Attached files
| file | filename |
|---|---|
| EX-32 - EXHIBIT 32 - BOWL AMERICA INC | ex_211611.htm |
| EX-31 - EXHIBIT 31 - BOWL AMERICA INC | ex_211610.htm |
| 10-Q - FORM 10-Q - BOWL AMERICA INC | bwl-a20200930_10q.htm |
Exhibit 20 Press release issued November 10, 2020
| For Immediate Release | November 10, 2020 |
BOWL AMERICA REPORTS FIRST QUARTER LOSS
Bowl America Incorporated today reported a fiscal 2021 first quarter loss of $.14 per share versus earnings of $.06 per share in the first quarter of fiscal 2020. All seventeen of the Company’s bowling centers were closed on March 18, 2020, by government order due to the COVID-19 pandemic. The Company’s three Florida centers reopened in late May 2020. Thirteen of the remaining locations opened in July 2020 and the last center reopened on August 31, 2020. All locations were mandated at 50% capacity or less during the quarter.
Fall season league bowling has begun better than anticipated and colder weather generally brings in open play business. The Company has returned approximately 60% of furloughed employees to work as it continues to follow enhanced cleaning procedures and maintain social distancing for the safety of our employees and bowlers. However with the pandemic not yet under control it is difficult to know whether we will be able to continue to operate at current or at increased levels.
Bowl America operates 17 bowling centers and its Class A Common Stock trades on the NYSE American Exchange with 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 web site www.bowlamericainc.com.
* * * *
BOWL AMERICA INCORPORATED
Results of Operations
(unaudited)
| Thirteen weeks ended | ||||||||
|
September 27, 2020 |
September 29, 2019 |
|||||||
| Operating Revenues | ||||||||
| Bowling and other | $ | 1,166,872 | $ | 3,609,673 | ||||
| Food & merchandise sales | 469,130 | 1,514,938 | ||||||
| 1,636,002 | 5,124,611 | |||||||
|
Operating expenses excluding depreciation and amortization |
2,567,925 | 5,049,518 | ||||||
| Depreciation and amortization | 247,808 | 235,178 | ||||||
| Interest, dividend & other income | 89,516 | 106,457 | ||||||
| Change in value of investments | 126,226 | 429,053 | ||||||
| PPP loan interest | 4,690 | - | ||||||
| (Loss) earnings before tax | (968,679 | ) | 375,425 | |||||
| Net (Loss) earnings | $ | (737,723 | ) | $ | 285,325 | |||
| Weighted average shares outstanding | 5,160,971 | 5,160,971 | ||||||
| (Loss) Earnings per share | (.14 | ) | .06 | |||||
SUMMARY OF FINANCIAL POSITION
(unaudited)
Dollars in Thousands
| 09/27/20 | 09/29/19 | |||||||
| ASSETS | ||||||||
| Total current assets including cash and investments of $6,599 & $7,733 | $ | 8,073 | $ | 8,900 | ||||
| Property and other assets | 19,565 | 20,855 | ||||||
| TOTAL ASSETS | $ | 27,638 | $ | 29,755 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Total current liabilities | $ | 1,630 | $ | 3,173 | ||||
| Other liabilities | 4,229 | 3,280 | ||||||
| Stockholders' equity | 21,779 | 23,302 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 27,638 | $ | 29,755 | ||||