Bowl America (BWL.A) 10-Q 12 Feb 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Dec. 29, 2013	Jan. 27, 2014	Jan. 27, 2014
		Common Class A [Member]	Common Class B [Member]
Document Information [Line Items]	'	'	'
Entity Registrant Name	'BOWL AMERICA INC	'	'
Document Type	'10-Q	'	'
Current Fiscal Year End Date	'--06-30	'	'
Entity Common Stock, Shares Outstanding	'	3,746,454	1,414,517
Amendment Flag	'false	'	'
Entity Central Index Key	'0000013573	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Document Period End Date	29-Dec-13	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q2	'	'

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Earnings (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 30, 2012
Operating Revenues:	'	'	'	'
Bowling and other	$4,216,078	$4,320,274	$7,611,304	$7,937,799
Food, beverage and merchandise sales	1,750,768	1,809,774	3,105,816	3,302,141
Total Operating Revenues	5,966,846	6,130,048	10,717,120	11,239,940
Operating Expenses:	'	'	'	'
Employee compensation and benefits	2,768,185	2,864,853	5,581,908	5,767,964
Cost of bowling and other services	1,575,977	1,529,003	3,134,164	3,108,703
Cost of food, beverage and merchandise sales	542,714	539,708	979,515	988,064
Depreciation and amortization	366,014	384,570	721,306	772,271
General and administrative	239,280	206,199	445,557	470,126
Total Operating Expenses	5,492,170	5,524,333	10,862,450	11,107,128
Operating Income (loss)	474,676	605,715	-145,330	132,812
Interest and dividend income	90,461	119,065	229,230	250,284
Earnings from continuing operations before provision for income taxes	565,137	724,780	83,900	383,096
Provision for income taxes	197,800	253,700	29,400	134,100
Net Earnings from continuing operations	367,337	471,080	54,500	248,996
Income (loss) from discontinued operations, net of tax	3,604	-15,406	-1,949	-34,315
Net Earnings	370,941	455,674	52,551	214,681
Earnings per share-basic & diluted	'	'	'	'
Continuing operations (in Dollars per share)	$0.07	$0.09	$0.01	$0.05
Discontinued operations (in Dollars per share)	$0	$0	$0	($0.01)
NET EARNINGS (LOSS) PER SHARE (in Dollars per share)	$0.07	$0.09	$0.01	$0.04
Weighted average shares outstanding (in Shares)	5,160,971	5,151,471	5,160,971	5,151,471
Dividends paid	$851,561	$4,275,753	$1,703,122	$5,099,957
Common Class A [Member]	'	'	'	'
Earnings per share-basic & diluted	'	'	'	'
Per share, dividends paid, Class A (in Dollars per share)	$0.17	$0.83	$0.33	$0.99
Per share, dividends paid, Class B (in Dollars per share)	$0.17	$0.83	$0.33	$0.99
Common Class B [Member]	'	'	'	'
Earnings per share-basic & diluted	'	'	'	'
Per share, dividends paid, Class A (in Dollars per share)	$0.17	$0.83	$0.33	$0.99
Per share, dividends paid, Class B (in Dollars per share)	$0.17	$0.83	$0.33	$0.99

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Earnings (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 30, 2012
Net Earnings	$370,941	$455,674	$52,551	$214,681
Other comprehensive earnings- net of tax	'	'	'	'
Unrealized gain (loss) on available-for-sale securities net of tax (benefit) of $13,416 and ($209,501) for 13 weeks, and ($45,338) and ($86,622) for 26 weeks	21,787	-340,373	-73,671	-139,108
Comprehensive earnings (loss)	$392,728	$115,301	($21,120)	$75,573

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Comprehensive Earnings (Unaudited) (Parentheticals) (USD $)	3 Months Ended		6 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 30, 2012
Unrealized loss (gain) on available-for-sale securities, tax (benefit)	$13,416	($209,501)	($45,338)	($86,622)

