Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Apr. 02, 2017 | May 10, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | BOWL AMERICA INC | |
Entity Central Index Key | 13,573 | |
Trading Symbol | bwla | |
Current Fiscal Year End Date | --07-02 | |
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 | Apr. 2, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,746,454 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,414,517 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 02, 2017 | Mar. 27, 2016 | Apr. 02, 2017 | Mar. 27, 2016 | |
Operating Revenues: | ||||
Bowling and other | $ 5,298,395 | $ 5,236,678 | $ 13,254,733 | $ 12,876,763 |
Food, beverage and merchandise sales | 2,192,397 | 2,184,589 | 5,534,939 | 5,470,696 |
Total Operating Revenues | 7,490,792 | 7,421,267 | 18,789,672 | 18,347,459 |
Operating Expenses: | ||||
Employee compensation and benefits | 2,782,206 | 2,764,045 | 8,200,918 | 8,247,146 |
Cost of bowling and other services | 1,559,551 | 1,558,273 | 4,501,128 | 4,516,368 |
Cost of food, beverage and merchandise sales | 631,312 | 607,830 | 1,690,770 | 1,640,210 |
Depreciation and amortization | 260,568 | 334,572 | 828,460 | 1,009,354 |
General and administrative | 236,785 | 300,079 | 678,126 | 763,448 |
Total Operating Expenses | 5,470,422 | 5,564,799 | 15,899,402 | 16,176,526 |
Gain on sale of assets | 34,376 | 34,376 | ||
Operating Income | 2,054,746 | 1,856,468 | 2,924,646 | 2,170,933 |
Interest, dividend and other income | 110,801 | 99,620 | 315,703 | 340,280 |
Interest expense | 980 | 6,296 | ||
Earnings before provision for income taxes | 2,164,567 | 1,956,088 | 3,234,053 | 2,511,213 |
Provision for income taxes | 757,700 | 684,600 | 1,132,000 | 878,900 |
Net Earnings | $ 1,406,867 | $ 1,271,488 | $ 2,102,053 | $ 1,632,313 |
Earnings per share-basic & diluted (in dollars per share) | $ 0.27 | $ 0.25 | $ 0.41 | $ 0.32 |
NET EARNINGS PER SHARE (in dollars per share) | $ 0.27 | $ 0.25 | $ 0.41 | $ 0.32 |
Weighted average shares outstanding (in shares) | 5,160,971 | 5,160,971 | 5,160,971 | 5,160,971 |
Dividends paid | $ 877,365 | $ 877,365 | $ 2,632,095 | $ 2,632,095 |
Common Class A [Member] | ||||
Operating Expenses: | ||||
Per share, dividends paid (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.51 | $ 0.51 |
Common Class B [Member] | ||||
Operating Expenses: | ||||
Per share, dividends paid (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.51 | $ 0.51 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Earnings (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 02, 2017 | Mar. 27, 2016 | Apr. 02, 2017 | Mar. 27, 2016 | |
Net earnings | $ 1,406,867 | $ 1,271,488 | $ 2,102,053 | $ 1,632,313 |
Other comprehensive earnings- net of tax | ||||
Unrealized (loss) gain on available- for-sale securities net of tax (benefit) of ($81,372) and $223,370 for 13 weeks, and ($140,372) and $132,302 for 39 weeks | (132,005) | 362,900 | (228,013) | 214,494 |
Reclassification adjustment for loss (gain) included in Net Income net of tax (benefit) of ($2,227) and $9,258 | 3,619 | (15,041) | ||
Comprehensive earnings | $ 1,274,862 | $ 1,634,388 | $ 1,877,659 | $ 1,831,766 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Comprehensive Earnings (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 02, 2017 | Mar. 27, 2016 | Apr. 02, 2017 | Mar. 27, 2016 | |
Unrealized gain (loss) on available-for-sale securities, tax | $ (81,372) | $ 223,370 | $ (140,372) | $ 132,302 |
Reclassification adjustment for loss (gain), tax | $ (2,227) | $ 9,258 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Apr. 02, 2017 | Jul. 03, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,437,260 | $ 986,193 |
Short-term investments | 1,455,275 | 484,558 |
Inventories | 508,922 | 561,217 |
