Exhibit 20 Press release issued November 13, 2018
| For Immediate Release | November 13, 2018 |
REVENUES AND EARNINGS UP IN BOWL AMERICA’S FIRST QUARTER
Bowl America Incorporated today reported its fiscal 2019 first quarter earnings improved to $.09 per share from $.04 in last year’s first quarter. Without the required FASB change reclassifying the unrealized gain or loss on securities from Stockholders’ Equity to current earnings the profit would have been $.05 per share as a result of higher revenues and the lower federal corporate tax rate.
The Company will pay an increased regular quarterly dividend of $.175 per share on November 14, 2018 to stockholders of record as of October 16, 2018.
Bowl America operates 18 bowling centers and its Class A Common Stock trades on the NYSE American 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 | ||||||||
September 30, | October 1, | |||||||
2018 | 2017 | |||||||
Operating Revenues | ||||||||
Bowling and other | $ | 3,833,291 | $ | 3,748,270 | ||||
Food & merchandise sales | 1,608,177 | 1,515,483 | ||||||
| 5,441,468 | 5,263,753 | |||||||
Operating expenses excluding depreciation and amortization | 4,969,586 | 4,831,294 | ||||||
Depreciation and amortization | 232,130 | 236,084 | ||||||
Interest, dividend & other income | 105,421 | 104,017 | ||||||
Change in value of investments | 238,278 | - | ||||||
Earnings before tax | 583,451 | 300,392 | ||||||
Net Earnings | $ | 440,381 | $ | 195,192 | ||||
Comprehensive earnings | $ | 440,381 | $ | 338,857 | ||||
Weighted average shares outstanding | 5,160,971 | 5,160,971 | ||||||
Earnings per share | .09 | .04 | ||||||
SUMMARY OF FINANCIAL POSITION
(unaudited)
Dollars in Thousands
09/30/18 | 10/01/17 | |||||||
ASSETS | ||||||||
Total current assets including cash and investments of $8,138 & $8,294 | $ | 9,166 | $ | 9,344 | ||||
Property and other assets | 19,258 | 19,852 | ||||||
TOTAL ASSETS | $ | 28,424 | $ | 29,196 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Total current liabilities | $ | 3,014 | $ | 3,004 | ||||
Other liabilities | 1,389 | 2,144 | ||||||
Stockholders' equity | 24,021 | 24,048 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 28,424 | $ | 29,196 | ||||
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