Attached files
| file | filename |
|---|---|
| EX-32 - EXHIBIT 32 - BOWL AMERICA INC | ex_104683.htm |
| EX-31.2 - EXHIBIT 31.2 - BOWL AMERICA INC | ex_104682.htm |
| EX-31.1 - EXHIBIT 31.1 - BOWL AMERICA INC | ex_104681.htm |
| 10-Q - FORM 10-Q - BOWL AMERICA INC | bwl-a20171231_10q.htm |
EXHIBIT 20
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For Immediate Release |
February 13, 2018 |
TAX CREDIT HELPS DOUBLE SECOND QUARTER EARNINGS
Aided by a large one-time tax credit Bowl America’s second quarter earnings doubled from the prior year second quarter. The Tax Cuts and Jobs Act enacted in December 2017 produced a one-time tax adjustment and reduced the corporate tax rate, which added $.13 per share to both the thirteen and twenty-six weeks after tax net earnings. Because the Company operates on a fiscal year, a blended federal tax rate of approximately 27.5% is applied to fiscal 2018 earnings. The federal tax rate for future fiscal years will be at 21%.
The Company’s earnings per share for its fiscal second quarter and six-month periods ended December 31, 2017, increased to $.28 per share from $.14 per share in the prior year second quarter and to $.32 per share from $.14 for the six-month period. Earnings before taxes were up $.02 per share for the quarter and $.08 per share for the six-month period.
Bowl America operates 18 bowling centers and its Class A Common Stock trades on the NYSE American exchange under 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 website www.bowlamericainc.com.
BOWL AMERICA INCORPORATED
Results of Operations
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Thirteen |
Thirteen |
Twenty-six |
Twenty-six |
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|
Weeks Ended |
Weeks Ended |
Weeks Ended |
Weeks Ended |
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12/31/17 |
01/01/17 |
12/31/17 |
01/01/17 |
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Operating Revenues |
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Bowling and other |
$ | 4,484,745 | $ | 4,378,959 | $ | 8,233,015 | $ | 7,956,338 | ||||||||
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Food, beverage and merchandise sales |
1,883,777 | 1,855,585 | 3,399,260 | 3,342,542 | ||||||||||||
| 6,368,522 | 6,234,544 | 11,632,275 | 11,298,880 | |||||||||||||
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Operating expenses excluding depreciation and amortization |
5,032,516 | 4,997,334 | 9,863,810 | 9,861,088 | ||||||||||||
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Depreciation and amortization |
238,026 | 275,198 | 474,110 | 567,892 | ||||||||||||
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Interest, dividend and other income |
81,449 | 111,188 | 185,466 | 204,902 | ||||||||||||
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Interest expense |
- | 2,594 | - | 5,316 | ||||||||||||
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Earnings before taxes |
1,179,429 | 1,070,606 | 1,479,821 | 1,069,486 | ||||||||||||
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Net Earnings |
1,436,734 | 695,906 | 1,631,926 | 695,186 | ||||||||||||
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Comprehensive Earnings |
$ | 1,438,509 | $ | 784,844 | $ | 1,777,366 | $ | 602,797 | ||||||||
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Weighted average shares outstanding |
5,160,971 | 5,160,971 | 5,160,971 | 5,160,971 | ||||||||||||
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EARNINGS PER SHARE |
.28 | .14 | .32 | .14 | ||||||||||||
* * * *
SUMMARY OF FINANCIAL POSITION
Dollars in Thousands
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12/31/17 |
01/01/17 |
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ASSETS |
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Total current assets including cash and short-term investment of $3,266 and $1,855 |
$ | 4,370 | $ | 2,877 | ||||
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Property and investments |
25,424 | 28,652 | ||||||
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TOTAL ASSETS |
$ | 29,794 | $ | 31,529 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Total current liabilities |
$ | 3,643 | $ | 4,180 | ||||
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Other liabilities |
1,542 | 2,352 | ||||||
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Stockholders' equity |
24,609 | 24,997 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ | 29,794 | $ | 31,529 | ||||