Prepaid expenses and other | 546,505 | 664,379 |
TOTAL CURRENT ASSETS | 3,947,962 | 2,696,347 |
LAND, BUILDINGS & EQUIPMENT Net of accumulated depreciation of $41,305,837 and $40,987,543 | 18,927,970 | 19,523,856 |
OTHER ASSETS: | ||
Marketable securities | 8,522,841 | 8,824,456 |
Cash surrender value-life insurance | 740,161 | 740,161 |
Other | 66,315 | 66,315 |
TOTAL OTHER ASSETS | 9,329,317 | 9,630,932 |
TOTAL ASSETS | 32,205,249 | 31,851,135 |
CURRENT LIABILITIES: | ||
Accounts payable | 558,521 | 660,711 |
Accrued expenses | 759,279 | 1,193,463 |
Dividends payable | 877,365 | 877,365 |
Income taxes payable | 73,077 | 207,840 |
Other current liabilities | 2,243,856 | 325,982 |
Current deferred income taxes | 27,850 | 27,850 |
TOTAL CURRENT LIABILITIES | 4,539,948 | 3,293,211 |
LONG-TERM DEFERRED COMPENSATION | 23,620 | 23,620 |
NONCURRENT DEFERRED INCOME TAXES | 2,246,775 | 2,384,962 |
TOTAL LIABILITIES | 6,810,343 | 5,701,793 |
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 | 7,854,108 | 7,854,108 |
Unrealized gain on available-for-sale securities, net of tax | 2,762,193 | 2,986,587 |
Retained earnings | 14,262,508 | 14,792,550 |
TOTAL STOCKHOLDERS' EQUITY | 25,394,906 | 26,149,342 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 32,205,249 | 31,851,135 |
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 Balance6
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Apr. 02, 2017 | Jul. 03, 2016 |
Land, buildings, and equipment, accumulated depreciation | $ 41,305,837 | $ 40,987,543 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, par value (in dollars per share) | $ 10 | $ 10 |
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 Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Apr. 02, 2017 | Mar. 27, 2016 | |
Cash Flows From Operating Activities | ||
Net earnings | $ 2,102,053 | $ 1,632,313 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 828,460 | 1,009,354 |
Gain on sale of assets | (34,376) | |
Loss on involuntary cancellation of available-for-sale securities | 5,845 | |
Gain on sale of available-for-sale securities | (24,299) | |
Changes in assets and liabilities | ||
Decrease in inventories | 52,295 | 67,330 |
Decrease in prepaid & other | 117,874 | 169,928 |
Decrease in income taxes refundable | 51,309 | |
(Decrease) increase in accounts payable | (102,190) | 160,234 |
Decrease in accrued expenses | (434,184) | (183,784) |
(Decrease) increase in income taxes payable | (134,763) | 196,565 |
Increase in other current liabilities | 1,917,874 | 2,095,891 |
Net cash provided by operating activities | 4,318,888 | 5,174,841 |
Cash Flows From Investing Activities | ||
Expenditures for land, building and equip | (238,948) | (234,586) |
Sale of assets | 40,750 | |
Net purchases of short-term investments | (970,717) | (66) |
Proceeds from sale of available-for-sale securities | 1,000,000 | |
Purchases of marketable securities | (66,811) | (54,791) |
Net cash (used in) provided by Investing activities | (1,235,726) | 710,557 |
Cash Flows From Financing Activities | ||
Proceeds from note payable | 500,000 | |
Payment of note payable | (500,000) | |
Payment of cash dividends | (2,632,095) | (2,632,095) |
Net cash used in financing activities | (2,632,095) | (2,632,095) |
Net Increase in Cash and Equivalents | 451,067 | 3,253,303 |
Cash and Equivalents, Beginning of period | 986,193 | 778,367 |
Cash and Equivalents, End of period | 1,437,260 | 4,031,670 |
Supplemental Disclosures of Cash Flow Information Cash Paid During the Period for: | ||
Interest | 6,296 | |
Income taxes | $ 1,266,763 | $ 606,026 |
Note 1 - Basis for Presentation