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Dec. 29, 2013	Jun. 30, 2013
CURRENT ASSETS:	'	'
Cash and cash equivalents	$2,310,380	$3,437,780
Short-term investments	1,450,048	949,815
Inventories	592,704	519,179
Prepaid expenses and other	275,893	563,591
Income taxes refundable	142,829	58,129
Current deferred income taxes	6,658	6,658
TOTAL CURRENT ASSETS	4,778,512	5,535,152
LAND, BUILDINGS & EQUIPMENT	'	'
Net of accumulated depreciation of $38,766,778 and $38,144,649	21,375,414	21,979,489
OTHER ASSETS:	'	'
Marketable securities	8,652,195	8,477,227
Cash surrender value-life insurance	648,717	648,717
Other	80,665	84,465
TOTAL OTHER ASSETS	9,381,577	9,210,409
TOTAL ASSETS	35,535,503	36,725,050
CURRENT LIABILITIES:	'	'
Accounts payable	489,408	694,454
Accrued expenses	742,242	1,045,645
Dividends payable	851,561	851,561
Other current liabilities	1,550,994	311,284
Income taxes payable	0	151,227
TOTAL CURRENT LIABILITIES	3,634,205	3,054,171
LONG-TERM DEFERRED COMPENSATION	39,194	39,194
NONCURRENT DEFERRED INCOME TAXES	2,554,545	2,599,884
TOTAL LIABILITIES	6,227,944	5,693,249
Common stock, par value $.10 a share: Authorized, 10,000,000 shares	'	'
Additional paid-in capital	7,849,814	7,849,814
Unrealized gain on available-for-sale securities, net of tax	2,510,349	2,584,020
Retained earnings	18,431,299	20,081,870
TOTAL STOCKHOLDERS' EQUITY	29,307,559	31,031,801
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	35,535,503	36,725,050
Common Class A [Member]	'	'
Common stock, par value $.10 a share: Authorized, 10,000,000 shares	'	'
Common stock	374,645	374,645
Common Class B [Member]	'	'
Common stock, par value $.10 a share: Authorized, 10,000,000 shares	'	'
Common stock	$141,452	$141,452

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Dec. 29, 2013	Jun. 30, 2013
Accumulated depreciation of land, buildings & equipment (in Dollars) (in Dollars)	$38,766,778	$38,144,649
Common Class A [Member]	'	'
Common stock, shares issued	3,746,454	3,746,454
Common stock, shares outstanding	3,746,454	3,746,454
Common stock, par value (in Dollars per share)	$0.10	$0.10
Common stock, shares aurthorized	10,000,000	10,000,000
Common Class B [Member]	'	'
Common stock, shares issued	1,414,517	1,414,517
Common stock, shares outstanding	1,414,517	1,414,517
Common stock, par value (in Dollars per share)	$0.10	$0.10
Common stock, shares aurthorized	10,000,000	10,000,000

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Dec. 29, 2013	Dec. 30, 2012
Cash Flows From Operating Activities	'	'
Net earnings	$52,551	$214,681
Adjustments to reconcile net earnings to net cash provided by operating activities:	'	'
Depreciation and amortization (including discontinued operations)	721,306	777,115
Changes in assets and liabilities	'	'
Increase in inventories	-73,525	-48,552
Decrease in prepaid & other	287,698	102,261
(Increase) decrease in income taxes refundable	-84,700	22,600
Decrease in other long-term assets	3,800	'
Decrease in accounts payable	-205,046	-200,220
Decrease in accrued expenses	-303,403	-248,869
Decrease in income taxes payable	-151,227	'
Increase in other current liabilities	1,239,710	1,350,495
Net cash provided by operating activities	1,487,164	1,969,511
Cash Flows From Investing Activities	'	'
Expenditures for land, building and equip	-117,231	-414,489
Net (purchases) sales & maturities of short-term Investments	-500,233	2,915,202
Purchases of marketable securities	-293,978	-74,814
Net cash (used in) provided by Investing activities	-911,442	2,425,899
Cash Flows From Financing Activities	'	'
Payment of cash dividends	-1,703,122	-5,099,957
Net cash used in financing activities	-1,703,122	-5,099,957
Net Decrease in Cash and Equivalents	-1,127,400	-704,547
Cash and Equivalents, Beginning of period	3,437,780	2,332,022
Cash and Equivalents, End of period	2,310,380	1,627,475
Cash Paid During the Period for:	'	'
Income taxes	$264,227	$93,000

