10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended June 28, 2015 Commission file Number 1-7829

BOWL AMERICA INCORPORATED

(Exact name of registrant as specified in its charter.)

MARYLAND	54-0646173
(State of Incorporation)	(I.R.S. Employer Identification No.)

6446 Edsall Road, Alexandria, Virginia	22312
(Address of principal executive offices)	(Zip Code)

(703) 941-6300

Registrant's telephone number, including area code

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Class	Name of Exchange on which registered
Class A Common stock (par value $.10)	NYSE MKT

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES [ ] NO [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES[ ] NO [X]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [X] NO [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES [X] NO [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K, (Section 229.405) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendments to this Form 10-K. [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer [ ]	Accelerated Filer [ ]
Non-accelerated Filer [ ]	Smaller reporting company [X]

Indicate by checkmark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act). YES [ ] NO [X]

As of December 26, 2014, which was the last business day of the registrant's most recently completed second quarter, 3,746,454 Class A common shares were outstanding, and the aggregate market value of the Class A common shares (based upon the closing price of these shares on the NYSE MKT) of Bowl America Incorporated held by non-affiliates of the registrant was approximately $34 million. As of that date 1,414,517 Class B common shares were outstanding. Class B common shareholders have the right to convert their Class B common stock to Class A common stock on a share for share basis. If all of the Class B shares were converted to Class A shares as of December 26, 2014, the total aggregate market value for both classes of common stock held by non-affiliates would be approximately $36 million.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:

	Shares outstanding at  September 15, 2015
Class A Common Stock $.10 par value	3,746,454
Class B Common Stock $.10 par value	1,414,517

DOCUMENTS INCORPORATED BY REFERENCE

Portions of registrant's definitive proxy statement, which will be filed with the Commission not later than 120 days after June 28, 2015, are incorporated by reference into Part III of this Form 10-K. The Selected Financial Data (Item 6), Management’s Discussion & Analysis (Item 7), Financial Statements (Item 8) and Management’s Annual Report on Internal Control Over Financial Reporting (Item 9A) attached to this filing as exhibits are incorporated herein by reference.

BOWL AMERICA INCORPORATED

INDEX TO FISCAL 2015 10-K FILING

		Page
	PART I
ITEM 1.	Business
(a)	General Development of Business	1
(b)	Financial Information about Industry Segments	1
(c)	Narrative Description of Business	1
(d)	Financial Information about Geographic Areas	1
ITEM 2.	Properties	2
ITEM 3.	Legal Proceedings	2
ITEM 4.	Mine Safety Disclosures	2
	PART II
ITEM 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	2
ITEM 6.	Selected Financial Data	3
ITEM 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	3
ITEM 8.	Financial Statements and Supplementary Data	3
ITEM 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	3
ITEM 9A.	Controls and Procedures	3
	PART III
ITEM 10.	Directors, Executive Officers and Corporate Governance	4
ITEM 11.	Executive Compensation	4
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	4
ITEM 13.	Certain Relationships and Related Transactions, and Director Independence	4
ITEM 14.	Principal Accountant Fees and Services	4
	PART IV
ITEM 15.	Exhibits and Financial Statement Schedules
(a)	Financial Statements	5
(b)	Exhibits	5
Signatures		6-7

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PART I

ITEM 1. BUSINESS

(a) General Development of Business

Bowl America Incorporated (herein referred to as the “Company”) was incorporated in 1958. The Company commenced business with one bowling center in 1958, and at the end fiscal year 2015, the Company and its wholly-owned subsidiaries operated 18 bowling centers.

(b) Financial Information about Industry Segments

The Company operates in one segment. Its principal source of revenue consists of fees charged for the use of bowling lanes and other facilities and from the sale of food and beverages for consumption on the premises. At the end of the fiscal year 2015, the Company had operating revenues from continuing operations of approximately $23.1 million, and approximately $32 million in total assets. Merchandise sales, including food and beverages, were approximately 29% of operating revenues. The balance of operating revenues (approximately 71%) represents fees for bowling and related services. Earnings per share for fiscal 2015 were $0.32.

(c) Narrative Description of Business

During fiscal year 2015, the Company operated 10 bowling centers in the greater metropolitan area of Washington, D.C., one bowling center in the greater metropolitan area of Baltimore, Maryland, three bowling centers in the greater metropolitan area of Jacksonville, Florida, and four bowling centers in the greater metropolitan area of Richmond, Virginia. These 18 bowling centers contain a total of 726 lanes.

These establishments are fully air-conditioned with facilities for service of food and beverages, game rooms, rental lockers, and meeting room facilities. All centers provide shoes for rental, and bowling balls are provided free. In addition, each center sells retail bowling accessories. Most locations are equipped for glow-in-the-dark bowling, popular for parties and non-league bowling.

The bowling equipment essential for the Company's operation is readily available. The Company’s major source of equipment is Brunswick Corporation.

The bowling business is a seasonal one, and most of the business takes place from October through May. It is highly competitive, but the Company has managed to maintain its position in the markets in which it operates. The principal method of competition is the quality of service furnished to the Company's customers. Its primary competitor is Bowlmor AMF.

Compliance with federal, state and local environmental protection laws has not materially affected the Company.

The number of persons employed by the Company and its subsidiaries is approximately 500 including approximately 250 full time employees.

(d) Financial Information about Geographic Areas

The Company has no foreign operations.

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ITEM 2. PROPERTIES

The Company owns its general offices which are located at 6446 Edsall Road, Alexandria, Virginia 22312.

Two of the Company's bowling centers are located in leased premises, and the remaining sixteen centers are owned by the Company. The Company's leases expire in fiscal 2020. The specific locations of the bowling centers are discussed under Item 1(c).

ITEM 3. LEGAL PROCEEDINGS

There are no material pending legal proceedings other than ordinary routine litigation incidental to the business.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

The principal market on which the Company's Class A Common Stock is traded is the NYSE MKT. The Company's Class B Common Stock is not listed on any exchange and is not publicly traded. Each share of Class B Common Stock can be converted to one share of Class A Common Stock at any time.

The table below presents the high and low sales price of the Company's Class A Common Stock in each quarter of fiscal years 2015 and 2014.

2015	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr
High	$	15.50	$	15.45	$	15.50	$	15.50
Low	$	13.12	$	13.79	$	14.08	$	14.27

2014	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr
High	$	14.35	$	15.34	$	15.50	$	15.50
Low	$	13.01	$	13.55	$	13.65	$	14.04

Holders

As of September 15, 2015, the approximate number of holders of record of the Company's Class A Common Stock was 297 and of the Company's Class B Common Stock was 23.

Cash Dividends

The table below presents the quarterly cash dividends per share of Class A Common Stock and Class B Common Stock paid, and the quarter in which the payment was made during fiscal 2015 and 2014.

Class A Common Stock

Quarter	2015	2014
First	17 cents	16.5 cents
Second	17 cents	16.5 cents
Third	17 cents	16.5 cents
Fourth	17 cents	16.5 cents

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Class B Common Stock

Quarter	2015	2014
First	17 cents	16.5 cents
Second	17 cents	16.5 cents
Third	17 cents	16.5 cents
Fourth	17 cents	16.5 cents

The Board of Directors decides the amount and timing of any dividend at its quarterly meetings based on its appraisal of the state of the business, the economic climate and estimate of future opportunities at such time.

ITEM 6. SELECTED FINANCIAL DATA

The information is set forth in the section of Exhibit 99(a) entitled "Selected Financial Data" on page 13 of this Form 10-K and is incorporated herein by reference. Such information should be read in conjunction with the audited financial statements.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information is set forth in the section of Exhibit 99(b) entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" on Pages 9 through 12 of this Form 10-K and is incorporated herein by reference.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements and notes thereto are set forth in Exhibit 99(c) on pages 16 through 28 of this Form 10-K and is incorporated herein by reference. Supplementary data is not required.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

NONE. 

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company's disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by it in its periodic reports filed with the Securities and Exchange Commission is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. Based on an evaluation of the Company’s disclosure controls and procedures conducted by the Company’s Chief Executive Officer and Chief Financial Officer, such officers concluded that the Company's disclosure controls and procedures were effective as of June 28, 2015. Additionally, the Company’s officers concluded that the Company’s disclosure controls and procedures were effective as of June 28, 2015 to ensure that information required to be disclosed in the reports filed under the Exchange Act was accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.

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Internal Control over Financial Reporting

(a) Management’s Annual Report on Internal Control Over Financial Reporting

In accordance with Section 404(a) of the Sarbanes-Oxley Act of 2002 and Item 308(a) of Regulation S-K, the report of management on the Company’s internal control over financial reporting is set forth in Exhibit 99(d) in this Annual Report on Form 10-K and is included herein by reference.

(b) Changes in Internal Control Over Financial Reporting

There was no change in the Company’s internal control over financial reporting that occurred during the fourth quarter ended June 28, 2015 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Pursuant to General Instruction G(3) of Form 10-K, the information called for by this item regarding directors and executive officers is hereby incorporated by reference from the Company's definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this report.

ITEM 11. EXECUTIVE COMPENSATION

Pursuant to General Instruction G(3) of Form 10-K, the information called for by this item is hereby incorporated by reference from the Company's definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this report.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Pursuant to General Instruction G(3) of Form 10-K, the information called for by this item is hereby incorporated by reference from the Company's definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this report.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Pursuant to General Instruction G(3) of Form 10-K, the information called for by this item is hereby incorporated by reference from the Company's definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this report.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Pursuant to General Instruction G(3) of Form 10-K, the information called for by this item is hereby incorporated by reference from the Company's definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this report.

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) Financial Statements

The following consolidated financial statements of Bowl America Incorporated and its subsidiaries are incorporated by reference in Part II, Item 8:

Reports of Independent Registered Public Accounting Firms

Consolidated balance sheets as of June 28, 2015 and June 29, 2014

Consolidated statements of earnings and comprehensive earnings - years ended June 28, 2015 and June 29, 2014

Consolidated statements of stockholders' equity - years ended June 28, 2015 and June 29, 2014

Consolidated statements of cash flows - years ended June 28, 2015 and June 29, 2014

Notes to the consolidated financial statements - years ended June 28, 2015 and June 29, 2014

(b) Exhibits:

3(i)a Articles of Incorporation of the Registrant and amendments through December 1994 thereto(Incorporated by reference from exhibit number 3 to the Annual Report for 1989 on Form 10-K for fiscal year ended July 2, 1995.)

3(i)b Amendment to and restatement of Article FIFTH (b) III 2.2 of the Registrant's Articles of Incorporation (Incorporated by reference from the Registrant's Form 8-K filed December 9, 1994.)

3(ii) By-laws of the Registrant (Incorporated by reference from exhibit 3 to the Registrant’s Annual Report on Form 10-K for fiscal year ended July 2, 1989.)

10.1     Amended Employment Agreement, dated as of June 22, 2015, between the Company and Leslie H. Goldberg (incorporated by reference to Exhibit 10.1 to Form 8-K filed on June 22, 2015).

10.2     Amended Employment Agreement, dated as of June 22, 2015, between the Company and Cheryl A. Dragoo (incorporated by reference to Exhibit 10.1 to Form 8-K filed on June 22, 2015).

20 Press release dated September 24, 2015

21 Subsidiaries of registrant (Incorporated by reference from exhibit number 1 to the Registrant's Annual Report on Form 10-K for fiscal year ended June 30, 2002.)

31.1 Written statement of Chief Executive Officer (Rule 13a-14a Certification)

31.2 Written statement of Chief Financial Officer (Rule 13a-14a Certification)

32 Written statement of Chief Executive and Chief Financial Officers (Section 1350 Certifications)

99(a) Selected Financial Data (Item 6), set forth as page 13 hereof

99(b) Management’s Discussion & Analysis of Financial Condition and Results of Operations (Item 7), set forth as pages 9-12 hereof

99(c) Consolidated Financial Statements (Item 8), set forth as pages 16-28 hereof

99(d) Management’s Annual Report on Internal Control Over Financial Reporting, (Item 9-A) set forth as page 8 hereof

101 Interactive files formatted in XBRL (Extensible Business Reporting Language)

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BOWL AMERICA INCORPORATED

SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BOWL AMERICA INCORPORATED

/s/ Leslie H. Goldberg

Leslie H. Goldberg

President

Chief Executive and Operating Officer

Date: September 24, 2015

/s/ Cheryl A. Dragoo

Cheryl A. Dragoo

Chief Financial Officer,

Senior Vice President

Principal Financial and Accounting Officer

Date: September 24, 2015

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SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and the dates indicated.

Name, Title, Capacity

/s/ Leslie H. Goldberg

Leslie H. Goldberg

President, Principal Executive & Operating Officer and Director

Date: September 24, 2015

/s/ Ruth Macklin	/s/ Cheryl A Dragoo
Ruth Macklin	Cheryl A Dragoo
Senior Vice President, Secretary, Treasurer and Director	Senior Vice President, Principal Financial & Accounting Officer and Director
Date: September 24, 2015	Date: September 24, 2015

/s/ Warren T. Braham	/s/ Nancy Hull
Warren T. Braham	Nancy Hull
Director	Director
Date: September 24, 2015	Date: September 24, 2015

/s/ Allan L. Sher	/s/ Merle Fabian
Allan L. Sher	Merle Fabian
Director	Director
Date: September 24, 2015	Date: September 24, 2015

/s/ Arthur H. Bill

Arthur H. Bill

Director

Date: September 24, 2015

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Exhibit 99(d) Management’s Annual Report on Internal Control Over Financial Reporting

Management’s Annual Report on Internal Control Over Financial Reporting

The following sets forth, in accordance with Section 404(a) of the Sarbanes-Oxley Act of 2002 and Item 308(a) of Regulation S-K, the annual report of management of the Company on the Company’s internal control over financial reporting.

1. Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting in a process designed by, or under the supervision of the Company’s Chief Executive Officer and Chief Financial Officer, and effected by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

● Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

● Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and

● Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

2. Management of the Company, in accordance with Rule 13a-15(d) under the Securities Exchange Act of 1934 and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s internal control over financial reporting as of June 28, 2015. The framework on which management’s evaluation of the Company’s internal control over financial reporting is based is the “Internal Control-Integrated Framework” published in 1992 by the Committee of Sponsoring Organizations (“COSO”) of the Treadway Commission.

3. Management has determined that the Company’s internal control over financial reporting, as of June 28, 2015, was effective. No material weaknesses in the Company’s internal control over financial reporting were identified by management. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

4. This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to a permanent exemption for non-accelerated filers from the internal control audit requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002.

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Exhibit 99(b) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

This Annual Report of Form 10-K contains forward-looking statements concerning our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition that are subject to risks and uncertainties. All statements other than statements of historical fact included in this Annual Report on Form 10-K are forward-looking statements. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business, our sales and the industry in which we operate and our management’s beliefs and assumptions. These statements are not guarantees of future performance or development and involve risks, uncertainties and other factors that are in some cases beyond our control. The forward-looking statements included in this Annual Report on Form 10-K are made as of the date hereof. We are under no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

OVERVIEW

The Company is in the entertainment business which, by its nature, has ups and downs based on consumer tastes and preferences. Generally, promotional and open play bowling, which depends on the public’s discretionary budget dollars and their choices, accounts for more than half of our business. An unstable economy can lead many to participate in entertainment that is close to home and relatively inexpensive. Bowling has those advantages. However, the longer the economy remains unstable, the less willing people are to spend on other than necessities. Current economic and political conditions continue to create challenges, but our response is helped by having the resources to be able to promote the sport. Weather is also a factor, especially for casual bowlers. While extreme heat or rainy weather prompt people to look for indoor activities, heavy snow storms can keep customers from reaching the centers. Postponed league games are made up later in the season, but lost open play income is never recovered.

LIQUIDITY AND CAPITAL RESOURCES

The Company views a strong financial position as a major benefit to shareholders and emphasizes payment of dividends as part of its financial plan. A portion of earnings has consistently been invested to create a reserve to protect the Company during downturns in business, to capitalize on opportunities for expansion and modernization and to provide a secure source of income. For these reasons, the Company prefers a conservative approach to investing rather than taking greater risk for possible rapid growth. The Company balances market volatility by using both fixed income and equity investments in managing its reserve funds. Any equity security is subject to price fluctuation, however, the stocks held by the Company have relatively low volatility. The Company has long been invested in a Government National Mortgage Association (“Ginnie Mae”) fund and domestically domiciled stocks with the perceived potential of appreciation, primarily telecommunications stocks. This diversity also provides a measure of safety of principal.

With the exception of 13,120 shares of Verizon, the common stocks in our portfolio have come from spin-offs, mergers and acquisitions of AT&T and United Telecommunications (now Sprint) purchased in 1979 and 1984 and from one insurance company acquired at no cost when that company demutualized. The Company purchased a total of 10,000 shares of Verizon during previous periods at a cost of approximately $430,000 and 3,120 shares of Verizon were received as a special dividend from Vodafone. While not all stocks in the portfolio are domestic American companies any longer, since the original purchases at an approximate cost of $630,000, we have received approximately $967,000 from mergers and sales, and over $4,151,000 in dividends, the majority of which were tax favored in the form of exclusion from federal taxable income. The exclusion continues into the current year. These marketable securities are carried at their fair value on the last day of each reporting period. The fair value of the securities on June 28, 2015 was approximately $5,200,000. The value of securities held at June 29, 2014 was approximately $5,400.000.

The Company’s original investment in the Vanguard GNMA bond fund began in 1988 with purchases of shares in the fund totaling approximately $1,400,000. The fund is carried at fair value on the last day of the reporting period and at June 28, 2015, the value was approximately $3,676,000. In August 2015 approximately $1,000,000 of this fund was redeemed to meet the August 2015 dividend payment.

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Short-term investments consisting mainly of Certificates of Deposits, and cash and cash equivalents totaled $912,000 at the end of fiscal 2015 compared to $2,295,000 at the end of fiscal 2014.

The Company's position in all the above investments is a source of expansion capital. Potential volatility in the trading prices of the marketable securities held by the Company could impact the Company’s opportunities for expansion. The Board of Directors reviews the portfolio weekly and any use of this reserve at its quarterly meetings. The Company has made no application for third party funding as cash and cash flows are currently sufficient to finance all contemplated purchases and to meet short-term purchase commitments and operating lease commitments.    

Cash flow provided by operating activities for the year ended June 28, 2015, was $3,053,000. Equipment purchases during fiscal year 2015 used approximately $797,000. Proceeds from Ginnie Mae dividends totaling approximately $112,600 in fiscal year 2015 were used to purchase additional shares in the fund. Short-term cash was used to meet the balance of $3,509,000 required to pay regular dividends during the fiscal year.

The Company paid cash dividends totaling approximately $3.5 million, or $.68 per share, to shareholders during the 2015 fiscal year, making this the forty-third consecutive year of increased regular dividends per share. In June 2015, the Company declared a quarterly $.17 per share dividend, paid in August 2015. The economic climate is part of the consideration at the Directors quarterly reviews of future estimates of cash flows. The Board of Directors decides the amount and timing of any dividend at its quarterly meeting based on its appraisal of the state of the business and estimate of opportunities at such time.

RESULTS OF OPERATIONS

The following table sets forth the items in our consolidated summary of operations for the fiscal fourth quarters ended June 28, 2015 and June 29, 2014, respectively, and the dollar and percentage changes therein.

	Thirteen weeks ended
	June 28, 2015 and June 29, 2014
	Dollars in thousands
	2015			2014			Change			% Change
Operating Revenues:
Bowling and other	$	3,497		$	3,315		$	182			5.5	%
Food, beverage & merchandise sales		1,512			1,441			71			4.9
		5,009			4,756			253			5.3
Operating Expenses:
Compensation & benefits		2,674			2,697			(23	)		(.8	)
Cost of bowling & other		1,285			1,316			(31	)		(2.4	)
Cost of food, beverage & merchandise sales		485			479			6			1.3
Depreciation & amortization		268			273			(5	)		(1.8	)
General & administrative		222			300			(78	)		(26.0	)
		4,934			5,065			(131	)		(2.6	)
(Loss) gain on disposal of assets		(4	)		9			(13	)		(144.4	)
Operating income from continuing operations		71			(300	)		371			123.7
Interest, dividend and other income		120			102			18			17.6
Earnings from continuing operations before taxes		191			(198	)		389			196.5
Income taxes		(13	)		(227	)		214			94.3
Earnings from continuing operations		204			29			175			603.4
(Loss) from discontinued operations net of tax		-			(1	)		1			100.0
Net Earnings	$	204		$	28		$	176			628.6

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The following table sets forth the items in our consolidated summary of operations for the fiscal years ended June 28, 2015 and June 29, 2014, respectively, and the dollar and percentage changes therein.

	Fifty-two weeks ended
	June 28, 2015 and June 29, 2014
	Dollars in thousands
	2015			2014			Change			% Change
Operating Revenues:
Bowling and other	$	16,309		$	16,094		$	215			1.3	%
Food, beverage & merchandise sales		6,816			6,686			130			1.9
		23,125			22,780			345			1.5
Operating Expenses:
Compensation & benefits		11,014			11,124			(110	)		(1.0	)
Cost of bowling & other		5,950			6,110			(160	)		(2.6	)
Cost of food, beverage & merchandise sales		2,086			2,062			24			1.2
Depreciation & amortization		1,255			1,323			(68	)		(5.1	)
General & administrative		910			963			(53	)		(5.5	)
		21,215			21,582			(367	)		(1.7	)
(Loss) gain on disposal of assets		(4	)		9			(13	)		(144.4	)
Operating income from continuing operations		1,906			1,207			699			57.9
Interest, dividend and other income		495			663			(168	)		(25.3	)
Earnings from continuing operations before taxes		2,401			1,870			531			28.4
Income taxes		761			497			264			53.1
Earnings from continuing operations		1,640			1,373			267			19.4
(Loss) from discontinued operations net of tax		-			(3	)		3			100.0
Net Earnings	$	1,640		$	1,370		$	270			19.7

Net Earnings were $203,752 or $.04 per share for the thirteen week period and $1,640,229 or $.32 per share for the fifty-two week period ended June 28, 2015. Including discontinued operations, for the thirteen week and fifty-two week periods ended June 29, 2014 net earnings were $27,875 or $.01 per share and $1,370,394 or $.27 per share, respectively. Fiscal 2015 and 2014 each consisted of 52 weeks and eighteen centers were in operation throughout both years.

Operating Revenues

Total operating revenue increased 1.5%, or $345,000, to $23.1 million in fiscal 2015 compared to a decrease of 4.8%, or $1,077,000, to $22.8 million in fiscal 2014. Bowling and other revenue increased $214,000 in fiscal 2015 versus a decrease of $820,000 in fiscal 2014. Food, beverage and merchandise sales increased $130,000 in fiscal 2015 and decreased $257,000 in fiscal 2014.

Management believes that open play revenue was lost in both years as a result of snow storms in the normally busiest months of fiscal years 2015 and 2014. Promotional pricing throughout both fiscal years also depressed bowling revenue. Management also believes that the capricious nature of the economic recovery and federal tax and spending provisions continue to adversely influence customers’ decisions for recreational spending for both league and open play games. The Company continues to review and adjust its budget in light of current economic conditions.

Operating Expenses

As discussed in more detail below, total operating expenses decreased 1.7%, or $367,000, in fiscal year 2015 versus a decrease of 2.3%, or $514,000 in fiscal 2014. Costs for employee compensation and benefits were down 1% or $110,000 in fiscal 2015 versus a decrease of 4.4% or $507,000 in fiscal 2014. The Company continued to make scheduling adjustments resulting in a decrease in compensation. In addition, group health insurance costs declined primarily due to plan offerings and lower premiums. This category includes contributions to our two benefit plans, both of which are defined contribution plans. The contributions can only be made from profits and there is no additional obligation beyond the current year contribution.

-11-

Cost of bowling and other services decreased $159,000 or 2.6% in the year ended June 28, 2015 versus an increase of $14,000 or 0.2% in the prior fiscal year. Maintenance expense decreased $59,000 or 6.2% in fiscal 2015 and rose 26.2% or $198,000 in fiscal year 2014. Snow removal costs in both fiscal years were high due to winter storms. Utility costs were flat in the current fiscal year as declines in telephone expense offset increases in electric and gas expense. and increased 2.9% in fiscal 2014. Supplies expense increased 1% in fiscal 2015 and declined 5.9% in fiscal 2014. Advertising costs decreased 24.8% in fiscal 2015 and 2.4% in the prior year period. Both years included updating interiors at several locations.

Cost of food, beverage and merchandise sales increased $24,000 or 1.2% in fiscal 2015, primarily the result of higher food and beverage sales, and increased $41,000 or 2% in fiscal 2014, primarily due to higher merchandise sales.

Depreciation expenses decreased approximately $69,000 or 5.2% in fiscal 2015 versus a decrease of approximately $99,000 or 7% in the prior year after several large assets became fully depreciated.

Operating income from continuing operations increased 57.9% or $699,000 to $1.9 million in fiscal year 2015 from $1.2 million in fiscal 2014.

Interest and Dividend Income

Interest and dividend income decreased $168,000 or 25.4% in fiscal 2015. In the prior year the same category increased $228,000 or 52.4% primarily due to the special Vodafone dividend mentioned above and increased holdings in Verizon.

Income taxes

Effective income tax rates on continuing operations for the Company were 31.7% for fiscal 2015 and 26.5% for fiscal 2014, the difference from statutory rates is primarily due to the partial exclusion of dividends received on investments which, in fiscal 2014 was a higher portion of income than in the prior year.

Net Earnings

Net earnings from continuing operations in fiscal 2015 were $1.6 million, or $.32 per share, compared to $1.4 million, or $.27 per share in fiscal 2014.

Loss from discontinued operations – net of tax

Fiscal 2014 included a net of tax loss of $2,774 from the discontinued Winter Park, Florida location.

CRITICAL ACCOUNTING POLICIES

We have identified accounting for marketable investment securities as a critical accounting policy due to the significance of the amounts included in our balance sheet. The Company exercises judgment in determining the classification of its investment securities as available-for-sale and in determining their fair value. The Company records these investments at their fair value based on quoted market prices with the unrealized gain or loss recorded in accumulated other comprehensive income, a component of stockholders' equity, net of deferred taxes. Additionally, from time to time the Company must assess whether write-downs are necessary for other than temporary declines in value. 

We have identified accounting for the impairment of long-lived assets as a critical accounting policy due to the significance of the amounts included in our balance sheet under the caption of Land, Buildings and Equipment. The Company reviews long-lived assets whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In making such evaluations, the Company compares the expected future cash flows to the carrying amount of the assets. An impairment loss equal to the difference between the assets' fair value and carrying value is recognized when the estimated undiscounted future cash flows are less than the carrying amount. There were no impairment losses recorded in fiscal 2015 or 2014.

