Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 28, 2015 | Sep. 15, 2015 | Dec. 26, 2014 | |
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 | ||
Entity Registrant Name | BOWL AMERICA INC | ||
Entity Central Index Key | 13,573 | ||
Trading Symbol | bwla | ||
Current Fiscal Year End Date | --06-28 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 34 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 28, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 28, 2015 | Jun. 29, 2014 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY (Note 8) | ||
Common stock | $ 374,645 | |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY (Note 8) | ||
Common stock | $ 374,645 | |
Cash and Cash Equivalents total | 778,367 | 842,114 |
Short-term investments (Note 3) | 133,729 | 1,453,326 |
Inventories | 552,889 | 520,355 |
Prepaid expenses and other | 488,212 | 610,416 |
Income taxes refundable | 51,309 | 312,856 |
TOTAL CURRENT ASSETS | 2,004,506 | 3,739,067 |
Property Plant and Equipment Net | 20,417,454 | 20,887,127 |
Marketable investment securities (Note 3) | 8,866,392 | 8,979,499 |
Cash surrender value-life insurance | 707,592 | 677,922 |
Other | 66,465 | 80,165 |
TOTAL OTHER ASSETS | 9,640,449 | 9,737,586 |
TOTAL ASSETS | 32,062,409 | 34,363,780 |
Accounts payable | 709,453 | 681,509 |
Accrued expenses | 1,001,754 | 1,091,098 |
Dividends payable | 877,365 | 877,365 |
Other current liabilities | 290,833 | 308,068 |
Current deferred income taxes (Note 7) | 9,113 | 24,705 |
TOTAL CURRENT LIABILITIES | 2,888,518 | 2,982,745 |
LONG-TERM DEFERRED COMPENSATION | 28,897 | 34,088 |
NONCURRENT DEFERRED INCOME TAXES (Note 7) | 2,170,915 | 2,368,216 |
TOTAL LIABILITIES | $ 5,088,330 | $ 5,385,049 |
Authorized and unissued, 2,000,000 shares | ||
Additional paid-in capital | $ 7,854,108 | $ 7,849,814 |
Accumulated other comprehensive earnings-Unrealized gain on available-for-sale securities, net of tax | 2,452,888 | 2,592,603 |
Retained earnings | 16,150,986 | 18,020,217 |
TOTAL STOCKHOLDERS'EQUITY | 26,974,079 | 28,978,731 |
TOTAL LIABILITIES AND STOCKHOLDERS'EQUITY | $ 32,062,409 | $ 34,363,780 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 28, 2015 | Jun. 29, 2014 |
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 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, par value (in dollars per share) | $ 10 | $ 10 |
Common stock, shares outstanding (in shares) | 5,160,971 | 5,160,971 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares aurthorized (in shares) | 10,000,000 | 10,000,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Earnings - USD ($) | 12 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Common Class A [Member] | ||
Earnings per share-basic & diluted | ||
Per share, dividends paid, Class A (in dollars per share) | $ 0.68 | $ 0.66 |
Common Class B [Member] | ||
Earnings per share-basic & diluted | ||
Per share, dividends paid, Class A (in dollars per share) | $ 0.68 | $ 0.66 |
Bowling and other | $ 16,308,611 | $ 16,094,493 |
Food, beverage and merchandise sales | 6,815,930 | 6,685,524 |
Total Operating Revenue | 23,124,541 | 22,780,017 |
Employee compensation and benefits | 11,014,082 | 11,124,100 |
Cost of bowling and other services | 5,950,351 | 6,109,533 |
Cost of food, beverage and merchandise sales | 2,086,079 | 2,062,262 |
Depreciation and amortization | 1,254,541 | 1,323,276 |
General and administrative | 909,579 | 962,360 |
Total Operating Expense | 21,214,632 | 21,581,531 |
(Loss) gain on disposal of land, buildings and equipment | (3,854) | 8,820 |
Operating Income | 1,906,055 | 1,207,306 |
Interest, dividend and other income | 494,645 | 662,693 |
Earnings from continuing operations before provision for income taxes | 2,400,700 | 1,869,999 |
Current | 886,134 | 723,999 |
Deferred | (125,663) | (227,168) |
Provision for income taxes | 760,471 | 496,831 |
Earnings from continuing operations | $ 1,640,229 | 1,373,168 |
(Loss) gain from discontinued operations, net of tax | (2,774) | |
Net Earnings | $ 1,640,229 | $ 1,370,394 |
Continuing operations (in dollars per share) | $ 0.32 | $ 0.27 |
Discontinued operations (in dollars per share) | 0 | 0 |
Net Earnings (in dollars per share) | $ 0.32 | $ 0.27 |
Weighted average shares outstanding (in shares) | 5,160,971 | 5,160,971 |
Dividends paid | $ 3,509,460 | $ 3,406,243 |
Net Earnings | 1,640,229 | 1,370,394 |
Other comprehensive earnings- net of tax Unrealized (loss) gain on available-for–sale securities net of tax (benefit) of ($85,995) and $4,666 | (139,715) | 7,578 |
Comprehensive earnings | $ 1,500,514 | $ 1,377,972 |
Consolidated Statements of Ear5
Consolidated Statements of Earnings and Comprehensive Earnings (Parentheticals) - USD ($) | 12 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Unrealized gain on available-for-sale securities tax | $ (85,995) | $ 4,666 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] |
Balance, shares (in shares) at Jun. 30, 2013 | 3,746,454 | 1,414,517 | |||
Balance at Jun. 30, 2013 | $ 374,645 | $ 141,452 | $ 7,849,814 | $ 2,584,020 | $ 20,081,870 |
Cash dividends paid | (2,554,682) | ||||
Change in unrealized gain on available-for- sale securities (shown net of tax) | 7,578 | ||||
Reclassification adjustment for loss included in net income, net of tax | 1,005 | ||||
Net earnings for the year | 1,370,394 | ||||
Balance, shares (in shares) at Jun. 29, 2014 | 3,746,454 | 1,414,517 | |||
Balance at Jun. 29, 2014 | $ 374,645 | $ 141,452 | 7,849,814,094 | 2,592,603 | 18,020,217 |
Accrued dividends | (877,365) | ||||
Cash dividends paid | (2,632,095) | ||||
Change in unrealized gain on available-for- sale securities (shown net of tax) | (139,715) | ||||
Net earnings for the year | 1,640,229 | ||||
Balance, shares (in shares) at Jun. 28, 2015 | 3,746,454 | 1,414,517 | |||
Balance at Jun. 28, 2015 | $ 374,645 | $ 141,452 | 7,854,108 | $ 2,452,888 | 16,150,986 |
Repayment of employee loan | $ 4,294 | ||||
Accrued dividends | $ (877,365) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Cash Flows From Operating Activities | ||
Net earnings | $ 1,640,229 | $ 1,370,394 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation, Depletion and Amortization | 1,254,541 | 1,323,276 |
Decrease in deferred income tax | (126,898) | (205,590) |
(Loss) gain on disposition of assets-net | $ 3,854 | (8,820) |
Gain on sale of available-for-sale securities | (281) | |
