Company’s Form 8-K dated August 1, 2005. Each of these Employment Agreements were extended August 1, 2008 for a period of three years and further extended August 1, 2011 for an additional period of three years.
 
(11) Statement re computation of per share earnings—not applicable.
 
(12) Statement re computation of ratios—not applicable.
 
(13) Annual report to security holders.
 
(14) Code of ethics—not applicable.
 
(16) Letter re change in certifying auditors—not applicable.
 
(18) Letter re change in accounting principles—not applicable.
 
(21) Subsidiaries of the registrant.
 
(22) Published report regarding matters submitted to vote of security holders—not applicable.
 
(24) Power of attorney—none.
 
(28) Information from reports furnished to state insurance regulatory authorities—not applicable.
 
(31) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
31.1—Chief Executive Officer
 
31.2—Chief Financial Officer
 
(32) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; 18 U.S.C. Sec. 1350.

13



SIGNATURES

       Pursuant to the requirements of Section 13 or 15(d) 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)
 
October 4, 2012 By:       LLOYD J. SHULMAN
LLOYD J. SHULMAN
Chairman of the Board
Principal Executive Officer
President
Principal Operating Officer
 
October 4, 2012 By: MARK S. GREENBLATT
MARK S. GREENBLATT
Vice President and Treasurer
Principal Financial Officer
 
October 4, 2012 By: WARD N. LYKE, JR.
WARD N. LYKE, JR.
Vice President
and Assistant Treasurer

       Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant in the capacities and on the date indicated.

Signature             Title             Date
LLOYD J. SHULMAN Chairman of the Board, Chief Executive October 4, 2012
LLOYD J. SHULMAN   Officer, President, Chief Operating  
Officer and Director
 
MARK S. GREENBLATT Vice President, Treasurer and Director October 4, 2012
MARK S. GREENBLATT
 
ROBERT L. ECKER Director October 4, 2012
ROBERT L. ECKER
 
DEAN L. RYDER Director October 4, 2012
DEAN L. RYDER
 
JACK SCHWARTZ Director October 4, 2012
JACK SCHWARTZ

14



INDEX TO REGISTRANT’S FINANCIAL STATEMENTS AND SCHEDULES

       Reference is made to the following sections of the Registrant’s Annual Report to Shareholders for the fiscal year ended July 31, 2012, which are incorporated herein by reference:

       Report of Independent Registered Public Accounting Firm (page 20)

       Consolidated Balance Sheets (pages 4 and 5)

       Consolidated Statements of Income and Retained Earnings (page 6)

       Consolidated Statements of Comprehensive Income (page 7)

       Consolidated Statements of Cash Flows (page 8)

       Notes to Consolidated Financial Statements (pages 9-18)

       Page
Financial Statement Schedules:
              Report of Independent Registered Public Accounting Firm on Financial
         Statement Schedules 15
  II   Valuation and Qualifying Accounts 16
III Real Estate and Accumulated Depreciation 17

       All other schedules for which provision is made in the applicable regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and, accordingly, are omitted.

       The separate financial statements and schedules of J.W. Mays, Inc. (not consolidated) are omitted because the Company is primarily an operating company and its subsidiaries are wholly-owned.
____________________

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON
FINANCIAL STATEMENT SCHEDULES

To the Board of Directors and Shareholders of
J.W. Mays, Inc. and Subsidiaries

       We have audited the consolidated financial statements of J.W. Mays, Inc. and subsidiaries as of July 31, 2012 and 2011, and for the three years in the period ended July 31, 2012 and have issued our report thereon dated October 4, 2012; such consolidated financial statements and reports are incorporated by reference in this Form 10-K Annual Report. Our audits also included the consolidated financial statement schedules of J.W. Mays, Inc. and subsidiaries referred to in Item 15-2 of this Form 10-K. These consolidated financial statement schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion based on our audits. In our opinion, such consolidated financial statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.

D’ARCANGELO & CO., LLP
Rye Brook, N.Y.
October 4, 2012

15



SCHEDULE II

J.W. MAYS, INC.
VALUATION AND QUALIFYING ACCOUNTS

Year Ended July 31,
2012       2011       2010
Allowance for net unrealized gains (losses) on marketable securities:  
       Balance, beginning of year $ 190,415 $ 62,717   $ (88,078 )
       Additions   53,062     127,698 150,795
       Balance, end of year $ 243,477 $ 190,415 $ 62,717

