Bowl America (BWL.A) 10-Q 10 Feb 15 2015 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Dec. 28, 2014	Jan. 26, 2015
Entity Registrant Name	BOWL AMERICA INC
Entity Central Index Key	13573
Current Fiscal Year End Date	-23
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Type	10-Q
Document Period End Date	28-Dec-14
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Amendment Flag	FALSE
Common Class A [Member]
Entity Common Stock, Shares Outstanding (in shares)		3,746,454
Common Class B [Member]
Entity Common Stock, Shares Outstanding (in shares)		1,414,517

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Earnings (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Dec. 28, 2014	Dec. 29, 2013	Dec. 28, 2014	Dec. 29, 2013
Operating Revenues:
Bowling and other	$4,203,410	$4,216,078	$7,504,753	$7,611,304
Food, beverage and merchandise sales	1,766,628	1,750,768	3,094,629	3,105,816
Total Operating Revenues	5,970,038	5,966,846	10,599,382	10,717,120
Operating Expenses:
Employee compensation and benefits	2,742,256	2,768,185	5,495,483	5,581,908
Cost of bowling and other services	1,478,048	1,575,977	3,006,754	3,134,164
Cost of food, beverage and merchandise sales	553,436	542,714	988,626	979,515
Depreciation and amortization	330,813	366,014	656,205	721,306
General and administrative	235,073	239,280	452,426	445,557
Total Operating Expenses	5,339,626	5,492,170	10,599,494	10,862,450
Operating Income (loss)	630,412	474,676	-112	-145,330
Interest, dividend and other income	110,991	90,461	257,298	229,230
Earnings from continuing operations before provision for income taxes	741,403	565,137	257,186	83,900
Provision for income taxes	259,500	197,800	90,000	29,400
Net Earnings from continuing operations	481,903	367,337	167,186	54,500
Income (loss) from discontinued operations, net of tax		3,604		-1,949
Net Earnings	481,903	370,941	167,186	52,551
Earnings per share-basic & diluted
Continuing operations (in dollars per share)	$0.09	$0.07	$0.03	$0.01
Discontinued operations (in dollars per share)		$0		$0
NET EARNINGS PER SHARE (in dollars per share)	$0.09	$0.07	$0.03	$0.01
Weighted average shares outstanding (in shares)	5,160,971	5,160,971	5,160,971	5,160,971
Dividends paid	$877,365	$851,561	$1,754,730	$1,703,122
Common Class A [Member]
Earnings per share-basic & diluted
Per share, dividends paid (in dollars per share)	$0.17	$0.17	$0.34	$0.33
Common Class B [Member]
Earnings per share-basic & diluted
Per share, dividends paid (in dollars per share)	$0.17	$0.17	$0.34	$0.33

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Earnings (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Dec. 28, 2014	Dec. 29, 2013	Dec. 28, 2014	Dec. 29, 2013
Net Earnings	$481,903	$370,941	$167,186	$52,551
Other comprehensive earnings- net of tax
Unrealized (loss) gain on available- for-sale securities net of tax (benefit) of $(74,506) and $13,416 for 13 weeks, and ($100,296) and ($45,338) for 26 weeks	-121,049	21,787	-162,948	-73,671
Comprehensive earnings (loss)	$360,854	$392,728	$4,238	($21,120)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Comprehensive Earnings (Unaudited) (Parentheticals) (USD $)	3 Months Ended		6 Months Ended
	Dec. 28, 2014	Dec. 29, 2013	Dec. 28, 2014	Dec. 29, 2013
Unrealized loss (gain) on available-for-sale securities, tax (benefit)	($74,506)	$13,416	($100,296)	($45,338)

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Dec. 28, 2014	Jun. 29, 2014
CURRENT ASSETS:
Cash and cash equivalents	$1,960,794	$842,114
Short-term investments	133,572	1,453,326
Inventories	580,988	520,355
Prepaid expenses and other	96,621	610,416
Income taxes refundable	314,856	312,856
TOTAL CURRENT ASSETS	3,086,831	3,739,067
LAND, BUILDINGS & EQUIPMENT
Net of accumulated depreciation of $39,983,909 and $39,358,295	20,635,713	20,887,127
OTHER ASSETS:
Marketable securities	8,766,664	8,979,499
Cash surrender value-life insurance	677,922	677,922
Other	80,965	80,165
TOTAL OTHER ASSETS	9,525,551	9,737,586
TOTAL ASSETS	33,248,095	34,363,780
CURRENT LIABILITIES:
Accounts payable	529,646	681,509
Accrued expenses	641,585	1,091,098
Dividends payable	877,365	877,365
Other current liabilities	1,644,547	308,068
Current deferred income taxes	24,705	24,705
TOTAL CURRENT LIABILITIES	3,717,848	2,982,745
LONG-TERM DEFERRED COMPENSATION	34,088	34,088
NONCURRENT DEFERRED INCOME TAXES	2,267,920	2,368,216
TOTAL LIABILITIES	6,019,856	5,385,049
COMMITMENTS AND CONTINGENCIES (Note 3)
STOCKHOLDERS' EQUITY
Preferred stock, par value $10 a share: Authorized and unissued, 2,000,000 shares	0	0
Common stock, par value $.10 a share: Authorized, 10,000,000 shares
Additional paid-in capital	7,849,814	7,849,814
Accumulated other comprehensive earnings-
Unrealized gain on available-for-sale securities, net of tax	2,429,655	2,592,603
Retained earnings	16,432,673	18,020,217
TOTAL STOCKHOLDERS' EQUITY	27,228,239	28,978,731
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	33,248,095	34,363,780
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. 28, 2014	Jun. 29, 2014
Accumulated depreciation	$39,983,909	$39,358,295
Preferred stock, par value (in dollars per share)	$10	$10
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common Class A [Member]
Common stock, par value (in dollars per share)	$0.10	$0.10
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, par value (in dollars per share)	$0.10	$0.10
Common stock, shares issued (in shares)	1,414,517	1,414,517
Common stock, shares outstanding (in shares)	1,414,517	1,414,517

