Bowl America (BWL.A) 10-Q 14 May 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2019	May 10, 2019
Document Information [Line Items]
Entity Registrant Name	BOWL AMERICA INC
Entity Central Index Key	0000013573
Trading Symbol	bwla
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
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
	Mar. 31, 2019	Apr. 01, 2018	Mar. 31, 2019	Apr. 01, 2018
Operating Revenues:
Operating revenue	$ 7,442,747	$ 7,626,219	$ 19,212,160	$ 19,258,494
Operating Expenses:
Employee compensation and benefits	2,843,147	2,801,415	8,346,536	8,205,986
Depreciation and amortization	240,294	238,026	719,224	712,136
General and administrative	232,678	226,641	663,917	662,672
Total Operating Expenses	5,529,348	5,425,550	15,991,557	15,763,470
Operating Income	1,913,399	2,200,669	3,220,603	3,495,024
Interest, dividend and other income	101,150	107,130	297,739	292,596
Change in value of investments	367,820		173,985
Earnings before provision for income taxes	2,382,369	2,307,799	3,692,327	3,787,620
Provision for income taxes	576,126	705,000	888,261	552,895
Net Earnings	$ 1,806,243	$ 1,602,799	$ 2,804,066	$ 3,234,725
Earnings per share-basic & diluted (in dollars per share)	$ 0.35	$ 0.31	$ 0.54	$ 0.63
Weighted average shares outstanding (in shares)	5,160,971	5,160,971	5,160,971	5,160,971
Dividends paid	$ 903,170	$ 877,365	$ 2,683,706	$ 2,632,095
Common Class A [Member]
Operating Expenses:
Per share, dividends paid (in dollars per share)	$ 0.175	$ 0.17	$ 0.52	$ 0.51
Common Class B [Member]
Operating Expenses:
Per share, dividends paid (in dollars per share)	$ 0.175	$ 0.17	$ 0.52	$ 0.51
Bowling and Other [Member]
Operating Revenues:
Operating revenue	$ 5,258,124	$ 5,423,321	$ 13,501,062	$ 13,656,336
Operating Expenses:
Cost of goods and services sold	1,583,435	1,547,889	4,626,868	4,523,872
Food, Beverage, and Merchandise [Member]
Operating Revenues:
Operating revenue	2,184,623	2,202,898	5,711,098	5,602,158
Operating Expenses:
Cost of goods and services sold	$ 629,794	$ 611,579	$ 1,635,012	$ 1,658,804

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Apr. 01, 2018	Mar. 31, 2019	Apr. 01, 2018
Net earnings	$ 1,806,243	$ 1,602,799	$ 2,804,066	$ 3,234,725
Other comprehensive earnings- net of tax
Unrealized (loss) gain on available- for-sale securities net of tax (benefit) of ($132,929) for 13 weeks, and ($41,737) for 39 weeks		(394,356)		(245,396)
Reclassification adjustment for loss (gain) included in Net Income net of tax (benefit) of ($2,167)				(3,520)
Comprehensive earnings	$ 1,806,243	$ 1,208,443	$ 2,804,066	$ 2,985,809

