J.W. Mays(US:MAYS)2019-06-06 12:00Financial Performance - For the three months ended April 30, 2019, the company reported net income of $655,935, or $0.32 per share, compared to $318,172, or $0.16 per share in the same period of 2018, representing a 106% increase in net income [76]. - For the nine months ended April 30, 2019, net income was $870,701, or $0.43 per share, down from $3,167,496, or $1.57 per share in the same period of 2018, largely due to tax adjustments from the U.S. Tax Act [80]. Revenue - Revenues for the three months increased to $5,099,988 from $4,854,910 in the comparable 2018 period, primarily due to increased rental income and a real estate tax refund [77]. - Revenues for the nine months increased to $15,235,939 from $14,431,671, driven by higher rental income and real estate tax refunds [81]. Expenses - Real estate operating expenses decreased to $2,844,624 from $2,918,858, mainly due to lower maintenance costs, despite increases in payroll and leasing commission expenses [78]. - Administrative and general expenses rose to $4,184,557 from $3,433,154, primarily due to litigation settlement costs of $635,000 and increased payroll and pension costs [83]. Cash and Financing - The company had cash and cash equivalents of $5,330,262 as of April 30, 2019, and is refinancing a loan of $5,341,439 for an additional five years [86]. - The company uses fixed-rate debt to finance its capital requirements, with fixed-rate debt amounting to $5,341,439 as of April 30, 2019 [103]. Capital Expenditures - The company incurred expenditures of $521,592 for brokerage commissions related to a tenant extending their lease for an additional ten years [94]. - The company anticipates completing various renovation projects, including a new HVAC system estimated at $300,000, by June 2019 [99].