Bowl America (BWL.A) 10-Q 12 May 15 2015 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Mar. 29, 2015	7-May-15
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	29-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Mar. 29, 2015	Mar. 30, 2014	Mar. 29, 2015	Mar. 30, 2014
Operating Revenues:
Bowling and other	$5,307,071	$5,168,318	$12,811,824	$12,779,622
Food, beverage and merchandise sales	2,209,356	2,138,735	5,303,985	5,244,551
Total Operating Revenues	7,516,427	7,307,053	18,115,809	18,024,173
Operating Expenses:
Employee compensation and benefits	2,844,728	2,845,221	8,340,211	8,427,129
Cost of bowling and other services	1,658,483	1,659,275	4,665,237	4,793,439
Cost of food, beverage and merchandise sales	612,349	603,860	1,600,975	1,583,375
Depreciation and amortization	330,813	329,280	987,018	1,050,586
General and administrative	234,963	217,127	687,389	662,684
Total Operating Expenses	5,681,336	5,654,763	16,280,830	16,517,213
Operating Income	1,835,091	1,652,290	1,834,979	1,506,960
Interest and dividend income	117,600	332,066	374,898	561,296
Earnings from continuing operations before provision for income taxes	1,952,691	1,984,356	2,209,877	2,068,256
Provision for income taxes	683,400	694,500	773,400	723,900
Net Earnings from continuing operations	1,269,291	1,289,856	1,436,477	1,344,356
Income (loss) from discontinued operations, net of tax		112		-1,837
Net Earnings	1,269,291	1,289,968	1,436,477	1,342,519
Earnings per share-basic & diluted
Continuing operations (in dollars per share)	$0.25	$0.25	$0.28	$0.26
Discontinued operations (in dollars per share)		$0		$0
NET EARNINGS PER SHARE (in dollars per share)	$0.25	$0.25	$0.28	$0.26
Weighted average shares outstanding (in shares)	5,160,971	5,160,971	5,160,971	5,160,971
Dividends paid	$877,365	$851,560	$2,632,095	$2,554,682
Common Class A [Member]
Earnings per share-basic & diluted
Per share, dividends paid (in dollars per share)	$0.17	$0.17	$0.51	$0.50
Common Class B [Member]
Earnings per share-basic & diluted
Per share, dividends paid (in dollars per share)	$0.17	$0.17	$0.51	$0.50

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Earnings (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Mar. 29, 2015	Mar. 30, 2014	Mar. 29, 2015	Mar. 30, 2014
Net Earnings	$1,269,291	$1,289,968	$1,436,477	$1,342,519
Other comprehensive earnings- net of tax
Unrealized (loss) gain on available-for-sale securities net of tax (benefit) of ($41,494) and $9,393 for 13 weeks, and ($141,790) and ($35,945) for 39 weeks	-67,414	15,273	-230,362	-58,398
Comprehensive earnings	$1,201,877	$1,305,241	$1,206,115	$1,284,121

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Comprehensive Earnings (Unaudited) (Parentheticals) (USD $)	3 Months Ended		9 Months Ended
	Mar. 29, 2015	Mar. 30, 2014	Mar. 29, 2015	Mar. 30, 2014
Unrealized loss (gain) on available-for-sale securities, tax (benefit)	($41,494)	$9,393	($141,790)	($35,945)

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 29, 2015	Jun. 29, 2014
CURRENT ASSETS:
Cash and cash equivalents	$3,675,433	$842,114
Short-term investments	133,690	1,453,326
Inventories	494,479	520,355
Prepaid expenses and other	278,507	610,416
Income taxes refundable	14,279	312,856
TOTAL CURRENT ASSETS	4,596,388	3,739,067
LAND, BUILDINGS & EQUIPMENT
Net of accumulated depreciation of $40,197,069 and $39,358,295	20,449,856	20,887,127
OTHER ASSETS:
Marketable securities	8,699,129	8,979,499
Cash surrender value-life insurance	677,922	677,922
Other	81,465	80,165
TOTAL OTHER ASSETS	9,458,516	9,737,586
TOTAL ASSETS	34,504,760	34,363,780
CURRENT LIABILITIES:
Accounts payable	598,035	681,509
Accrued expenses	816,495	1,091,098
Dividends payable	877,365	877,365
Other current liabilities	2,374,895	308,068
Current deferred income taxes	24,705	24,705
TOTAL CURRENT LIABILITIES	4,691,495	2,982,745
LONG-TERM DEFERRED COMPENSATION	34,088	34,088
NONCURRENT DEFERRED INCOME TAXES	2,226,426	2,368,216
TOTAL LIABILITIES	6,952,009	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
Additional paid-in capital	7,849,814	7,849,814
Accumulated other comprehensive earnings-
Unrealized gain on available-for-sale securities, net of tax	2,362,241	2,592,603
Retained earnings	16,824,599	18,020,217
TOTAL STOCKHOLDERS' EQUITY	27,552,751	28,978,731
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	34,504,760	34,363,780
Common Class A [Member]
STOCKHOLDERS' EQUITY
Common stock	374,645	374,645
Common Class B [Member]
STOCKHOLDERS' EQUITY
Common stock	$141,452	$141,452

