EX-20 2 pr0903.txt PRESS RELEASE DATED SEPTEMBER 26, 2003 Press Release date September 26, 2003 For Immediate Release September 26, 2003 Better Fourth Quarter at Bowl America Earnings for Bowl America's fiscal fourth quarter which ended June 29, 2003, improved to $.14 per share from $.10 in the like period last year. Earnings for the full fiscal year were down from $.74 to $.70 this year. The rainy spring and summer in the Virginia and Maryland areas significantly boosted traffic at the Company's bowling centers. Additionally, league games that were canceled in February by the winter blizzard were made up in the last quarter. The benefit of the above normal rains continued into the first quarter of fiscal 2004 with both July and August showing improvement over last year. However, some of those gains will be wiped out when the tally of the impact of Hurricane Isabel is complete. The Company suffered from reduced operating hours and the inability to serve food at one time or another in virtually all of its Maryland and Virginia centers. The Company closed on the sale of its money-losing property in Silver Spring, Maryland and hopes to use the proceeds for investment in a bowling property. On September 25, 2003, the Board of Directors declared a dividend of $.125, its newly established rate. Unless circumstances change, this will be the thirty-second year of increased per share dividends for Bowl America. Bowl America operates eighteen bowling centers in Maryland, Virginia and Florida and its stock trades on the American Stock Exchange with the symbol BWLA. Bowl America Incorporated Results of Operations Thirteen weeks ended Fifty-two weeks ended June 29, June 30, June 29, June 30, 2003 2002 2003 2002 Revenues Bowling and other $4,827,804 $4,558,767 $20,574,413 $20,926,272 Food, beverage and merchandise sales 2,050,164 2,044,930 8,801,279 8,974,870 TOTAL REVENUES $6,877,968 $6,603,697 $29,375,692 $29,901,142 Operating expenses excluding depreciation and amortization 5,571,496 5,472,948 22,649,565 22,743,635 Depreciation and amortization 365,087 437,981 1,613,379 1,763,931 Interest and dividend income 106,624 152,169 475,598 598,982 Earnings before taxes 1,048,009 844,937 5,588,346 5,992,558 Net Earnings $ 682,009 $ 518,937 $ 3,583,346 $ 3,818,558 Weighted average shares outstanding 5,134,599 5,141,490 5,145,934 5,132,083 EARNINGS PER SHARE .14 .10 .70 .74 Summary of Financial Position Dollars in Thousands 06/29/03 06/30/02 ASSETS Total current assets including cash and short-term investments of $11,009 & $9,818 $12,608 $11,538 Property and investments 24,929 25,025 TOTAL ASSETS $37,537 $36,563 LIABILITIES AND STOCKHOLDERS' EQUITY Total current liabilities $ 2,711 $ 1,820 Other liabilities 1,873 2,061 Stockholders' equity 32,953 32,682 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $37,537 $36,563