Note_1_Basis_of_Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Dec. 29, 2013
Accounting Policies [Abstract]	'
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	'
	1.  Basis for Presentation
	The accompanying unaudited condensed consolidated financial statements of Bowl America Incorporated and subsidiaries (the "Company"), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission.  The condensed consolidated balance sheet as of June 30, 2013 has been derived from the Company's audited financial statements.  Certain information and note disclosures normally included in the annual financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading.
	In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments and reclassifications (all of which are of a normal, recurring nature) that are necessary for the fair presentation of the Company’s financial position and results of operations for the periods presented.  It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended June 30, 2013.

Note_2_Investments

Note 2 - Investments	6 Months Ended
	Dec. 29, 2013
Investments, Debt and Equity Securities [Abstract]	'
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	'
	2.  Investments
	The Company’s investments are categorized as available-for-sale. Short-term investments consist of certificates of deposits with maturities of generally three months to one year. Equity securities consist primarily of telecommunications stocks. Mutual funds consist of federal agency mortgage backed securities (Ginnie Mae). The fair value of the Company’s investments at December 29, 2013 and June 30, 2013 were as follows:
	29-Dec-13		Fair Value		Cost basis		Unrealized Gain/(loss)
	Description
	Short-term investments		$	1,450,048	$	1,450,048	$	-
	Equity securities		$	5,202,446	$	1,140,656	$	4,061,790
	Mutual funds		$	3,449,749	$	3,456,064	$	(6,315	)
	30-Jun-13		Fair Value		Cost basis		Unrealized Gain
	Description
	Short-term investments		$	949,815	$	949,815	$	-
	Equity securities		$	5,046,557	$	888,998	$	4,157,559
	Mutual funds		$	3,430,670	$	3,413,745	$	16,925
	The fair values of the Company’s investments were determined as follows:
	29-Dec-13		Quoted Price for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
	Description
	Certificates of deposits		$	-	$	1,450,048	$	-
	Equity securities			5,202,446		-		-
	Mutual funds			3,449,749		-		-
	Total		$	8,652,195	$	1,450,048	$	-
	30-Jun-13		Quoted Price for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
	Description
	Certificates of deposits		$	-	$	949,815	$	-
	Equity securities			5,046,557		-		-
	Mutual funds			3,430,670		-		-
	Total		$	8,477,227	$	949,815	$	-
	The stocks included in the equity securities portfolio as of December 29, 2013 were:
	82,112	shares of AT&T
	2,520	shares of Manulife
	412	shares of DexMedia
	774	shares of NCR
	774	shares of Teradata
	11,865	shares of Vodafone
	4,398	shares of CenturyLink
	4,508	shares of Frontier Communications
	475	shares of LSI
	40,000	shares of Sprint
	28,784	shares of Verizon
	4,079	shares of Windstream
	The Mutual fund included in the table above is Vanguard GNMA Admiral Shares #536 fund. The fair value of certificates of deposits is estimated using present value techniques and comparing the values derived from those techniques to certificates with similar values.

Note_3_Commitments_and_Conting

Note 3 - Commitments and Contingencies	6 Months Ended
	Dec. 29, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	3. Commitments and Contingencies
	The Company’s purchase commitments at December 29, 2013 are for materials, supplies, services and equipment as part of the normal course of business.

Note_4_Employee_Benefit_Plans

Note 4 - Employee Benefit Plans	6 Months Ended
	Dec. 29, 2013
Compensation and Retirement Disclosure [Abstract]	'
Pension and Other Postretirement Benefits Disclosure [Text Block]	'
	4.  Employee benefit plans
	The Company has two defined contribution plans with Company contributions determined by the Board of Directors.  The Company has no defined benefit plan or other postretirement plan.