-12-

Exhibit 99(a) Selected Financial Data

BOWL AMERICA INCORPORATED AND SUBSIDIARIES

CONSOLIDATED SUMMARY OF OPERATIONS

Selected Financial Data

	For the Years Ended
	June 28,			June 29,			June 30,			July 1,			July 3,
	2015			2014			2013			2012			2011
Operating revenues	$	23,124,541		$	22,780,017		$	23,857,281		$	24,343,024		$	26,154,437
Operating expenses		21,214,632			21,581,531			22,095,866			22,742,905			24,235,601
(Loss) gain on disposal of land, building and equipment		(3,854	)		8,820			980			25,924			14,187
Interest, dividend and other income		494,645			662,693			435,141			499,873			579,960
Earnings from continuing operations
before provision for income taxes		2,400,700			1,869,999			2,197,536			2,125,916			2,512,983
Provision for income taxes		760,471,			496,831			711,763			626,677			866,619
Earnings from continuing operations	$	1,640,229		$	1,373,168		$	1,485,773		$	1,499,239		$	1,646,364
(Loss) gain from discontinued operations - net of tax		-			(2,774	)		1,669,449			(74,398	)		(89,435	)
Net Earnings	$	1,640,229		$	1,370,394		$	3,155,222		$	1,424,841		$	1,556,929
Weighted average shares outstanding- Basic & Diluted		5,160,971			5,160,971			5,151,784			5,151,471			5,147,117
Earnings per share-Basic & diluted
Continuing operations	$	.32		$	.27		$	.29		$	.29		$	.32
Discontinued operations		.00			.00			.32			(.01	)		(.02	)
Net earnings per share-Basic & diluted	$	.32		$	.27		$	.61		$	.28		$	.30
Net cash provided by operating activities	$	3,052,817		$	2,053,510		$	2,206,533		$	2,769,286		$	3,529,193
Cash dividends paid	$	3,509,460		$	3,406,243		$	5,949,951		$	3,296,942		$	3,242,593
Cash dividends paid Per share - Class A	$	0.68		$	0.66		$	1.155		$	0.64		$	0.63
- Class B	$	0.68		$	0.66		$	1.155		$	0.64		$	0.63
Total assets	$	32,062,409		$	34,363,780		$	36,725,050		$	39,368,174		$	40,917,762
Stockholders' equity	$	26,974,079		$	28,978,731		$	31,031,801		$	33,685,154		$	35,301,391
Net book value per share	$	5.23		$	5.61		$	6.01		$	6.54		$	6.85
Net earnings as a % of beginning stockholders' equity		5.7	%		4.4	%		9.4	%		4.0	%		4.3	%
Lanes in operation		726			726			726			756			756
Centers in operation		18			18			18			19			19

-13-

1395 Piccard Drive, Suite 240

Rockville, Maryland 20850

Phone 301.337.3305

Report of Independent Registered Public Accounting Firm

Board of Directors and Stockholders

Bowl America Incorporated

Alexandria, Virginia

We have audited the accompanying Consolidated Balance Sheets of Bowl America Incorporated and Subsidiaries as of June 28, 2015, and the related Consolidated Statements of Earnings and Comprehensive Earnings, Stockholders' Equity and Cash Flows for the year then ended. Bowl America Incorporated and Subsidiaries’ management is responsible for these consolidated financial statements. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Bowl America Incorporated and Subsidiaries as of June 28, 2015, and the results of their operations and their cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

/s/ MN Blum LLC

MN Blum, LLC

Rockville, Maryland

September 24, 2015

-14-

805 King Farm Boulevard

Rockville, Maryland 20850

Phone 301.231.6200

Fax 301.231.7630

Report of Independent Registered Public Accounting Firm

Board of Directors and Stockholders

Bowl America Incorporated

Alexandria, Virginia

We have audited the accompanying Consolidated Balance Sheets of Bowl America Incorporated and Subsidiaries as of June 29, 2014 and the related Consolidated Statements of Earnings and Comprehensive Earnings, Stockholders' Equity and Cash Flows for the year then ended. Bowl America Incorporated and Subsidiaries’ management is responsible for these consolidated financial statements. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Bowl America Incorporated and Subsidiaries as of June 29, 2014, and the results of their operations and their cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

/s/ Aronson, LLC

Aronson, LLC

Rockville, Maryland

September 25, 2014

-15-

Exhibit 99(c) Consolidated Financial Statements

BOWL AMERICA INCORPORATED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	As of
	June 28,		June 29,
	2015		2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents (Note 2)	$	778,367	$	842,114
Short-term investments (Note 3)		133,729		1,453,326
Inventories		552,889		520,355
Prepaid expenses and other		488,212		610,416
Income taxes refundable		51,309		312,856
TOTAL CURRENT ASSETS		2,004,506		3,739,067
LAND, BUILDINGS & EQUIPMENT, net (Note 4)		20,417,454		20,887,127
OTHER ASSETS:
Marketable investment securities (Note 3)		8,866,392		8,979,499
Cash surrender value-life insurance		707,592		677,922
Other		66,465		80,165
TOTAL OTHER ASSETS		9,640,449		9,737,586
TOTAL ASSETS	$	32,062,409	$	34,363,780
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	709,453	$	681,509
Accrued expenses		1,001,754		1,091,098
Dividends payable		877,365		877,365
Other current liabilities		290,833		308,068
Current deferred income taxes (Note 7)		9,113		24,705
TOTAL CURRENT LIABILITIES		2,888,518		2,982,745
LONG-TERM DEFERRED COMPENSATION		28,897		34,088
NONCURRENT DEFERRED INCOME TAXES (Note 7)		2,170,915		2,368,216
TOTAL LIABILITIES		5,088,330		5,385,049
COMMITMENTS AND CONTINGENCIES (Note 5)
STOCKHOLDERS' EQUITY (Note 8)
Preferred stock, par value $10 a share:
Authorized and unissued, 2,000,000 shares		-		-
Common stock, par value $.10 a share:
Authorized, 10,000,000 shares
Class A issued and outstanding 3,746,454		374,645		374,645
Class B issued and outstanding 1,414,517		141,452		141,452
Additional paid-in capital		7,854,108		7,849,814
Accumulated other comprehensive earnings-Unrealized gain on available-for-sale securities, net of tax		2,452,888		2,592,603
Retained earnings		16,150,986		18,020,217
TOTAL STOCKHOLDERS'EQUITY		26,974,079		28,978,731
TOTAL LIABILITIES AND STOCKHOLDERS'EQUITY	$	32,062,409	$	34,363,780

The accompanying notes to the consolidated financial statements are an integral part of these financial statements.

-16-

  BOWL AMERICA INCORPORATED AND SUBSIDIARIES

  CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS

	For the Years Ended
	June 28,			June 29,
	2015			2014
Operating Revenues:
Bowling and other	$	16,308,611		$	16,094,493
Food, beverage and merchandise sales		6,815,930			6,685,524
Total Operating Revenue		23,124,541			22,780,017
Operating Expenses:
Employee compensation and benefits		11,014,082			11,124,100
Cost of bowling and other services		5,950,351			6,109,533
Cost of food, beverage and merchandise sales		2,086,079			2,062,262
Depreciation and amortization		1,254,541			1,323,276
General and administrative		909,579			962,360
Total Operating Expense		21,214,632			21,581,531
(Loss) gain on disposal of land, buildings and equipment		(3,854	)		8,820
Operating Income		1,906,055			1,207,306
Interest, dividend and other income		494,645			662,693
Earnings from continuing operations before provision for income taxes		2,400,700			1,869,999
Provision for income taxes from continuing Operations (Note 7)
Current		886,134			723,999
Deferred		(125,663	)		(227,168	)
		760,471			496,831
Earnings from continuing operations	$	1,640,229		$	1,373,168
(Loss) from discontinued operations, net of tax (Note 10)		-			(2,774	)
Net Earnings		1,640,229			1,370,394
Earnings per share-basic & diluted
Continuing operations	$	.32		$	.27
Discontinued operations		.00			.00
Net Earnings		.32			.27
Weighted average shares outstanding		5,160,971			5,160,971
Dividends paid	$	3,509,460		$	3,406,243
Per share, dividends paid, Class A	$	0.68		$	0.66
Per share, dividends paid, Class B	$	0.68		$	0.66
Net Earnings	$	1,640,229		$	1,370,394
Other comprehensive earnings- net of tax Unrealized (loss) gain on available-for–sale securities net of tax (benefit) of ($85,995) and $4,666		(139,715	)		7,578
Comprehensive earnings	$	1,500,514		$	1,377,972

The accompanying notes to the consolidated financial statements are an integral part of these financial statements.

-17-

BOWL AMERICA INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

	COMMON STOCK										Accumulated
	Class A Shares		Class A Amount		Class B Shares		Class B Amount		Additional Paid-In Capital		Other Comprehensive Earnings			Retained Earnings
Balance, June 30, 2013		3,746,454	$	374,645		1,414,517	$	141,452	$	7,849,814	$	2,584,020		$	20,081,870
Cash dividends paid		-		-		-		-		-		-			(2,554,682	)
Accrued dividends declared June 17, 2014 payable August 15, 2014		-		-		-		-		-		-			(877,365	)
Change in unrealized gain on available-for- sale securities (shown net of tax)		-		-		-		-		-		7,578			-
Reclassification adjustment for loss included in net income, net of tax		-		-		-		-		-		1,005			-
Net earnings for the year		-		-		-		-		-		-			1,370,394
Balance, June 29, 2014		3,746,454	$	374,645		1,414,517	$	141,452	$	7,849,814	$	2,592,603		$	18,020,217
Cash dividends paid		-		-		-		-		-		-			(2,632,095	)
Accrued dividends declared June 16, 2015, payable August 12, 2015		-		-		-		-		-		-			(877,365	)
Change in unrealized gain on available-for-sale securities (shown net of tax)		-		-		-		-		-		(139,715	)		-
Repayment of employee loan		-		-		-		-		4,294		-			-
Net earnings for the year		-		-		-		-		-		-			1,640,229
Balance, June 28, 2015		3,746,454	$	374,645		1,414,517	$	141,452	$	7,854,108	$	2,452,888		$	16,150,986

The accompanying notes to the consolidated financial statements are an integral part of these financial statements.

-18-

BOWL AMERICA INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Years Ended
	June 28,			June 29,
	2015			2014
Cash Flows From Operating Activities
Net earnings	$	1,640,229		$	1,370,394
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization (including discontinued operations)		1,254,541			1,323,276
Decrease in deferred income tax		(126,898	)		(205,590	)
(Loss) gain on disposition of assets-net		3,854			(8,820	)
Gain on sale of available-for-sale securities		-			(281	)
Changes in assets and liabilities
Increase in inventories		(32,534	)		(1,176	)
Decrease (increase) in prepaid and other		122,204			(46,825	)
Decrease (increase) in income taxes refundable		261,547			(254,727	)
Decrease in income taxes payable		-			(151,227	)
Decrease in other long-term assets		13,700			4,300
Increase (decrease) in accounts payable		27,944			(12,945	)
(Decrease) increase in accrued expenses		(89,344	)		45,453
Decrease in other current liabilities		( 17,235	)		(3,216	)
Decrease in long-term deferred compensation		(5,191	)		(5,106	)
Net cash provided by operating activities		3,052,817			2,053,510
Cash Flows From Investing Activities
Expenditures for land, building and equipment		(796,622	)		(260,794	)
Sale of assets		7,900			38,700
Net sales (purchases) and maturities of short-term investments		1,319,597			(503,511	)
Purchases of marketable securities		(112,603	)		(493,419	)
Proceeds from sale of marketable securities		-			5296
Increase in cash surrender value		(29,670	)		(29,205	)
Net cash provided by (used in) investing activities		388,602			(1,242,933	)
Cash Flows From Financing Activities
Payment of cash dividends		(3,509,460	)		(3,406,243	)
Repayment of stock loan		4,294			-
Net cash used in financing activities		(3,505,166	)		(3,406,243	)
Net Decrease in Cash and Equivalents		(63,747	)		(2,595,666	)
Cash and Equivalents, Beginning of period		842,114			3,437,780
Cash and Equivalents, End of period	$	778,367		$	842,114
Supplemental Disclosures of Cash Flow Information
Cash Paid During the Period for:
Income taxes	$	633,000		$	1,044,000

The accompanying notes to the consolidated financial statements are an integral part of these financial statements.

-19-

BOWL AMERICA INCORPORATED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization

Bowl America Incorporated is engaged in the operation of 18 bowling centers, with food and beverage service in each center. Ten centers are located in metropolitan Washington D.C., one center in metropolitan Baltimore, Maryland, four centers in metropolitan Richmond, Virginia, and three centers in metropolitan Jacksonville, Florida. These 18 centers contain a total of 726 lanes. The Company operates in one segment.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiary corporations. All significant inter-company items have been eliminated in the consolidated financial statements.

Fiscal Year

The Company's fiscal year ends on the Sunday nearest to June 30. Fiscal year 2015 ended June 28, 2015, and fiscal year 2014 ended June 29, 2014. Both years consisted of 52 weeks.

Subsequent Events

The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission on September 24, 2015. In August 2015 approximately $1,000,000 of the federal agency mortgage backed securities (Vanguard GNMA fund) was redeemed to meet the August 2015 dividend payment.

Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Significant estimates include the deferred compensation liability for executives and key employees including survivor benefits, depreciation expense, cash surrender value of officers' life insurance, the Federal and State income taxes (current and deferred), and market assumptions used in estimating the fair value of certain assets such as marketable securities and long-lived assets.

Revenue Recognition

The Company records revenue for fees charged for use of bowling lanes and other facilities at the time the services are provided. Food, beverage and merchandise sales are recorded as revenue at the time the product is given to the customer.

-20-

Depreciation and Amortization

Depreciation and amortization for financial statement purposes are calculated by use of the straight-line method. Amortization of leasehold improvements is calculated over the estimated useful life of the asset or term of the lease, whichever is shorter. The categories of property, plant, and equipment and the ranges of estimated useful lives on which depreciation and amortization rates are based are as follows:

Bowling lanes and equipment (years)	3	-	10
Building and building improvements (years)	10	-	39
Leasehold improvements (years)	5	-	15
Amusement games (years)	3	-	5

Maintenance and repairs and minor replacements are charged to expense when incurred. Major replacements and betterments are capitalized. The accounts are adjusted for the sale or other disposition of property, and the resulting gain or loss is credited or charged to income.