Changes in assets and liabilities | ||
Increase in inventories | $ (32,534) | (1,176) |
Decrease (increase) in prepaid and other | 122,204 | (46,825) |
Decrease (increase) in income taxes refundable | $ 261,547 | (254,727) |
Decrease in income taxes payable | (151,227) | |
Decrease in other long-term assets | $ 13,700 | 4,300 |
Increase (decrease) in accounts payable | 27,944 | (12,945) |
(Decrease) increase in accrued expenses | (89,344) | 45,453 |
Decrease in other current liabilities | (17,235) | (3,216) |
Decrease in long-term deferred compensation | (5,191) | (5,106) |
Net cash provided by operating activities | 3,052,817 | 2,053,510 |
Cash Flows From Investing Activities | ||
Expenditures for land, building and equipment | (796,622) | (260,794) |
Sale of assets | 7,900 | 38,700 |
Net sales (purchases) and maturities of short-term investments | 1,319,597 | (503,511) |
Purchases of marketable securities | $ (112,603) | (493,419) |
Proceeds from sale of marketable securities | 5,296 | |
Increase in cash surrender value | $ (29,670) | (29,205) |
Net cash provided by (used in) investing activities | 388,602 | (1,242,933) |
Cash Flows From Financing Activities | ||
Payment of cash dividends | (3,509,460) | $ (3,406,243) |
Repayment of stock loan | 4,294 | |
Net cash used in financing activities | (3,505,166) | $ (3,406,243) |
Net Decrease in Cash and Equivalents | (63,747) | (2,595,666) |
Cash and Equivalents, Beginning of period | 842,114 | 3,437,780 |
Cash and Equivalents, End of period | 778,367 | 842,114 |
Supplemental Disclosures of Cash Flow Information | ||
Income taxes | $ 633,000 | $ 1,044,000 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Jun. 28, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization Bowl America Incorporated is engaged in the operation of 18 bowling centers, with food and beverage service in each center. Ten centers are located in metropolitan Washington D.C., one center in metropolitan Baltimore, Maryland, four centers in metropolitan Richmond, Virginia, and three centers in metropolitan Jacksonville, Florida. These 18 centers contain a total of 726 lanes. The Company operates in one segment. Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiary corporations. All significant inter-company items have been eliminated in the consolidated financial statements. Fiscal Year The Company's fiscal year ends on the Sunday nearest to June 30. Fiscal year 2015 ended June 28, 2015, and fiscal year 2014 ended June 29, 2014. Both years consisted of 52 weeks. Subsequent Events The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission on September 24, 2015. In August 2015 approximately $1,000,000 of the federal agency mortgage backed securities (Vanguard GNMA fund) was redeemed to meet the August 2015 dividend payment. Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Significant estimates include the deferred compensation liability for executives and key employees including survivor benefits, depreciation expense, cash surrender value of officers' life insurance, the Federal and State income taxes (current and deferred), and market assumptions used in estimating the fair value of certain assets such as marketable securities and long-lived assets. Revenue Recognition The Company records revenue for fees charged for use of bowling lanes and other facilities at the time the services are provided. Food, beverage and merchandise sales are recorded as revenue at the time the product is given to the customer. Depreciation and Amortization Depreciation and amortization for financial statement purposes are calculated by use of the straight-line method. Amortization of leasehold improvements is calculated over the estimated useful life of the asset or term of the lease, whichever is shorter. The categories of property, plant, and equipment and the ranges of estimated useful lives on which depreciation and amortization rates are based are as follows: Bowling lanes and equipment (years) 3 - 10 Building and building improvements 10 - 39 Leasehold improvements 5 - 15 Amusement games 3 - 5 Maintenance and repairs and minor replacements are charged to expense when incurred. Major replacements and betterments are capitalized. The accounts are adjusted for the sale or other disposition of property, and the resulting gain or loss is credited or charged to income. Impairment of Long-Lived Assets The Company reviews long-lived assets whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In making such evaluations, the Company compares the expected future cash flows to the carrying amount of the assets. An impairment loss, equal to the difference between the assets' fair value and carrying value, is recognized when the estimated undiscounted future cash flows are less than the carrying amount. Dividends It is the Company's policy to accrue a dividend liability at the time the dividends are declared. Advertising Expense It is the Company's policy to expense advertising expenditures as they are incurred. The Company's advertising expenses for the years ending June 28, 2015, and June 29, 2014, were $325,914 and $433,525, respectively. Inventories Inventories are stated at the lower of cost (first-in, first-out method) or market. Inventories consist of resale merchandise including food and beverage and bowling supplies. Income Taxes Deferred income tax liabilities and assets are based on the differences between the financial statement and tax bases of assets and liabilities, using tax rates currently in effect. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. Investment Securities All of the Company's readily marketable debt and equity securities are classified as available-for-sale. Accordingly, these securities are recorded at fair value with any unrealized gains and losses excluded from earnings and reported, net of deferred taxes, within a separate component of stockholders' equity until realized. Realized gains or losses on the sale of debt and equity securities are reported in earnings and determined using the adjusted cost of the specific security sold. Earnings Per Share Earnings per share basic and diluted, have been calculated using the weighted average number of shares of Class A and Class B common stock outstanding of 5,160,971, for both fiscal years 2015 and 2014. Comprehensive Earnings A consolidated statement of comprehensive earnings reflecting the aggregation of net earnings and unrealized gain or loss on available-for-sale securities, the Company's principal components of other comprehensive earnings, has been presented for the years ended June 28, 2015 and June 29, 2014. Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company considers money market funds and certificates of deposits, with original maturities of three months or less to be cash equivalents. The Company maintains cash accounts which may exceed federally insured limits during the year, but does not believe that this results in any significant credit risk. Other Current Liabilities Other current liabilities include prize fund monies held by the Company for bowling leagues. The funds are returned to the leagues at the end of the league bowling season. At June 28, 2015 and June 29, 2014 other current liabilities included $278,560 and $291,688, respectively, in prize fund monies. Reclassifications Certain previous year amounts have been reclassified to conform with the current year presentation . Recent accounting guidance not yet adopted 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 the consolidated financial statements. In July 2015 the FASB issued a new standard that simplifies measurement of inventory as either the lower of cost or market with market being net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable completion, disposal and transportation costs. This does not change LIFO and retail inventory method measurements. The standard is effective for fiscal years beginning after December 15, 2016, including interim period within those fiscal years. Earlier application is permitted. We are currently evaluating the impact this standard will have on the consolidated financial statements. |
Note 2 - Cash and Cash Equivale
Note 2 - Cash and Cash Equivalents | 12 Months Ended |
Jun. 28, 2015 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of the following: June 28, 2015 June 29, 2014 Demand deposits and cash on hand $ 558,364 $ 634,923 Money market funds 220,003 207,191 $ 778,367 $ 842,114 The account balances at times exceed federally insured limits. The Company does not believe this poses any significant risk. |
Note 3 - Investments
Note 3 - Investments | 12 Months Ended |
Jun. 28, 2015 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. INVESTMENTS The Company’s marketable securities are categorized as available-for-sale securities. The cost for marketable securities was determined using the specific identification method. The fair values of marketable securities are based on the quoted market price for those securities. Short-term investments consist of certificates of deposits with maturities of generally three months to one year. At June 28, 2015, the fair value of short-term investments was $133,729. At June 29, 2014, the fair value of short-term investments was $1,453,326. Non-current investments are marketable securities which primarily consist of telecommunications stocks and a mutual fund that invests in mortgage backed securities. Unrealized gains and losses are reported as a component of accumulated other comprehensive earnings in Stockholders’ Equity. As of June 28, 2015, the Company had $58,014 of gross unrealized gains from its investments in federal agency mortgage backed securities owned through a mutual fund which had a fair value of $3,676,005. As of June 29, 2014, $100,125 in gross unrealized gains were from its investments in federal agency mortgage backed securities which had a fair value of $3,605,513. The Company’s investments were as follows: June 28, 2015 Original Cost Unrealized Gain Unrealized Loss Fair Value Equity securities $ 1,285,759 $ 3,910,144 $ (5,516 ) $ 5,190,387 Mutual fund 3,617,991 58,014 - 3,676,005 Certificates of deposits 133,729 - - 133,729 June 29, 2014 Equity securities $ 1,285,759 $ 4,089,398 $ (1,171 ) $ 5,373,986 Mutual fund 3,505,388 100,125 - 3,605,513 Certificates of deposits 1,453,326 - - 1,453,326 During fiscal 2015 and fiscal 2014, the Company had certain equity securities with cumulative unrealized losses of $5,516 and $1,171 respectively. Management believes the unrealized losses are temporary and the Company has the ability and intent to hold these securities long enough to recover its investment. Less than 12 months 12 Months or greater Total June 28, 2015 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ - $ - $ 329 $ (5,516 ) $ 329 $ (5,516 ) Less than 12months 12 Months or greater Total June 29, 2014 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity $ 4,674 $ (1,171 ) $ - $ - $ 4,674 $ (1,171 ) The equity securities portfolio includes the following stocks: 82,112 shares of AT&T 4,398 shares of CenturyLink 4,508 shares of Frontier Communications 774 shares of Teradata 412 shares of DexMedia 774 shares of NCR 40,000 shares of Sprint Nextel 31,904 shares of Verizon 6,471 shares of Vodafone 679 shares of Windstream 2,520 shares of Manulife 815 shares of CSAL During the year ended June 28, 2015 Windstream spun off Communication Sales & Leasing (CSAL) and followed immediately with a 1-for-6 reverse split of Windstream shares. During the year ended June 29, 2014, the Company purchased 5,000 shares of Verizon. In addition the Company received 3,120 shares of Verizon as a result of Vodafone’s special dividend funded by its sale of Verizon Wireless. LSI was purchased by Anago in an all cash transaction resulting in a gain of $281 on the Company’s holdings of LSI. As stated in Note 1, the Company records its readily marketable debt and equity securities at fair value. These assets are valued in accordance with a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The fair value of these assets as of June 28, 2015 is as follows: Quoted Significant Unrealized Cumulative Price for Other Significant gains/(losses) Unrealized Identical Observable Unobservable for the gains/(losses) Assets Inputs Inputs Year Ended as of Description (Level 1) (Level 2) (Level 3) June 28, 2015 June 28, 2015 Equity securities $ 5,190,387 $ - $ - $ (183,599 ) $ 3,904,627 Mutual fund 3,676,005 - - (42,111 ) 58,014 Certificates of deposits - 133,729 - - - TOTAL $ 8,866,392 $ 133,729 - $ (225,710 ) $ 3,962,641 The fair value of these assets as of June 29, 2014 was as follows: Quoted Significant Unrealized Cumulative Price for Other Significant gains/(losses) Unrealized Identical Observable Unobservable for the gains/(losses) Assets Inputs Inputs Year Ended as of Description (Level 1) (Level 2) (Level 3) June 29, 2014 June 29, 2014 Equity securities $ 5,373,986 $ - $ - $ (70,956 ) $ 4,088,226 Mutual fund 3,605,513 - - 83,200 100,125 Certificates of deposits - 1,453,326 - - - TOTAL $ 8,979,499 $ 1,453,326 - $ 12,244 $ 4,188,351 The fair value of certificates of deposits is estimated using net present value techniques and comparing the values to certificates with similar terms. |
