EX-20 2 ex_163406.htm EXHIBIT 20 ex_163406.htm

 

Exhibit 20 Press release issued November 12, 2019

 

For Immediate Release  November 12, 2019

 

BOWL AMERICA REPORTS FIRST QUARTER EARNINGS

 

Bowl America Incorporated today reported its fiscal 2020 first quarter earnings were $.06 per share versus earnings of $.09 per share in the first quarter of fiscal 2019. The Company closed a leased bowling center operating with negative cash flow in July 2019 and costs related to the closing of approximately $104,000 during the quarter heavily impacted first quarter operating expenses. The first quarter, occurring in the summer months, is historically slow and management believes that good weather and rain free weekends allowed customers to enjoy outdoor venues.

 

Leslie H. Goldberg, President of the Company for over 40 years, died October 14, 2019. He was the son of Bowl America’s founder C. Edward Goldberg and only the second president in the Company’s 60 year history. He will be missed by all.

 

Bowl America operates 17 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 29,

2019

    

September 30,

2018

  

Operating Revenues

                

Bowling and other

   $ 3,609,673     $ 3,833,291  

Food & merchandise sales

     1,514,938       1,608,177  
      5,124,611       5,441,468  

Operating expenses excluding depreciation and amortization

     5,049,518       4,969,586  

Depreciation and amortization

     235,178       232,130  

Interest, dividend & other income

     106,457       105,421  

Change in value of investments

     429,053       238,278  

Earnings before tax

     375,425       583,451  

Net Earnings

   $ 285,325     $ 440,381  
                 

Comprehensive earnings

   $ 285,325     $ 440,381  

Weighted average shares outstanding

     5,160,971       5,160,971  
                 

Earnings per share

     .06       .09  

 

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SUMMARY OF FINANCIAL POSITION

(unaudited)

Dollars in Thousands

 

    09/29/19     09/30/18  
ASSETS                
                 
Total current assets including cash and investments of $7,733 & $8,138   $ 8,900     $ 9,166  
Property and other assets     20,855       19,258  
TOTAL ASSETS   $ 29,755     $ 28,424  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
                 
Total current liabilities   $ 3,173     $ 3,014  
Other liabilities     3,280       1,389  
Stockholders' equity     23,302       24,021  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 29,755     $ 28,424  

 

 

 

 

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