Attached files
| file | filename |
|---|---|
| EX-31.1 - EXHIBIT 31.1 - BOWL AMERICA INC | ex_124239.htm |
| EX-32 - EXHIBIT 32 - BOWL AMERICA INC | ex_124241.htm |
| EX-31.2 - EXHIBIT 31.2 - BOWL AMERICA INC | ex_124240.htm |
| 10-K - FORM 10-K - BOWL AMERICA INC | bwl-a20180701_10k.htm |
EXHIBIT 20
|
For Immediate Release |
September 27, 2018 |
BOWL AMERICA ON A ROLL OF INCREASED EARNINGS
Bowl America Incorporated today reported earnings per share of $.73 for its fiscal year ended July 1, 2018, compared to $.48 in the prior fiscal year ended July 2, 2017. Per share earnings for the fiscal 2018 fourth quarter were $.10, up $.03 compared to the fiscal 2017 fourth quarter.
The Company believes that fewer snow storms and more rainy weekends during fiscal 2018 contributed to increased traffic resulting in an improvement to revenues and a 20% increase in operating income. As previously reported, the Tax Cuts and Jobs Act of December 2017 provided a one time tax benefit of approximately $.13 per share, and also reduced our corporate tax rate for the 2018 fiscal year. The Company’s tax rate will further decrease in fiscal 2019, our first full year under the new rate.
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 |
Thirteen |
Fifty-two |
Fifty-two |
|||||||||||||
|
Weeks Ended |
Weeks Ended |
Weeks Ended |
Weeks Ended |
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|
07/01/18 |
07/02/17 |
07/01/18 |
07/02/17 |
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Operating Revenues |
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|
Bowling and other |
$ | 3,829,858 | $ | 3,633,124 | $ | 17,486,194 | $ | 16,887,857 | ||||||||
|
Food, beverage and merchandise sales |
1,682,532 | 1,509,708 | 7,284,690 | 7,044,647 | ||||||||||||
| 5,512,390 | 5,142,832 | 24,770,884 | 23,932,504 | |||||||||||||
|
Operating expenses excluding depreciation and amortization |
4,754,199 | 4,626,134 | 19,805,533 | 19,697,080 | ||||||||||||
|
Depreciation and amortization |
233,970 | 145,389 | 946,106 | 973,849 | ||||||||||||
|
(Loss) gain on disposition of assets |
(3,306 |
) |
43,596 | (3,306 |
) |
77,972 | ||||||||||
|
Interest, dividend and other income |
94,935 | 96,596 | 387,531 | 412,299 | ||||||||||||
|
Interest expense |
- | - | - | 6,296 | ||||||||||||
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Earnings (loss) before taxes |
615,850 | 511,501 | 4,403,470 | 3,745,550 | ||||||||||||
|
Net Earnings |
551,260 | 349,057 | 3,785,985 | 2,451,110 | ||||||||||||
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Comprehensive Earnings |
$ | 420,933 | $ | 68,852 | $ | 3,406,742 | $ | 1,946,511 | ||||||||
|
Weighted average shares outstanding |
5,160,971 | 5,160,971 | 5,160,971 | 5,160,971 | ||||||||||||
|
EARNINGS PER SHARE |
.10 | .07 | .73 | .48 | ||||||||||||
* * * *
SUMMARY OF FINANCIAL POSITION
Dollars in Thousands
|
07/01/18 |
07/02/17 |
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ASSETS |
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Total current assets including cash and short-term investment of $3,166 and $3,556 |
$ | 4,610 | $ | 4,646 | ||||
|
Property and investments |
24,299 | 24,972 | ||||||
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TOTAL ASSETS |
$ | 28,909 | $ | 29,618 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
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Total current liabilities |
$ | 3,096 | $ | 2,986 | ||||
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Other liabilities |
1,329 | 2,046 | ||||||
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Stockholders' equity |
24,484 | 24,586 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ | 28,909 | $ | 29,618 | ||||