Note 4 - Land, Buildings, and E
Note 4 - Land, Buildings, and Equipment | 12 Months Ended |
Jun. 28, 2015 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. LAND, BUILDINGS, AND EQUIPMENT Land, buildings, and equipment, at cost, consisted of t June 28, 2015 June 29, 2014 Buildings $ 18,741,152 $ 18,504,838 Leasehold and building improvements 8,102,338 8,069,448 Bowling lanes and equipment 22,404,206 22,230,327 Land 10,526,607 10,526,607 Amusement games 739,007 750,079 Bowling lanes and equipment not yet in use 141,938 164,123 60,655,248 60,245,422 Less accumulated depreciation and amortization 40,237,794 39,358,295 $ 20,417,454 $ 20,887,127 Depreciation and amortization expense for buildings and equipment for fiscal years 2015 and 2014 was $1,254,541, and $1,323,276, respectively. The Company includes construction in progress costs in the bowling lanes and equipment not yet in use category until completion of the project. Bowling lanes and equipment not yet in use are not depreciated. |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 12 Months Ended |
Jun. 28, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 5. COMMITMENTS AND CONTINGENCIES Lease Commitments The Company and its subsidiaries are obligated under long-term real estate lease agreements for two bowling centers. Certain of the Company's real estate leases provide for increases in real estate taxes. In June 2014, the Company amended a lease for one location for a five year and 3 month period with an option for an additional five year period such that the lease including the five year option now expires in 2024. At June 28, 2015, the minimum fixed rental commitments related to all non-cancelable leases, were as follows: Year Ending 2016 $ 318,000 2017 318,000 2018 318,000 2019 318,000 2020 33,834 Thereafter - Total minimum lease payments $ 1,305,834 Net rent expense was as follows: For the Years Ended June 28, 2015 June 29, Minimum rent under operating leases $ 315,500 $ 288,000 Excess percentage rents - - $ 315,500 $ 288,000 Purchase Commitments The Company's purchase commitments at June 28, 2015 are for materials, supplies, services and equipment as part of the normal course of business. |
Note 6 - Profit-Sharing and ESO
Note 6 - Profit-Sharing and ESOP Plan | 12 Months Ended |
Jun. 28, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. PROFIT-SHARING AND ESOP PLAN The Company has two defined contribution plans. The first is a profit-sharing plan which, generally, covers all employees who on the last day of the fiscal year or December 29 have been employed for one year with at least one thousand hours of service. The Plan provides for Company contributions as determined by the Board of Directors. For the years ended June 28, 2015 and June 29, 2014, contributions in the amounts of $57,500 and $48,000, respectively, were charged to operating expense. Effective March 31, 1987, the Company adopted an Employee Stock Ownership Plan (ESOP) which generally covers all individuals who were employed at the end of the fiscal year and had one thousand or more hours of service during that fiscal year. The Plan provides for Company contributions as determined by the Board of Directors. The Company contributed $57,500 for fiscal year 2015 and $48,000 for fiscal year 2014. The Company has no defined benefit plan or other post retirement plan. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Jun. 28, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES The Company is required to analyze all material positions it has taken or plans to take in all tax returns that have been filed or should have been filed with all taxing authorities for all years still subject to challenge by those taxing authorities. If the position taken is “more-likely-than-not” to be sustained by the taxing authority on its technical merits and if there is more than a 50% likelihood that the position would be sustained if challenged and considered by the highest court in the relevant jurisdiction, the tax consequences of that position should be reflected in the taxpayer’s financial statements. The Company had no material unrecognized tax benefits at June 28, 2015 nor does it expect any significant change in that status during the next twelve months. No accrued interest or penalties on uncertain tax positions have been included on the consolidated statements of earnings and comprehensive earnings or the consolidated balance sheet. Should the Company adopt tax positions for which it would be appropriate to accrue interest and penalties, such costs would be reflected in the tax expense for the period in which such costs accrued. The Company is subject to U.S. Federal income tax and to several state jurisdictions. Returns filed for tax periods ending after July 3, 2011 are still open to examination by those relevant taxing authorities. The significant components of the Company's deferred tax assets and liabilities were as follows: June 28, 2015 June 29, 2014 Deferred tax: Land, buildings, and equipment $ 696,244 $ 827,197 Unrealized gain on available-for-sale securities 1,509,633 1,596,862 Prepaid expenses and other (25,849 ) (31,138 ) Deferred tax liabilities $ 2,180,028 $ 2,392,921 Income tax expense differs from the amounts computed by applying the U.S. Federal income tax rate to income before tax for the following reasons: For the Years Ended 2015 2014 Taxes computed at statutory rate 34.0 % 34.0 % State income taxes, net of Federal income tax benefit 2.8 (4.6 ) Dividends received exclusion (2.8 ) (6.6 ) All other net (2.3 ) 3.7 31.7 % 26.5 % Income tax expense from continuing operations differs from the amounts computed by applying the U.S. Federal income tax rate to income from continuing operations before tax for the following reasons: For the Years Ended 2015 2014 Taxes computed at statutory rate 34.0 % 34.0 % State income taxes, net of Federal income tax benefit 2.8 (4.6 ) Dividends received exclusion (2.8 ) (6.6 ) All other net (2.3 ) 3.7 31.7 % 26.5 % |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Jun. 28, 2015 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. STOCKHOLDERS' EQUITY The Class A shares have one vote per share. The Class B shares may vote ten votes per share and are convertible to Class A shares at the option of the stockholder. At June 28, 2015, and June 29, 2014, the Company had $34,799 and $39,093 in employee loans related to the issuance of shares, respectively. These loans are secured by the shares of the Company's common stock acquired and are full recourse notes. The notes bear interest at rates of 2% to 2.5% and are payable over a term of three years from the date of the agreements which range from 2014 to 2015. These employee loans have been recorded as a reduction of additional paid-in capital. |
