Attached files
| file | filename |
|---|---|
| EX-32 - EXHIBIT 32 - BOWL AMERICA INC | ex_204256.htm |
| EX-31 - EXHIBIT 31 - BOWL AMERICA INC | ex_204255.htm |
| EX-10.2 - EXHIBIT 10.2 - BOWL AMERICA INC | ex_204310.htm |
| EX-4.1 - EXHIBIT 4.1 - BOWL AMERICA INC | ex_204254.htm |
| 10-K - FORM 10-K - BOWL AMERICA INC | bwl-a20200630_10k.htm |
EXHIBIT 20
|
For Immediate Release |
September 24, 2020 |
BOWL AMERICA REPORTS 2020 FISCAL YEAR EARNINGS
Bowl America Incorporated today reported earnings per share of $.08 for its fiscal year ended June 28, 2020, compared to $.59 in the prior fiscal year ended June 30, 2019. The loss per share for the fiscal 2020 fourth quarter was ($.18), compared to earnings per share of $.05 in the fiscal 2019 fourth quarter.
The Company closed all bowling centers on March 18, 2020, due to the COVID-19 pandemic. The Company’s three Florida locations reopened during the fourth quarter in late May 2020, however no other locations reopened until after the fourth quarter beginning in early July 2020. Social distancing, mandatory wearing of masks and enhanced cleaning protocols are in place in all locations. Many customers have returned to our centers for open play bowling and our fall league bowling season has begun better than expected. We remain at a mandated 50% capacity or less at each of our centers, but we have been able to be creative in making maximum use of space while following requirements. However, revenues from parties and corporate events are currently non-existent. Management believes the effects of the pandemic will continue to have an adverse effect on our revenues, financial condition and operating results for fiscal 2021 and some time after.
The Company received a Payroll Protection Program (PPP) loan in June 2020 and will apply for forgiveness of a portion of that debt in fiscal 2021. The note matures in fiscal 2022.
The Company’s low income tax for fiscal 2020 is primarily due to the exclusion of 50% of dividend income from federal taxation as well as the federal tip credit offsetting income taxes owed by the Company.
The Company suspended its quarterly dividend in light of the center closures and capacity limits as a result of the COVID-19 pandemic.
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 17 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 |
|||||||||||||
|
06/28/20 |
06/30/19 |
06/28/20 |
06/30/19 |
|||||||||||||
|
Operating Revenues |
||||||||||||||||
|
Bowling and other |
$ | 160,410 | $ | 3,639,410 | $ | 12,536,616 | $ | 17,140,472 | ||||||||
|
Food, beverage and merchandise sales |
71,452 | 1,567,056 | 5,244,326 | 7,278,154 | ||||||||||||
| 231,862 | 5,206,466 | 17,780,942 | 24,418,626 | |||||||||||||
|
Operating expenses excluding depreciation and amortization |
1,473,071 | 4,947,073 | 16,479,099 | 20,219,406 | ||||||||||||
|
Depreciation and amortization |
242,578 | 263,536 | 957,138 | 982,760 | ||||||||||||
|
Loss on disposition of assets |
(16,661 |
) |
(1,359 |
) |
(16,661 |
) |
(1,359 |
) |
||||||||
|
Interest, dividend and other income |
130,279 | 105,795 | 443,442 | 403,534 | ||||||||||||
|
Change in value of investments |
43,467 | 157,164 | (367,466 |
) |
331,149 | |||||||||||
|
Earnings (loss) before taxes |
(1,326,702 |
) |
257,457 | 404,020 | 3,949,784 | |||||||||||
|
Net Earnings |
(917,130 |
) |
246,106 | 403,192 | 3,049,172 | |||||||||||
|
Weighted average shares outstanding |
5,160,971 | 5,160,971 | 5,160,971 | 5,160,971 | ||||||||||||
|
EARNINGS PER SHARE |
(.18 |
) |
.05 | .08 | .59 | |||||||||||
* * * *
SUMMARY OF FINANCIAL POSITION
Dollars in Thousands
|
06/28/20 |
06/30/19 |
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ASSETS |
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Total current assets including cash and short-term investment of $1,793 and $703 |
$ | 8,786 | $ | 9,433 | ||||
|
Property and other assets |
19,827 | 18,956 | ||||||
|
TOTAL ASSETS |
$ | 28,613 | $ | 28,389 | ||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
|
Total current liabilities |
$ | 1,597 | $ | 3,065 | ||||
|
Note payable |
1,500 | - | ||||||
|
Other liabilities |
2,999 | 1,404 | ||||||
|
Stockholders' equity |
22,517 | 23,920 | ||||||
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ | 28,613 | $ | 28,389 | ||||