Impairment of Long-Lived Assets

The Company reviews long-lived assets whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In making such evaluations, the Company compares the expected future cash flows to the carrying amount of the assets. An impairment loss, equal to the difference between the assets' fair value and carrying value, is recognized when the estimated undiscounted future cash flows are less than the carrying amount.

Dividends

It is the Company's policy to accrue a dividend liability at the time the dividends are declared.

Advertising Expense

It is the Company's policy to expense advertising expenditures as they are incurred. The Company's advertising expenses for the years ending June 28, 2015, and June 29, 2014, were $325,914 and $433,525, respectively.

Inventories

Inventories are stated at the lower of cost (first-in, first-out method) or market. Inventories consist of resale merchandise including food and beverage and bowling supplies.

Income Taxes

Deferred income tax liabilities and assets are based on the differences between the financial statement and tax bases of assets and liabilities, using tax rates currently in effect. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized.

Investment Securities

All of the Company's readily marketable debt and equity securities are classified as available-for-sale. Accordingly, these securities are recorded at fair value with any unrealized gains and losses excluded from earnings and reported, net of deferred taxes, within a separate component of stockholders' equity until realized. Realized gains or losses on the sale of debt and equity securities are reported in earnings and determined using the adjusted cost of the specific security sold.

Earnings Per Share

Earnings per share basic and diluted, have been calculated using the weighted average number of shares of Class A and Class B common stock outstanding of 5,160,971, for both fiscal years 2015 and 2014.

-21-

Comprehensive Earnings

A consolidated statement of comprehensive earnings reflecting the aggregation of net earnings and unrealized gain or loss on available-for-sale securities, the Company's principal components of other comprehensive earnings, has been presented for the years ended June 28, 2015 and June 29, 2014.

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flows, the Company considers money market funds and certificates of deposits, with original maturities of three months or less to be cash equivalents. The Company maintains cash accounts which may exceed federally insured limits during the year, but does not believe that this results in any significant credit risk.

Other Current Liabilities

Other current liabilities include prize fund monies held by the Company for bowling leagues. The funds are returned to the leagues at the end of the league bowling season. At June 28, 2015 and June 29, 2014 other current liabilities included $278,560 and $291,688, respectively, in prize fund monies.

Reclassifications

Certain previous year amounts have been reclassified to conform with the current year presentation.

Recent accounting guidance not yet adopted 

In May 2014, the FASB issued a new standard related to revenue recognition. Under the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard will be effective for the Company beginning July 1, 2017 and early adoption is not permitted. We are currently evaluating the impact this standard will have on the consolidated financial statements.

In July 2015 the FASB issued a new standard that simplifies measurement of inventory as either the lower of cost or market with market being net realizable value.  Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable completion, disposal and transportation costs.  This does not change LIFO and retail inventory method measurements.  The standard is effective for fiscal years beginning after December 15, 2016, including interim period within those fiscal years.  Earlier application is permitted. We are currently evaluating the impact this standard will have on the consolidated financial statements.

-22-

2. CASH AND CASH EQUIVALENTS

 Cash and cash equivalents consisted of the following:

	June 28, 2015		June 29, 2014
Demand deposits and cash on hand	$	558,364	$	634,923
Money market funds		220,003		207,191
	$	778,367	$	842,114

The account balances at times exceed federally insured limits. The Company does not believe this poses any significant risk.

3. INVESTMENTS

The Company’s marketable securities are categorized as available-for-sale securities. The cost for marketable securities was determined using the specific identification method. The fair values of marketable securities are based on the quoted market price for those securities. Short-term investments consist of certificates of deposits with maturities of generally three months to one year. At June 28, 2015, the fair value of short-term investments was $133,729. At June 29, 2014, the fair value of short-term investments was $1,453,326. Non-current investments are marketable securities which primarily consist of telecommunications stocks and a mutual fund that invests in mortgage backed securities. Unrealized gains and losses are reported as a component of accumulated other comprehensive earnings in Stockholders’ Equity.

As of June 28, 2015, the Company had $58,014 of gross unrealized gains from its investments in federal agency mortgage backed securities owned through a mutual fund which had a fair value of $3,676,005. As of June 29, 2014, $100,125 in gross unrealized gains were from its investments in federal agency mortgage backed securities which had a fair value of $3,605,513. The Company’s investments were as follows:

June 28, 2015	Original Cost		Unrealized Gain		Unrealized Loss			Fair Value
Equity securities	$	1,285,759	$	3,910,144	$	(5,516	)	$	5,190,387
Mutual fund		3,617,991		58,014		-			3,676,005
Certificates of deposits		133,729		-		-			133,729
June 29, 2014
Equity securities	$	1,285,759	$	4,089,398	$	(1,171	)	$	5,373,986
Mutual fund		3,505,388		100,125		-			3,605,513
Certificates of deposits		1,453,326		-		-			1,453,326

-23-

During fiscal 2015 and fiscal 2014, the Company had certain equity securities with cumulative unrealized losses of $5,516 and $1,171 respectively. Management believes the unrealized losses are temporary and the Company has the ability and intent to hold these securities long enough to recover its investment.

	Less than 12 months				12 Months or greater					Total
June 28, 2015	Fair Value		Unrealized loss		Fair Value		Unrealized loss			Fair Value		Unrealized loss
Equity securities	$	-	$	-	$	329	$	(5,516	)	$	329	$	(5,516	)

	Less than 12months					12 Months or greater				Total
June 29, 2014	Fair Value		Unrealized loss			Fair Value		Unrealized loss		Fair Value		Unrealized loss
Equity securities	$	4,674	$	(1,171	)	$	-	$	-	$	4,674	$	(1,171	)

The equity securities portfolio includes the following stocks:

82,112	shares of AT&T	4,398	shares of CenturyLink
4,508	shares of Frontier Communications	774	shares of Teradata
412	shares of DexMedia	774	shares of NCR
40,000	shares of Sprint Nextel	31,904	shares of Verizon
6,471	shares of Vodafone	679	shares of Windstream
2,520	shares of Manulife	815	shares of CSAL

During the year ended June 28, 2015 Windstream spun off Communication Sales & Leasing (CSAL) and followed immediately with a 1-for-6 reverse split of Windstream shares.

During the year ended June 29, 2014, the Company purchased 5,000 shares of Verizon. In addition the Company received 3,120 shares of Verizon as a result of Vodafone’s special dividend funded by its sale of Verizon Wireless. LSI was purchased by Anago in an all cash transaction resulting in a gain of $281 on the Company’s holdings of LSI.

As stated in Note 1, the Company records its readily marketable debt and equity securities at fair value. These assets are valued in accordance with a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

-24-

The fair value of these assets as of June 28, 2015 is as follows:

	Quoted		Significant				Unrealized			Cumulative
	Price for		Other		Significant		gains/(losses)			Unrealized
	Identical		Observable		Unobservable		for the			gains/(losses)
	Assets		Inputs		Inputs		Year Ended			as of
Description	(Level 1)		(Level 2)		(Level 3)		June 28, 2015			June 28, 2015
Equity securities	$	5,190,387	$	-	$	-	$	(183,599	)	$	3,904,627
Mutual fund		3,676,005		-		-		(42,111	)		58,014
Certificates of deposits		-		133,729		-		-			-
TOTAL	$	8,866,392	$	133,729		-	$	(225,710	)	$	3,962,641

The fair value of these assets as of June 29, 2014 was as follows:

	Quoted		Significant				Unrealized			Cumulative
	Price for		Other		Significant		gains/(losses)			Unrealized
	Identical		Observable		Unobservable		for the			gains/(losses)
	Assets		Inputs		Inputs		Year Ended			as of
Description	(Level 1)		(Level 2)		(Level 3)		June 29, 2014			June 29, 2014
Equity securities	$	5,373,986	$	-	$	-	$	(70,956	)	$	4,088,226
Mutual fund		3,605,513		-		-		83,200			100,125
Certificates of deposits		-		1,453,326		-		-			-
TOTAL	$	8,979,499	$	1,453,326		-	$	12,244		$	4,188,351

The fair value of certificates of deposits is estimated using net present value techniques and comparing the values to certificates with similar terms.

4. LAND, BUILDINGS, AND EQUIPMENT

Land, buildings, and equipment, at cost, consisted of the following:

	June 28, 2015		June 29, 2014
Buildings	$	18,741,152	$	18,504,838
Leasehold and building improvements		8,102,338		8,069,448
Bowling lanes and equipment		22,404,206		22,230,327
Land		10,526,607		10,526,607
Amusement games		739,007		750,079
Bowling lanes and equipment not yet in use		141,938		164,123
		60,655,248		60,245,422
Less accumulated depreciation and amortization		40,237,794		39,358,295
	$	20,417,454	$	20,887,127

-25-

Depreciation and amortization expense for buildings and equipment for fiscal years 2015 and 2014 was $1,254,541, and $1,323,276, respectively. The Company includes construction in progress costs in the bowling lanes and equipment not yet in use category until completion of the project. Bowling lanes and equipment not yet in use are not depreciated.

5. COMMITMENTS AND CONTINGENCIES

Lease Commitments

The Company and its subsidiaries are obligated under long-term real estate lease agreements for two bowling centers. Certain of the Company's real estate leases provide for increases in real estate taxes.

In June 2014, the Company amended a lease for one location for a five year and 3 month period with an option for an additional five year period such that the lease including the five year option now expires in 2024.  

At June 28, 2015, the minimum fixed rental commitments related to all non-cancelable leases, were as follows:

Year Ending
2016	$	318,000
2017		318,000
2018		318,000
2019		318,000
2020		33,834
Thereafter		-
Total minimum lease payments	$	1,305,834

Net rent expense was as follows:

	For the Years Ended
	June 28, 2015		June 29,  2014
Minimum rent under operating leases	$	315,500	$	288,000
Excess percentage rents		-		-
	$	315,500	$	288,000

Purchase Commitments

The Company's purchase commitments at June 28, 2015 are for materials, supplies, services and equipment as part of the normal course of business.

6. PROFIT-SHARING AND ESOP PLAN

The Company has two defined contribution plans. The first is a profit-sharing plan which, generally, covers all employees who on the last day of the fiscal year or December 29 have been employed for one year with at least one thousand hours of service. The Plan provides for Company contributions as determined by the Board of Directors. For the years ended June 28, 2015 and June 29, 2014, contributions in the amounts of $57,500 and $48,000, respectively, were charged to operating expense.

Effective March 31, 1987, the Company adopted an Employee Stock Ownership Plan (ESOP) which generally covers all individuals who were employed at the end of the fiscal year and had one thousand or more hours of service during that fiscal year. The Plan provides for Company contributions as determined by the Board of Directors. The Company contributed $57,500 for fiscal year 2015 and $48,000 for fiscal year 2014. The Company has no defined benefit plan or other post retirement plan.

-26-

7. INCOME TAXES

The Company is required to analyze all material positions it has taken or plans to take in all tax returns that have been filed or should have been filed with all taxing authorities for all years still subject to challenge by those taxing authorities. If the position taken is “more-likely-than-not” to be sustained by the taxing authority on its technical merits and if there is more than a 50% likelihood that the position would be sustained if challenged and considered by the highest court in the relevant jurisdiction, the tax consequences of that position should be reflected in the taxpayer’s financial statements.

The Company had no material unrecognized tax benefits at June 28, 2015 nor does it expect any significant change in that status during the next twelve months. No accrued interest or penalties on uncertain tax positions have been included on the consolidated statements of earnings and comprehensive earnings or the consolidated balance sheet. Should the Company adopt tax positions for which it would be appropriate to accrue interest and penalties, such costs would be reflected in the tax expense for the period in which such costs accrued. The Company is subject to U.S. Federal income tax and to several state jurisdictions. Returns filed for tax periods ending after July 3, 2011 are still open to examination by those relevant taxing authorities.

The significant components of the Company's deferred tax assets and liabilities were as follows:

	June 28, 2015			June 29, 2014
Deferred tax:
Land, buildings, and equipment	$	696,244		$	827,197
Unrealized gain on available-for-sale securities		1,509,633			1,596,862
Prepaid expenses and other		(25,849	)		(31,138	)
Deferred tax liabilities	$	2,180,028		$	2,392,921

Income tax expense differs from the amounts computed by applying the U.S. Federal income tax rate to income before tax for the following reasons:

	For the Years Ended
	2015			2014
Taxes computed at statutory rate		34.0	%		34.0	%
State income taxes, net of Federal income tax benefit		2.8			(4.6	)
Dividends received exclusion		(2.8	)		(6.6	)
All other net		(2.3	)		3.7
		31.7	%		26.5	%

-27-

Income tax expense from continuing operations differs from the amounts computed by applying the U.S. Federal income tax rate to income from continuing operations before tax for the following reasons:

	For the Years Ended
	2015			2014
Taxes computed at statutory rate		34.0	%		34.0	%
State income taxes, net of Federal income tax benefit		2.8			(4.6	)
Dividends received exclusion		(2.8	)		(6.6	)
All other net		(2.3	)		3.7
		31.7	%		26.5	%

8. STOCKHOLDERS' EQUITY

The Class A shares have one vote per share. The Class B shares may vote ten votes per share and are convertible to Class A shares at the option of the stockholder.

At June 28, 2015, and June 29, 2014, the Company had $34,799 and $39,093 in employee loans related to the issuance of shares, respectively. These loans are secured by the shares of the Company's common stock acquired and are full recourse notes. The notes bear interest at rates of 2% to 2.5% and are payable over a term of three years from the date of the agreements which range from 2014 to 2015. These employee loans have been recorded as a reduction of additional paid-in capital.

