Attached files
| file | filename |
|---|---|
| 10-Q - QUARTERLY REPORT - BOWL AMERICA INC | bowlam_10q-100211.htm |
| EX-31.1 - EXHIBIT 31.1 - BOWL AMERICA INC | ex31-1.htm |
| EX-31.2 - EXHIBIT 31.2 - BOWL AMERICA INC | ex31-2.htm |
| EXCEL - IDEA: XBRL DOCUMENT - BOWL AMERICA INC | Financial_Report.xls |
| EX-32 - EXHIBIT 32 - BOWL AMERICA INC | ex32.htm |
Exhibit 20 Press release issued November 15, 2011
| For Immediate Release | November 15, 2011 |
BOWL AMERICA SUMMER QUARTER REPORT
Bowl America Incorporated today reported a loss of $.05 per share for its first quarter ended October 2, 2011, compared to a $.04 loss in last year’s first quarter. The bowling business is highly seasonal and the summer quarter typically includes two of the slowest business months of the year. This year’s first quarter included one more week of fall season league bowling due to the later calendar start of the fiscal year following our 53-week year. Fiscal 2012’s fourth quarter will have one fewer week and one less week of league bowling than the prior year comparable quarter.
Management believes the still struggling economy and weak employment outlook have impacted the public’s appetite for recreational spending. Both open play and league bowling are suffering as a result.
Tomorrow the Company will pay a regular quarterly dividend of $.16 per share.
Bowl America operates 19 bowling centers and its Class A Common Stock trades on the NYSE Amex Exchange with the symbol BWLA. A more detailed explanation of results is available in the Company’s S.E.C. Form 10-Q filing, available at the Company’s web site www.bowlamericainc.com.
* * *
BOWL AMERICA INCORPORATED
Results of Operations
(unaudited)
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Thirteen weeks ended
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October 2,
2011
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September 26,
2010
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Revenues
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Bowling and other
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$ | 3,898,063 | $ | 4,007,330 | ||||
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Food & mdse sales
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1,597,538 | 1,642,649 | ||||||
| 5,495,601 | 5,649,979 | |||||||
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Operating expenses excluding depreciation and amortization
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5,613,614 | 5,678,533 | ||||||
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Depreciation and amortization
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423,767 | 436,422 | ||||||
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Interest & dividend
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118,437 | 144,907 | ||||||
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Loss before taxes
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(423,343 | ) | (320,069 | ) | ||||
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Net Loss
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$ | (275,173 | ) | $ | (204,869 | ) | ||
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Comprehensive (loss) earnings
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$ | (519,678 | ) | $ | 84,618 | |||
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Weighted average shares outstanding
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5,151,471 | 5,146,971 | ||||||
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LOSS PER SHARE
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(.05 | ) | (.04 | ) | ||||
SUMMARY OF FINANCIAL POSITION
(unaudited)
Dollars in Thousands
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10/02/11
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09/26/10
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ASSETS
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Total current assets including cash and short-term investments of $7,951 & $9,494
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$ | 9,505 | $ | 10,944 | ||||
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Property and investments
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30,221 | 30,261 | ||||||
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TOTAL ASSETS
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$ | 39,726 | $ | 41,205 | ||||
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LIABILITIES AND STOCKHOLDERS'EQUITY
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Total current liabilities
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$ | 3,374 | $ | 3,220 | ||||
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Other liabilities
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2,395 | 2,295 | ||||||
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Stockholders' equity
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33,957 | 35,690 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 39,726 | $ | 41,205 | ||||