Exhibit 20 Press release issued February 10, 2015
For Immediate Release | February 10, 2015 |
BOWL AMERICA REPORTS INCREASED SECOND QUARTER EARNINGS
Bowl America Incorporated today reported earnings for its fiscal 2015 second quarter ended December 28, 2014, increased to $.09 per share from $.07 per share in the prior year period. Earnings for the current and prior year six-month periods were $.03 and $.01 per share, respectively.
Current year quarterly improvements in food and beverage sales and decreases in operating expenses were responsible for the increase. To date we have escaped the snow storms wreaking havoc in the East, with minor snow fall causing few cancellations. Last year snow storms disrupted business in December and continued to into the third quarter causing league postponements, the loss of open play revenue and high snow removal expense.
Bowl America operates 18 bowling centers and its Class A Common Stock trades on the NYSE MKT 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 sitewww.bowlamericainc.com.
BOWL AMERICA INCORPORATED
Results of Operations
(unaudited)
| | | Thirteen weeks ended | | | Twenty-six weeks ended | |
| | | December 28, | | | December 29, | | | December 28, | | | December 29, | |
| | | 2014 | | | 2013 | | | 2014 | | | 2013 | |
Revenues | | | | | | | | | | | | | | | | |
Bowling and other | | $ | 4,203,410 | | | $ | 4,216,078 | | | $ | 7,504,753 | | | $ | 7,611,304 | |
Food, beverage & merchandise sales | | | 1,766,628 | | | | 1,750,768 | | | | 3,094,629 | | | | 3,105,816 | |
| | | | 5,970,038 | | | | 5,966,846 | | | | 10,599,382 | | | | 10,717,120 | |
| | | | | | | | | | | | | | | | | |
Operating expensesexcluding depreciation and amortization | | | 5,008,813 | | | | 5,126,156 | | | | 9,943,289 | | | | 10,141,144 | |
Depreciation and amortization | | | 330,813 | | | | 366,014 | | | | 656,205 | | | | 721,306 | |
| | | | | | | | | | | | | | | | | |
Interest, dividend and other income | | | 110,991 | | | | 90,461 | | | | 257,298 | | | | 229,230 | |
| | | | | | | | | | | | | | | | | |
Earnings from continuing operations beforetaxes | | | 741,403 | | | | 565,137 | | | | 257,186 | | | | 83,900 | |
Earnings from continuing operations | | | 481,903 | | | | 367,337 | | | | 167,186 | | | | 54,500 | |
Earnings (loss) from discontinued operations,net of tax | | | - | | | | 3,604 | | | | - | | | | (1,949 | ) |
Net Earnings | | $ | 481,903 | | | $ | 370,941 | | | $ | 167,186 | | | $ | 52,551 | |
| | | | | | | | | | | | | | | | | |
Comprehensive earnings (loss) | | $ | 360,854 | | | $ | 392,728 | | | $ | 4,238 | | | $ | (21,120 | ) |
| | | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 5,160,971 | | | | 5,160,971 | | | | 5,160,971 | | | | 5,160,971 | |
| | | | | | | | | | | | | | | | | |
EARNINGS PER SHARE | | | .09 | | | | .07 | | | | .03 | | | | .01 | |
SUMMARY OF FINANCIAL POSITION
(unaudited)
Dollars in Thousands
| | | 12/28/14 | | | 12/29/13 | |
ASSETS | | | | | | | | |
| | | | | | | | | |
Total current assets including cash andshort-term investments of $2,094 & $3,760 | | $ | 3,087 | | | $ | 4,779 | |
Property and investments | | | 30,161 | | | | 30,757 | |
TOTAL ASSETS | | $ | 33,248 | | | $ | 35,536 | |
| | | | | | | | | |
| | | | | | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
| | | | | | | | | |
Total current liabilities | | $ | 3,718 | | | $ | 3,634 | |
Other liabilities | | | 2,302 | | | | 2,594 | |
Stockholders' equity | | | 27,228 | | | | 29,308 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 33,248 | | | $ | 35,536 | |