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Mar. 29, 2015	Jun. 29, 2014
Preferred stock, par value (in dollars per share)	$10	$10
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Common stock, par value (in dollars per share)	$0.10	$0.10
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common Class A [Member]
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, 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 $)	9 Months Ended
	Mar. 29, 2015	Mar. 30, 2014
Cash Flows From Operating Activities
Net earnings	$1,436,477	$1,342,519
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization (including discontinued operations)	987,018	1,050,586
Changes in assets and liabilities
Decrease (increase) in inventories	25,876	-40,564
Decrease in prepaid & other	331,909	81,986
Decrease in income taxes refundable	298,577	58,129
(Increase) decrease in other long-term assets	-1,300	4,300
Decrease in accounts payable	-83,474	-110,489
Decrease in accrued expenses	-274,603	-156,393
Increase in income taxes payable		36,500
Increase in other current liabilities	2,066,827	1,997,382
Net cash provided by operating activities	4,787,307	4,263,956
Cash Flows From Investing Activities
Expenditures for land, building and equipment	-549,747	-159,262
Net sales & maturities (purchases) of short-term investments	1,319,636	-502,056
Purchases of marketable securities	-91,782	-468,751
Net cash provided by (used in) investing activities	678,107	-1,130,069
Cash Flows From Financing Activities
Payment of cash dividends	-2,632,095	-2,554,682
Net cash used in financing activities	-2,632,095	-2,554,682
Net increase in Cash and Equivalents	2,833,319	579,205
Cash and Equivalents, Beginning of period	842,114	3,437,780
Cash and Equivalents, End of period	3,675,433	4,016,985
Supplemental Disclosures of Cash Flow Information
Income taxes	$474,822	$628,271

Note_1_Basis_for_Presentation

Note 1 - Basis for Presentation	9 Months Ended
	Mar. 29, 2015
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.  These condensed consolidated financial statements should 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	9 Months Ended
	Mar. 29, 2015
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 March 29, 2015 and June 29, 2014 were as follows:
	29-Mar		Fair Value		Cost basis		Unrealized Gain
	, 201
	5
	Description
	Short-term investments		$	133,690	$	133,690	$	-
	Equity securities		$	4,957,542	$	1,295,759	$	3,661,783
	Mutual funds		$	3,741,587	$	3,597,170	$	144,417
	Ju		Fair Value		Cost basis		Unrealized Gain
	ne
	29,
	201
	4
	Description
	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:
	29-Mar-15		Quoted		Significant Other Observable Inputs		Significant Unobservable Inputs
	Description		Price for Identical Assets		(Level 2)		(Level 3)
			(Level 1)
	Certificates of deposits		$	-	$	133,690	$	-
	Equity securities			4,957,542		-		-
	Mutual funds			3,741,587		-		-
	Total		$	8,699,129	$	133,690	$	-
	29-Jun-14		Quoted		Significant Other Observable Inputs		Significant Unobservable Inputs
	Description		Price for Identical Assets		(Level 2)		(Level 3)
			(Level 1)
	Certificates of deposits		$	-	$	1,453,326	$	-
	Equity securities			5,373,986		-		-
	Mutual funds			3,605,513		-		-
	Total		$	8,979,499	$	1,453,326	$	-
	The common stocks included in the equity securities portfolio as of March 29, 2015 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	9 Months Ended
	Mar. 29, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	3. Commitments and Contingencies
	The Company’s purchase commitments at March 29, 2015 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	9 Months Ended
	Mar. 29, 2015
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	9 Months Ended
	Mar. 29, 2015
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	5. New Accounting Standards
	There were no new accounting pronouncements during the quarter ended March 29, 2015 that would impact the Company.

