Exhibit 20
For Immediate Release | September 24, 2015 |
BOWL AMERICA REPORTSFISCAL YEAR EARNINGS
Bowl America Incorporated today reported earnings per share for its fiscal fourth quarter were $.04 and for the 2015 fiscal year were $.32. Earnings per share for the prior year fourth quarter were $.01 and were $.27 for the 2014 fiscal year.
A more detailed explanation of results is available in the Company’s Form 10-K filing available through the website www.bowlamericainc.com. Bowl America operates 18 bowling centers and its Class A common stock trades on the NYSE MKT under the symbol BWLA.
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BOWL AMERICA INCORPORATED
Results of Operations
Thirteen | Thirteen | Fifty-two | Fifty-two | |||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||||
06/28/15 | 06/29/14 | 06/28/15 | 06/29/14 | |||||||||||||
Operating Revenues | ||||||||||||||||
Bowling and other | $ | 3,496,787 | $ | 3,314,871 | $ | 16,308,611 | $ | 16,094,493 | ||||||||
Food, beverage and merchandise sales | 1,511,945 | 1,440,973 | 6,815,930 | 6,685,524 | ||||||||||||
5,008,732 | 4,755,844 | 23,124,541 | 22,780,017 | |||||||||||||
Operating expenses excluding depreciation and amortization | 4,666,279 | 4,791,628 | 19,960,091 | 20,258,255 | ||||||||||||
Depreciation and amortization | 267,523 | 272,690 | 1,254,541 | 1,323,276 | ||||||||||||
(Loss) gain on disposition of assets | (3,854 | ) | 8,820 | (3,854 | ) | 8,820 | ||||||||||
Interest, dividend and other income | 119,747 | 101,397 | 494,645 | 662,693 | ||||||||||||
Earnings (loss) from continuing operations before taxes | 190,823 | (198,257 | ) | 2,400,700 | 1,869,999 | |||||||||||
Earnings (loss) earnings from continuing operations | $ | 203,752 | $ | (28,812 | ) | $ | 1,640,229 | $ | 1,373,168 | |||||||
Loss from discontinued operations-net of tax | - | (937 | ) | - | (2,774 | ) | ||||||||||
Net Earnings | 203,752 | 27,875 | 1,640,229 | 1,370,394 | ||||||||||||
Comprehensive Earnings | $ | 294,399 | $ | 93,851 | $ | 1,500,514 | $ | 1,373,168 | ||||||||
Weighted average shares outstanding | 5,160,971 | 5,160,971 | 5,160,971 | 5,160,971 | ||||||||||||
Earnings per share from continuing operations | .04 | .01 | .32 | .27 | ||||||||||||
Earnings per share from discontinued operations | .00 | .00 | .00 | .00 | ||||||||||||
EARNINGS PER SHARE | .04 | .01 | .32 | .27 |
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SUMMARY OF FINANCIAL POSITION
Dollars in Thousands
06/28/15 | 06/29/14 | |||||||
ASSETS | ||||||||
Total current assets including cash and short-term investment of $912 and $2,295 | $ | 2,004 | $ | 3,739 | ||||
Property and investments | 30,058 | 30,625 | ||||||
TOTAL ASSETS | $ | 32,062 | $ | 34,364 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Total current liabilities | $ | 2,888 | $ | 2,983 | ||||
Other liabilities | 2,200 | 2,402 | ||||||
Stockholders' equity | 26,974 | 28,979 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 32,062 | $ | 34,364 |