Note 1 - Basis for Presentation | 9 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. The accompanying unaudited condensed consolidated financial statements of Bowl America Incorporated and subsidiaries (collectively, the "Company"), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The condensed consolidated balance sheet as of July 3, 2016 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 July 3, 2016. |
Note 2 - Investments
Note 2 - Investments | 9 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. The Company’s investments are categorized as available-for-sale. Short-term investments consist of certificates of deposits with maturities of generally three one April 2, 2017 July 3, 2016 April 2 , 201 7 Description Fair Value Cost basis Unrealized Gain/ (loss) Short-term investments $ 1,455,275 $ 1,455,275 $ - Equity securities $ 5,727,527 $ 1,279,914 $ 4,447,613 Mutual fund $ 2,795,314 $ 2,780,671 $ 14,643 Ju ly 3, 201 6 Description Fair Value Cost basis Unrealized Gain (loss) Short-term investments $ 484,558 $ 484,558 $ - Equity securities $ 6,001,841 $ 1,285,759 $ 4,716,082 Mutual fund $ 2,822,615 $ 2,713,860 $ 108,755 The fair values of the Company’s investments were determined as follows: April 2, 2017 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 1,455,275 $ - Equity securities 5,727,527 - - Mutual fund 2,795,314 - - Total $ 8,522,841 $ 1,455,275 $ - July 3, 2016 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 484,558 $ - Equity securities 6,001,841 - - Mutual fund 2,822,615 - - Total $ 8,824,456 $ 484,558 $ - The shares of common stock included in the equity securities portfolio as of April 2, 2017 AT&T shares 82,112 Manulife shares 2,520 Uniti Group shares (formerly CSAL) 815 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 CenturyLink shares 4,398 Frontier Communications shares 4,508 Sprint shares 40,000 Verizon shares 31,904 Windstream shares 679 On August 1, 2016, $5,845 Communications Sales & Leasing Inc (“CSAL”) changed its corporate name to Uniti Group Inc (“UNIT”) effective February 27, 2017. The Mutual fund included in the table above is Vanguard GNMA Admiral Shares #536 |
Note 3 - Note Payable
Note 3 - Note Payable | 9 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. In August 2016, $500,000 February 2017. one 2.5% January 6, 2017. |
Note 4 - Commitments and Contin
Note 4 - Commitments and Contingencies | 9 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 4. The Company’s purchase commitments at April 2, 2017 |
Note 5 - Employee Benefit Plans
Note 5 - Employee Benefit Plans | 9 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. The Company has two |
Note 6 - New Accounting Standar
Note 6 - New Accounting Standards | 9 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 6. In January 2016, June 2019 In February 2016, 12 This amendment is effective for the Company’s fiscal year ending June 2020 There were no new accounting pronouncements during the quarter ended April 2, 2017, Company. |
Note 7 - Reclassifications
Note 7 - Reclassifications | 9 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | 7. Certain previous year amounts have been reclassified to conform with current year presentation. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Apr. 02, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying unaudited condensed consolidated financial statements of Bowl America Incorporated and subsidiaries (collectively, the "Company"), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The condensed consolidated balance sheet as of July 3, 2016 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 July 3, 2016. |