Note 9 - Deferred Compensation
Note 9 - Deferred Compensation | 12 Months Ended |
Jun. 28, 2015 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | 9. DEFERRED COMPENSATION Deferred compensation payable was a total of $35,106 at June 28, 2015, and $40,213 at June 29, 2014. The current portion of these amounts is $6,209 at June 28, 2015, and $6,125 at June 29, 2014, and is included in accrued expenses. |
Note 10 - Discontinued Operatio
Note 10 - Discontinued Operations | 12 Months Ended |
Jun. 28, 2015 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 10. DISCONTINUED OPERATIONS On May 30, 2013 the Company consummated the sale of Bowl America Winter Park in Orlando, Florida for $2,850,000 resulting in a gain on the sale of the land, building and equipment of $2,768,066. The location had been operating with negative cash flow. June 28, 2015 June 29, 2014 Gain on sale of Bowl America Winter Park $ - $ - Loss on Bowl America Winter Park operations - (4,268 ) Discontinued operations income (loss) before taxes - (4,268 ) Net income tax (benefit) and taxes - (1,494 ) (Loss) gain from discontinued operations, net of tax $ - $ (2,774 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 28, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiary corporations. All significant inter-company items have been eliminated in the consolidated financial statements. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company's fiscal year ends on the Sunday nearest to June 30. Fiscal year 2015 ended June 28, 2015, and fiscal year 2014 ended June 29, 2014. Both years consisted of 52 weeks. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission on September 24, 2015. In August 2015 approximately $1,000,000 of the federal agency mortgage backed securities (Vanguard GNMA fund) was redeemed to meet the August 2015 dividend payment. |
Use of Estimates, Policy [Policy Text Block] | Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Significant estimates include the deferred compensation liability for executives and key employees including survivor benefits, depreciation expense, cash surrender value of officers' life insurance, the Federal and State income taxes (current and deferred), and market assumptions used in estimating the fair value of certain assets such as marketable securities and long-lived assets. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company records revenue for fees charged for use of bowling lanes and other facilities at the time the services are provided. Food, beverage and merchandise sales are recorded as revenue at the time the product is given to the customer. |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Amortization Depreciation and amortization for financial statement purposes are calculated by use of the straight-line method. Amortization of leasehold improvements is calculated over the estimated useful life of the asset or term of the lease, whichever is shorter. The categories of property, plant, and equipment and the ranges of estimated useful lives on which depreciation and amortization rates are based are as follows: Bowling lanes and equipment (years) 3 - 10 Building and building improvements 10 - 39 Leasehold improvements 5 - 15 Amusement games 3 - 5 Maintenance and repairs and minor replacements are charged to expense when incurred. Major replacements and betterments are capitalized. The accounts are adjusted for the sale or other disposition of property, and the resulting gain or loss is credited or charged to income. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company reviews long-lived assets whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In making such evaluations, the Company compares the expected future cash flows to the carrying amount of the assets. An impairment loss, equal to the difference between the assets' fair value and carrying value, is recognized when the estimated undiscounted future cash flows are less than the carrying amount. |
Dividends [Policy Text Block] | Dividends It is the Company's policy to accrue a dividend liability at the time the dividends are declared. |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense It is the Company's policy to expense advertising expenditures as they are incurred. The Company's advertising expenses for the years ending June 28, 2015, and June 29, 2014, were $325,914 and $433,525, respectively. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost (first-in, first-out method) or market. Inventories consist of resale merchandise including food and beverage and bowling supplies. |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income tax liabilities and assets are based on the differences between the financial statement and tax bases of assets and liabilities, using tax rates currently in effect. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. |
