EXHIBIT 20 Press release dated November 10, 2009
| For Immediate Release | November 10, 2009 |
BOWL AMERICA REPORTS SUMMER QUARTER PROFIT
Bowl America Incorporated today reported a profit for its seasonally slow summer quarter ended September 27, 2009, although it was a decline from the prior year’s first quarter profit of $.02 per share.
Bowling competes with other recreation activities including play-at-home games. The continuing economic downturn has influenced the public’s caution in spending on other than essentials. The Company has built cash reserves to weather such conditions, but negligible interest rates have reduced income from those reserves.
Tomorrow the Company will pay a regular quarterly dividend of $.155, a 3% increase over the prior year quarterly dividend and 7% higher than the equivalent period two years ago. The Company is hopeful that it will be able to make this the 38th consecutive year in its long history of increased regular annual dividends.
Bowl America operates 19 bowling centers and its Class A Common Stock trades on the NYSE Amex Exchange with the symbol BWLA. A more detailed explanation of results is available in the Company’s S.E.C. Form 10-Q filing, available at the Company’s web site www.bowlamericainc.com.
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BOWL AMERICA INCORPORATED
Results of Operations
(Unaudited)
| | | Thirteen | | | Thirteen | |
| | | Weeks Ended | | | Weeks Ended | |
| | | 09/27/09 | | | 09/28/08 | |
| Operating Revenues | | | | | | |
| Bowling and other | | $ | 4,326,333 | | | $ | 4,736,984 | |
| Food, beverage and merchandise sales | | | 1,748,877 | | | | 1,896,956 | |
| | | | 6,075,210 | | | | 6,633,940 | |
| | | | | | | | | |
| Operating expenses excluding | | | | | | | | |
| depreciation and amortization | | | 5,730,650 | | | | 6,162,706 | |
| Depreciation and amortization | | | 458,250 | | | | 464,641 | |
| Interest and dividend income | | | 136,129 | | | | 182,377 | |
| Earnings before taxes | | | 22,439 | | | | 188,970 | (1) |
| Net Earnings | | $ | 14,639 | | | $ | 122,970 | |
| Weighted average shares | | | | | | | | |
| outstanding | | $ | 5,141,077 | | | $ | 5,135,690 | |
| EARNINGS PER SHARE | | | .00 | | | | .02 | |
(1) Includes $60,000 in expected insurance recovery for the thirteen weeks ended September 28, 2008, not received until June 2009.
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SUMMARY OF FINANCIAL POSITION
(Unaudited)
Dollars in Thousands
| | | 09/27/09 | | | 09/28/08 | |
| ASSETS | | | | | | |
| Total current assets including cash and | | | | | | |
| short-term investment of $10,008 and $8,244 | | $ | 11,410 | | | $ | 11,232 | |
| Property and investments | | | 30,949 | | | | 31,869 | |
| TOTAL ASSETS | | $ | 42,359 | | | $ | 43,101 | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
| Total current liabilities | | $ | 3,140 | | | $ | 3,258 | |
| Other liabilities | | | 2,297 | | | | 2,525 | |
| Stockholders' equity | | | 36,922 | | | | 37,318 | |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 42,359 | | | $ | 43,101 | |
