EX-20 2 rpr0905.txt PRESS RELEASE DATED SEPTEMBER 29, 2005 Press Release dated September 29, 2005 For Immediate Release September 29, 2005 FOURTH QUARTER IMPROVEMENT AT BOWL AMERICA Bowl America Incorporated reported that earnings for its fourth quarter, which ended July 3, 2005 and included a 14th week, increased to $.18 per share from $.10 per share in the prior year quarter. When the gains from asset sales are eliminated, annual earnings per share for the 53-week year increased to $.73 from $.66 in the prior year. The last quarter improvement was principally the result of the extra week, an additional week of winter league bowling and heavier tournament play. The increase in traffic has continued into the new fiscal year. In addition, the calendar changes have the effect of moving one week of winter league schedules into the fiscal 2006 first quarter from its fourth quarter. Further, this year is a normal 52-week year. The Company's 19th bowling center located northwest of Richmond, in the Short Pump area, is under construction and is expected to open during the second quarter. Bowl America Class A stock trades on the American Stock Exchange with the symbol BWLA. The Company's S.E.C. Form 10-K is available at the Company's website www.bowlamericainc.com. *** Bowl America Incorporated Results of Operations (Unaudited) Fourteen Thirteen Fifty-three Fifty-two weeks ended weeks ended weeks ended weeks ended 07/03/05 06/27/04 07/03/05 06/27/04 Operating Revenues Bowling and other $4,984,097 $4,403,442 $20,428,291 $20,154,568 Food, beverage and merchandise sales 2,015,415 1,794,286 8,178,854 8,279,121 TOTAL REVENUES $6,999,512 $6,197,728 $28,607,145 $28,433,689 Operating expenses excluding depreciation and amortization 5,613,732 5,077,139 21,971,957 22,006,445 Depreciation and amortization 258,556 354,363 1,463,188 1,532,587 Investment earnings - - 151,817 - Net gain on sale of building 65,531 33,123 65,531 2,201,240 Interest and dividend income 186,566 108,449 609,963 413,738 Earnings before taxes 1,379,321 907,798 5,999,311 7,509,635 Net Earnings $ 907,291 $ 511,502 $ 3,849,281 $ 4,701,739 Weighted average shares outstanding 5,137,773 5,138,511 5,137,773 5,138,559 EARNINGS PER SHARE .18 .10 .75 .91 Summary of Financial Position Dollars in Thousands 07/03/05 06/27/04 ASSETS Total current assets including cash and short-term investments of $12,980 & $13,002 $14,231 $14,181 Property and investments 28,318 26,399 TOTAL ASSETS $42,549 $40,580 LIABILITIES AND STOCKHOLDERS' EQUITY Total current liabilities $ 3,598 $ 3,054 Other liabilities 2,759 2,629 Stockholders' equity 36,192 34,897 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $42,549 $40,580