EX-20 2 ex_128709.htm EXHIBIT 20 ex_128709.htm

Exhibit 20 Press release issued November 13, 2018

 

For Immediate Release November 13, 2018

 

REVENUES AND EARNINGS UP IN BOWL AMERICA’S FIRST QUARTER

 

Bowl America Incorporated today reported its fiscal 2019 first quarter earnings improved to $.09 per share from $.04 in last year’s first quarter. Without the required FASB change reclassifying the unrealized gain or loss on securities from Stockholders’ Equity to current earnings the profit would have been $.05 per share as a result of higher revenues and the lower federal corporate tax rate.

 

The Company will pay an increased regular quarterly dividend of $.175 per share on November 14, 2018 to stockholders of record as of October 16, 2018.    

 

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

 
   

September 30,

   

October 1,

 
   

2018

   

2017

 

Operating Revenues

               

Bowling and other

  $ 3,833,291     $ 3,748,270  

Food & merchandise sales

    1,608,177       1,515,483  
      5,441,468       5,263,753  
                 

Operating expenses excluding depreciation and amortization

    4,969,586       4,831,294  

Depreciation and amortization

    232,130       236,084  

Interest, dividend & other income

    105,421       104,017  

Change in value of investments

    238,278       -  

Earnings before tax

    583,451       300,392  

Net Earnings

  $ 440,381     $ 195,192  
                 

Comprehensive earnings

  $ 440,381     $ 338,857  

Weighted average shares outstanding

    5,160,971       5,160,971  
                 

Earnings per share

    .09       .04  

 

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SUMMARY OF FINANCIAL POSITION

(unaudited)

Dollars in Thousands

 

   

09/30/18

   

10/01/17

 

ASSETS

               
                 

Total current assets including cash and investments of $8,138 & $8,294

  $ 9,166     $ 9,344  

Property and other assets

    19,258       19,852  

TOTAL ASSETS

  $ 28,424     $ 29,196  
                 
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               
                 

Total current liabilities

  $ 3,014     $ 3,004  

Other liabilities

    1,389       2,144  

Stockholders' equity

    24,021       24,048  

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

  $ 28,424     $ 29,196  

 

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