EXHIBIT 20
For Immediate Release | September 25, 2009 |
BOWL AMERICA REPORTS FISCAL YEAR EARNINGS
Bowl America Incorporated today reported earnings per share for its fiscal year ended June 28, 2009, declined to $.60 from $.69 in the prior year. Fourth quarter earnings per share were $.08, down from $.11 in the comparable quarter last year.
Operating revenues for the year improved as the Company’s Falls Church location was in operation for the entire period, but was closed for the first three quarters of the prior year while repairs were made to roof damage from an ice storm. Companywide expenses exceeded the prior year’s expenses. Last year also included a gain on investments not repeated in fiscal 2009. Management believes that its customers’ perception of a continuing negative economic climate is resulting in curtailment of discretionary recreation spending.
A more detailed explanation of results is available in the Company’s S.E.C. Form 10-K filing available through the website www.bowlamericainc.com.
Fiscal 2009 was the Company’s 37th year of increased regular per share dividends. Bowl America operates 19 bowling centers and its stock trades on the NYSE Amex with the symbol BWLA.
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BOWL AMERICA INCORPORATED
Results of Operations
Thirteen | Thirteen | Thirty-nine | Thirty-nine | |||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||||
06/28/09 | 06/29/08 | 06/28/09 | 06/29/08 | |||||||||||||
Operating Revenues | ||||||||||||||||
Bowling and other | $ | 4,478,990 | $ | 4,607,988 | $ | 21,037,547 | $ | 20,870,757 | ||||||||
Food, beverage and merchandise sales | 1,868,522 | 1,953,983 | 8,674,571 | 8,433,089 | ||||||||||||
Net (loss) gain on sale of assets | (1,375 | ) | 45,368 | (1,375 | ) | 45,368 | ||||||||||
6,346,137 | 6,607,339 | 29,710,743 | 29,349,214 | |||||||||||||
Operating expenses excluding | ||||||||||||||||
depreciation and amortization | 5,609,232 | 5,597,079 | 23,969,461 | 23,226,527 | ||||||||||||
Depreciation and amortization | 356,206 | 388,590 | 1,726,854 | 1,764,226 | ||||||||||||
Investment earnings | - | - | - | 267,237 | ||||||||||||
Interest and dividend income | 181,041 | 188,223 | 679,287 | 811,205 | ||||||||||||
Earnings before taxes | 561,740 | 809,893 | 4,693,715 | 5,436,903 | ||||||||||||
Net Earnings | $ | 411,907 | $ | 579,530 | $ | 3,057,282 | $ | 3,534,540 | ||||||||
Weighted average shares | ||||||||||||||||
outstanding | 5,132,505 | 5,135,690 | 5,133,375 | 5,135,693 | ||||||||||||
EARNINGS PER SHARE | .08 | .11 | .60 | .69 |
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SUMMARY OF FINANCIAL POSITION
Dollars in Thousands
06/28/09 | 06/29/08 | |||||||
ASSETS | ||||||||
Total current assets including cash and | ||||||||
short-term investment of $11,020 and $8,404 | $ | 12,410 | $ | 11,558 | ||||
Property and investments | 30,557 | 32,499 | ||||||
TOTAL ASSETS | $ | 42,967 | $ | 44,057 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Total current liabilities | $ | 3,167 | $ | 3,170 | ||||
Other liabilities | 2,221 | 2,672 | ||||||
Stockholders' equity | 37,579 | 38,215 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 42,967 | $ | 44,057 |