EX-20 2 ex20.htm EXHIBIT 20 ex20.htm

 

Exhibit 20  Press release issued May 10, 2016

 

For Immediate Release

 May 10, 2016

   

BOWL AMERICA REPORTS THIRD QUARTER EARNINGS

 

Bowl America Incorporated today reported that earnings per share for its fiscal 2016 nine-month period ended March 27, 2016, were $.32 compared to $.28 in the prior year period. Earnings for the current year third quarter were $.25 per share, unchanged from the prior year.

 

What is referred to as the “Blizzard of 2016” caused the complete closure of our northern market centers for up to 3 days. The impact of the storm was heightened because it fell over a weekend when most bowling is non-contracted. In addition snow removal costs were 50% higher than last year’s when snow storms were spread throughout the third quarter.

 

This fiscal year is a 53-week accounting year with the extra week added to the fourth quarter. The quarter will also include one more week of winter league bowling due to the late start of the league season in the first quarter.

 

Bowl America operates 18 bowling centers and its Class A Common Stock trades on the NYSE MKT 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

   

Thirty-nine weeks ended

 
   

March

27,

   

March

29,

   

March

27,

   

March

29,

 
   

2016

   

2015

   

2016

   

2015

 

Revenues

                               

Bowling and other

  $ 5,236,678     $ 5,307,071     $ 12,876,763     $ 12,811,824  

Food, beverage & merchandise sales

    2,184,589       2,209,356       5,470,696       5,303,985  
      7,421,267       7,516,427       18,347,459       18,115,809  
                                 

Operating expenses excluding depreciation and amortization

    5,230,227       5,350,523       15,167,172       15,293,812  

Depreciation and amortization

    334,572       330,813       1,009,354       987,018  
                                 

Interest & dividend income

    99,620       117,600       340,280       374,898  
                                 

Earnings before taxes

    1,956,088       1,952,691       2,511,213       2,209,877  
                                 

Net Earnings

  $ 1,271,488     $ 1,269,291     $ 1,632,313     $ 1,436,477  
                                 

Comprehensive earnings

  $ 1,634,388     $ 1,201,877     $ 1,831,766     $ 1,206,115  
                                 

Weighted average shares outstanding

    5,160,971       5,160,971       5,160,971       5,160,971  
                                 

EARNINGS PER SHARE

    .25       .25       .32       .28  

 

 
 

 

 

 SUMMARY OF FINANCIAL POSITION

(unaudited)

Dollars in Thousands

 

   

03/27/16

   

03/29/15

 

ASSETS

               
                 

Total current assets including cash and short-term investments of $4,165 & $3,809

  $ 4,969     $ 4,596  

Property and investments

    28,685       29,909  

TOTAL ASSETS

  $ 33,654     $ 34,505  
                 
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               
                 

Total current liabilities

  $ 5,157     $ 4,691  

Other liabilities

    2,323       2,261  

Stockholders' equity

    26,174       27,553  

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

  $ 33,654     $ 34,505