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Earnings (Unaudited) (Parentheticals) - USD ($)	3 Months Ended	9 Months Ended
	Apr. 01, 2018	Apr. 01, 2018
Unrealized gain on available-for-sale securities, tax	$ (132,929)	$ (41,737)
Reclassification adjustment for gain included in net gain, tax		$ (2,167)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2019	Jul. 01, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 2,381,770	$ 1,008,433
Short-term investments	630,720	333,029
Marketable investment securities	6,857,904	6,641,650
Inventories	556,356	490,456
Prepaid expenses and other	543,368	760,561
Income taxes refundable	361,323	192,298
TOTAL CURRENT ASSETS	11,331,441	9,426,427
Net of accumulated depreciation of $41,434,454 and $41,264,023	18,369,161	18,698,651
OTHER ASSETS:
Cash surrender value-life insurance	717,733	717,733
Other	67,315	66,315
TOTAL OTHER ASSETS	785,048	784,048
TOTAL ASSETS	30,485,650	28,909,126
CURRENT LIABILITIES:
Accounts payable	552,430	806,487
Accrued expenses	744,297	1,107,226
Dividends payable	903,170	877,365
Other current liabilities	2,351,965	305,236
TOTAL CURRENT LIABILITIES	4,551,862	3,096,314
LONG-TERM DEFERRED COMPENSATION		17,440
DEFERRED INCOME TAXES	1,355,558	1,311,697
TOTAL LIABILITIES	5,907,420	4,425,451
COMMITMENTS AND CONTINGENCIES (Note 3)
STOCKHOLDERS' EQUITY
Preferred stock, par value $10 a share: Authorized and unissued, 2,000,000 shares
Additional paid-in capital	7,854,108	7,854,108
Accumulated other comprehensive earnings- Unrealized gain on available-for-sale securities, net of tax		2,102,745
Retained earnings	16,208,025	14,010,725
Balance	24,578,230	24,483,675
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	30,485,650	28,909,126
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 Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2019	Jul. 01, 2018
Land, buildings, and equipment, accumulated depreciation	$ 41,434,454	$ 41,264,023
Preferred stock, par value (in dollars per share)	$ 10	$ 10
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
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 Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Cash Flows From Operating Activities
Net earnings	$ 2,804,066	$ 3,234,725
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	719,224	712,136
Increase in deferred taxes	43,861
Unrealized gain on marketable investment securities	(173,985)
Net purchases of marketable investment securities	(42,269)
Gain on sale of available-for-sale securities		(8,531)
Provisional estimate for reduction in deferred tax from tax act		(604,190)
Changes in assets and liabilities
(Increase) decrease in inventories	(65,900)	32,543
Decrease in prepaid & other	216,193	64,173
(Decrease) increase in accounts payable	(254,057)	(76,920)
Decrease in accrued expenses	(362,929)	(311,170)
(Decrease) increase in income taxes payable	(169,025)	35,454
Decrease in long-term deferred compensation	(17,440)
Increase in other current liabilities	2,046,729	1,924,203
Net cash provided by operating activities	4,744,468	5,002,423
Cash Flows From Investing Activities
Expenditures for land, building and equip	(389,734)	(712,861)
Net (purchases) sales and maturities of short-term investments	(297,691)	(176)
Proceeds from sale of available-for-sale securities		1,000,000
Purchases of marketable securities		(141,095)
Net cash (used in) provided by investing activities	(687,425)	145,868
Cash Flows From Financing Activities
Payment of cash dividends	(2,683,706)	(2,632,095)
Net cash used in financing activities	(2,683,706)	(2,632,095)
Net Increase in Cash and Equivalents	1,373,337	2,516,196
Cash and Equivalents, Beginning of period	1,008,433	604,671
Cash and Equivalents, End of period	2,381,770	3,120,867
Supplemental Disclosures of Cash Flow Information Cash Paid During the Period for:
Income taxes	$ 997,300	$ 1,119,800

Note 1 - Basis for Presentation

Note 1 - Basis for Presentation	9 Months Ended
	Mar. 31, 2019
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 1, 2018 not 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 1, 2018.

Note 2 - Investments

Note 2 - Investments	9 Months Ended
	Mar. 31, 2019
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 and Treasury bills with maturities of generally three one March 31, 2019 July 1, 2018 March 31 , 201 9 Description Fair Value Cost basis Unrealized Gain/ (loss) Certificates of deposits and Treasury bills $ 630,720 $ 630,720 $ - Equity securities $ 4,965,174 $ 1,279,914 $ 3,685,260 Mutual fund $ 1,892,730 $ 1,906,564 $ (13,834 ) Ju ly 1 , 201 8 Description Fair Value Cost basis Unrealized Gain/ (loss) Certificates of deposits $ 333,029 $ 333,029 $ - Equity securities $ 4,816,804 $ 1,279,914 $ 3,536,890 Mutual fund $ 1,824,846 $ 1,864,296 $ (39,450 ) The fair values of the Company’s investments were determined as follows: March 31 , 201 9 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits and Treasury bills $ - $ 630,720 $ - Equity securities 4,965,174 - - Mutual fund 1,892,730 - - Total $ 6,857,904 $ 630,720 $ - Ju ly 1 , 201 8 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 333,029 $ - Equity securities 4,816,804 - - Mutual fund 1,824,846 - - Total $ 6,641,650 $ 333,029 $ - The shares of common stock included in the equity securities portfolio as of March 31, 2019 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 300 Sprint shares 40,000 Verizon shares 31,904 Windstream shares 135 On May 25, 2018, 1 5 135 July 10, 2017, 1 15 300 4,508. The Mutual fund included in the table above is Vanguard GNMA Admiral Shares #536

