EX-20 2 ex20.htm PRESS RELEASE DATED MAY 11, 2010 ex20.htm
EXHIBIT 20
 
For Immediate Release
 May 11, 2010

BOWL AMERICA REPORTS THIRD QUARTER EARNINGS

Bowl America Incorporated today reported fiscal year third quarter earnings of $.24 per share, a decrease from $.35 in the prior year’s comparable quarter. Earnings for the nine-month period ended March 28, 2010, fell to $.32 per share from $.52 per share in the prior year comparable period.

Extreme winter weather in January and February, typically the strongest months for open play bowling, caused closures at all Virginia and Maryland centers. The severity of the three snow storms, two of them on weekends, prevented customers from traveling and resulted in unrecoverable loss of non-league business. Additionally, the Company incurred record expense for snow removal. The prior year quarter and nine month periods included insurance recovery of $194,000 that added approximately $.02 per share to after tax earnings.

Tomorrow the Company will pay a regular quarterly dividend of $.155, making this the 38th consecutive year of increased regular dividends.

Bowl America operates 19 bowling centers and its Class A Common Stock trades on the NYSE Amex Exchange under the symbol BWLA. A more detailed explanation of results is available in the Company’s S.E.C. Form 10-Q filing, available through the Company’s web site www.bowlamericainc.com.
 
* * * *
 
BOWL AMERICA INCORPORATED
Results of Operations
(Unaudited)

   
Thirteen
    
Thirteen
    
Thirty-nine
    
Thirty-nine
  
   
Weeks Ended
    
Weeks Ended
    
Weeks Ended
    
Weeks Ended
  
   
03/28/10
    
03/29/09
    
03/28/10
    
03/29/09
  
Operating Revenues
                        
Bowling and other
  
$
5,833,898
    
$
6,498,650
    
$
15,010,131
    
$
16,558,557
  
Food, beverage and merchandise sales
    
2,458,194
      
2,685,842
      
6,247,751
      
6,806,049
  
     
8,292,092
      
9,184,492
      
21,257,882
      
23,364,606
  
Operating expenses excluding
                                
depreciation and amortization
    
6,110,411
      
6,087,046
      
17,757,471
      
18,360,229
  
Depreciation and amortization
    
449,253
      
446,085
      
1,366,756
      
1,370,648
  
Interest and dividend income
    
136,797
      
149,992
      
411,692
      
498,246
  
Earnings before taxes
    
1,869,225
      
2,801,353
      
2,545,347
      
4,131,975
  
Net Earnings (1)
  
$
1,215,325
    
$
1,778,553
    
$
1,654,447
    
$
2,645,375
  
Weighted average shares
                                
outstanding
  
 
5,140,999
    
 
5,131,095
    
 
5,141,035
    
 
5,133,656
  
                                 
EARNINGS PER SHARE
    
.24
      
.35
      
.32
      
.52
  
 
(1) Includes insurance recovery of $194,000 for the thirteen week period ended March 29, 2009, and $254,000 for the thirty-nine week period ended March 29, 2009.
 
* * * *
 
SUMMARY OF FINANCIAL POSITION
(Unaudited)
Dollars in Thousands

   
03/28/10
    
03/29/09
  
ASSETS
            
Total current assets including cash and
            
short-term investment of $12,430 and $13,933
  
$
13,953
    
$
14,856
  
Property and investments
    
30,310
      
30,628
  
TOTAL ASSETS
  
$
44,263
    
$
45,484
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
Total current liabilities
  
$
5,026
    
$
5,285
  
Other liabilities
    
2,287
      
2,320
  
Stockholders' equity
    
36,950
      
37,879
  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  
$
44,263
    
$
45,484