Investment, Policy [Policy Text Block] | Investment Securities All of the Company's readily marketable debt and equity securities are classified as available-for-sale. Accordingly, these securities are recorded at fair value with any unrealized gains and losses excluded from earnings and reported, net of deferred taxes, within a separate component of stockholders' equity until realized. Realized gains or losses on the sale of debt and equity securities are reported in earnings and determined using the adjusted cost of the specific security sold. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Earnings per share basic and diluted, have been calculated using the weighted average number of shares of Class A and Class B common stock outstanding of 5,160,971, for both fiscal years 2015 and 2014. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Earnings A consolidated statement of comprehensive earnings reflecting the aggregation of net earnings and unrealized gain or loss on available-for-sale securities, the Company's principal components of other comprehensive earnings, has been presented for the years ended June 28, 2015 and June 29, 2014. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company considers money market funds and certificates of deposits, with original maturities of three months or less to be cash equivalents. The Company maintains cash accounts which may exceed federally insured limits during the year, but does not believe that this results in any significant credit risk. |
Other Current Liabilities [Policy Text Block] | Other Current Liabilities Other current liabilities include prize fund monies held by the Company for bowling leagues. The funds are returned to the leagues at the end of the league bowling season. At June 28, 2015 and June 29, 2014 other current liabilities included $278,560 and $291,688, respectively, in prize fund monies. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain previous year amounts have been reclassified to conform with the current year presentation . |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting guidance not yet adopted 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 the consolidated financial statements. In July 2015 the FASB issued a new standard that simplifies measurement of inventory as either the lower of cost or market with market being net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable completion, disposal and transportation costs. This does not change LIFO and retail inventory method measurements. The standard is effective for fiscal years beginning after December 15, 2016, including interim period within those fiscal years. Earlier application is permitted. We are currently evaluating the impact this standard will have on the consolidated financial statements. |
Note 1 - Organization and Sig19
Note 1 - Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Notes Tables | |
Schedule of Depreciation and Amortization Rates [Table Text Block] | Bowling lanes and equipment (years) 3 - 10 Building and building improvements 10 - 39 Leasehold improvements 5 - 15 Amusement games 3 - 5 |
Note 2 - Cash and Cash Equiva20
Note 2 - Cash and Cash Equivalents (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | June 28, 2015 June 29, 2014 Demand deposits and cash on hand $ 558,364 $ 634,923 Money market funds 220,003 207,191 $ 778,367 $ 842,114 |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | June 28, 2015 Original Cost Unrealized Gain Unrealized Loss Fair Value Equity securities $ 1,285,759 $ 3,910,144 $ (5,516 ) $ 5,190,387 Mutual fund 3,617,991 58,014 - 3,676,005 Certificates of deposits 133,729 - - 133,729 June 29, 2014 Equity securities $ 1,285,759 $ 4,089,398 $ (1,171 ) $ 5,373,986 Mutual fund 3,505,388 100,125 - 3,605,513 Certificates of deposits 1,453,326 - - 1,453,326 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 months 12 Months or greater Total June 28, 2015 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ - $ - $ 329 $ (5,516 ) $ 329 $ (5,516 ) Less than 12months 12 Months or greater Total June 29, 2014 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity $ 4,674 $ (1,171 ) $ - $ - $ 4,674 $ (1,171 ) |
Schedule Of Telecommunications Stocks Held [Table Text Block] | 82,112 shares of AT&T 4,398 shares of CenturyLink 4,508 shares of Frontier Communications 774 shares of Teradata 412 shares of DexMedia 774 shares of NCR 40,000 shares of Sprint Nextel 31,904 shares of Verizon 6,471 shares of Vodafone 679 shares of Windstream 2,520 shares of Manulife 815 shares of CSAL |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Quoted Significant Unrealized Cumulative Price for Other Significant gains/(losses) Unrealized Identical Observable Unobservable for the gains/(losses) Assets Inputs Inputs Year Ended as of Description (Level 1) (Level 2) (Level 3) June 28, 2015 June 28, 2015 Equity securities $ 5,190,387 $ - $ - $ (183,599 ) $ 3,904,627 Mutual fund 3,676,005 - - (42,111 ) 58,014 Certificates of deposits - 133,729 - - - TOTAL $ 8,866,392 $ 133,729 - $ (225,710 ) $ 3,962,641 Quoted Significant Unrealized Cumulative Price for Other Significant gains/(losses) Unrealized Identical Observable Unobservable for the gains/(losses) Assets Inputs Inputs Year Ended as of Description (Level 1) (Level 2) (Level 3) June 29, 2014 June 29, 2014 Equity securities $ 5,373,986 $ - $ - $ (70,956 ) $ 4,088,226 Mutual fund 3,605,513 - - 83,200 100,125 Certificates of deposits - 1,453,326 - - - TOTAL $ 8,979,499 $ 1,453,326 - $ 12,244 $ 4,188,351 |
Note 4 - Land, Buildings, and22
Note 4 - Land, Buildings, and Equipment (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 28, 2015 June 29, 2014 Buildings $ 18,741,152 $ 18,504,838 Leasehold and building improvements 8,102,338 8,069,448 Bowling lanes and equipment 22,404,206 22,230,327 Land 10,526,607 10,526,607 Amusement games 739,007 750,079 Bowling lanes and equipment not yet in use 141,938 164,123 60,655,248 60,245,422 Less accumulated depreciation and amortization 40,237,794 39,358,295 $ 20,417,454 $ 20,887,127 |
Note 5 - Commitments and Cont23
Note 5 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year Ending 2016 $ 318,000 2017 318,000 2018 318,000 2019 318,000 2020 33,834 Thereafter - Total minimum lease payments $ 1,305,834 |
Schedule of Rent Expense [Table Text Block] | For the Years Ended June 28, 2015 June 29, Minimum rent under operating leases $ 315,500 $ 288,000 Excess percentage rents - - $ 315,500 $ 288,000 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | June 28, 2015 June 29, 2014 Deferred tax: Land, buildings, and equipment $ 696,244 $ 827,197 Unrealized gain on available-for-sale securities 1,509,633 1,596,862 Prepaid expenses and other (25,849 ) (31,138 ) Deferred tax liabilities $ 2,180,028 $ 2,392,921 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended 2015 2014 Taxes computed at statutory rate 34.0 % 34.0 % State income taxes, net of Federal income tax benefit 2.8 (4.6 ) Dividends received exclusion (2.8 ) (6.6 ) All other net (2.3 ) 3.7 31.7 % 26.5 % For the Years Ended 2015 2014 Taxes computed at statutory rate 34.0 % 34.0 % State income taxes, net of Federal income tax benefit 2.8 (4.6 ) Dividends received exclusion (2.8 ) (6.6 ) All other net (2.3 ) 3.7 31.7 % 26.5 % |
