EX-99.1 2 p0923_ex99-1.htm PRESS RELEASE EXHIBIT 99.1
EXHIBIT 99.1 

NEWS RELEASE

FOR IMMEDIATE RELEASE
September 12, 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
 
SECOND QUARTER OF FISCAL YEAR 2008

ALBUQUERQUE, NEW MEXICO, September 12, 2007 -- Bowlin Travel Centers, Inc. (OTCBB: BWTL) today reported net sales from continuing operations increased 3.3% to $8.268 million for the three months ended July 31, 2007, compared to net sales from continuing operations of $8.006 million for the same three month period in the prior fiscal year.  Earnings per share for the three-month period ended July 31, 2007 was $0.15 per basic and diluted share, compared to $0.07 per basic and diluted share for the three months ended July 31, 2006.

Net sales from continuing operations increased 2.1% to $14.945 million for the six months ended July 31, 2007, compared to net sales from continuing operations of $14.642 million for the six months ended July 31, 2006.  Earnings per share for the six-months ended July 31, 2007 was $0.16 per basic and diluted share, compared to $0.08 for the same six-month period in the prior fiscal year.

“We recorded the previously announced sale of one location during the second quarter of fiscal 2008, which added $549,000, net of taxes, to our net income. Two other underperforming locations remain on the market for sale,” stated Michael L. Bowlin, Chairman, President and Chief Executive Officer.  “We reported an increase in net sales for the quarter and six-month periods, however the gains were negatively effected by increases in the cost of goods sold and general administrative expenses, two areas that are critical focal points in our operational management.  We will continue with our supervisory support programs for our travel center management and our volume buying efforts that offer an opportunity for improvement in our margins.”

more....
 
Bowlin Travel Centers Reports Results for Second Quarter of Fiscal Year 2008
September 12, 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 Second Quarter of Fiscal Year 2008
September 12, 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
  
July 31,
2007
(Unaudited)
    
January 31,
2007
(Audited)
  
                 
Cash and cash equivalents
   $
2,499
     $
2,308
  
                 
Marketable securities
    
2,281
      
453
  
                 
Other current assets
    
4,275
      
4,171
  
                 
         Total Current Assets
    
9,055
      
6,932
  
                 
Property and equipment, net
    
9,904
      
9,706
  
                 
Assets held for sale
    
1,147
      
2,559
  
                 
Other assets
    
633
      
809
  
                 
         Total Assets
   $
20,739
     $
20,006
  
                 
Liabilities and Shareholders’ Equity
                
                 
Current liabilities
   $
2,136
     $
1,880
  
                 
Long-term debt
    
4,103
      
4,198
  
                 
Long-term debt of assets held for sale
    
461
      
521
  
                 
Deferred income taxes
    
671
      
759
  
                 
           Total Liabilities
    
7,371
      
7,358
  
                 
Shareholders’ equity
    
13,368
      
12,648
  
                 
Total Liabilities and Shareholders’ Equity
   $
20,739
     $
20,006
  

more....
Bowlin Travel Centers Reports Results for Second Quarter of Fiscal Year 2008
September 12, 2007
Page 4
 
CONDENSED STATEMENTS OF INCOME
(Unaudited)
(in thousands, except share and per share data)

   
Three Months Ended
    
Six Months Ended
  
   
July 31,
    
July 31,
    
July 31,
    
July 31,
  
   
2007
    
2006
    
2007
    
2006
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
  
                         
Net sales
   $
8,268
     $
8,006
     $
14,945
     $
14,642
  
Cost of goods sold
     (5,557 )     (5,322 )     (10,143 )     (9,854 )
General and administrative expenses
     (2,093 )     (1,909 )     (3,907 )     (3,617 )
Depreciation and amortization
     (194 )     (188 )     (389 )     (372 )
Operating income
    
424
      
587
      
506
      
799
  
                                 
Interest expense
     (138 )     (87 )     (215 )     (170 )
Other non-operating income
    
85
      
67
      
190
      
154
  
                                 
Income from continuing operations before income taxes
    
371
      
567
      
481
      
783
  
Income tax expense
     (130 )     (220 )     (187 )     (307 )
Income from continuing operations
    
241
      
347
      
294
      
476
  
                                 
Discontinued operations
                                
Loss from operations of discontinued components
     (109 )     (62 )     (201 )     (159 )
Income tax benefit
    
30
      
23
      
78
      
62
  
      (79 )     (39 )     (123 )     (97 )
                                 
Income from disposal of discontinued operations, net of income tax expense
    
549
      
—
      
549
      
—
  
                                 
Net income
   $
711
     $
308
     $
720
     $
379
  
                                 
Earnings (loss) per share:
                                
Basic and diluted, continuing operations
   $
0.05
     $
0.08
     $
0.06
     $
0.10
  
Basic and diluted, discontinued operations
   $ (0.02 )   $ (0.01 )   $ (0.02 )   $ (0.02 )
Basic and diluted, disposal of discontinued operations
   $
0.12
      
—
     $
0.12
      
—
  
Basic and diluted, net income
   $
0.15
     $
0.07
     $
0.16
     $
0.08
  
                                 
Weighted average common shares outstanding
    
4,583,348
      
4,583,348
      
4,583,348
      
4,583,348
  

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