Attached files
| file | filename |
|---|---|
| EX-32 - EXHIBIT 32 - BOWL AMERICA INC | ex_96215.htm |
| EX-31.2 - EXHIBIT 31.2 - BOWL AMERICA INC | ex_96214.htm |
| EX-31.1 - EXHIBIT 31.1 - BOWL AMERICA INC | ex_96213.htm |
| EX-3.2 - EXHIBIT 3.2 - BOWL AMERICA INC | ex_96252.htm |
| EX-3.1 - EXHIBIT 3.1 - BOWL AMERICA INC | ex_96251.htm |
| 10-K/A - FORM 10-K/A - BOWL AMERICA INC | bwl-a20170702_10ka.htm |
EXHIBIT 20
Exhibit 20 to Form 10-K/A
|
For Immediate Release |
September 28, 2017 |
BOWL AMERICA REPORTS IMPROVED FISCAL YEAR EARNINGS
Bowl America Incorporated today reported earnings per share for the 52-week fiscal year ended July 2, 2017, were $.48, up $.06 from the prior fiscal year’s 53-week earnings. Per share earnings for the fiscal 2017 fourth quarter were $.07 compared to $.10 in the fiscal 2016 fourth quarter that included the extra week.
Although fiscal 2017 had one less week than the prior year, the combination of improvement in bowling and ancillary revenue and reduced operating expenses resulted in improved earnings for the year. The change in comprehensive earnings is the result of the change in fair value of the Company’s holdings of marketable securities on the last day of each fiscal year.
The new fiscal year start, during the typically slower traffic months, has been strong. Hurricane Irma caused the closure of our Florida locations for 2 days but with virtually no property damage.
A more detailed explanation of results is available in the Company’s Form 10-K filing available through the website www.bowlamericainc.com. Bowl America operates 18 bowling centers and its Class A common stock trades on the NYSE American under the symbol BWLA.
* * *
BOWL AMERICA INCORPORATED
Results of Operations
|
Thirteen |
Fourteen |
Fifty-two |
Fifty-three |
|||||||||||||
|
Weeks Ended |
Weeks Ended |
Weeks Ended |
Weeks Ended |
|||||||||||||
|
07/02/17 |
07/03/16 |
07/02/17 |
07/03/16 |
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|
Operating Revenues |
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|
Bowling and other |
$ | 3,633,124 | $ | 4,001,660 | $ | 16,887,857 | $ | 16,878,423 | ||||||||
|
Food, beverage and merchandise sales |
1,509,708 | 1,748,743 | 7,044,647 | 7,219,439 | ||||||||||||
| 5,142,832 | 5,750,403 | 23,932,504 | 24,097,862 | |||||||||||||
|
Operating expenses excluding depreciation and amortization |
4,626,134 | 4,906,267 | 19,697,080 | 20,073,439 | ||||||||||||
|
Depreciation and amortization |
145,389 | 143,767 | 973,849 | 1,153,121 | ||||||||||||
|
Gain (loss) on disposition of assets |
43,596 | (10,035 |
) |
77,972 | (10,035 |
) |
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|
Interest, dividend and other income |
96,596 | 109,718 | 412,299 | 449,998 | ||||||||||||
|
Interest expense |
- | - | 6,296 | - | ||||||||||||
|
Earnings (loss) before taxes |
511,501 | 800,052 | 3,745,550 | 3,311,265 | ||||||||||||
|
Net Earnings |
349,057 | 518,712 | 2,451,110 | 2,151,025 | ||||||||||||
|
Comprehensive Earnings |
$ | 68,852 | $ | 852,958 | $ | 1,946,511 | $ | 2,684,724 | ||||||||
|
Weighted average shares outstanding |
5,160,971 | 5,160,971 | 5,160,971 | 5,160,971 | ||||||||||||
|
EARNINGS PER SHARE |
.07 | .10 | .48 | .42 | ||||||||||||
* * * *
SUMMARY OF FINANCIAL POSITION
Dollars in Thousands
|
07/02/17 |
07/03/16 |
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|
ASSETS |
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Total current assets including cash and short-term investment of $3,556 and $1,471 |
$ | 4,655 | $ | 2,696 | ||||
|
Property and investments |
24,971 | 29,155 | ||||||
|
TOTAL ASSETS |
$ | 29,626 | $ | 31,851 | ||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
|
Total current liabilities |
$ | 2,986 | $ | 3,293 | ||||
|
Other liabilities |
2,054 | 2,409 | ||||||
|
Stockholders' equity |
24,586 | 26,149 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ | 29,626 | $ | 31,851 | ||||