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10-Q - QUARTERLY REPORT - BOWL AMERICA INCbowl_10q-092610.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT - BOWL AMERICA INCex31-1.htm
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT - BOWL AMERICA INCex31-2.htm
EX-32 - WRITTEN STATEMENT OF THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. 1350 - BOWL AMERICA INCex32.htm
Exhibit 20  Press release issued November 9, 2010
 
For Immediate Release
November 9, 2010
 
BOWL AMERICA SUMMER QUARTER REPORT

Bowl America Incorporated today reported a loss of $.04 per share for its first quarter ended September 26, 2010, compared to a slight profit in last year’s first quarter.  The bowling business is highly seasonal and the summer quarter includes two of the slowest business months of the year.  Concern about the continuing sluggish economy and its impact on their financial future have influenced the public’s recreational spending.  Both open play and league bowling are suffering as a result.

Comprehensive earnings, which adds after-tax appreciation on the Company’s investments in telecommunication stocks and a mutual fund to net earnings, showed a small profit.

This is a 53-week accounting year which should help profits in the fourth quarter.  However Virginia’s recently imposed smoking regulation has negatively affected league participation in the current year at 13 of our centers.

Bowl America has no long-term debt and has substantial cash reserves to provide some  cushion during the downturn.  Tomorrow the Company will pay a regular quarterly dividend of $.155 per share.

Bowl America operates 19 bowling centers and its Class A Common Stock trades on the NYSE Amex Exchange with the symbol BWLA.  A more detailed explanation of results is available in the Company’s S.E.C. Form 10-Q filing, available at the Company’s web site www.bowlamericainc.com.
* * *
BOWL AMERICA INCORPORATED
Results of Operations
(unaudited)
 
   
Thirteen weeks ended
 
 
 
September 26,
   
September 27,
 
   
2010
   
2009
 
Revenues
           
 Bowling and other
  $ 4,007,330     $ 4,326,333  
 Food & mdse sales
    1,642,649       1,748,877  
      5,649,979       6,075,210  
                 
Operating expenses excluding depreciation and amortization                
     5,678,533        5,730,650  
Depreciation and amortization                         
    436,422       458,250  
Interest & dividend                                         
    144,907       136,129  
(Loss) earnings before taxes
    (320,069 )     22,439  
Net (Loss) earnings
  $ (204,869 )   $ 14,639  
Comprehensive earnings
  $ 84,618     $ 140,008  
Weighted average shares outstanding
    5,146,971       5,141,077  
                 
(LOSS) EARNINGS PER SHARE
    (.04 )     .00  
 
 
 

 
 
SUMMARY OF FINANCIAL POSITION
(unaudited)
Dollars in Thousands
 
 
 
09/26/10
   
09/27/09
 
ASSETS
           
             
Total current assets including cash and
 short-term investments of $9,494 & $10,008
  $ 10,944     $ 11,410  
Property and investments
    30,261       30,949  
TOTAL ASSETS
  $ 41,205     $ 42,359  
                 
                 
LIABILITIES AND STOCKHOLDERS'EQUITY
               
                 
Total current liabilities
  $ 3,220     $ 3,140  
Other liabilities
    2,295       2,297  
Stockholders' equity
    35,690       36,922  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  $ 41,205     $ 42,359