Exhibit 20
Exhibit 20 Press release issued February 14, 2017
For Immediate Release | February 14, 2017 |
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BOWL AMERICA REPORTS INCREASED SECOND QUARTER EARNINGS
Bowl America Incorporated today reported improved earnings for its fiscal 2017 second quarter and six-month periods ended January 1, 2017, increasing to $.14 per share from $.10 per share in the prior year second quarter and to $.14 per share from $.07 for the six-month period.
The 4% increase in revenues in this year’s second quarter included the typically busy holiday week between Christmas and New Year’s. Last year that week fell in the third quarter.
Weather is an important factor in our business. The second quarter this year was affected as our Florida locations closed for 2 days due to Hurricane Matthew. Last year’s third quarter was impacted by the “Blizzard of 2016” which caused the closure of all of our northern market for up to 3 days.
Bowl America operates 18 bowling centers and its Class A Common Stock trades on the NYSE MKT Exchange under 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.
BOWL AMERICA INCORPORATED
Results of Operations
(unaudited)
| | | Thirteen weeks ended | | | Twenty-six weeks ended | |
| | | January 1, | | | December 27, | | | January 1, | | | December 27, | |
| | | 2017 | | | 2015 | | | 2017 | | | 2015 | |
Revenues | | | | | | | | | | | | | | | | |
Bowling and other | | $ | 4,378,959 | | | $ | 4,166,052 | | | $ | 7,956,338 | | | $ | 7,640,085 | |
Food, beverage & merchandise sales | | | 1,855,585 | | | | 1,839,977 | | | | 3,342,542 | | | | 3,286,107 | |
| | | | 6,234,544 | | | | 6,006,029 | | | | 11,298,880 | | | | 10,926,192 | |
| | | | | | | | | | | | | | | | | |
Operating expenses excluding depreciation and amortization | | | 4,997,334 | | | | 4,978,665 | | | | 9,861,088 | | | | 9,936,945 | |
Depreciation and amortization | | | 275,198 | | | | 338,595 | | | | 567,892 | | | | 674,782 | |
| | | | | | | | | | | | | | | | | |
Interest, dividend and other income | | | 111,188 | | | | 94,132 | | | | 204,902 | | | | 240,660 | |
Interest expense | | | 2,594 | | | | - | | | | 5,316 | | | | | |
Earnings before taxes | | | 1,070,606 | | | | 782,901 | | | | 1,069,486 | | | | 555,125 | |
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Net Earnings | | $ | 695,906 | | | $ | 508,901 | | | $ | 695,186 | | | $ | 360,825 | |
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Comprehensive earnings (loss) | | $ | 784,844 | | | $ | 654,257 | | | $ | 602,797 | | | $ | 197,378 | |
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Weighted average shares outstanding | | | 5,160,971 | | | | 5,160,971 | | | | 5,160,971 | | | | 5,160,971 | |
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EARNINGS PER SHARE | | | .14 | | | | .10 | | | | .14 | | | | .07 | |
SUMMARY OF FINANCIAL POSITION
(unaudited)
Dollars in Thousands
| | | 01/01/17 | | | 12/27/15 | |
ASSETS | | | | | | | | |
| | | | | | | | | |
Total current assets including cash and short-term investments of $1,855 & $2,195 | | $ | 2,877 | | | $ | 3,039 | |
Property and investments | | | 28,652 | | | | 28,292 | |
TOTAL ASSETS | | $ | 31,529 | | | $ | 31,331 | |
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LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
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Total current liabilities | | $ | 4,180 | | | $ | 3,815 | |
Other liabilities | | | 2,352 | | | | 2,099 | |
Stockholders' equity | | | 24,997 | | | | 25,417 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 31,529 | | | $ | 31,331 | |