9. DEFERRED COMPENSATION

Deferred compensation payable was a total of $35,106 at June 28, 2015, and $40,213 at June 29, 2014. The current portion of these amounts is $6,209 at June 28, 2015, and $6,125 at June 29, 2014, and is included in accrued expenses.

10. DISCONTINUED OPERATIONS

On May 30, 2013 the Company consummated the sale of Bowl America Winter Park in Orlando, Florida for $2,850,000 resulting in a gain on the sale of the land, building and equipment of $2,768,066.

The location had been operating with negative cash flow.

	June 28, 2015		June 29, 2014
Gain on sale of Bowl America Winter Park	$	-	$	-
Loss on Bowl America Winter Park operations		-		(4,268	)
Discontinued operations income (loss) before taxes		-		(4,268	)
Net income tax (benefit) and taxes		-		(1,494	)
(Loss) gain from discontinued operations, net of tax	$	-	$	(2,774	)

-28-

EX-20

Exhibit 20

For Immediate Release September 24, 2015

BOWL AMERICA REPORTS FISCAL YEAR EARNINGS

Bowl America Incorporated today reported earnings per share for its fiscal fourth quarter were $.04 and for the 2015 fiscal year were $.32. Earnings per share for the prior year fourth quarter were $.01 and were $.27 for the 2014 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 Class A common stock trades on the NYSE MKT under the symbol BWLA.

* * * *

BOWL AMERICA INCORPORATED

Results of Operations

	Thirteen			Thirteen			Fifty-two			Fifty-two
	Weeks Ended			Weeks Ended			Weeks Ended			Weeks Ended
	06/28/15			06/29/14			06/28/15			06/29/14
Operating Revenues
Bowling and other	$	3,496,787		$	3,314,871		$	16,308,611		$	16,094,493
Food, beverage and merchandise sales		1,511,945			1,440,973			6,815,930			6,685,524
		5,008,732			4,755,844			23,124,541			22,780,017
Operating expenses excluding depreciation and amortization		4,666,279			4,791,628			19,960,091			20,258,255
Depreciation and amortization		267,523			272,690			1,254,541			1,323,276
(Loss) gain on disposition of assets		(3,854	)		8,820			(3,854	)		8,820
Interest, dividend and other income		119,747			101,397			494,645			662,693
Earnings (loss) from continuing operations before taxes		190,823			(198,257	)		2,400,700			1,869,999
Earnings (loss) earnings from continuing operations	$	203,752		$	(28,812	)	$	1,640,229		$	1,373,168
Loss from discontinued operations-net of tax		-			(937	)		-			(2,774	)
Net Earnings		203,752			27,875			1,640,229			1,370,394
Comprehensive Earnings	$	294,399		$	93,851		$	1,500,514		$	1,373,168
Weighted average shares outstanding		5,160,971			5,160,971			5,160,971			5,160,971
Earnings per share from continuing operations		.04			.01			.32			.27
Earnings per share from discontinued operations		.00			.00			.00			.00
EARNINGS PER SHARE		.04			.01			.32			.27

* * * *

SUMMARY OF FINANCIAL POSITION

Dollars in Thousands

	06/28/15		06/29/14
ASSETS
Total current assets including cash and short-term investment of $912 and $2,295	$	2,004	$	3,739
Property and investments		30,058		30,625
TOTAL ASSETS	$	32,062	$	34,364
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities	$	2,888	$	2,983
Other liabilities		2,200		2,402
Stockholders' equity		26,974		28,979
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	32,062	$	34,364

EX-31.1

Exhibit 31.1

Exhibit 31.1 to Form 10-K

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a)

Or 15d-14(a) under the Securities Exchange Act of 1934

I, Leslie H. Goldberg, certify that:

1. I have reviewed this Annual Report on Form 10-K of Bowl America Incorporated;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 24, 2015

 /s/ Leslie H. Goldberg

Leslie H. Goldberg

Chief Executive Officer

EX-31.2

Exhibit 31.2

Exhibit 31.2 to Form 10K

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a)

Or 15d-14(a) under the Securities Exchange Act of 1934

I, Cheryl A. Dragoo, certify that:

1. I have reviewed this Annual Report on Form 10-K of Bowl America Incorporated;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 24, 2015      

 /s/ Cheryl A. Dragoo

Cheryl A. Dragoo

Chief Financial Officer

EX-32

Exhibit 32

Exhibit 32 to Form 10K

Written Statement of the Chief Executive Officer and Chief Financial Officer

Pursuant to 18 U.S.C. 1350

Solely for the purposes of complying with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, we, the undersigned Chief Executive Officer and Chief Financial Officer of Bowl America Incorporated (the "Company"), respectively, hereby certify, based on our knowledge, that the Annual Report on Form 10-K of the Company for the year ended June 28, 2015, (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Leslie H. Goldberg

Leslie H. Goldberg

Chief Executive Officer

/s/ Cheryl A. Dragoo

Cheryl A. Dragoo

Chief Financial Officer

Date: September 24, 2015

XML

Note 6 - Profit-Sharing and ESOP Plan (Details Textual)	12 Months Ended
	Jun. 28, 2015 USD ($)	Jun. 29, 2014 USD ($)
Defined Contribution Plan Number of Plans	2
Defined Contribution Plan Service Requirement	1 year
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 57,500	$ 48,000
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP	$ 57,500	$ 48,000

XML

Note 10 - Discontinued Operations (Details) - USD ($)	12 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Gain on sale of Bowl America Winter Park
Loss on Bowl America Winter Park operations		$ (4,268)
Discontinued operations income (loss) before taxes		(4,268)
Net income tax (benefit) and taxes		(1,494)
(Loss) gain from discontinued operations, net of tax		$ (2,774)

XML

Note 3 - Investments - Fair Value Hierarchy (Details) - USD ($)	12 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Fair Value Hierarchy	$ 5,190,387	$ 5,373,986
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member]
Fair Value Hierarchy	3,676,005	3,605,513
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member]
Fair Value Hierarchy	0	0
Fair Value, Inputs, Level 1 [Member]
Fair Value Hierarchy	8,866,392	8,979,499
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member]
Fair Value Hierarchy	0	0
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member]
Fair Value Hierarchy	0	0
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member]
Fair Value Hierarchy	133,729	1,453,326
Fair Value, Inputs, Level 2 [Member]
Fair Value Hierarchy	133,729	1,453,326
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]
Fair Value Hierarchy	$ 0	$ 0
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member]
Fair Value Hierarchy
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member]
Fair Value Hierarchy
Fair Value, Inputs, Level 3 [Member]
Fair Value Hierarchy
Equity Securities [Member]
Fair Value Hierarchy	$ 5,190,387	$ 5,373,986
Available-for-sale Securities, Gross Unrealized Gain (Loss)	(183,599)	(70,956)
Cumulative Unrealized gains/ as of June 29, 2014	3,904,627	4,088,226
Mutual Funds [Member]
Fair Value Hierarchy	3,676,005	3,605,513
Available-for-sale Securities, Gross Unrealized Gain (Loss)	(42,111)	83,200
Cumulative Unrealized gains/ as of June 29, 2014	58,014	100,125
Certificates of Deposit [Member]
Fair Value Hierarchy	133,729	1,453,326
Available-for-sale Securities, Gross Unrealized Gain (Loss)	0	0
Cumulative Unrealized gains/ as of June 29, 2014	0	0
Available-for-sale Securities, Gross Unrealized Gain (Loss)	(225,710)	12,244
Cumulative Unrealized gains/ as of June 29, 2014	$ 3,962,641	$ 4,188,351

XML

Note 10 - Discontinued Operations (Tables)

12 Months Ended

Jun. 28, 2015

Notes Tables

Disposal Groups, Including Discontinued Operations [Table Text Block]

	June 28, 2015		June 29, 2014
Gain on sale of Bowl America Winter Park	$	-	$	-
Loss on Bowl America Winter Park operations		-		(4,268	)
Discontinued operations income (loss) before taxes		-		(4,268	)
Net income tax (benefit) and taxes		-		(1,494	)
(Loss) gain from discontinued operations, net of tax	$	-	$	(2,774	)

XML

Note 7 - Income Tax Reconciliation (Details)	12 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Continuing Operations [Member]
Taxes computed at statutory rate	34.00%	34.00%
State income taxes, net of Federal income tax benefit	2.80%	(4.60%)
Dividends received exclusion	(2.80%)	(6.60%)
All other net	(2.30%)	3.70%
Income tax rate	31.70%	26.50%
Taxes computed at statutory rate	34.00%	34.00%
State income taxes, net of Federal income tax benefit	2.80%	(4.60%)
Dividends received exclusion	(2.80%)	(6.60%)
All other net	(2.30%)	3.70%
Income tax rate	31.70%	26.50%

XML

Note 5 - Minimum Lease Commitments (Details)	Jun. 28, 2015 USD ($)
2016	$ 318,000
2017	318,000
2018	318,000
2019	318,000
2020	$ 33,834
Thereafter
Total minimum lease payments	$ 1,305,834

XML

Note 2 - Cash and Cash Equivalents

12 Months Ended

Jun. 28, 2015

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]

2. CASH AND CASH EQUIVALENTS

 Cash and cash equivalents consisted of the following:

	June 28, 2015		June 29, 2014
Demand deposits and cash on hand	$	558,364	$	634,923
Money market funds		220,003		207,191
	$	778,367	$	842,114

The account balances at times exceed federally insured limits. The Company does not believe this poses any significant risk.

XML

Note 8 - Stockholders' Equity (Details Textual)	12 Months Ended	24 Months Ended
	Jun. 28, 2015 USD ($)	Jun. 28, 2015 USD ($)	Jun. 28, 2014 USD ($)
Common Class A [Member]
Common Stock Voting Rights Vote Per Share	1
Common Class B [Member]
Common Stock Voting Rights Vote Per Share	10
Minimum [Member]
Loans to Employees Stated Percentage Rate	2.00%	2.00%
Maximum [Member]
Loans to Employees Stated Percentage Rate	2.50%	2.50%
Due from Employees	$ 34,799	$ 34,799	$ 39,093
Loans to Employees Term Length		3 years

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Note 3 - Investments (Details Textual) - USD ($)	12 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Windstream [Member]
Stock Issued During Period, Shares, Reverse Stock Splits	6
Verizon [Member] | Vodafone [Member]
Stock Dividends Shares Received		3,120
Verizon [Member]
Shares Purchased		5,000
LSI [Member] | Anago [Member]
Gain (Loss) on Sale of Investments		$ 281
Minimum [Member]
Short-term Investments Maturities Term	90 days
Maximum [Member]
Short-term Investments Maturities Term	1 year
Short-term Investments [Member]
Short-term Investments	$ 133,729	1,453,326
US Government Corporations and Agencies Securities [Member]
Available-for-sale Securities, Gross Unrealized Gain (Loss)	58,014	100,125
US Government Securities, at Carrying Value	3,676,005	3,605,513
Equity Securities [Member]
Unrealized Loss on Securities	5,516	1,171
Short-term Investments	133,729	1,453,326
Available-for-sale Securities, Gross Unrealized Gain (Loss)	$ (225,710)	$ 12,244

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Note 2 - Cash and Cash Equivalents (Details) - USD ($)	Jun. 28, 2015	Jun. 29, 2014
Demand deposits and cash on hand	$ 558,364	$ 634,923
Money market funds	220,003	207,191
Cash and Cash Equivalents total	$ 778,367	$ 842,114

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Note 9 - Deferred Compensation (Details Textual) - USD ($)	Jun. 28, 2015	Jun. 29, 2014
Deferred Compensation Liability, Current and Noncurrent	$ 35,106	$ 40,213
Deferred Compensation Liability, Current	$ 6,209	$ 6,125

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Note 3 - Investments - Summary of Investments (Details) - USD ($)	12 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Equity Securities [Member]
Fair Value	$ 1,285,759	$ 1,285,759
Cost basis	3,910,144	4,089,398
Unrealized Gain/(loss)	(5,516)	(1,171)
Equity securities	5,190,387	5,373,986
Mutual Funds [Member]
Fair Value	3,617,991	3,505,388
Cost basis	$ 58,014	$ 100,125
Unrealized Gain/(loss)
Equity securities	$ 3,676,005	$ 3,605,513
Certificates of Deposit [Member]
Fair Value	$ 133,729	$ 1,453,326
Cost basis
Unrealized Gain/(loss)
Equity securities	$ 133,729	$ 1,453,326

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Note 3 - Unrealized Losses Equity Securites (Details) - USD ($)	12 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Less than 12 months Fair Value	$ 0	$ 4,674
Less than 12 months Unrealized loss	0	(1,171)
12 Months or greater Fair Value	329	0
12 Months or greater Unrealized loss	(5,516)	0
Total Fair Value	329	4,674
Total Unrealized loss	$ (5,516)	$ (1,171)

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Note 1 - Organization and Significant Accounting Policies

12 Months Ended

Jun. 28, 2015

Notes to Financial Statements

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization

Bowl America Incorporated is engaged in the operation of 18 bowling centers, with food and beverage service in each center. Ten centers are located in metropolitan Washington D.C., one center in metropolitan Baltimore, Maryland, four centers in metropolitan Richmond, Virginia, and three centers in metropolitan Jacksonville, Florida. These 18 centers contain a total of 726 lanes. The Company operates in one segment.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiary corporations. All significant inter-company items have been eliminated in the consolidated financial statements.

Fiscal Year

The Company's fiscal year ends on the Sunday nearest to June 30. Fiscal year 2015 ended June 28, 2015, and fiscal year 2014 ended June 29, 2014. Both years consisted of 52 weeks.

Subsequent Events

The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission on September 24, 2015.

