EX-20 2 ex_144087.htm EXHIBIT 20 ex_144087.htm

Exhibit 20 Press release issued May 14, 2019

 

For Immediate Release

 May 14, 2019

 
     

BOWL AMERICA REPORTS THIRD QUARTER EARNINGS

 

Bowl America Incorporated today reported earnings per share of $.35 for its fiscal 2019 third quarter ended March 31, 2019 and $.54 for the nine month period. Fiscal 2019 earnings benefited from the GAAP reporting of changes in investment value as part of current earnings effective July 2018. Without the required GAAP change earnings per share for the current year would have been $.30 for the quarter and $.52 for the nine month period compared to $.31 and $.63 in the prior year comparable periods, respectively. The fiscal 2018 year-to-date earnings included a one time $.13 per share after tax benefit from the Tax Cuts and Jobs Act.

 

Bowl America operates 18 bowling centers and its Class A Common Stock trades on the NYSE American Exchange with the symbol BWLA. We invite you to view a more detailed explanation of results 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

31,

   

April

1,

   

March

31,

   

April

1,

 
   

2019

   

2018

   

2019

   

2018

 

Revenues

                               

Bowling and other

  $ 5,258,124     $ 5,423,321     $ 13,501,062     $ 13,656,336  

Food, beverage & merchandise sales

    2,184,623       2,202,898       5,711,098       5,602,158  
      7,442,747       7,626,219       19,212,160       19,258,494  
                                 

Operating expenses excluding depreciation and amortization

    5,289,054       5,187,524       15,272,333       15,051,334  

Depreciation and amortization

    240,294       238,026       719,224       712,136  

Interest & dividend income

    101,150       107,130       297,739       292,596  

Change in value of investments

    367,820       -       173,985       -  

Earnings before taxes

    2,382,369       2,307,799       3,692,327       3,787,620  
                                 

Net Earnings

  $ 1,806,243     $ 1,602,799     $ 2,804,066     $ 3,234,725  
                                 

Comprehensive earnings

  $ 1,806,243     $ 1,208,443     $ 2,804,066     $ 2,985,809  
                                 

Weighted average shares outstanding

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

EARNINGS PER SHARE

    .35       .31       .54       .63  

 

 

 

 

SUMMARY OF FINANCIAL POSITION

(unaudited)

Dollars in Thousands

 

   

03/31/19

   

04/01/18

 

ASSETS

               
                 

Total current assets including cash and short-term investments of $3,012 & $5,172

  $ 11,332     $ 6,166  

Property and other assets

    19,154       24,729  

TOTAL ASSETS

  $ 30,486     $ 30,895  
                 
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               
                 

Total current liabilities

  $ 4,552     $ 4,557  

Other liabilities

    1,356       1,398  

Stockholders' equity

    24,578       24,940  

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

  $ 30,486     $ 30,895