EX-20 2 ex20.htm EXHIBIT 20 ex20.htm
EXHIBIT 20
 
For Immediate Release
September 27, 2012
  
BOWL AMERICA REPORTS FISCAL YEAR EARNINGS

Bowl America Incorporated today reported earnings per share for its fiscal fourth quarter ended July 1, 2012, were $.01, down from $.03 in the comparable quarter last year which included a 14th week.  Earnings per share for the 52-week fiscal year declined to $.28 from $.30 in the prior year’s 53-weeks.

In addition to having one fewer week than the prior year, this year’s fourth quarter included one less week of winter season league bowling.  Management believes that the public is continuing to be cautious about spending discretionary funds as concerns about the length and uncertainty of the economic recovery continue.

Fiscal 2012 was the Company’s 40th year of increased regular per share dividends.

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 19 bowling centers and its stock trades on the NYSE MKT with the symbol BWLA.
* * * *

BOWL AMERICA INCORPORATED
Results of Operations
 
   
Thirteen
Weeks Ended
07/01/12
   
Fourteen
Weeks Ended
07/03/11
   
Fifty-two
Weeks Ended
07/01/12
   
Fifty-three
Weeks Ended
07/03/11
 
Operating Revenues                        
Bowling and other
  $ 3,512,219     $ 4,288,002     $ 17,361,438     $ 18,721,460  
Food, beverage and merchandise sales
    1,489,923       1,811,088       7,305,361       7,782,203  
Net gain on sale of assets
    25,924       14,187       25,924       14,187  
      5,028,066       6,113,277       24,692,723       26,517,850  
                                 
Operating expenses excluding depreciation and amortization
    5,010,336       5,760,928       21,718,549       23,176,276  
Depreciation and amortization
    264,614       244,642       1,465,149       1,549,166  
Interest and dividend income
    109,131       132,407       499,873       579,960  
Earnings (loss) before taxes
    (137,753 )     240,114       2,008,898       2,372,368  
Net Earnings
  $ 29,590     $ 192,275     $ 1,424,841     $ 1,556,929  
Comprehensive Earnings
  $ 362,111     $ 389,710     $ 1,680,705     $ 2,111,011  
                                 
Weighted average shares outstanding
    5,151,471       5,147,522       5,151,471       5,147,117  
                                 
EARNINGS PER SHARE
    .01       .03       .28       .30  
 
* * * *

SUMMARY OF FINANCIAL POSITION
Dollars in Thousands

   
07/01/12
   
07/03/11
 
ASSETS
           
Total current assets including cash and short-term investment of $6,196 and $8,660
 
$
              7,659
   
$
10,118
 
Property and investments
   
31,709
     
30,800
 
TOTAL ASSETS
 
$
39,368
   
$
40,918
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
Total current liabilities
 
$
2,912
   
$
3,071
 
Other liabilities
   
2,771
     
2,546
 
Stockholders' equity
   
33,685
     
35,301
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
39,368
   
$
40,918