In August 2015 approximately $1,000,000 of the federal agency mortgage backed securities (Vanguard GNMA fund) was redeemed to meet the August 2015 dividend payment.

Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Significant estimates include the deferred compensation liability for executives and key employees including survivor benefits, depreciation expense, cash surrender value of officers' life insurance, the Federal and State income taxes (current and deferred), and market assumptions used in estimating the fair value of certain assets such as marketable securities and long-lived assets.

Revenue Recognition

The Company records revenue for fees charged for use of bowling lanes and other facilities at the time the services are provided. Food, beverage and merchandise sales are recorded as revenue at the time the product is given to the customer.

Depreciation and Amortization

Depreciation and amortization for financial statement purposes are calculated by use of the straight-line method. Amortization of leasehold improvements is calculated over the estimated useful life of the asset

or term of the lease, whichever is shorter. The categories of property, plant, and equipment and the ranges of estimated useful lives on which depreciation and amortization rates are based are as follows:

Bowling lanes and equipment (years)	3	-	10
Building and building improvements  (years)	10	-	39
Leasehold improvements (years)	5	-	15
Amusement games (years)	3	-	5

Maintenance and repairs and minor replacements are charged to expense when incurred. Major replacements and betterments are capitalized. The accounts are adjusted for the sale or other disposition of property, and the resulting gain or loss is credited or charged to income.

Impairment of Long-Lived Assets

The Company reviews long-lived assets whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In making such evaluations, the Company compares the expected future cash flows to the carrying amount of the assets. An impairment loss, equal to the difference

between the assets' fair value and carrying value, is recognized when the estimated undiscounted future cash flows are less than the carrying amount.

Dividends

It is the Company's policy to accrue a dividend liability at the time the dividends are declared.

Advertising Expense

It is the Company's policy to expense advertising expenditures as they are incurred. The Company's advertising expenses for the years ending June 28, 2015, and June 29, 2014, were $325,914 and $433,525, respectively.

Inventories

Inventories are stated at the lower of cost (first-in, first-out method) or market. Inventories consist of resale merchandise including food and beverage and bowling supplies.

Income Taxes

Deferred income tax liabilities and assets are based on the differences between the financial statement and tax bases of assets and liabilities, using tax rates currently in effect. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized.

Investment Securities

All of the Company's readily marketable debt and equity securities are classified as available-for-sale. Accordingly, these securities are recorded at fair value with any unrealized gains and losses excluded from earnings and reported, net of deferred taxes, within a separate component of stockholders' equity until realized. Realized gains or losses on the sale of debt and equity securities are reported in earnings and determined using the adjusted cost of the specific security sold.

Earnings Per Share

Earnings per share basic and diluted, have been calculated using the weighted average number of shares of Class A and Class B common stock outstanding of 5,160,971, for both fiscal years 2015 and 2014.

Comprehensive Earnings

A consolidated statement of comprehensive earnings reflecting the aggregation of net earnings and unrealized gain or loss on available-for-sale securities, the Company's principal components of other comprehensive earnings, has been presented for the years ended June 28, 2015 and June 29, 2014.

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flows, the Company considers money market funds and certificates of deposits, with original maturities of three months or less to be cash equivalents. The Company maintains cash accounts which may exceed federally insured limits during the year, but does not believe that this results in any significant credit risk.

Other Current Liabilities

Other current liabilities include prize fund monies held by the Company for bowling leagues. The funds are returned to the leagues at the end of the league bowling season. At June 28, 2015 and June 29, 2014 other current liabilities included $278,560 and $291,688, respectively, in prize fund monies.

Reclassifications

Certain previous year amounts have been reclassified to conform with the current year presentation

.

Recent accounting guidance not yet adopted

 

In May 2014, the FASB issued a new standard related to revenue recognition. Under the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard will be effective for the Company beginning July 1, 2017 and early adoption is not permitted. We are currently evaluating the impact this standard will have on the consolidated financial statements.

In July 2015 the FASB issued a new standard that simplifies measurement of inventory as either the lower of cost or market with market being net realizable value.  Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable completion, disposal and transportation costs.  This does not change LIFO and retail inventory method measurements.  The standard is effective for fiscal years beginning after December 15, 2016, including interim period within those fiscal years.  Earlier application is permitted. We are currently evaluating the impact this standard will have on the consolidated financial statements.

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Note 3 - Investments - Telecommunications Stocks Held (Details)	Jun. 28, 2015 shares
AT and T [Member]
Investment (in shares)	82,112
Century Link [Member]
Investment (in shares)	4,398
Frontier Communications [Member]
Investment (in shares)	4,508
Teradata [Member]
Investment (in shares)	774
DexMedia [Member]
Investment (in shares)	412
NCR [Member]
Investment (in shares)	774
Sprint [Member]
Investment (in shares)	40,000
Verizon [Member]
Investment (in shares)	31,904
Vodafone [Member]
Investment (in shares)	6,471
Windstream [Member]
Investment (in shares)	679
Manulife [Member]
Investment (in shares)	2,520
CSAL [Member]
Investment (in shares)	815

XML

Note 7 - Income Taxes (Details Textual)	12 Months Ended
	Jun. 28, 2015 USD ($)
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0
Open Tax Year	2011
Unrecognized Tax Benefits	$ 0

XML

Consolidated Balance Sheets - USD ($)	Jun. 28, 2015	Jun. 29, 2014
Common Class A [Member]
STOCKHOLDERS' EQUITY (Note 8)
Common stock	$ 374,645
Common Class B [Member]
STOCKHOLDERS' EQUITY (Note 8)
Common stock		$ 374,645
Cash and Cash Equivalents total	778,367	842,114
Short-term investments (Note 3)	133,729	1,453,326
Inventories	552,889	520,355
Prepaid expenses and other	488,212	610,416
Income taxes refundable	51,309	312,856
TOTAL CURRENT ASSETS	2,004,506	3,739,067
Property Plant and Equipment Net	20,417,454	20,887,127
Marketable investment securities (Note 3)	8,866,392	8,979,499
Cash surrender value-life insurance	707,592	677,922
Other	66,465	80,165
TOTAL OTHER ASSETS	9,640,449	9,737,586
TOTAL ASSETS	32,062,409	34,363,780
Accounts payable	709,453	681,509
Accrued expenses	1,001,754	1,091,098
Dividends payable	877,365	877,365
Other current liabilities	290,833	308,068
Current deferred income taxes (Note 7)	9,113	24,705
TOTAL CURRENT LIABILITIES	2,888,518	2,982,745
LONG-TERM DEFERRED COMPENSATION	28,897	34,088
NONCURRENT DEFERRED INCOME TAXES (Note 7)	2,170,915	2,368,216
TOTAL LIABILITIES	$ 5,088,330	$ 5,385,049
COMMITMENTS AND CONTINGENCIES (Note 3)[converted]
Authorized and unissued, 2,000,000 shares
Additional paid-in capital	$ 7,854,108	$ 7,849,814
Accumulated other comprehensive earnings-Unrealized gain on available-for-sale securities, net of tax	2,452,888	2,592,603
Retained earnings	16,150,986	18,020,217
TOTAL STOCKHOLDERS'EQUITY	26,974,079	28,978,731
TOTAL LIABILITIES AND STOCKHOLDERS'EQUITY	$ 32,062,409	$ 34,363,780

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Note 10 - Discontinued Operations (Details Textual) - USD ($)		12 Months Ended
	May. 30, 2013	Jun. 28, 2015	Jun. 29, 2014
Proceeds from Divestiture of Businesses	$ 2,850,000
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 2,768,066

XML

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]
Balance, shares (in shares) at Jun. 30, 2013	3,746,454	1,414,517
Balance at Jun. 30, 2013	$ 374,645	$ 141,452	$ 7,849,814	$ 2,584,020	$ 20,081,870
Cash dividends paid					(2,554,682)
Change in unrealized gain on available-for- sale securities (shown net of tax)				7,578
Reclassification adjustment for loss included in net income, net of tax				1,005
Net earnings for the year					1,370,394
Balance, shares (in shares) at Jun. 29, 2014	3,746,454	1,414,517
Balance at Jun. 29, 2014	$ 374,645	$ 141,452	7,849,814	2,592,603	18,020,217
Accrued dividends					(877,365)
Cash dividends paid					(2,632,095)
Change in unrealized gain on available-for- sale securities (shown net of tax)				(139,715)
Net earnings for the year					1,640,229
Balance, shares (in shares) at Jun. 28, 2015	3,746,454	1,414,517
Balance at Jun. 28, 2015	$ 374,645	$ 141,452	7,854,108	$ 2,452,888	16,150,986
Repayment of employee loan			$ 4,294
Accrued dividends					$ (877,365)

XML

Note 4 - Land, Buildings and Equipment at Cost (Details) - USD ($)	Jun. 28, 2015	Jun. 29, 2014
Bowling Lanes and Equipment [Member]
Bowling lanes and equipment	$ 22,404,206	$ 22,230,327
Amusement Games [Member]
Bowling lanes and equipment	739,007	750,079
Bowling Lanes and Equipment Not Yet in Use [Member]
Bowling lanes and equipment	141,938	164,123
Buildings	18,741,152	18,504,838
Leasehold and building improvements	8,102,338	8,069,448
Land	10,526,607	10,526,607
Property Plant and Equipment Gross	60,655,248	60,245,422
Less accumulated depreciation and amortization	40,237,794	39,358,295
Property Plant and Equipment Net	$ 20,417,454	$ 20,887,127

XML

Note 4 - Land, Buildings, and Equipment (Tables)

12 Months Ended

Jun. 28, 2015

Notes Tables

Property, Plant and Equipment [Table Text Block]

	June 28, 2015		June 29, 2014
Buildings	$	18,741,152	$	18,504,838
Leasehold and building improvements		8,102,338		8,069,448
Bowling lanes and equipment		22,404,206		22,230,327
Land		10,526,607		10,526,607
Amusement games		739,007		750,079
Bowling lanes and equipment not yet in use		141,938		164,123
		60,655,248		60,245,422
Less accumulated depreciation and amortization		40,237,794		39,358,295
	$	20,417,454	$	20,887,127

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Note 5 - Commitments and Contingencies (Details Textual)	12 Months Ended
	Jun. 29, 2014	Jun. 28, 2015
One of the Reporting Entity [Member]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	5 years 109 days
Lessee Leasing Arrangements, Operating Leases, Renewal Term	5 years
Capital Leased Assets, Number of Units		2

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Note 7 - Income Taxes (Tables)

12 Months Ended

Jun. 28, 2015

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	June 28, 2015			June 29, 2014
Deferred tax:
Land, buildings, and equipment	$	696,244		$	827,197
Unrealized gain on available-for-sale securities		1,509,633			1,596,862
Prepaid expenses and other		(25,849	)		(31,138	)
Deferred tax liabilities	$	2,180,028		$	2,392,921

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	For the Years Ended
	2015			2014
Taxes computed at statutory rate		34.0	%		34.0	%
State income taxes, net of Federal income tax benefit		2.8			(4.6	)
Dividends received exclusion		(2.8	)		(6.6	)
All other net		(2.3	)		3.7
		31.7	%		26.5	%

	For the Years Ended
	2015			2014
Taxes computed at statutory rate		34.0	%		34.0	%
State income taxes, net of Federal income tax benefit		2.8			(4.6	)
Dividends received exclusion		(2.8	)		(6.6	)
All other net		(2.3	)		3.7
		31.7	%		26.5	%

XML

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Cash Flows From Operating Activities
Net earnings	$ 1,640,229	$ 1,370,394
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation, Depletion and Amortization	1,254,541	1,323,276
Decrease in deferred income tax	(126,898)	(205,590)
(Loss) gain on disposition of assets-net	$ 3,854	(8,820)
Gain on sale of available-for-sale securities		(281)
Changes in assets and liabilities
Increase in inventories	$ (32,534)	(1,176)
Decrease (increase) in prepaid and other	122,204	(46,825)
Decrease (increase) in income taxes refundable	$ 261,547	(254,727)
Decrease in income taxes payable		(151,227)
Decrease in other long-term assets	$ 13,700	4,300
Increase (decrease) in accounts payable	27,944	(12,945)
(Decrease) increase in accrued expenses	(89,344)	45,453
Decrease in other current liabilities	(17,235)	(3,216)
Decrease in long-term deferred compensation	(5,191)	(5,106)
Net cash provided by operating activities	3,052,817	2,053,510
Cash Flows From Investing Activities
Expenditures for land, building and equipment	(796,622)	(260,794)
Sale of assets	7,900	38,700
Net sales (purchases) and maturities of short-term investments	1,319,597	(503,511)
Purchases of marketable securities	$ (112,603)	(493,419)
Proceeds from sale of marketable securities		5,296
Increase in cash surrender value	$ (29,670)	(29,205)
Net cash provided by (used in) investing activities	388,602	(1,242,933)
Cash Flows From Financing Activities
Payment of cash dividends	(3,509,460)	$ (3,406,243)
Repayment of stock loan	4,294
Net cash used in financing activities	(3,505,166)	$ (3,406,243)
Net Decrease in Cash and Equivalents	(63,747)	(2,595,666)
Cash and Equivalents, Beginning of period	842,114	3,437,780
Cash and Equivalents, End of period	778,367	842,114
Supplemental Disclosures of Cash Flow Information
Income taxes	$ 633,000	$ 1,044,000

XML

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 28, 2015	Jun. 29, 2014
Common Class A [Member]
Common stock, shares issued (in shares)	3,746,454	3,746,454
Common stock, shares outstanding (in shares)	3,746,454	3,746,454
Common Class B [Member]
Common stock, shares issued (in shares)	1,414,517	1,414,517
Common stock, shares outstanding (in shares)	1,414,517	1,414,517
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, par value (in dollars per share)	$ 10	$ 10
Common stock, shares outstanding (in shares)	5,160,971	5,160,971
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares aurthorized (in shares)	10,000,000	10,000,000

XML

Note 10 - Discontinued Operations

12 Months Ended

Jun. 28, 2015

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

10. DISCONTINUED OPERATIONS

On May 30, 2013 the Company consummated the sale of Bowl America Winter Park in Orlando, Florida for $2,850,000 resulting in a gain on the sale of the land, building and equipment of $2,768,066.

