EX-20 2 ex_158551.htm EXHIBIT 20 ex_158551.htm

EXHIBIT 20

 

For Immediate Release

September 27, 2018

 

BOWL AMERICA REPORTS 2019 FISCAL YEAR EARNINGS

 

Bowl America Incorporated today reported earnings per share of $.59 for its fiscal year ended June 30, 2019, compared to $.73 in the prior fiscal year ended July 1, 2018. Per share earnings for the fiscal 2019 fourth quarter were $.05, compared to $.10 in the fiscal 2018 fourth quarter.

.

The Company believes that good weekend weather during in the fiscal 2019 fourth quarter contributed to a decrease in traffic. Fiscal 2019 reflects the first full year under the 21% federal tax rate and the first year of the FASB required change reclassifying unrealized gain or loss on securities to current earnings from Stockholders’ Equity. Fiscal 2018 included a one time tax benefit of approximately $.13 per share and a blended corporate tax rate of 27.5% for the 2018 fiscal year.

 

The Company did not renew its lease on Bowl America Manassas, a non-producing center which closed July 28, 2019, leaving only one leased bowling center. One-time expenses associated with the exit from the location after 60 years will negatively impact the first quarter of fiscal 2020.

 

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 17 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

 
   

06/30/19

   

07/01/18

   

06/30/19

   

07/01/18

 

Operating Revenues

                               

Bowling and other

  $ 3,639,410     $ 3,829,858     $ 17,140,472     $ 17,486,194  

Food, beverage and merchandise sales

    1,567,056       1,682,532       7,278,154       7,284,690  
      5,206,466       5,512,390       24,418,626       24,770,884  

Operating expenses excluding depreciation and amortization

    4,947,073       4,754,199       20,219,406       19,805,533  

Depreciation and amortization

    263,536       233,970       982,760       946,106  

(Loss) gain on disposition of assets

    (1,359

)

    (3,306

)

    (1,359

)

    (3,306

)

Interest, dividend and other income

    105,795       94,935       403,534       387,531  

Change in value of investments

    157,164       -       331,149       -  

Earnings (loss) before taxes

    257,457       615,850       3,949,784       4,403,470  
                                 

Net Earnings

    246,106       551,260       3,049,172       3,785,985  

Comprehensive Earnings

  $ 246,106     $ 420,933     $ 3,049,172     $ 3,406,742  
                                 

Weighted average shares outstanding

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

EARNINGS PER SHARE

    .05       .10       .59       .73  

 

* * * *

 

 

 

 

 

SUMMARY OF FINANCIAL POSITION

Dollars in Thousands

 

   

06/30/19

   

07/01/18

 

ASSETS

               

Total current assets including cash and short-term investment of $703 and $1,341

  $ 9,433     $ 9,426  

Property and other assets

    18,956       19,483  

TOTAL ASSETS

  $ 28,389     $ 28,909  
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               

Total current liabilities

  $ 3,065     $ 3,096  

Deferred tax and other liabilities

    1,404       1,329  

Stockholders' equity

    23,920       24,484  

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

  $ 28,389     $ 28,909