Note_6_Subsequent_Events

Note 6 - Subsequent Events	9 Months Ended
	Mar. 29, 2015
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 May 12, 2015, and has determined that no material subsequent events have occurred.

Note_7_Reclassifications

Note 7 - Reclassifications	9 Months Ended
	Mar. 29, 2015
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)	9 Months Ended
	Mar. 29, 2015
Notes Tables
Available-for-sale Securities [Table Text Block]	29-Mar		Fair Value		Cost basis		Unrealized Gain
	, 201
	5
	Description
	Short-term investments		$	133,690	$	133,690	$	-
	Equity securities		$	4,957,542	$	1,295,759	$	3,661,783
	Mutual funds		$	3,741,587	$	3,597,170	$	144,417
	Ju		Fair Value		Cost basis		Unrealized Gain
	ne
	29,
	201
	4
	Description
	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]	29-Mar-15		Quoted		Significant Other Observable Inputs		Significant Unobservable Inputs
	Description		Price for Identical Assets		(Level 2)		(Level 3)
			(Level 1)
	Certificates of deposits		$	-	$	133,690	$	-
	Equity securities			4,957,542		-		-
	Mutual funds			3,741,587		-		-
	Total		$	8,699,129	$	133,690	$	-
	29-Jun-14		Quoted		Significant Other Observable Inputs		Significant Unobservable Inputs
	Description		Price for Identical Assets		(Level 2)		(Level 3)
			(Level 1)
	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)	9 Months Ended
	Mar. 29, 2015
Minimum [Member]
Short Term Investments Maturities Term	90 days
Maximum [Member]
Short Term Investments Maturities Term	1 year

Note_2_Investments_Investments

Note 2 - Investments - Investments Schedule (Details) (USD $)	Mar. 29, 2015	Jun. 29, 2014
Short-term Investments [Member]
Fair Value	$133,690	$1,453,326
Cost basis	133,690	1,453,326
Equity Securities [Member]
Fair Value	4,957,542	5,373,986
Cost basis	1,295,759	1,285,759
Unrealized Gain/(loss)	3,661,783	4,088,227
Mutual Funds [Member]
Fair Value	3,741,587	3,605,513
Cost basis	3,597,170	3,505,388
Unrealized Gain/(loss)	$144,417	$100,125

Note_2_Investments_Fair_Value_

Note 2 - Investments - Fair Value Hierarchy (Details) (USD $)	Mar. 29, 2015	Jun. 29, 2014
Quoted Price for Identical Assets	$8,699,129	$8,979,499
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member]
Quoted Price for Identical Assets	133,690	1,453,326
Fair Value, Inputs, Level 2 [Member]
Quoted Price for Identical Assets	133,690	1,453,326
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Quoted Price for Identical Assets	4,957,542	5,373,986
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member]
Quoted Price for Identical Assets	3,741,587	3,605,513
Fair Value, Inputs, Level 1 [Member]
Quoted Price for Identical Assets	$8,699,129	$8,979,499

Note_2_Investments_Telecommuni

Note 2 - Investments - Telecommunications Stocks Held (Details)	Mar. 29, 2015
ATT [Member]
Investment (in shares)	82,112
Manulife [Member]
Investment (in shares)	2,520
DexMedia [Member]
Investment (in shares)	412
NCR [Member]
Investment (in shares)	774
Teradata [Member]
Investment (in shares)	774
Vodafone [Member]
Investment (in shares)	6,471
Century Link [Member]
Investment (in shares)	4,398
Frontier Communications [Member]
Investment (in shares)	4,508
Sprint [Member]
Investment (in shares)	40,000
Verizon [Member]
Investment (in shares)	31,904
Windstream [Member]
Investment (in shares)	4,079

Note_4_Employee_Benefit_Plans_

Note 4 - Employee Benefit Plans (Details Textual)	9 Months Ended
	Mar. 29, 2015
Number of Defined Contribution Plans	2