Exhibit 20 Press release issued February 10, 2009
| For Immediate Release | February 10, 2009 |
BOWL AMERICA REPORTS SECOND QUARTER EARNINGS
Bowl America Incorporated today reported that its per share earnings for the second quarter ended December 28, 2008, declined to $.15 from $.22 posted last year. Earnings for the six-month period were $.17, down from $.27 for the comparable period last year. In the second quarter of last year, two of the Company’s investment holdings were taken over, resulting in after-tax earnings of $.03 per share.
As we have previously noted, the entertainment business relies on availability of discretionary budget dollars. The Company promotes the value of bowling as a recreation option that is close to home, relatively inexpensive and can be enjoyed by people of all ages and genders. We are encouraged that league bowling has remained strong.
Bowl America owns 17 of the 19 bowling centers it operates. The Company remains debt free, which has enabled it to increase per share dividends for 37 consecutive years. Its stock trades on the American Stock Exchange with the symbol BWLA. The Company’s S.E.C. Form 10-Q is available at the Company’s web site www.bowlamericainc.com.
BOWL AMERICA INCORPORATED
Results of Operations
(unaudited)
| Thirteen weeks ended | Twenty-six weeks ended | |||||||||||||||
| December 28, | December 30, | December 28, | December 30, | |||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| Revenues | ||||||||||||||||
| Bowling and other | $ | 5,322,923 | $ | 5,358,863 | $ | 10,059,907 | $ | 9,950,568 | ||||||||
| Food & mdse sales | 2,223,251 | 2,147,450 | 4,120,207 | 3,928,197 | ||||||||||||
| 7,546,174 | 7,506,313 | 14,180,114 | 13,878,765 | |||||||||||||
| Operating expenses | ||||||||||||||||
| excluding depreciation | ||||||||||||||||
| and amortization | 6,110,477 | 5,746,760 | 12,273,183 | 11,502,353 | ||||||||||||
| Depreciation and | ||||||||||||||||
| amortization | 459,922 | 458,701 | 924,563 | 916,936 | ||||||||||||
| Investment earnings | - | 267,237 | - | 267,237 | ||||||||||||
| Interest & dividend | 165,877 | 188,857 | 348,254 | 397,421 | ||||||||||||
| Earnings before taxes | 1,141,652 | 1,756,946 | 1,330,622 | 2,124,134 | ||||||||||||
| Net Earnings (1) | $ | 743,852 | $ | 1,126,246 | $ | 866,822 | $ | 1,365,134 | ||||||||
| Weighted average shares | ||||||||||||||||
| outstanding | 5,134,182 | 5,135,690 | 5,134,936 | 5,135,697 | ||||||||||||
| EARNINGS PER SHARE | .15 | .22 | .17 | .27 | ||||||||||||
| (1) | Includes expected insurance recovery of $157,000 for the thirteen week period ended December 30, 2007, and $60,000 and $357,000 for the twenty-six week periods ended December 28, 2008 and December 30, 2007, respectively. |
SUMMARY OF FINANCIAL POSITION
(unaudited)
Dollars in Thousands
| 12/28/08 | 12/30/07 | |||||||
| ASSETS | ||||||||
| Total current assets including cash and | ||||||||
| short-term investments of $9,641 & $10,109 | $ | 12,248 | $ | 12,126 | ||||
| Property and investments | 31,117 | 34,278 | ||||||
| TOTAL ASSETS | $ | 43,365 | $ | 46,404 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Total current liabilities | $ | 4,028 | $ | 4,644 | ||||
| Other liabilities | 2,365 | 3,307 | ||||||
| Stockholders' equity | 36,972 | 38,453 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 43,365 | $ | 46,404 | ||||