Exhibit 20 Press release issued November 15, 2016
For Immediate Release | November 15, 2016 |
BOWL AMERICA FIRST QUARTER REVENUES UP
Bowl America Incorporated today reported its fiscal 2017 first or “summer” quarter earnings improved to break-even from a loss of $.03 per share in last year’s first quarter. The quarter, a seasonally slow period, was helped by a 3% increase in revenues and decreases in operating expenses.
The Company will pay a regular quarterly dividend of $.17 per share on November 16, 2016 to stockholders of record as of October 18, 2016.
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 site www.bowlamericainc.com.
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BOWL AMERICA INCORPORATED
Results of Operations
(unaudited)
Thirteen weeks ended | ||||||||
October 2, | September 27, | |||||||
2016 | 2015 | |||||||
Revenues | ||||||||
Bowling and other | $ | 3,577,379 | $ | 3,474,033 | ||||
Food & mdse sales | 1,486,957 | 1,446,130 | ||||||
5,064,336 | 4,920,163 | |||||||
Operating expenses excludingdepreciation and amortization | 4,863,754 | 4,958,280 | ||||||
Depreciation and amortization | 292,694 | 336,187 | ||||||
Interest, dividend & other income | 93,714 | 146,528 | ||||||
Interest expense | 2,722 | - | ||||||
Loss before tax benefit | (1,120 | ) | (227,776 | ) | ||||
Net loss | $ | (720 | ) | $ | (148,076 | ) | ||
Comprehensive loss | $ | (184,719 | ) | $ | (456,879 | ) | ||
Weighted average sharesoutstanding | 5,160,971 | 5,160,971 | ||||||
LOSS PER SHARE | (.00 | ) | (.03 | ) |
SUMMARY OF FINANCIAL POSITION
(unaudited)
Dollars in Thousands
10/02/16 | 09/27/15 | |||||||
ASSETS | ||||||||
Total current assets including cash andshort-term investments of $1,057 & $1,489 | $ | 2,262 | $ | 2,451 | ||||
Property and investments | 28,683 | 28,285 | ||||||
TOTAL ASSETS | $ | 30,945 | $ | 30,736 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Total current liabilities | $ | 3,558 | $ | 3,086 | ||||
Other liabilities | 2,297 | 2,010 | ||||||
Stockholders' equity | 25,090 | 25,640 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 30,945 | $ | 30,736 |
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