Note_5_New_Accounting_Pronounc

Note 5 - New Accounting Pronouncements	6 Months Ended
	Dec. 29, 2013
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
	5. New Accounting Standards
	There were no new accounting pronouncements during the quarter ended December 29, 2013, that would impact the Company.

Note_6_Subsequent_Events

Note 6 - Subsequent Events	6 Months Ended
	Dec. 29, 2013
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	6. Subsequent Events
	The Company has evaluated subsequent events through the time of filing these financial statements with the Securities and Exchange Commission on February 12, 2014, and has determined that no material subsequent events have occurred.

Note_7_Reclassifications

Note 7 - Reclassifications	6 Months Ended
	Dec. 29, 2013
Disclosure Text Block [Abstract]	'
Reclassifications [Text Block]	'
	7.  Reclassifications
	Certain previous year amounts have been reclassified to conform with current year presentation.

Note_2_Investments_Tables

Note 2 - Investments (Tables)	6 Months Ended
	Dec. 29, 2013
Investments, Debt and Equity Securities [Abstract]	'
Available-for-sale Securities [Table Text Block]	'
	29-Dec-13		Fair Value		Cost basis		Unrealized Gain/(loss)
	Description
	Short-term investments		$	1,450,048	$	1,450,048	$	-
	Equity securities		$	5,202,446	$	1,140,656	$	4,061,790
	Mutual funds		$	3,449,749	$	3,456,064	$	(6,315	)
	30-Jun-13		Fair Value		Cost basis		Unrealized Gain
	Description
	Short-term investments		$	949,815	$	949,815	$	-
	Equity securities		$	5,046,557	$	888,998	$	4,157,559
	Mutual funds		$	3,430,670	$	3,413,745	$	16,925
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	'
	29-Dec-13		Quoted Price for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
	Description
	Certificates of deposits		$	-	$	1,450,048	$	-
	Equity securities			5,202,446		-		-
	Mutual funds			3,449,749		-		-
	Total		$	8,652,195	$	1,450,048	$	-
	30-Jun-13		Quoted Price for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
	Description
	Certificates of deposits		$	-	$	949,815	$	-
	Equity securities			5,046,557		-		-
	Mutual funds			3,430,670		-		-
	Total		$	8,477,227	$	949,815	$	-
Schedule Of Telecommunications Stocks Held [Table Text Block]	'
	82,112	shares of AT&T
	2,520	shares of Manulife
	412	shares of DexMedia
	774	shares of NCR
	774	shares of Teradata
	11,865	shares of Vodafone
	4,398	shares of CenturyLink
	4,508	shares of Frontier Communications
	475	shares of LSI
	40,000	shares of Sprint
	28,784	shares of Verizon
	4,079	shares of Windstream

Note_2_Investments_Details

Note 2 - Investments (Details)	6 Months Ended
	Dec. 29, 2013
Minimum [Member]	'
Note 2 - Investments (Details) [Line Items]	'
Short-Term Investments Maturities Term	'3 months
Maximum [Member]	'
Note 2 - Investments (Details) [Line Items]	'
Short-Term Investments Maturities Term	'1 year

Note_2_Investments_Details_Inv

Note 2 - Investments (Details) - Investments Schedule (USD $)	6 Months Ended	12 Months Ended
	Dec. 29, 2013	Jun. 30, 2013
Short-term Investment [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value	$1,450,048	$949,815
Cost Basis	1,450,048	949,815
Equity Securities [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value	5,202,446	5,046,557
Cost Basis	1,140,656	888,998
Unrealized Gain	4,061,790	4,157,559
Mutual Funds [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value	3,449,749	3,430,670
Cost Basis	3,456,064	3,413,745
Unrealized Gain	($6,315)	$16,925

