EX-20 2 ex_125476.htm EXHIBIT 20 ex_124438.htm

EXHIBIT 20

 

For Immediate Release

September 27, 2018

 

BOWL AMERICA ON A ROLL OF INCREASED EARNINGS

 

Bowl America Incorporated today reported earnings per share of $.73 for its fiscal year ended July 1, 2018, compared to $.48 in the prior fiscal year ended July 2, 2017. Per share earnings for the fiscal 2018 fourth quarter were $.10, up $.03 compared to the fiscal 2017 fourth quarter.

 

The Company believes that fewer snow storms and more rainy weekends during fiscal 2018 contributed to increased traffic resulting in an improvement to revenues and a 20% increase in operating income. As previously reported, the Tax Cuts and Jobs Act of December 2017 provided a one time tax benefit of approximately $.13 per share, and also reduced our corporate tax rate for the 2018 fiscal year. The Company’s tax rate will further decrease in fiscal 2019, our first full year under the new rate.

 

A more detailed explanation of results is available in the Company’s Form 10-K filing available through the website www.bowlamericainc.com. Bowl America operates 18 bowling centers and its Class A common stock trades on the NYSE American under the symbol BWLA.

 

* * *

 

BOWL AMERICA INCORPORATED

Results of Operations

 

   

Thirteen

   

Thirteen

   

Fifty-two

   

Fifty-two

 
   

Weeks Ended

   

Weeks Ended

   

Weeks Ended

   

Weeks Ended

 
   

07/01/18

   

07/02/17

   

07/01/18

   

07/02/17

 

Operating Revenues

                               

Bowling and other

  $ 3,829,858     $ 3,633,124     $ 17,486,194     $ 16,887,857  

Food, beverage and merchandise sales

    1,682,532       1,509,708       7,284,690       7,044,647  
      5,512,390       5,142,832       24,770,884       23,932,504  

Operating expenses excluding depreciation and amortization

    4,754,199       4,626,134       19,805,533       19,697,080  

Depreciation and amortization

    233,970       145,389       946,106       973,849  

(Loss) gain on disposition of assets

    (3,306

)

    43,596       (3,306

)

    77,972  

Interest, dividend and other income

    94,935       96,596       387,531       412,299  

Interest expense

    -       -       -       6,296  

Earnings (loss) before taxes

    615,850       511,501       4,403,470       3,745,550  
                                 

Net Earnings

    551,260       349,057       3,785,985       2,451,110  

Comprehensive Earnings

  $ 420,933     $ 68,852     $ 3,406,742     $ 1,946,511  
                                 

Weighted average shares outstanding

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

EARNINGS PER SHARE

    .10       .07       .73       .48  

 

* * * *

 

SUMMARY OF FINANCIAL POSITION

Dollars in Thousands

 

   

07/01/18

   

07/02/17

 

ASSETS

               

Total current assets including cash and short-term investment of $3,166 and $3,556

  $ 4,610     $ 4,646  

Property and investments

    24,299       24,972  

TOTAL ASSETS

  $ 28,909     $ 29,618  
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               

Total current liabilities

  $ 3,096     $ 2,986  

Other liabilities

    1,329       2,046  

Stockholders' equity

    24,484       24,586  

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

  $ 28,909     $ 29,618