New Accounting Pronouncements, Policy [Policy Text Block] | In January 2016, June 2019 In February 2016, 12 This amendment is effective for the Company’s fiscal year ending June 2020 |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 9 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | April 2 , 201 7 Description Fair Value Cost basis Unrealized Gain/ (loss) Short-term investments $ 1,455,275 $ 1,455,275 $ - Equity securities $ 5,727,527 $ 1,279,914 $ 4,447,613 Mutual fund $ 2,795,314 $ 2,780,671 $ 14,643 Ju ly 3, 201 6 Description Fair Value Cost basis Unrealized Gain (loss) Short-term investments $ 484,558 $ 484,558 $ - Equity securities $ 6,001,841 $ 1,285,759 $ 4,716,082 Mutual fund $ 2,822,615 $ 2,713,860 $ 108,755 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | April 2, 2017 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 1,455,275 $ - Equity securities 5,727,527 - - Mutual fund 2,795,314 - - Total $ 8,522,841 $ 1,455,275 $ - July 3, 2016 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 484,558 $ - Equity securities 6,001,841 - - Mutual fund 2,822,615 - - Total $ 8,824,456 $ 484,558 $ - |
Schedule Of Telecommunications Stocks Held [Table Text Block] | AT&T shares 82,112 Manulife shares 2,520 Uniti Group shares (formerly CSAL) 815 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 CenturyLink shares 4,398 Frontier Communications shares 4,508 Sprint shares 40,000 Verizon shares 31,904 Windstream shares 679 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) - USD ($) | Aug. 01, 2016 | Apr. 02, 2017 |
DexMedia [Member] | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 5,845 | |
Maximum [Member] | ||
Short-term Investments Maturities Term | 1 year |
Note 2 - Investments - Investme
Note 2 - Investments - Investments Schedule (Details) - USD ($) | Apr. 02, 2017 | Jul. 03, 2016 |
Short-term Investments [Member] | ||
Fair Value | $ 1,455,275 | $ 484,558 |
Cost Basis | 1,455,275 | 484,558 |
Unrealized Gain | ||
Equity Securities [Member] | ||
Fair Value | 5,727,527 | 6,001,841 |
Cost Basis | 1,279,914 | 1,285,759 |
Unrealized Gain | 4,447,613 | 4,716,082 |
Mutual Fund [Member] | ||
Fair Value | 2,795,314 | 2,822,615 |
Cost Basis | 2,780,671 | 2,713,860 |
Unrealized Gain | $ 14,643 | $ 108,755 |
Note 2 - Investments - Fair Val
Note 2 - Investments - Fair Value Hierarchy (Details) - USD ($) | Apr. 02, 2017 | Jul. 03, 2016 |
Quoted Price for Identical Assets | $ 8,522,841 | $ 8,824,456 |
Fair Value, Inputs, Level 1 [Member] | ||
Quoted Price for Identical Assets | 8,522,841 | 8,824,456 |
Fair Value, Inputs, Level 2 [Member] | ||
Quoted Price for Identical Assets | 1,455,275 | 484,558 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Quoted Price for Identical Assets | ||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Quoted Price for Identical Assets | 1,455,275 | 484,558 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Quoted Price for Identical Assets | 5,727,527 | 6,001,841 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Quoted Price for Identical Assets | ||
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Quoted Price for Identical Assets | 2,795,314 | 2,822,615 |
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Quoted Price for Identical Assets |
Note 2 - Investments - Telecomm
Note 2 - Investments - Telecommunications Stocks Held (Details) | Apr. 02, 2017shares |
ATT [Member] | |
Investment (in shares) | 82,112 |
Manulife [Member] | |
Investment (in shares) | 2,520 |
Unit Group Shares [Member] | |
Investment (in shares) | 815 |
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) | 679 |
Note 3 - Note Payable (Details
Note 3 - Note Payable (Details Textual) | Aug. 31, 2016USD ($) |
Short-term Debt | $ 500,000 |
London Interbank Offered Rate (LIBOR) [Member] | |
Short-term Debt, Percentage Bearing Variable Interest Rate | 2.50% |
Note 5 - Employee Benefit Pla22
Note 5 - Employee Benefit Plans (Details Textual) | 9 Months Ended |
Apr. 02, 2017 | |
Defined Contribution Plan Number of Plans | 2 |