Note_2_Investments_Details_Fai

Note 2 - Investments (Details) - Fair Value Heirarchy (USD $)	Dec. 29, 2013	Jun. 30, 2013
Note 2 - Investments (Details) - Fair Value Heirarchy [Line Items]	'	'
Fair values of investments	$8,652,195	$8,477,227
Fair Value, Inputs, Level 1 [Member]	'	'
Note 2 - Investments (Details) - Fair Value Heirarchy [Line Items]	'	'
Fair values of investments	8,652,195	8,477,227
Fair Value, Inputs, Level 2 [Member]	'	'
Note 2 - Investments (Details) - Fair Value Heirarchy [Line Items]	'	'
Fair values of investments	1,450,048	949,815
Fair Value, Inputs, Level 3 [Member]	'	'
Note 2 - Investments (Details) - Fair Value Heirarchy [Line Items]	'	'
Fair values of investments	0	0
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Note 2 - Investments (Details) - Fair Value Heirarchy [Line Items]	'	'
Fair values of investments	0	0
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Note 2 - Investments (Details) - Fair Value Heirarchy [Line Items]	'	'
Fair values of investments	1,450,048	949,815
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Note 2 - Investments (Details) - Fair Value Heirarchy [Line Items]	'	'
Fair values of investments	0	0
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Note 2 - Investments (Details) - Fair Value Heirarchy [Line Items]	'	'
Fair values of investments	5,202,446	5,046,557
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Note 2 - Investments (Details) - Fair Value Heirarchy [Line Items]	'	'
Fair values of investments	0	0
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Note 2 - Investments (Details) - Fair Value Heirarchy [Line Items]	'	'
Fair values of investments	0	0
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Note 2 - Investments (Details) - Fair Value Heirarchy [Line Items]	'	'
Fair values of investments	3,449,749	3,430,670
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Note 2 - Investments (Details) - Fair Value Heirarchy [Line Items]	'	'
Fair values of investments	0	0
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Note 2 - Investments (Details) - Fair Value Heirarchy [Line Items]	'	'
Fair values of investments	$0	$0

Note_2_Investments_Details_Tel

Note 2 - Investments (Details) - Telecommunications Stocks Held	Dec. 29, 2013
ATT [Member]	'
Note 2 - Investments (Details) - Telecommunications Stocks Held [Line Items]	'
Investment	82,112
Manulife [Member]	'
Note 2 - Investments (Details) - Telecommunications Stocks Held [Line Items]	'
Investment	2,520
DexMedia [Member]	'
Note 2 - Investments (Details) - Telecommunications Stocks Held [Line Items]	'
Investment	412
NCR [Member]	'
Note 2 - Investments (Details) - Telecommunications Stocks Held [Line Items]	'
Investment	774
Teradata [Member]	'
Note 2 - Investments (Details) - Telecommunications Stocks Held [Line Items]	'
Investment	774
Vodafone [Member]	'
Note 2 - Investments (Details) - Telecommunications Stocks Held [Line Items]	'
Investment	11,865
CenturyLink [Member]	'
Note 2 - Investments (Details) - Telecommunications Stocks Held [Line Items]	'
Investment	4,398
Frontier Communications [Member]	'
Note 2 - Investments (Details) - Telecommunications Stocks Held [Line Items]	'
Investment	4,508
LSI [Member]	'
Note 2 - Investments (Details) - Telecommunications Stocks Held [Line Items]	'
Investment	475
Sprint [Member]	'
Note 2 - Investments (Details) - Telecommunications Stocks Held [Line Items]	'
Investment	40,000
Verizon [Member]	'
Note 2 - Investments (Details) - Telecommunications Stocks Held [Line Items]	'
Investment	28,784
Windstream [Member]	'
Note 2 - Investments (Details) - Telecommunications Stocks Held [Line Items]	'
Investment	4,079

Note_4_Employee_Benefit_Plans_

Note 4 - Employee Benefit Plans (Details)	6 Months Ended
	Dec. 29, 2013
Compensation and Retirement Disclosure [Abstract]	'
Number of Defined Contribution Plans	2