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Dec. 28, 2014	Dec. 29, 2013
Cash Flows From Operating Activities
Net earnings	$167,186	$52,551
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	656,205	721,306
Changes in assets and liabilities
Increase in inventories	-60,633	-73,525
Decrease in prepaid & other	513,795	287,698
Increase in income taxes refundable	-2,000	-84,700
(Increase) decrease in other long-term assets	-800	3,800
Decrease in accounts payable	-151,863	-205,046
Decrease in accrued expenses	-449,513	-303,403
Decrease in income taxes payable		-151,227
Increase in other current liabilities	1,336,479	1,239,710
Net cash provided by operating activities	2,008,856	1,487,164
Cash Flows From Investing Activities
Expenditures for land, building and equip	-404,791	-117,231
Net sales & maturities (purchases)of short-term Investments	1,319,754	-500,233
Purchases of marketable securities	-50,409	-293,978
Net cash provided by (used in) Investing activities	864,554	-911,442
Cash Flows From Financing Activities
Payment of cash dividends	-1,754,730	-1,703,122
Net cash used in financing activities	-1,754,730	-1,703,122
Net Increase (decrease) in Cash and Equivalents	1,118,680	-1,127,400
Cash and Equivalents, Beginning of period	842,114	3,437,780
Cash and Equivalents, End of period	1,960,794	2,310,380
Supplemental Disclosures of Cash Flow Information
Income taxes	$92,000	$264,227

Note_1_Basis_for_Presentation

Note 1 - Basis for Presentation	6 Months Ended
	Dec. 28, 2014
Notes to Financial Statements
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 29, 2014 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 29, 2014.

Note_2_Investments

Note 2 - Investments	6 Months Ended
	Dec. 28, 2014
Notes to Financial Statements
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 28, 2014 and June 29, 2014 were as follows:
	28-Dec						Unrealized Gain/
	, 201
	4
	Description		Fair Value		Cost basis		(loss)
	Short-term investments		$	133,572	$	133,572	$	-
	Equity securities		$	5,087,022	$	1,285,759	$	3,801,263
	Mutual funds		$	3,679,642	$	3,555,796	$	123,846
	Ju						Unrealized Gain
	ne
	29,
	201
	4
	Description		Fair Value		Cost basis		(loss)
	Short-term investments		$	1,453,326	$	1,453,326	$	-
	Equity securities		$	5,373,986	$	1,285,759	$	4,088,227
	Mutual funds		$	3,605,513	$	3,505,388	$	100,125
	The fair values of the Company’s investments were determined as follows:
	28-Dec-14		Quoted		Significant Other Observable Inputs		Significant Unobservable Inputs
			Price for Identical Assets
	Description		(Level 1)		(Level 2)		(Level 3)
	Certificates of deposits		$	-	$	133,572	$	-
	Equity securities			5,087,022		-		-
	Mutual funds			3,679,642		-		-
	Total		$	8,766,664	$	133,572	$	-
	29-Jun-14		Quoted		Significant Other Observable Inputs		Significant Unobservable Inputs
			Price for Identical Assets
	Description		(Level 1)		(Level 2)		(Level 3)
	Certificates of deposits		$	-	$	1,453,326	$	-
	Equity securities			5,373,986		-		-
	Mutual funds			3,605,513		-		-
	Total		$	8,979,499	$	1,453,326	$	-
	The stocks included in the equity securities portfolio as of December 28, 2014 were:
	82,112	shares of AT&T
	2,520	shares of Manulife
	412	shares of DexMedia
	774	shares of NCR
	774	shares of Teradata
	6,471	shares of Vodafone
	4,398	shares of CenturyLink
	4,508	shares of Frontier Communications
	40,000	shares of Sprint
	31,904	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. 28, 2014
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	3. Commitments and Contingencies
	The Company’s purchase commitments at December 28, 2014 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. 28, 2014
Notes to Financial Statements
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_Standard

Note 5 - New Accounting Standards	6 Months Ended
	Dec. 28, 2014
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	5. New Accounting Standards
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued accounting guidance amending the requirements for reporting discontinued operations. This guidance limits the requirement for discontinued operations treatment
	to the disposal of a component of an entity, or a group of components of an entity, that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.  The Company has adopted the guidance effective for interim periods beginning on or after December 15, 2014.
	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 our consolidated financial statements.

