EX-99.1 2 p0617_ex99-1.htm PRESS RELEASE EXHIBIT 99.1
EXHIBIT 99.1 

NEWS RELEASE

FOR IMMEDIATE RELEASE
June 13, 2007  
For Further Information Contact:
Michael L. Bowlin, Chairman
(505) 266-5985
Rudy R. Miller, Chairman and CEO
The Miller Group
Investor Relations for the Company
(602) 225-0504
 

BOWLIN TRAVEL CENTERS REPORTS RESULTS FOR
 
FIRST QUARTER OF FISCAL YEAR 2008

ALBUQUERQUE, NEW MEXICO, June 13, 2007 -- Bowlin Travel Centers, Inc. (OTCBB: BWTL) today reported net sales from continuing operations increased 0.6% to $6.677 million for the three months ended April 30, 2007, compared to net sales from continuing operations of $6.635 million for the same three month period in the prior fiscal year. Earnings per share for the three-month period ended April 30, 2007 was $0.002 per basic and diluted share, compared to $0.016 per basic and diluted share for the three months ended April 30, 2006.

“We are pleased with our performance during the first quarter fiscal 2008 particularly in light of unusual weather conditions that occurred during the period directly affecting the traveling public,” commented Michael L. Bowlin, Chairman, President and Chief Executive Officer. “We completed the sale of one underperforming location on May 24th subsequent to the end of the first quarter and two other underperforming locations remain on the market for sale.

Our underlying platform for success has been based on operational improvements which are comprised of two factors, volume buying for improved margins and maintaining our supervisory support programs that have proved so successful for us. In fiscal year 2008 we will sustain this core focus throughout our operations,” Bowlin concluded.

more....
 
Bowlin Travel Centers Reports Results for First Quarter of Fiscal Year 2008
June 13, 2007
Page 2
 
Strategically located on major interstate highways, the Company operates travel centers that utilize co-branding agreements with national companies. The Company's current operations are located in the Southwestern United States.
 
       
Visit our web sites at:
www.bowlintc.com 
and 
www.shopbowlin.com 
       
 
Certain statements contained herein with respect to factors which may affect future earnings, including management’s beliefs and assumptions based on information currently available, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements that are not historical facts involve risks and uncertainties, and results could vary materially from the descriptions contained herein. For more details on risk factors, see the company’s annual reports on Form 10-K, quarterly reports on Form 10-Q and other filings with the Securities and Exchange Commission.


FINANCIAL TABLES FOLLOW:

 

Bowlin Travel Centers Reports Results for First Quarter of Fiscal Year 2008
June 13, 2007
Page 3
The following tables outline the company's financial results for fiscal 2008 and fiscal 2007.

Condensed Balance Sheets and Statements of Income

BALANCE SHEET
(in thousands)
Assets
  
April 30,
2007
(Unaudited)
  
January 31,
2007
(Audited)
  
               
Cash and cash equivalents
  
$
1,901
  
$
2,308
  
               
Marketable securities
    
781
    
453
  
               
Other current assets
    
4,340
    
4,171
  
               
Total Current Assets
    
7,022
    
6,932
  
               
Property and equipment, net
    
9,672
    
9,706
  
               
Assets held for sale
    
2,541
    
2,559
  
               
Other assets
    
788
    
809
  
               
Total Assets
  
$
20,023
  
$
20,006
  
               
               
Liabilities and Shareholders’ Equity
              
               
Current liabilities
  
$
2,013
  
$
1,880
  
               
Long-term debt
    
4,179
    
4,198
  
               
Long-term debt of assets held for sale
    
485
    
521
  
               
Deferred income taxes
    
690
    
759
  
               
Total Liabilities
    
7,367
    
7,358
  
               
Shareholders’ equity
    
12,656
    
12,648
  
               
Total Liabilities and Shareholders’ Equity
  
$
20,023
  
$
20,006
  
 
more....
Bowlin Travel Centers Reports Results for First Quarter of Fiscal Year 2008
June 13, 2007
Page 4
 
CONDENSED STATEMENTS OF INCOME
(Unaudited)
(in thousands, except share and per share data)

 
 
THREE MONTHS ENDED
APRIL 30,
 
2007
  
2006
  
               
Net sales
  
$
6,677
$
6,635
               
Cost of goods sold
  
(4,586
)
  
(4,513
)
               
General and administrative expenses
    
(1,815
)
  
(1,725
)
               
Depreciation and amortization
    
(194
)
  
(185
)
               
Income from operations
    
82
  
212
               
Interest expense
    
(76
)
  
(82
)
               
Other non-operating income, net
    
104
  
87
  
               
Income from continuing operations before income taxes
    
110
    
217
               
Income tax expense
    
(57
)
  
(87
)
               
Income from continuing operations
    
53
  
130
               
Loss from discontinued operations
    
(45
)
(58
)
               
Net income
  
$
8
$
72
  
               
Earnings per share:
              
               
Basic and diluted; continuing operations
  
$
0.012
  
$
0.028
               
Basic and diluted; discontinued operations
  
$
(0.010
)
$
(0.012
)
               
Basic and diluted; net income
 
$
0.002
$
0.016
  
             
Weighted average common shares outstanding
    
4,583,348
4,583,348
  

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