Note 10 - Discontinued Operat25
Note 10 - Discontinued Operations (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | June 28, 2015 June 29, 2014 Gain on sale of Bowl America Winter Park $ - $ - Loss on Bowl America Winter Park operations - (4,268 ) Discontinued operations income (loss) before taxes - (4,268 ) Net income tax (benefit) and taxes - (1,494 ) (Loss) gain from discontinued operations, net of tax $ - $ (2,774 ) |
Note 1 - Organization and Sig26
Note 1 - Organization and Significant Accounting Policies (Details Textual) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2015USD ($) | Jun. 28, 2015USD ($)shares | Jun. 29, 2014USD ($)shares | |
Washington DC [Member] | |||
Number of Stores | 10 | ||
Baltimore Maryland [Member] | |||
Number of Stores | 1 | ||
Richmond, Virginia [Member] | |||
Number of Stores | 4 | ||
Jacksonville, Florida [Member] | |||
Number of Stores | 3 | ||
Vanguard GNMA Fund [Member] | Subsequent Event [Member] | |||
Proceeds from Sale and Maturity of Marketable Securities | $ 1,000,000 | ||
Prize Fund Monies [Member] | |||
Other Liabilities, Current | $ 278,560 | $ 291,688 | |
Number of Stores | 18 | ||
Number of Lanes in Operation | 726 | ||
Number of Operating Segments | 1 | ||
Proceeds from Sale and Maturity of Marketable Securities | 5,296 | ||
Advertising Expense | $ 325,914 | $ 433,525 | |
Common Stock, Shares, Outstanding | shares | 5,160,971 | 5,160,971 | |
Other Liabilities, Current | $ 290,833 | $ 308,068 |
Note 1 - Depreciation and Amort
Note 1 - Depreciation and Amortization Rates (Details) | 12 Months Ended |
Jun. 28, 2015 | |
Bowling Lanes and Equipment [Member] | Minimum [Member] | |
Bowling lanes and equipment (years) | 3 years |
Bowling Lanes and Equipment [Member] | Maximum [Member] | |
Bowling lanes and equipment (years) | 10 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Bowling lanes and equipment (years) | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Bowling lanes and equipment (years) | 39 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Bowling lanes and equipment (years) | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Bowling lanes and equipment (years) | 15 years |
Amusement Games [Member] | Minimum [Member] | |
Bowling lanes and equipment (years) | 3 years |
Amusement Games [Member] | Maximum [Member] | |
Bowling lanes and equipment (years) | 5 years |
Note 2 - Cash and Cash Equiva28
Note 2 - Cash and Cash Equivalents (Details) - USD ($) | Jun. 28, 2015 | Jun. 29, 2014 |
Demand deposits and cash on hand | $ 558,364 | $ 634,923 |
Money market funds | 220,003 | 207,191 |
Cash and Cash Equivalents total | $ 778,367 | $ 842,114 |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Windstream [Member] | ||
Stock Issued During Period, Shares, Reverse Stock Splits | 6 | |
Verizon [Member] | Vodafone [Member] | ||
Stock Dividends Shares Received | 3,120 | |
Verizon [Member] | ||
Shares Purchased | 5,000 | |
LSI [Member] | Anago [Member] | ||
Gain (Loss) on Sale of Investments | $ 281 | |
Minimum [Member] | ||
Short-term Investments Maturities Term | 90 days | |
Maximum [Member] | ||
Short-term Investments Maturities Term | 1 year | |
Short-term Investments [Member] | ||
Short-term Investments | $ 133,729 | 1,453,326 |
US Government Corporations and Agencies Securities [Member] | ||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 58,014 | 100,125 |
US Government Securities, at Carrying Value | 3,676,005 | 3,605,513 |
Equity Securities [Member] | ||
Unrealized Loss on Securities | 5,516 | 1,171 |
Short-term Investments | 133,729 | 1,453,326 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $ (225,710) | $ 12,244 |
Note 3 - Investments - Summary
Note 3 - Investments - Summary of Investments (Details) - USD ($) | 12 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Equity Securities [Member] | ||
Fair Value | $ 1,285,759 | $ 1,285,759 |
Cost basis | 3,910,144 | 4,089,398 |
Unrealized Gain/(loss) | (5,516) | (1,171) |
Equity securities | 5,190,387 | 5,373,986 |
Mutual Funds [Member] | ||
Fair Value | 3,617,991 | 3,505,388 |
Cost basis | $ 58,014 | $ 100,125 |
Unrealized Gain/(loss) | ||
Equity securities | $ 3,676,005 | $ 3,605,513 |
Certificates of Deposit [Member] | ||
Fair Value | $ 133,729 | $ 1,453,326 |
Cost basis | ||
Unrealized Gain/(loss) | ||
Equity securities | $ 133,729 | $ 1,453,326 |
Note 3 - Unrealized Losses Equi
Note 3 - Unrealized Losses Equity Securites (Details) - USD ($) | 12 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Less than 12 months Fair Value | $ 0 | $ 4,674 |
Less than 12 months Unrealized loss | 0 | (1,171) |
12 Months or greater Fair Value | 329 | 0 |
12 Months or greater Unrealized loss | (5,516) | 0 |
Total Fair Value | 329 | 4,674 |
Total Unrealized loss | $ (5,516) | $ (1,171) |
Note 3 - Investments - Telecomm
Note 3 - Investments - Telecommunications Stocks Held (Details) | Jun. 28, 2015shares |
AT and T [Member] | |
Investment (in shares) | 82,112 |
Frontier Communications [Member] | |
Investment (in shares) | 4,398 |
DexMedia [Member] | |
Investment (in shares) | 4,508 |
Sprint [Member] | |
Investment (in shares) | 774 |
Vodafone [Member] | |
Investment (in shares) | 412 |
Manulife [Member] | |
Investment (in shares) | 774 |
Century Link [Member] | |
Investment (in shares) | 40,000 |
Teradata [Member] | |
Investment (in shares) | 31,904 |
NCR [Member] | |
Investment (in shares) | 6,471 |
Verizon [Member] | |
Investment (in shares) | 679 |
Windstream [Member] | |
Investment (in shares) | 2,520 |
CSAL [Member] | |
Investment (in shares) | 815 |
Note 3 - Investments - Fair Val
Note 3 - Investments - Fair Value Hierarchy (Details) - USD ($) | 12 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value Hierarchy | $ 5,190,387 | $ 5,373,986 |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | ||
Fair Value Hierarchy | 3,676,005 | 3,605,513 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Fair Value Hierarchy | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Hierarchy | 8,866,392 | 8,979,499 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Fair Value Hierarchy | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | ||
