Attached files
| file | filename |
|---|---|
| EX-31 - EXHIBIT 31 - BOWL AMERICA INC | ex_171678.htm |
| EX-32 - EXHIBIT 32 - BOWL AMERICA INC | ex_171688.htm |
| 10-Q - FORM 10-Q - BOWL AMERICA INC | bwl-a20191231_10q.htm |
EXHIBIT 20
|
For Immediate Release |
February 11, 2020 |
BOWL AMERICA REPORTS SECOND QUARTER EARNINGS
Bowl America Incorporated today reported earnings per share of $.17 for its fiscal 2020 second quarter ended December 29, 2019 and $.23 for the first half of fiscal 2020. Several factors negatively impacted revenues in the current year periods. Seventeen centers were in operation for 5 of 6 months in the current year as a result of the July closing of the leased Manassas location that was not profitable versus 18 centers in operation in the previous year periods. While league play is strong, management believes that mild weather with many dry weekends throughout the current year periods decreased open play traffic. In addition, promotion pricing reduced the per game rate on open play games.
Bowl America operates 17 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
|
Thirteen |
Thirteen |
Twenty-six |
Twenty-six |
|||||||||||||
|
Weeks Ended |
Weeks Ended |
Weeks Ended |
Weeks Ended |
|||||||||||||
|
12/29/19 |
12/30/18 |
12/29/19 |
12/30/18 |
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|
Operating Revenues |
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|
Bowling and other |
$ | 4,310,723 | $ | 4,409,647 | $ | 7,920,396 | $ | 8,242,938 | ||||||||
|
Food, beverage and merchandise sales |
1,854,136 | 1,918,298 | 3,369,074 | 3,526,475 | ||||||||||||
| 6,164,859 | 6,327,945 | 11,289,470 | 11,769,413 | |||||||||||||
|
Operating expenses excluding depreciation and amortization |
5,035,856 | 5,013,693 | 10,085,374 | 9,983,279 | ||||||||||||
|
Depreciation and amortization |
235,574 | 246,800 | 470,752 | 478,930 | ||||||||||||
|
Interest, dividend and other income |
109,864 | 91,168 | 216,321 | 196,589 | ||||||||||||
|
Change in value of investments |
160,882 | (432,113 |
) |
589,935 | (193,835 |
) |
||||||||||
|
Earnings before taxes |
1,164,175 | 726,507 | 1,539,600 | 1,309,958 | ||||||||||||
|
Net Earnings |
877,675 | 557,442 | 1,163,000 | 997,823 | ||||||||||||
|
Comprehensive Earnings |
$ | 877,675 | $ | 557,442 | $ | 1,163,000 | $ | 997,823 | ||||||||
|
Weighted average shares outstanding |
5,160,971 | 5,160,971 | 5,160,971 | 5,160,971 | ||||||||||||
|
EARNINGS PER SHARE |
.17 | .11 | .23 | .19 | ||||||||||||
* * * *
SUMMARY OF FINANCIAL POSITION
Dollars in Thousands
|
12/29/19 |
12/30/18 |
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|
ASSETS |
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|
Total current assets including cash and short-term investment of $1,942 and $1,872 |
$ | 10,125 | $ | 9,270 | ||||
|
Property and other assets |
20,311 | 19,313 | ||||||
|
TOTAL ASSETS |
$ | 30,436 | $ | 28,583 | ||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
|
Total current liabilities |
$ | 3,858 | $ | 3,645 | ||||
|
Other liabilities |
3,301 | 1,263 | ||||||
|
Stockholders' equity |
23,277 | 23,675 | ||||||
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ | 30,436 | $ | 28,583 | ||||