16



SCHEDULE III

J.W. MAYS, INC.
REAL
ESTATE AND ACCUMULATED DEPRECIATION
July 31, 2012

Col. A    Col. B    Col. C    Col. D    Col. E    Col. F    Col. G    Col. H    Col. I
   Cost Capitalized Life on Which
Subsequent to Gross Amount at Which Carried Depreciation in
Initial Cost to Company Acquisition At Close of Period Latest Income
Encum- Building & Carried Building & Accumulated Date of Date Statement is
Description brances Land Improvements Improvements Cost Land Improvements Total Depreciation Construction Acquired Computed
Office and Rental Buildings         
Brooklyn, New York
       Fulton Street at Bond Street $ 4,118,335 $ 3,901,349 $ 7,403,468 $ 18,234,508 $— $ 3,901,349 $ 25,637,976 $ 29,539,325 $  9,066,802 Various Various (1)(2)
Jamaica, New York
       Jamaica Avenue at 169th Street 3,215,699 15,297,003 18,512,702 18,512,702 8,675,088 1959 1959 (1)(2)
Fishkill, New York  
       Route 9 at Interstate Highway 84 1,631,924 594,723 7,212,116 2,438,652 594,723 9,650,768 10,245,491 7,985,789 10/74 11/72 (1)
Brooklyn, New York    
       Jowein Building Fulton Street
       and Elm Place 1,324,957 728,327 10,792,968 1,324,957 11,521,295 12,846,252 3,753,780 1915 1950 (1)(2)
Levittown, New York Hempstead
       Turnpike 125,927 125,927 125,927 4/69 6/62 (1)
Circleville, Ohio
       Tarlton Road 120,849 4,388,456 120,849 4,388,456 4,509,305 2,139,372 9/92 12/92 (1)
Total(A) $ 5,750,259 $ 6,067,805 $ 22,948,066 $ 46,763,131 $— $ 6,067,805 $ 69,711,197 $ 75,779,002 $ 31,620,831
____________________
 
(1)       Building and improvements      18–40 years
(2) Improvements to leased property   3–40 years
(A) Does not include Office Furniture and Equipment and Transportation Equipment in the amount of $387,072 and Accumulated Depreciation thereon of $285,864 at July 31, 2012.

Year Ended July 31,
2012 2011 2010
Investment in Real Estate                  
       Balance at Beginning of Year $ 76,643,907 $ 74,918,445 $ 79,477,581
       Improvements 1,102,781 1,725,462 1,149,943
       Retirements (1,967,686 )
       Deduction - Lease Expiration (5,709,079 )
       Balance at End of Year $ 75,779,002 $ 76,643,907 $ 74,918,445
Accumulated Depreciation
       Balance at Beginning of Year $ 32,051,431 $ 30,544,645 $ 34,646,428
       Additions Charged to Costs and Expenses 1,534,697 1,506,786 1,607,296
       Retirements (1,965,297 )
       Deduction - Lease Expiration (5,709,079 )
       Balance at End of Year $ 31,620,831 $ 32,051,431 $ 30,544,645

17



EXHIBIT INDEX TO FORM 10-K

(2) Plan of acquisition, reorganization, arrangement, liquidation or succession—not applicable
 
(3) (i) Certificate of incorporation—incorporated by reference
 
(ii)       By-laws—incorporated by reference
 
      (iii) Amendment to By-laws, effective November 1, 1999—incorporated by reference
 
(iv) Amendment to By-Laws, effective November 20, 2007—incorporated by reference
 
(4) Instruments defining the rights of security holders, including indentures—see Exhibit (3) above
 
(9)   Voting trust agreement—not applicable
 
(10)       Material contracts—(i)        incorporated by reference
                                            
(ii)   Employment Agreements with Messrs. Shulman, Greenblatt, Lyke and Silva, each dated August 1, 2005, incorporated by reference to Registrant’s Form 8-K dated August 1, 2005. Each of these Employment Agreements were extended August 1, 2008 for a period of three years and further extended August 1, 2011 for an additional period of three years.

(11)       Statement re computation of per share earnings—not applicable
 
(12) Statement re computation of ratios—not applicable
 
(13) Annual report to security holders
 
(14) Code of ethics—not applicable
 
(16) Letter re change in certifying auditors—not applicable
 
(18) Letter re change in accounting principles—not applicable
 
(21) Subsidiaries of the registrant
 
(22) Published report regarding matters submitted to vote of security holders—not applicable
 
(24) Power of attorney—none
 
(28) Information from reports furnished to state insurance regulatory authorities—not applicable
 
(31) Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act—1 and 2
 
(32) Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
     
EX-101.INS   XBRL Instance Document
 
EX-101.SCH XBRL Taxonomy Extension Schema
   
EX-101.PRE XBRL Taxonomy Extension Presentation Linkbase
   
EX-101.LAB XBRL Taxonomy Extension Label Linkbase
   
EX-101.CAL XBRL Taxonomy Extension Calculation Linkbase
   
EX-101.DEF XBRL Taxonomy Extension Definition Linkbase

18


XNAS:MAYS JW Mays Inc Annual Report 10-K Filling

JW Mays Inc XNAS:MAYS Stock - Get Annual Report SEC Filing of JW Mays Inc XNAS:MAYS stocks, including company profile, shares outstanding, strategy, business segments, operations, officers, consolidated financial statements, financial notes and ownership information.

XNAS:MAYS JW Mays Inc Annual Report 10-K Filing - 7/31/2012
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Title |  Date |  Author |  Collection |  Interest |  Popularity Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Popularity |  Our Choices Title |  Date |  Company |  Symbol |  Interest |  Popularity

Previous: XNAS:MATW Matthews International Corporation Class A Quarterly Report 10-Q Filing - 6/30/2012  |  Next: XNAS:MAYS JW Mays Inc Quarterly Report 10-Q Filing - 1/31/2012