Fair Value Hierarchy | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value Hierarchy | 133,729 | 1,453,326 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Hierarchy | 133,729 | 1,453,326 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Fair Value Hierarchy | $ 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | ||
Fair Value Hierarchy | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Fair Value Hierarchy | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Hierarchy | ||
Equity Securities [Member] | ||
Fair Value Hierarchy | $ 5,190,387 | $ 5,373,986 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | (183,599) | (70,956) |
Cumulative Unrealized gains/ as of June 29, 2014 | 3,904,627 | 4,088,226 |
Mutual Funds [Member] | ||
Fair Value Hierarchy | 3,676,005 | 3,605,513 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | (42,111) | 83,200 |
Cumulative Unrealized gains/ as of June 29, 2014 | 58,014 | 100,125 |
Certificates of Deposit [Member] | ||
Fair Value Hierarchy | 133,729 | 1,453,326 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 0 | 0 |
Cumulative Unrealized gains/ as of June 29, 2014 | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | (225,710) | 12,244 |
Cumulative Unrealized gains/ as of June 29, 2014 | $ 3,962,641 | $ 4,188,351 |
Note 4 - Land, Buildings, and34
Note 4 - Land, Buildings, and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Building and Equipment [Member] | ||
Depreciation, Depletion and Amortization | $ 1,254,541 | $ 1,323,276 |
Depreciation, Depletion and Amortization | $ 1,254,541 | $ 1,323,276 |
Note 4 - Land, Buildings and Eq
Note 4 - Land, Buildings and Equipment at Cost (Details) - USD ($) | Jun. 28, 2015 | Jun. 29, 2014 |
Bowling Lanes and Equipment [Member] | ||
Bowling lanes and equipment | $ 22,404,206 | $ 22,230,327 |
Amusement Games [Member] | ||
Bowling lanes and equipment | 739,007 | 750,079 |
Bowling Lanes and Equipment Not Yet in Use [Member] | ||
Bowling lanes and equipment | 141,938 | 164,123 |
Buildings | 18,741,152 | 18,504,838 |
Leasehold and building improvements | 8,102,338 | 8,069,448 |
Land | 10,526,607 | 10,526,607 |
Property Plant and Equipment Gross | 60,655,248 | 60,245,422 |
Less accumulated depreciation and amortization | 40,237,794 | 39,358,295 |
Property Plant and Equipment Net | $ 20,417,454 | $ 20,887,127 |
Note 5 - Commitments and Cont36
Note 5 - Commitments and Contingencies (Details Textual) | 12 Months Ended | |
Jun. 29, 2014 | Jun. 28, 2015 | |
One of the Reporting Entity [Member] | ||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years 109 days | |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |
Capital Leased Assets, Number of Units | 2 |
Note 5 - Minimum Lease Commitme
Note 5 - Minimum Lease Commitments (Details) | Jun. 28, 2015USD ($) |
2,016 | $ 318,000 |
2,017 | 318,000 |
2,018 | 318,000 |
2,019 | 318,000 |
2,020 | $ 33,834 |
Thereafter | |
Total minimum lease payments | $ 1,305,834 |
Note 5 - Net Rent Expense (Deta
Note 5 - Net Rent Expense (Details) - USD ($) | 12 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Minimum rent under operating leases | $ 315,500 | $ 288,000 |
Net rent expenses | $ 315,500 | $ 288,000 |
Note 6 - Profit-Sharing and E39
Note 6 - Profit-Sharing and ESOP Plan (Details Textual) | 12 Months Ended | |
Jun. 28, 2015USD ($) | Jun. 29, 2014USD ($) | |
Defined Contribution Plan Number of Plans | 2 | |
Defined Contribution Plan Service Requirement | 1 year | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 57,500 | $ 48,000 |
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $ 57,500 | $ 48,000 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - Jun. 28, 2015 - USD ($) | Total |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 |
Open Tax Year | 2,011 |
Unrecognized Tax Benefits | $ 0 |
Note 7 - Deferred Tax Asset Com
Note 7 - Deferred Tax Asset Components (Details) - USD ($) | Jun. 28, 2015 | Jun. 29, 2014 |
Land, buildings, and equipment | $ 696,244 | $ 827,197 |
Unrealized gain on available-for-sale securities | 1,509,633 | 1,596,862 |
Prepaid expenses and other | (25,849) | (31,138) |
Deferred tax liabilities | $ 2,180,028 | $ 2,392,921 |
Note 7 - Income Tax Reconciliat
Note 7 - Income Tax Reconciliation (Details) | 12 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Continuing Operations [Member] | ||
Taxes computed at statutory rate | 34.00% | 34.00% |
State income taxes, net of Federal income tax benefit | 2.80% | (4.60%) |
Dividends received exclusion | (2.80%) | (6.60%) |
All other net | (2.30%) | 3.70% |
Income tax rate | 31.70% | 26.50% |
Taxes computed at statutory rate | 34.00% | 34.00% |
State income taxes, net of Federal income tax benefit | 2.80% | (4.60%) |
Dividends received exclusion | (2.80%) | (6.60%) |
All other net | (2.30%) | 3.70% |
Income tax rate | 31.70% | 26.50% |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) | 12 Months Ended | 24 Months Ended | |
Jun. 28, 2015USD ($) | Jun. 28, 2015USD ($) | Jun. 28, 2014USD ($) | |
Common Class A [Member] | |||
Common Stock Voting Rights Vote Per Share | 1 | ||
Common Class B [Member] | |||
Common Stock Voting Rights Vote Per Share | 10 | ||
Minimum [Member] | |||
Loans to Employees Stated Percentage Rate | 2.00% | 2.00% | |
Maximum [Member] | |||
Loans to Employees Stated Percentage Rate | 2.50% | 2.50% | |
Due from Employees | $ 34,799 | $ 34,799 | $ 39,093 |
Loans to Employees Term Length | 3 years |
Note 9 - Deferred Compensation
Note 9 - Deferred Compensation (Details Textual) - USD ($) | Jun. 28, 2015 | Jun. 29, 2014 |
Deferred Compensation Liability, Current and Noncurrent | $ 35,106 | $ 40,213 |
Deferred Compensation Liability, Current | $ 6,209 | $ 6,125 |
Note 10 - Discontinued Operat45
Note 10 - Discontinued Operations (Details Textual) - USD ($) | May. 30, 2013 | Jun. 28, 2015 | Jun. 29, 2014 |
Proceeds from Divestiture of Businesses | $ 2,850,000 | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 2,768,066 |
Note 10 - Discontinued Operat46
Note 10 - Discontinued Operations (Details) - USD ($) | 12 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Gain on sale of Bowl America Winter Park | ||
Loss on Bowl America Winter Park operations | $ (4,268) | |
Discontinued operations income (loss) before taxes | (4,268) | |
Net income tax (benefit) and taxes | (1,494) | |
(Loss) gain from discontinued operations, net of tax | $ (2,774) |