Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - BOWL AMERICA INC | bwl-a20200329_10q.htm |
| EX-31 - EXHIBIT 31 - BOWL AMERICA INC | ex_184917.htm |
| EX-32 - EXHIBIT 32 - BOWL AMERICA INC | ex_184918.htm |
Exhibit 20 Press release issued May 12, 2020
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For Immediate Release |
May 12, 2020 |
BOWL AMERICA REPORTS THIRD QUARTER EARNINGS
Bowl America Incorporated today reported earnings per share of $.03 for its fiscal 2020 third quarter and $.26 for the nine month period ended March 29, 2020, down from $.35 and $.54 in the prior year comparable periods, respectively. The Company began to see a decrease in traffic related to the COVID-19 pandemic beginning in early March 2020 and on March 18, 2020, federal and state executive orders required the closure of our bowling centers to help mitigate the spread of the disease. Earnings also decreased substantially in the current quarter as the Company’s investments were down along with the greater market almost 20% due to the impact of the COVID-19, causing a $1 million negative impact on earnings. This GAAP required reporting of change in value of investments as part of current earnings resulted in a $.14 per share drop in the current year third quarter compared to an increase of $.05 per share earnings in the third quarter ended March 31, 2019.
The impact of the pandemic is expected to take a heavy toll in the fourth quarter ending June 28, 2020 as bowling centers remain closed, providing no revenue. Reopening is expected to occur later in the fourth quarter, however social distancing and other precautionary measures will preclude operating at full capacity likely resulting in fewer summer leagues and modified hours of operation.
The Company suspended its regular quarterly dividend and expects to use cash on hand and its reserves as needed until the bowling centers can reopen and provide cash flow.
Bowl America owns 16 of the 17 bowling centers it operates and its Class A Common Stock trades on the NYSE American Exchange with the symbol BWLA. We invite you to view a more detailed explanation of results 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 |
Thirty-nine weeks ended |
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March 29, |
March 31, |
March 29, |
March 31, |
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2020 |
2019 |
2020 |
2019 |
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Revenues |
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Bowling and other |
$ | 4,455,810 | $ | 5,258,124 | $ | 12,376,206 | $ | 13,501,062 | ||||||||
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Food, beverage & merchandise sales |
1,803,800 | 2,184,623 | 5,172,874 | 5,711,098 | ||||||||||||
| 6,259,610 | 7,442,747 | 17,549,080 | 19,212,160 | |||||||||||||
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Operating expenses excluding depreciation and amortization |
4,920,654 | 5,289,054 | 15,006,028 | 15,272,333 | ||||||||||||
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Depreciation and amortization |
243,808 | 240,294 | 714,560 | 719,224 | ||||||||||||
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Interest, dividend and other income |
96,842 | 101,150 | 313,163 | 297,739 | ||||||||||||
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Change in value of investments |
(1,000,868 |
) |
367,820 | (410,933 |
) |
173,985 | ||||||||||
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Earnings before taxes |
191,122 | 2,382,369 | 1,730,722 | 3,692,327 | ||||||||||||
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Net Earnings |
$ | 157,322 | $ | 1,806,243 | $ | 1,320,322 | $ | 2,804,066 | ||||||||
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Comprehensive earnings |
$ | 157,322 | $ | 1,806,243 | $ | 1,320,322 | $ | 2,804,066 | ||||||||
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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 |
.03 | .35 | .26 | .54 | ||||||||||||
SUMMARY OF FINANCIAL POSITION
(unaudited)
Dollars in Thousands
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03/29/20 |
03/31/19 |
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ASSETS |
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Total current assets including cash and short-term investments of $3,288 & $3,102 |
$ | 9,842 | $ | 11,332 | ||||
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Property and other assets |
20,044 | 19,154 | ||||||
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TOTAL ASSETS |
$ | 29,886 | $ | 30,486 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Total current liabilities |
$ | 3,442 | $ | 4,552 | ||||
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Other liabilities |
3,010 | 1,356 | ||||||
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Stockholders' equity |
23,434 | 24,578 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ | 29,886 | $ | 30,486 | ||||