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 |