The location had been operating with negative cash flow.

	June 28, 2015		June 29, 2014
Gain on sale of Bowl America Winter Park	$	-	$	-
Loss on Bowl America Winter Park operations		-		(4,268	)
Discontinued operations income (loss) before taxes		-		(4,268	)
Net income tax (benefit) and taxes		-		(1,494	)
(Loss) gain from discontinued operations, net of tax	$	-	$	(2,774	)

XML

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Jun. 28, 2015	Sep. 15, 2015	Dec. 26, 2014
Common Class B [Member]
Entity Common Stock, Shares Outstanding (in shares)		1,414,517
Common Class A [Member]
Entity Common Stock, Shares Outstanding (in shares)		3,746,454
Entity Registrant Name	BOWL AMERICA INC
Entity Central Index Key	0000013573
Trading Symbol	bwla
Current Fiscal Year End Date	--06-28
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 34
Document Type	10-K
Document Period End Date	Jun. 28, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Amendment Flag	true
Amendment Description	Amendment No. 1 to the Form 10-K for the period ended June 28, 2015.

XML

Significant Accounting Policies (Policies)

12 Months Ended

Jun. 28, 2015

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiary corporations. All significant inter-company items have been eliminated in the consolidated financial statements.

Fiscal Period, Policy [Policy Text Block]

Fiscal Year

The Company's fiscal year ends on the Sunday nearest to June 30. Fiscal year 2015 ended June 28, 2015, and fiscal year 2014 ended June 29, 2014. Both years consisted of 52 weeks.

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission on September 24, 2015.

In August 2015 approximately $1,000,000 of the federal agency mortgage backed securities (Vanguard GNMA fund) was redeemed to meet the August 2015 dividend payment.

Use of Estimates, Policy [Policy Text Block]

Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Significant estimates include the deferred compensation liability for executives and key employees including survivor benefits, depreciation expense, cash surrender value of officers' life insurance, the Federal and State income taxes (current and deferred), and market assumptions used in estimating the fair value of certain assets such as marketable securities and long-lived assets.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

The Company records revenue for fees charged for use of bowling lanes and other facilities at the time the services are provided. Food, beverage and merchandise sales are recorded as revenue at the time the product is given to the customer.

Depreciation, Depletion, and Amortization [Policy Text Block]

Depreciation and Amortization

Depreciation and amortization for financial statement purposes are calculated by use of the straight-line method. Amortization of leasehold improvements is calculated over the estimated useful life of the asset

or term of the lease, whichever is shorter. The categories of property, plant, and equipment and the ranges of estimated useful lives on which depreciation and amortization rates are based are as follows:

Bowling lanes and equipment (years)	3	-	10
Building and building improvements  (years)	10	-	39
Leasehold improvements (years)	5	-	15
Amusement games (years)	3	-	5

Maintenance and repairs and minor replacements are charged to expense when incurred. Major replacements and betterments are capitalized. The accounts are adjusted for the sale or other disposition of property, and the resulting gain or loss is credited or charged to income.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets

The Company reviews long-lived assets whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In making such evaluations, the Company compares the expected future cash flows to the carrying amount of the assets. An impairment loss, equal to the difference

between the assets' fair value and carrying value, is recognized when the estimated undiscounted future cash flows are less than the carrying amount.

Dividends [Policy Text Block]

Dividends

It is the Company's policy to accrue a dividend liability at the time the dividends are declared.

Advertising Costs, Policy [Policy Text Block]

Advertising Expense

It is the Company's policy to expense advertising expenditures as they are incurred. The Company's advertising expenses for the years ending June 28, 2015, and June 29, 2014, were $325,914 and $433,525, respectively.

Inventory, Policy [Policy Text Block]

Inventories

Inventories are stated at the lower of cost (first-in, first-out method) or market. Inventories consist of resale merchandise including food and beverage and bowling supplies.

Income Tax, Policy [Policy Text Block]

Income Taxes

Deferred income tax liabilities and assets are based on the differences between the financial statement and tax bases of assets and liabilities, using tax rates currently in effect. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized.

Investment, Policy [Policy Text Block]

Investment Securities

All of the Company's readily marketable debt and equity securities are classified as available-for-sale. Accordingly, these securities are recorded at fair value with any unrealized gains and losses excluded from earnings and reported, net of deferred taxes, within a separate component of stockholders' equity until realized. Realized gains or losses on the sale of debt and equity securities are reported in earnings and determined using the adjusted cost of the specific security sold.

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share

Earnings per share basic and diluted, have been calculated using the weighted average number of shares of Class A and Class B common stock outstanding of 5,160,971, for both fiscal years 2015 and 2014.

Comprehensive Income, Policy [Policy Text Block]

Comprehensive Earnings

A consolidated statement of comprehensive earnings reflecting the aggregation of net earnings and unrealized gain or loss on available-for-sale securities, the Company's principal components of other comprehensive earnings, has been presented for the years ended June 28, 2015 and June 29, 2014.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flows, the Company considers money market funds and certificates of deposits, with original maturities of three months or less to be cash equivalents. The Company maintains cash accounts which may exceed federally insured limits during the year, but does not believe that this results in any significant credit risk.

Other Current Liabilities [Policy Text Block]

Other Current Liabilities

Other current liabilities include prize fund monies held by the Company for bowling leagues. The funds are returned to the leagues at the end of the league bowling season. At June 28, 2015 and June 29, 2014 other current liabilities included $278,560 and $291,688, respectively, in prize fund monies.

Reclassification, Policy [Policy Text Block]

Reclassifications

Certain previous year amounts have been reclassified to conform with the current year presentation

.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent accounting guidance not yet adopted

 

In May 2014, the FASB issued a new standard related to revenue recognition. Under the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard will be effective for the Company beginning July 1, 2017 and early adoption is not permitted. We are currently evaluating the impact this standard will have on the consolidated financial statements.

In July 2015 the FASB issued a new standard that simplifies measurement of inventory as either the lower of cost or market with market being net realizable value.  Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable completion, disposal and transportation costs.  This does not change LIFO and retail inventory method measurements.  The standard is effective for fiscal years beginning after December 15, 2016, including interim period within those fiscal years.  Earlier application is permitted. We are currently evaluating the impact this standard will have on the consolidated financial statements.

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Consolidated Statements of Earnings and Comprehensive Earnings - USD ($)	12 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Common Class A [Member]
Earnings per share-basic & diluted
Per share, dividends paid, Class A (in dollars per share)	$ 0.68	$ 0.66
Common Class B [Member]
Earnings per share-basic & diluted
Per share, dividends paid, Class A (in dollars per share)	$ 0.68	$ 0.66
Bowling and other	$ 16,308,611	$ 16,094,493
Food, beverage and merchandise sales	6,815,930	6,685,524
Total Operating Revenue	23,124,541	22,780,017
Employee compensation and benefits	11,014,082	11,124,100
Cost of bowling and other services	5,950,351	6,109,533
Cost of food, beverage and merchandise sales	2,086,079	2,062,262
Depreciation and amortization	1,254,541	1,323,276
General and administrative	909,579	962,360
Total Operating Expense	21,214,632	21,581,531
(Loss) gain on disposal of land, buildings and equipment	(3,854)	8,820
Operating Income	1,906,055	1,207,306
Interest, dividend and other income	494,645	662,693
Earnings from continuing operations before provision for income taxes	2,400,700	1,869,999
Current	886,134	723,999
Deferred	(125,663)	(227,168)
Provision for income taxes	760,471	496,831
Earnings from continuing operations	$ 1,640,229	1,373,168
(Loss) gain from discontinued operations, net of tax		(2,774)
Net Earnings	$ 1,640,229	$ 1,370,394
Continuing operations (in dollars per share)	$ 0.32	$ 0.27
Discontinued operations (in dollars per share)	0	0
Net Earnings (in dollars per share)	$ 0.32	$ 0.27
Weighted average shares outstanding (in shares)	5,160,971	5,160,971
Dividends paid	$ 3,509,460	$ 3,406,243
Net Earnings	1,640,229	1,370,394
Other comprehensive earnings- net of tax Unrealized (loss) gain on available-for–sale securities net of tax (benefit) of ($85,995) and $4,666	(139,715)	7,578
Comprehensive earnings	$ 1,500,514	$ 1,377,972

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Note 5 - Commitments and Contingencies

12 Months Ended

Jun. 28, 2015

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

5. COMMITMENTS AND CONTINGENCIES

Lease Commitments

The Company and its subsidiaries are obligated under long-term real estate lease agreements for two bowling centers. Certain of the Company's real estate leases provide for increases in real estate taxes.

In June 2014, the Company amended a lease for one location for a five year and 3 month period with an option for an additional five year period such that the lease including the five year option now expires in 2024.  

At June 28, 2015, the minimum fixed rental commitments related to all non-cancelable leases, were as follows:

Year Ending
2016	$	318,000
2017		318,000
2018		318,000
2019		318,000
2020		33,834
Thereafter		-
Total minimum lease payments	$	1,305,834

Net rent expense was as follows:

	For the Years Ended
	June 28, 2015		June 29,  2014
Minimum rent under operating leases	$	315,500	$	288,000
Excess percentage rents		-		-
	$	315,500	$	288,000

Purchase Commitments

The Company's purchase commitments at June 28, 2015 are for materials, supplies, services and equipment as part of the normal course of business.

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Note 4 - Land, Buildings, and Equipment

12 Months Ended

Jun. 28, 2015

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4. LAND, BUILDINGS, AND EQUIPMENT

Land, buildings, and equipment, at cost, consisted of

t

he following:

	June 28, 2015		June 29, 2014
Buildings	$	18,741,152	$	18,504,838
Leasehold and building improvements		8,102,338		8,069,448
Bowling lanes and equipment		22,404,206		22,230,327
Land		10,526,607		10,526,607
Amusement games		739,007		750,079
Bowling lanes and equipment not yet in use		141,938		164,123
		60,655,248		60,245,422
Less accumulated depreciation and amortization		40,237,794		39,358,295
	$	20,417,454	$	20,887,127

Depreciation and amortization expense for buildings and equipment for fiscal years 2015 and 2014 was $1,254,541, and $1,323,276, respectively. The Company includes construction in progress costs in the bowling lanes and equipment not yet in use category until completion of the project. Bowling lanes

and equipment not yet in use are not depreciated.

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Note 5 - Commitments and Contingencies (Tables)

12 Months Ended

Jun. 28, 2015

Notes Tables

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

Year Ending
2016	$	318,000
2017		318,000
2018		318,000
2019		318,000
2020		33,834
Thereafter		-
Total minimum lease payments	$	1,305,834

Schedule of Rent Expense [Table Text Block]

	For the Years Ended
	June 28, 2015		June 29,  2014
Minimum rent under operating leases	$	315,500	$	288,000
Excess percentage rents		-		-
	$	315,500	$	288,000

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Note 1 - Organization and Significant Accounting Policies (Tables)

12 Months Ended

Jun. 28, 2015

Notes Tables

Schedule of Depreciation and Amortization Rates [Table Text Block]

Bowling lanes and equipment (years)	3	-	10
Building and building improvements  (years)	10	-	39
Leasehold improvements (years)	5	-	15
Amusement games (years)	3	-	5

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Note 8 - Stockholders' Equity

12 Months Ended

Jun. 28, 2015

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

8. STOCKHOLDERS' EQUITY

The Class A shares have one vote per share. The Class B shares may vote ten votes per share and are convertible to Class A shares at the option of the stockholder.

At June 28, 2015, and June 29, 2014, the Company had $34,799 and $39,093 in employee loans related to the issuance of shares, respectively. These loans are secured by the shares of the Company's common stock acquired and are full recourse notes. The notes bear interest at rates of 2% to 2.5% and are payable over a term of three years from the date of the agreements which range from 2014 to 2015. These employee loans have been recorded as a reduction of additional paid-in capital.

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Note 6 - Profit-Sharing and ESOP Plan

12 Months Ended

Jun. 28, 2015

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

6. PROFIT-SHARING AND ESOP PLAN

The Company has two defined contribution plans. The first is a profit-sharing plan which, generally, covers all employees who on the last day of the fiscal year or December 29 have been employed for one year with at least one thousand hours of service. The Plan provides for Company contributions as

determined by the Board of Directors. For the years ended June 28, 2015 and June 29, 2014, contributions in the amounts of $57,500 and $48,000, respectively, were charged to operating expense.

Effective March 31, 1987, the Company adopted an Employee Stock Ownership Plan (ESOP) which generally covers all individuals who were employed at the end of the fiscal year and had one thousand or

more hours of service during that fiscal year. The Plan provides for Company contributions as determined

by the Board of Directors. The Company contributed $57,500 for fiscal year 2015 and $48,000 for fiscal year 2014. The Company has no defined benefit plan or other post retirement plan.

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Note 7 - Income Taxes

12 Months Ended

Jun. 28, 2015

Notes to Financial Statements

Income Tax Disclosure [Text Block]

7. INCOME TAXES

The Company is required to analyze all material positions it has taken or plans to take in all tax returns that have been filed or should have been filed with all taxing authorities for all years still subject to challenge by those taxing authorities. If the position taken is “more-likely-than-not” to be sustained by the taxing authority on its technical merits and if there is more than a 50% likelihood that the position would be sustained if challenged and considered by the highest court in the relevant jurisdiction, the tax consequences of that position should be reflected in the taxpayer’s financial statements.

