EX-20 2 ex20.htm EXHIBIT 20 ex20.htm

Exhibit 20 to Form 10-K

 

For Immediate Release

September 26, 2013

  

BOWL AMERICA REPORTS FISCAL YEAR EARNINGS

 

Bowl America Incorporated today reported earnings per share for its fiscal fourth quarter ended June 30, 2013, were $.31, including a gain on the sale of its location in Winter Park, Florida in May 2013. Without the sale, the quarter would have shown a loss of $.02 per share. Fiscal year 2013 earnings were $.61 per share, with $.32 contributed by the discontinued operation and sale at Winter Park. Earnings per share for the prior year fourth quarter were $.01 and were $.28 for the 2012 fiscal year.

 

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

* * * *

BOWL AMERICA INCORPORATED

Results of Operations

 

   

Thirteen

Weeks Ended

06/30/13

   

Thirteen

Weeks Ended

07/01/12

   

Fifty-two

Weeks Ended

06/30/13

   

Fifty-two

Weeks Ended

07/01/12

 

Operating Revenues

                               

Bowling and other

  $ 3,517,868     $ 3,457,789     $ 16,914,493     $ 17,142,379  

Food, beverage and merchandise sales

    1,460,261       1,462,291       6,942,788       7,200,645  
      4,978,129       4,920,080       23,857,281       24,343,024  

Operating expenses excluding depreciation and amortization

    5,015,751       4,908,430       20,674,250       21,286,396  

Depreciation and amortization

    280,532       263,974       1,421,616       1,456,509  

Gain on sale of assets

    980       25,924       980       25,924  

Interest and dividend income

    86,827       109,131       435,141       499,873  

Earnings (loss) from continuing operations before taxes

    (230,347

)

    (117,269

)

    2,197,536       2,125,916  

Earnings (loss) from continuing operations

  $ (91,604

)

  $ 42,592     $ 1,485,773     $ 1,499,239  

Earnings (loss) from discontinued operations-net of tax

    1,703,881       (13,002

)

    1,669,449       (74,398

)

Net Earnings

    1,612,277       29,590       3,155,222       1,424,841  

Comprehensive Earnings

  $ (190,203

)

  $ 362,111     $ 3,200,424     $ 1,680,705  
                                 

Weighted average shares outstanding

    5,142,724       5,151,471       5,151,784       5,151,471  
                                 

Earnings per share from continuing operations

    (.02

)

    .01       .29       .29  

Earnings per share from discontinued operations

    .33       .00       .32       (.01

)

EARNINGS PER SHARE

    .31       .01       .61       .28  

 

* * * *

SUMMARY OF FINANCIAL POSITION

Dollars in Thousands

 

   

06/30/13

   

07/01/12

 

ASSETS

               

Total current assets including cash and short-term investment of $4,388 and $6,196

  $ 5,535     $ 7,659  

Property and investments

    31,190       31,709  

TOTAL ASSETS

  $ 36,725     $ 39,368  
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               

Total current liabilities

  $ 3,054     $ 2,912  

Other liabilities

    2,639       2,771  

Stockholders' equity

    31,032       33,685  

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

  $ 36,725     $ 39,368