Bowl America (BWL.A) 10-K 2018 FY Annual report

EXHIBIT 20

For Immediate Release September 27, 2018

BOWL AMERICA ON A ROLL OF INCREASED EARNINGS

Bowl America Incorporated today reported earnings per share of $.73 for its fiscal year ended July 1, 2018, compared to $.48 in the prior fiscal year ended July 2, 2017. Per share earnings for the fiscal 2018 fourth quarter were $.10, up $.03 compared to the fiscal 2017 fourth quarter.

The Company believes that fewer snow storms and more rainy weekends during fiscal 2018 contributed to increased traffic resulting in an improvement to revenues and a 20% increase in operating income. As previously reported, the Tax Cuts and Jobs Act of December 2017 provided a one time tax benefit of approximately $.13 per share, and also reduced our corporate tax rate for the 2018 fiscal year. The Company’s tax rate will further decrease in fiscal 2019, our first full year under the new rate.

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 American 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
	07/01/18			07/02/17		07/01/18			07/02/17
Operating Revenues
Bowling and other	$	3,829,858		$	3,633,124	$	17,486,194		$	16,887,857
Food, beverage and merchandise sales		1,682,532			1,509,708		7,284,690			7,044,647
		5,512,390			5,142,832		24,770,884			23,932,504
Operating expenses excluding depreciation and amortization		4,754,199			4,626,134		19,805,533			19,697,080
Depreciation and amortization		233,970			145,389		946,106			973,849
(Loss) gain on disposition of assets		(3,306	)		43,596		(3,306	)		77,972
Interest, dividend and other income		94,935			96,596		387,531			412,299
Interest expense		-			-		-			6,296
Earnings (loss) before taxes		615,850			511,501		4,403,470			3,745,550
Net Earnings		551,260			349,057		3,785,985			2,451,110
Comprehensive Earnings	$	420,933		$	68,852	$	3,406,742		$	1,946,511
Weighted average shares outstanding		5,160,971			5,160,971		5,160,971			5,160,971
EARNINGS PER SHARE		.10			.07		.73			.48

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SUMMARY OF FINANCIAL POSITION

Dollars in Thousands

	07/01/18		07/02/17
ASSETS
Total current assets including cash and short-term investment of $3,166 and $3,556	$	4,610	$	4,646
Property and investments		24,299		24,972
TOTAL ASSETS	$	28,909	$	29,618
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities	$	3,096	$	2,986
Other liabilities		1,329		2,046
Stockholders' equity		24,484		24,586
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	28,909	$	29,618