Exhibit 20 Press release issued May 15, 2018
For Immediate Release | May 15, 2018 |
EARNINGS CONTINUE TO IMPROVE IN THIRD QUARTER AT BOWL AMERICA
Bowl America Incorporated today reported that earnings per share improved to $.31 for its fiscal 2018 third quarter ended April 1, 2018, compared to $.27 in the prior year period. The combination of increased revenue and lower expenses, including taxes at the lower rate, was responsible for the improvement.
Earnings per share for the current nine-month period were $.63 compared to $.41 in the prior year. The current year-to-date increase of $.22 per share includes a one time $.13 per share after tax benefit from the Tax Cuts and Jobs Act enacted in December 2017, which was reported in the fiscal 2018 second quarter,.
Bowl America operates 18 bowling centers and its Class A Common Stock trades on the NYSE American Exchange with the symbol BWLA. We invite you to view a more detailed explanation of results 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 | Thirty-nine weeks ended | |||||||||||||||
April 1, | April 2, | April 1, | April 2, | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues | ||||||||||||||||
Bowling and other | $ | 5,423,321 | $ | 5,298,395 | $ | 13,656,336 | $ | 13,254,733 | ||||||||
Food, beverage & merchandise sales | 2,202,898 | 2,192,397 | 5,602,158 | 5,534,939 | ||||||||||||
| 7,626,219 | 7,490,792 | 19,258,494 | 18,789,672 | |||||||||||||
Operating expenses excluding depreciation and amortization | 5,187,524 | 5,209,854 | 15,051,334 | 15,070,942 | ||||||||||||
Depreciation and amortization | 238,026 | 260,568 | 712,136 | 828,460 | ||||||||||||
Gain on sale of assets | - | 34,376 | - | 34,376 | ||||||||||||
Interest & dividend income | 107,130 | 110,801 | 292,596 | 315,703 | ||||||||||||
Interest expense | - | 980 | - | 6,296 | ||||||||||||
Earnings before taxes | 2,307,799 | 2,164,567 | 3,787,620 | 3,234,053 | ||||||||||||
Net Earnings | $ | 1,602,799 | $ | 1,406,867 | $ | 3,234,725 | $ | 2,102,053 | ||||||||
Comprehensive earnings | $ | 1,208,443 | $ | 1,274,862 | $ | 2,985,809 | $ | 1,877,659 | ||||||||
Weighted average shares outstanding | 5,160,971 | 5,160,971 | 5,160,971 | 5,160,971 | ||||||||||||
EARNINGS PER SHARE | .31 | .27 | .63 | .41 | ||||||||||||
SUMMARY OF FINANCIAL POSITION
(unaudited)
Dollars in Thousands
04/01/18 | 04/02/17 | |||||||
ASSETS | ||||||||
Total current assets including cash and short-term investments of $5,172 & $2,893 | $ | 6,166 | $ | 3,948 | ||||
Property and investments | 24,729 | 28,257 | ||||||
TOTAL ASSETS | $ | 30,895 | $ | 32,205 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Total current liabilities | $ | 4,557 | $ | 4,540 | ||||
Other liabilities | 1,398 | 2,270 | ||||||
Stockholders' equity | 24,940 | 25,395 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 30,895 | $ | 32,205 | ||||
