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EX-32 - EXHIBIT 32 - BOWL AMERICA INCex32.htm
EX-31.2 - EXHIBIT 31.2 - BOWL AMERICA INCex31-2.htm
EX-31.1 - EXHIBIT 31.1 - BOWL AMERICA INCex31-1.htm
10-Q - FORM 10-Q - BOWL AMERICA INCbowlamerica_10q-032711.htm
Exhibit 20 Press release issued May 10, 2011
 
For Immediate Release
May 10, 2011
 
BOWL AMERICA REPORTS THIRD QUARTER EARNINGS
 
Bowl America Incorporated today reported fiscal year third quarter earnings of $.25 per share, an increase from $.24 per share in the prior year’s comparable quarter. Earnings for the nine-month period ended March 27, 2011, were $.27 per share versus $.32 per share in the prior year period.
 
Prior year results were negatively affected by center closings due to snow storms during the third quarter. The Company believes that current year earnings continue to be influenced by customer concerns regarding their spending choices. This is a 53-week accounting year and the fourth quarter will include a 14th week of revenues and expenses.
 
Bowl America’s strong cash position which includes no long-term debt enabled the Company to make this the 39th consecutive year of increased regular dividends with payment tomorrow of a $.16 per share regular quarterly dividend.
 
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 through the Company’s web site www.bowlamericainc.com.
 
 
BOWL AMERICA INCORPORATED
Results of Operations
(unaudited)
 
   
Thirteen weeks ended
   
Thirty-nine weeks ended
 
   
March 27,
   
March 28,
   
March 27,
   
March 28,
 
   
2011
   
2010
   
2011
   
2010
 
Revenues
                       
Bowling and other
 
$
5,872,814
   
$
5,833,898
   
$
14,433,458
   
$
15,010,131
 
Food, beverage & merchandise sales
   
2,401,908
     
2,458,194
     
5,971,115
     
6,247,751
 
     
8,274,722
     
8,292,092
     
20,404,573
     
21,257,882
 
                                 
Operating expenses
                               
excluding depreciation and amortization
   
5,949,100
     
6,110,411
     
17,415,348
     
17,757,471
 
                                 
Depreciation and amortization
   
436,051
     
449,253
     
1,304,524
     
1,366,756
 
                                 
Interest & dividend income
   
116,742
     
136,797
     
447,553
     
411,692
 
                                 
Earnings before taxes
   
2,006,313
     
1,869,225
     
2,132,254
     
2,545,347
 
                                 
Net Earnings
 
$
1,284,113
   
$
1,215,325
   
$
1,364,654
   
$
1,654,447
 
                                 
Comprehensive earnings
 
$
1,264,515
   
$
1,111,228
   
$
1,721,301
   
$
1,762,490
 
                                 
Weighted average shares outstanding
   
5,146,971
     
5,140,999
     
5,146,971
     
5,141,035
 
                                 
EARNINGS PER SHARE
   
.25
     
.24
     
.27
     
.32
 
 

 
 
 

 
SUMMARY OF FINANCIAL POSITION
(unaudited)
Dollars in Thousands
 
   
03/27/11
   
03/28/10
 
ASSETS
           
             
Total current assets including cash and
           
short-term investments of $11,310 & $12,430
 
$
12,587
   
$
13,953
 
Property and investments
   
30,426
     
30,310
 
TOTAL ASSETS
 
$
43,013
   
$
44,263
 
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
Total current liabilities
 
$
4,997
   
$
5,026
 
Other liabilities
   
2,336
     
2,287
 
Stockholders' equity
   
35,680
     
36,950
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
43,013
   
$
44,263