Attached files

file filename
10-K - FORM 10-K - BOWL AMERICA INCbowlamerica_10k-062710.htm
EX-32 - EXHIBIT 32 - BOWL AMERICA INCex32.htm
EX-31.1 - EXHIBIT 31.1 - BOWL AMERICA INCex31-1.htm
EX-31.2 - EXHIBIT 31.2 - BOWL AMERICA INCex31-2.htm
EXHIBIT 20
 
For Immediate Release
September 24, 2010
  
BOWL AMERICA REPORTS FISCAL YEAR EARNINGS

Bowl America Incorporated today reported earnings per share for its fiscal fourth quarter ended June 27, 2010, were $.04, down from $.08 in the comparable quarter last year.  Earnings for the fiscal year declined to $.36 from $.60 in the prior year.

Severe winter weather that caused center closings and kept patrons from traveling, magnified the impact of the nationwide economic downturn on these results.  Customers tended to reduce recreation spending because of uncertainty about their own financial futures.  In addition lower interest rates on investments contributed to the decrease in earnings.  Both lower traffic and lower interest rates have continued into the first quarter of fiscal 2011.

Fiscal 2010 was the Company’s 38th year of increased regular per share dividends.   Bowl America has no long-term debt and has significant cash reserves.  The Company’s Board of Directors yesterday declared a regular quarterly dividend of $.155 to be paid in November 2010.

A more detailed explanation of results is available in the Company’s S.E.C. Form 10-K filing available through the website www.bowlamericainc.com.  Bowl America operates 19 bowling centers and its stock trades on the NYSE Amex with the symbol BWLA.
* * * *

BOWL AMERICA INCORPORATED
Results of Operations

   
Thirteen
   
Thirteen
   
Fifty-two
   
Fifty-two
 
   
Weeks Ended
   
Weeks Ended
   
Weeks Ended
   
Weeks Ended
 
   
06/27/10
   
06/28/09
   
06/27/10
   
06/28/09
 
Operating Revenues
                       
Bowling and other
  $ 4,099,537     $ 4,478,990     $ 19,109,668     $ 21,037,547  
Food, beverage and merchandise sales
    1,726,477       1,868,522       7,974,228       8,674,571  
    Net gain (loss) on sale of assets
    43,177       (1,375 )     43,177       (1,375 )
      5,869,191       6,346,137       27,127,073       29,710,743  
Operating expenses excluding
                               
depreciation and amortization
    5,349,321       5,609,232       23,106,792       23,969,461  
Depreciation and amortization
    320,394       356,206       1,687,150       1,726,854  
Interest and dividend income
    118,153       181,041       529,845       679,287  
Earnings before taxes
    317,629       561,740       2,862,976       4,693,715  
Net Earnings
  $ 196,265     $ 411,907     $ 1,850,712     $ 3,057,282  
Weighted average shares outstanding
    5,141,301       5,132,505       5,141,102       5,133,375  
                                 
EARNINGS PER SHARE
    .04       .08       .36       .60  
 
* * * *

SUMMARY OF FINANCIAL POSITION
Dollars in Thousands

   
06/27/10
   
06/28/09
 
ASSETS
           
Total current assets including cash and short-term investment of $9,716 and $11,020
 
$
11,311
   
$
12,410
 
Property and investments
   
30,099
     
30,557
 
TOTAL ASSETS
 
$
41,410
   
$
42,967
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
Total current liabilities
 
$
2,890
   
$
3,167
 
Other liabilities
   
2,116
     
2,221
 
Stockholders' equity
   
36,404
     
37,579
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
41,410
   
$
42,967