The Company had no material unrecognized tax benefits at June 28, 2015 nor does it expect any significant change in that status during the next twelve months. No accrued interest or penalties on

uncertain tax positions have been included on the consolidated statements of earnings and comprehensive earnings or the consolidated balance sheet. Should the Company adopt tax positions for which it would be appropriate to accrue interest and penalties, such costs would be reflected in the tax expense for the period in which such costs accrued. The Company is subject to U.S. Federal income tax and to several state jurisdictions. Returns filed for tax periods ending after July 3, 2011 are still open to examination by those relevant taxing authorities.

The significant components of the Company's deferred tax assets and liabilities were as follows:

	June 28, 2015			June 29, 2014
Deferred tax:
Land, buildings, and equipment	$	696,244		$	827,197
Unrealized gain on available-for-sale securities		1,509,633			1,596,862
Prepaid expenses and other		(25,849	)		(31,138	)
Deferred tax liabilities	$	2,180,028		$	2,392,921

Income tax expense differs from the amounts computed by applying the U.S. Federal income tax rate to income before tax for the following reasons:

	For the Years Ended
	2015			2014
Taxes computed at statutory rate		34.0	%		34.0	%
State income taxes, net of Federal income tax benefit		2.8			(4.6	)
Dividends received exclusion		(2.8	)		(6.6	)
All other net		(2.3	)		3.7
		31.7	%		26.5	%

Income tax expense from continuing operations differs from the amounts computed by applying the

U.S. Federal income tax rate to income from continuing operations before tax for the following reasons:

	For the Years Ended
	2015			2014
Taxes computed at statutory rate		34.0	%		34.0	%
State income taxes, net of Federal income tax benefit		2.8			(4.6	)
Dividends received exclusion		(2.8	)		(6.6	)
All other net		(2.3	)		3.7
		31.7	%		26.5	%

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Note 9 - Deferred Compensation

12 Months Ended

Jun. 28, 2015

Notes to Financial Statements

Compensation Related Costs, General [Text Block]

9. DEFERRED COMPENSATION

Deferred compensation payable was a total of $35,106 at June 28, 2015, and $40,213 at June 29, 2014. The current portion of these amounts is $6,209 at June 28, 2015, and $6,125 at June 29, 2014, and is included in accrued expenses.

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Note 4 - Land, Buildings, and Equipment (Details Textual) - USD ($)	12 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Building and Equipment [Member]
Depreciation, Depletion and Amortization	$ 1,254,541	$ 1,323,276
Depreciation, Depletion and Amortization	$ 1,254,541	$ 1,323,276

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Note 3 - Investments (Tables)

12 Months Ended

Jun. 28, 2015

Notes Tables

Available-for-sale Securities [Table Text Block]

June 28, 2015	Original Cost		Unrealized Gain		Unrealized Loss			Fair Value
Equity securities	$	1,285,759	$	3,910,144	$	(5,516	)	$	5,190,387
Mutual fund		3,617,991		58,014		-			3,676,005
Certificates of deposits		133,729		-		-			133,729
June 29, 2014
Equity securities	$	1,285,759	$	4,089,398	$	(1,171	)	$	5,373,986
Mutual fund		3,505,388		100,125		-			3,605,513
Certificates of deposits		1,453,326		-		-			1,453,326

Schedule of Unrealized Loss on Investments [Table Text Block]

	Less than 12 months				12 Months or greater					Total
June 28, 2015	Fair Value		Unrealized loss		Fair Value		Unrealized loss			Fair Value		Unrealized loss
Equity securities	$	-	$	-	$	329	$	(5,516	)	$	329	$	(5,516	)

	Less than 12months					12 Months or greater				Total
June 29, 2014	Fair Value		Unrealized loss			Fair Value		Unrealized loss		Fair Value		Unrealized loss
Equity securities	$	4,674	$	(1,171	)	$	-	$	-	$	4,674	$	(1,171	)

Schedule Of Telecommunications Stocks Held [Table Text Block]

82,112	shares of AT&T	4,398	shares of CenturyLink
4,508	shares of Frontier Communications	774	shares of Teradata
412	shares of DexMedia	774	shares of NCR
40,000	shares of Sprint Nextel	31,904	shares of Verizon
6,471	shares of Vodafone	679	shares of Windstream
2,520	shares of Manulife	815	shares of CSAL

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	Quoted		Significant				Unrealized			Cumulative
	Price for		Other		Significant		gains/(losses)			Unrealized
	Identical		Observable		Unobservable		for the			gains/(losses)
	Assets		Inputs		Inputs		Year Ended			as of
Description	(Level 1)		(Level 2)		(Level 3)		June 28, 2015			June 28, 2015
Equity securities	$	5,190,387	$	-	$	-	$	(183,599	)	$	3,904,627
Mutual fund		3,676,005		-		-		(42,111	)		58,014
Certificates of deposits		-		133,729		-		-			-
TOTAL	$	8,866,392	$	133,729		-	$	(225,710	)	$	3,962,641

	Quoted		Significant				Unrealized			Cumulative
	Price for		Other		Significant		gains/(losses)			Unrealized
	Identical		Observable		Unobservable		for the			gains/(losses)
	Assets		Inputs		Inputs		Year Ended			as of
Description	(Level 1)		(Level 2)		(Level 3)		June 29, 2014			June 29, 2014
Equity securities	$	5,373,986	$	-	$	-	$	(70,956	)	$	4,088,226
Mutual fund		3,605,513		-		-		83,200			100,125
Certificates of deposits		-		1,453,326		-		-			-
TOTAL	$	8,979,499	$	1,453,326		-	$	12,244		$	4,188,351

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Note 1 - Organization and Significant Accounting Policies (Details Textual)	1 Months Ended	12 Months Ended
	Aug. 31, 2015 USD ($)	Jun. 28, 2015 USD ($) shares	Jun. 29, 2014 USD ($) shares
Washington DC [Member]
Number of Stores		10
Baltimore Maryland [Member]
Number of Stores		1
Richmond, Virginia [Member]
Number of Stores		4
Jacksonville, Florida [Member]
Number of Stores		3
Subsequent Event [Member] | Vanguard GNMA Fund [Member]
Proceeds from Sale and Maturity of Marketable Securities	$ 1,000,000
Prize Fund Monies [Member]
Other Liabilities, Current		$ 278,560	$ 291,688
Number of Stores		18
Number of Lanes in Operation		726
Number of Operating Segments		1
Proceeds from Sale and Maturity of Marketable Securities			5,296
Advertising Expense		$ 325,914	$ 433,525
Common Stock, Shares, Outstanding | shares		5,160,971	5,160,971
Other Liabilities, Current		$ 290,833	$ 308,068

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Note 7 - Deferred Tax Asset Components (Details) - USD ($)	Jun. 28, 2015	Jun. 29, 2014
Land, buildings, and equipment	$ 696,244	$ 827,197
Unrealized gain on available-for-sale securities	1,509,633	1,596,862
Prepaid expenses and other	(25,849)	(31,138)
Deferred tax liabilities	$ 2,180,028	$ 2,392,921

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Consolidated Statements of Earnings and Comprehensive Earnings (Parentheticals) - USD ($)	12 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Unrealized gain on available-for-sale securities tax	$ (85,995)	$ 4,666

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Note 3 - Investments

12 Months Ended

Jun. 28, 2015

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

3. INVESTMENTS

The Company’s marketable securities are categorized as available-for-sale securities. The cost for marketable securities was determined using the specific identification method. The fair values of marketable securities are based on the quoted market price for those securities. Short-term investments consist of certificates of deposits with maturities of generally three months to one year. At June 28, 2015, the fair value of short-term investments was $133,729. At June 29, 2014, the fair value of short-term

investments was $1,453,326. Non-current investments are marketable securities which primarily consist of telecommunications stocks and a mutual fund that invests in mortgage backed securities. Unrealized gains and losses are reported as a component of accumulated other comprehensive earnings in Stockholders’ Equity.

As of June 28, 2015, the Company had $58,014 of gross unrealized gains from its investments in federal agency mortgage backed securities owned through a mutual fund which had a fair value of $3,676,005. As of June 29, 2014, $100,125 in gross unrealized gains were from its investments in federal agency mortgage backed securities which had a fair value of $3,605,513. The Company’s investments were as follows:

June 28, 2015	Original Cost		Unrealized Gain		Unrealized Loss			Fair Value
Equity securities	$	1,285,759	$	3,910,144	$	(5,516	)	$	5,190,387
Mutual fund		3,617,991		58,014		-			3,676,005
Certificates of deposits		133,729		-		-			133,729
June 29, 2014
Equity securities	$	1,285,759	$	4,089,398	$	(1,171	)	$	5,373,986
Mutual fund		3,505,388		100,125		-			3,605,513
Certificates of deposits		1,453,326		-		-			1,453,326

During fiscal 2015 and fiscal 2014, the Company had certain equity securities with cumulative unrealized losses of $5,516 and $1,171 respectively. Management believes the unrealized losses are temporary and the Company has the ability and intent to hold these securities long enough to recover its investment.

	Less than 12 months				12 Months or greater					Total
June 28, 2015	Fair Value		Unrealized loss		Fair Value		Unrealized loss			Fair Value		Unrealized loss
Equity securities	$	-	$	-	$	329	$	(5,516	)	$	329	$	(5,516	)

	Less than 12months					12 Months or greater				Total
June 29, 2014	Fair Value		Unrealized loss			Fair Value		Unrealized loss		Fair Value		Unrealized loss
Equity securities	$	4,674	$	(1,171	)	$	-	$	-	$	4,674	$	(1,171	)

The equity securities portfolio includes the following stocks:

82,112	shares of AT&T	4,398	shares of CenturyLink
4,508	shares of Frontier Communications	774	shares of Teradata
412	shares of DexMedia	774	shares of NCR
40,000	shares of Sprint Nextel	31,904	shares of Verizon
6,471	shares of Vodafone	679	shares of Windstream
2,520	shares of Manulife	815	shares of CSAL

During the year ended June 28, 2015 Windstream spun off Communication Sales & Leasing (CSAL) and followed immediately with a 1-for-6 reverse split of Windstream shares.

During the year ended June 29, 2014, the Company purchased 5,000 shares of Verizon. In addition the Company received 3,120 shares of Verizon as a result of Vodafone’s special dividend funded by its sale of Verizon Wireless. LSI was purchased by Anago in an all cash transaction resulting in a gain of $281 on the Company’s holdings of LSI.

As stated in Note 1, the Company records its readily marketable debt and equity securities at fair value. These assets are valued in accordance with a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or 

indirectly; and

Level 3. Unobservable inputs in which there is little or no market data, which require the reporting 

entity to develop its own assumptions.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The fair value of these assets as of June 28, 2015 is as follows:

	Quoted		Significant				Unrealized			Cumulative
	Price for		Other		Significant		gains/(losses)			Unrealized
	Identical		Observable		Unobservable		for the			gains/(losses)
	Assets		Inputs		Inputs		Year Ended			as of
Description	(Level 1)		(Level 2)		(Level 3)		June 28, 2015			June 28, 2015
Equity securities	$	5,190,387	$	-	$	-	$	(183,599	)	$	3,904,627
Mutual fund		3,676,005		-		-		(42,111	)		58,014
Certificates of deposits		-		133,729		-		-			-
TOTAL	$	8,866,392	$	133,729		-	$	(225,710	)	$	3,962,641

The fair value of these assets as of June 29, 2014 was as follows:

	Quoted		Significant				Unrealized			Cumulative
	Price for		Other		Significant		gains/(losses)			Unrealized
	Identical		Observable		Unobservable		for the			gains/(losses)
	Assets		Inputs		Inputs		Year Ended			as of
Description	(Level 1)		(Level 2)		(Level 3)		June 29, 2014			June 29, 2014
Equity securities	$	5,373,986	$	-	$	-	$	(70,956	)	$	4,088,226
Mutual fund		3,605,513		-		-		83,200			100,125
Certificates of deposits		-		1,453,326		-		-			-
TOTAL	$	8,979,499	$	1,453,326		-	$	12,244		$	4,188,351

The fair value of certificates of deposits is estimated using net present value techniques and comparing the values to certificates with similar terms.

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Note 1 - Depreciation and Amortization Rates (Details)	12 Months Ended
	Jun. 28, 2015
Minimum [Member] | Bowling Lanes and Equipment [Member]
Bowling lanes and equipment (years)	3 years
Minimum [Member] | Building and Building Improvements [Member]
Bowling lanes and equipment (years)	10 years
Minimum [Member] | Leasehold Improvements [Member]
Bowling lanes and equipment (years)	5 years
Minimum [Member] | Amusement Games [Member]
Bowling lanes and equipment (years)	3 years
Maximum [Member] | Bowling Lanes and Equipment [Member]
Bowling lanes and equipment (years)	10 years
Maximum [Member] | Building and Building Improvements [Member]
Bowling lanes and equipment (years)	39 years
Maximum [Member] | Leasehold Improvements [Member]
Bowling lanes and equipment (years)	15 years
Maximum [Member] | Amusement Games [Member]
Bowling lanes and equipment (years)	5 years

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Note 5 - Net Rent Expense (Details) - USD ($)	12 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Minimum rent under operating leases	$ 315,500	$ 288,000
Net rent expenses	$ 315,500	$ 288,000

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Note 2 - Cash and Cash Equivalents (Tables)

12 Months Ended

Jun. 28, 2015

Notes Tables

Schedule of Cash and Cash Equivalents [Table Text Block]

	June 28, 2015		June 29, 2014
Demand deposits and cash on hand	$	558,364	$	634,923
Money market funds		220,003		207,191
	$	778,367	$	842,114