EX-99 2 rpr0907.txt PRESS RELEASE DATED SEPTEMBER 27, 2007 Press Release dated September 27, 2007 For Immediate Release September 27, 2007 BOWL AMERICA REPORTS IMPROVED FISCAL YEAR EARNINGS Bowl America Incorporated today reported earnings per share for its fiscal year ended July 1, 2007, increased to $.82 from $.71 in the prior year. Fourth quarter earnings per share were $.14, up from $.12 in the comparable quarter last year. The February 2007 closing of a location for roof repairs impacted earnings in the second half of the fiscal year, and as the repairs are currently in progress, will continue to affect the first quarter of fiscal 2008. The bowling business is seasonally weak in the summer months. Additionally, since June there has been an above normal reduction in traffic which we attribute to the uncertain economic conditions that can influence customers' spending habits. A more detailed explanation of results is available in the Company's S.E.C. Form 10-K filing available through the website www.bowlamericainc.com. The Board of Directors declared a quarterly $.145 dividend today and unless circumstances change, this will be the 36th consecutive year of increased per share dividends. Bowl America operates 19 bowling centers and its stock trades on the American Stock Exchange with the symbol BWLA. *** Bowl America Incorporated Results of Operations (Unaudited) Thirteen Thirteen Fifty-two Fifty-two weeks ended weeks ended weeks ended weeks ended 07/01/07 07/02/06 07/01/07 07/02/06 Operating Revenues Bowling and other $4,943,891 $5,004,601 $22,876,620 $21,635,492 Food, beverage and merchandise sales 1,995,755 2,032,118 9,097,716 8,684,759 _________ _________ __________ __________ TOTAL REVENUES $6,939,646 $7,036,719 $31,974,336 $30,320,251 Operating expenses excluding depreciation and amortization 5,679,453 5,864,506 24,562,793 23,744,476 Depreciation and amortization 489,407 485,197 1,918,595 1,665,637 Investment loss - - (3,613) - Net gain on sale of Assets 15,557 23,028 15,557 23,028 Interest and dividend income 221,742 173,262 863,983 655,818 Earnings before taxes 1,008,085 883,306 6,368,875 5,588,984 Net Earnings $ 718,153 $ 621,897 $ 4,188,943 $ 3,639,575 Weighted average shares outstanding 5,135,716 5,136,925 5,136,499 5,136,968 EARNINGS PER SHARE .14 .12 .82 .71 Summary of Financial Position Dollars in Thousands 07/01/07 07/02/06 ASSETS Total current assets including cash and short-term investments of $11,492 & $9,046 $13,208 $10,938 Property and investments 32,627 32,192 ______ ______ TOTAL ASSETS $45,835 $43,130 LIABILITIES AND STOCKHOLDERS' EQUITY Total current liabilities $ 3,062 $ 3,240 Other liabilities 3,436 2,801 Stockholders' equity 39,337 37,089 ______ ______ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $45,835 $43,130