Note_6_Subsequent_Events

Note 6 - Subsequent Events	6 Months Ended
	Dec. 28, 2014
Notes to Financial Statements
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 10, 2015, and has determined that no material subsequent events have occurred.

Note_7_Reclassifications

Note 7 - Reclassifications	6 Months Ended
	Dec. 28, 2014
Notes to Financial Statements
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. 28, 2014
Notes Tables
Available-for-sale Securities [Table Text Block]	28-Dec						Unrealized Gain/
	, 201
	4
	Description		Fair Value		Cost basis		(loss)
	Short-term investments		$	133,572	$	133,572	$	-
	Equity securities		$	5,087,022	$	1,285,759	$	3,801,263
	Mutual funds		$	3,679,642	$	3,555,796	$	123,846
	Ju						Unrealized Gain
	ne
	29,
	201
	4
	Description		Fair Value		Cost basis		(loss)
	Short-term investments		$	1,453,326	$	1,453,326	$	-
	Equity securities		$	5,373,986	$	1,285,759	$	4,088,227
	Mutual funds		$	3,605,513	$	3,505,388	$	100,125
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	28-Dec-14		Quoted		Significant Other Observable Inputs		Significant Unobservable Inputs
			Price for Identical Assets
	Description		(Level 1)		(Level 2)		(Level 3)
	Certificates of deposits		$	-	$	133,572	$	-
	Equity securities			5,087,022		-		-
	Mutual funds			3,679,642		-		-
	Total		$	8,766,664	$	133,572	$	-
	29-Jun-14		Quoted		Significant Other Observable Inputs		Significant Unobservable Inputs
			Price for Identical Assets
	Description		(Level 1)		(Level 2)		(Level 3)
	Certificates of deposits		$	-	$	1,453,326	$	-
	Equity securities			5,373,986		-		-
	Mutual funds			3,605,513		-		-
	Total		$	8,979,499	$	1,453,326	$	-
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
	6,471	shares of Vodafone
	4,398	shares of CenturyLink
	4,508	shares of Frontier Communications
	40,000	shares of Sprint
	31,904	shares of Verizon
	4,079	shares of Windstream

Note_2_Investments_Details_Tex

Note 2 - Investments (Details Textual)	6 Months Ended
	Dec. 28, 2014
Maximum [Member]
Investments, Debt and Equity Securities [Abstract]
Short Term Investments Maturities Term	1 year
Minimum [Member]
Investments, Debt and Equity Securities [Abstract]
Short Term Investments Maturities Term	90 days

Note_2_Investments_Investments

Note 2 - Investments - Investments Schedule (Details) (USD $)	Dec. 28, 2014	Jun. 29, 2014
Equity Securities [Member]
Fair Value	$5,087,022	$5,373,986
Cost basis	1,285,759	1,285,759
Unrealized Gain/(loss)	3,801,263	4,088,227
Short-term Investments [Member]
Fair Value	133,572	1,453,326
Cost basis	133,572	1,453,326
Mutual Funds [Member]
Fair Value	3,679,642	3,605,513
Cost basis	3,555,796	3,505,388
Unrealized Gain/(loss)	$123,846	$100,125

Note_2_Investments_Fair_Value_

Note 2 - Investments - Fair Value Hierarchy (Details) (USD $)	Dec. 28, 2014	Jun. 29, 2014
Quoted Price for Identical Assets	$8,766,664	$8,979,499
Fair Value, Inputs, Level 1 [Member]
Quoted Price for Identical Assets	8,766,664	8,979,499
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Quoted Price for Identical Assets	5,087,022	5,373,986
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member]
Quoted Price for Identical Assets	3,679,642	3,605,513
Fair Value, Inputs, Level 2 [Member]
Quoted Price for Identical Assets	133,572	1,453,326
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member]
Quoted Price for Identical Assets	$133,572	$1,453,326

Note_2_Investments_Telecommuni

Note 2 - Investments - Telecommunications Stocks Held (Details)	Dec. 28, 2014
ATT [Member]
Investment (in shares)	82,112
Century Link [Member]
Investment (in shares)	4,398
DexMedia [Member]
Investment (in shares)	412
Frontier Communications [Member]
Investment (in shares)	4,508
Manulife [Member]
Investment (in shares)	2,520
NCR [Member]
Investment (in shares)	774
Sprint [Member]
Investment (in shares)	40,000
Teradata [Member]
Investment (in shares)	774
Verizon [Member]
Investment (in shares)	31,904
Vodafone [Member]
Investment (in shares)	6,471
Windstream [Member]
Investment (in shares)	4,079

Note_4_Employee_Benefit_Plans_

Note 4 - Employee Benefit Plans (Details Textual)	6 Months Ended
	Dec. 28, 2014
Compensation and Retirement Disclosure [Abstract]
Number of Defined Contribution Plans	2