Note 3 - Commitments and Contin

Note 3 - Commitments and Contingencies	9 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	3. The Company’s purchase commitments at March 31, 2019

Note 4 - Employee Benefit Plans

Note 4 - Employee Benefit Plans	9 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	4. The Company has two no

Note 5 - New Accounting Standar

Note 5 - New Accounting Standards	9 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	5. In January 2016, July 2, 2018. Amount Accumulated other comprehensive earnings, 7/2/2018 $ 2,102,745 Reclassification to retained earnings of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax $1,394,695 (2,102,745 ) Accumulated other comprehensive earnings as adjusted, 7/2/2018 - Retained earnings, 7/2/2018 14,010,725 Reclassification from accumulated other comprehensive income of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax, $1,394,695 2,102,745 Retained earnings as adjusted, 7/2/2018 $ 16,113,470 In February 2016, 12 June 2020 In May 2014, No. 2014 09, 2014 09” 2014 9 may December 15, 2017. July 2, 2018 no In August 2018, No. 2018 13, Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement no 1 2 3 3 December 15, 2019. not

Note 6 - Reclassifications

Note 6 - Reclassifications	9 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Reclassifications [Text Block]	6. Certain previous year amounts have been reclassified to conform with current year presentation.

Note 2 - Investments (Tables)

Note 2 - Investments (Tables)	9 Months Ended
	Mar. 31, 2019
Notes Tables
Available-for-sale Securities [Table Text Block]	March 31 , 201 9 Description Fair Value Cost basis Unrealized Gain/ (loss) Certificates of deposits and Treasury bills $ 630,720 $ 630,720 $ - Equity securities $ 4,965,174 $ 1,279,914 $ 3,685,260 Mutual fund $ 1,892,730 $ 1,906,564 $ (13,834 ) Ju ly 1 , 201 8 Description Fair Value Cost basis Unrealized Gain/ (loss) Certificates of deposits $ 333,029 $ 333,029 $ - Equity securities $ 4,816,804 $ 1,279,914 $ 3,536,890 Mutual fund $ 1,824,846 $ 1,864,296 $ (39,450 )
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	March 31 , 201 9 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits and Treasury bills $ - $ 630,720 $ - Equity securities 4,965,174 - - Mutual fund 1,892,730 - - Total $ 6,857,904 $ 630,720 $ - Ju ly 1 , 201 8 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 333,029 $ - Equity securities 4,816,804 - - Mutual fund 1,824,846 - - Total $ 6,641,650 $ 333,029 $ -
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 300 Sprint shares 40,000 Verizon shares 31,904 Windstream shares 135

Note 5 - New Accounting Stand_2

Note 5 - New Accounting Standards (Tables)	9 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	Amount Accumulated other comprehensive earnings, 7/2/2018 $ 2,102,745 Reclassification to retained earnings of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax $1,394,695 (2,102,745 ) Accumulated other comprehensive earnings as adjusted, 7/2/2018 - Retained earnings, 7/2/2018 14,010,725 Reclassification from accumulated other comprehensive income of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax, $1,394,695 2,102,745 Retained earnings as adjusted, 7/2/2018 $ 16,113,470

Note 2 - Investments (Details T

Note 2 - Investments (Details Textual)	May 25, 2018shares	Jul. 10, 2017shares	Mar. 31, 2019shares	Jul. 09, 2017shares
Windstream [Member]
Investment Owned, Balance, Shares	135		135
Frontier Communications [Member]
Investment Owned, Balance, Shares		300	300	4,508
Windstream [Member] | Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	5
Frontier Communications [Member] | Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		15

Note 2 - Investments - Summary

Note 2 - Investments - Summary of Investments (Details) - USD ($)	Mar. 31, 2019	Jul. 01, 2018
Certificates of Deposit and Treasury Bill [Member]
Fair Value	$ 630,720	$ 333,029
Cost Basis	630,720	333,029
Unrealized Gain
Equity Securities [Member]
Fair Value	4,965,174	4,816,804
Cost Basis	1,279,914	1,279,914
Unrealized Gain	3,685,260	3,536,890
Mutual Funds [Member]
Fair Value	1,892,730	1,824,846
Cost Basis	1,906,564	1,864,296
Unrealized Loss	$ (13,834)	$ (39,450)

Note 2 - Investments - Fair Val

Note 2 - Investments - Fair Value Hierarchy (Details) - USD ($)	Mar. 31, 2019	Jul. 01, 2018
Fair Value, Inputs, Level 1 [Member]
Fair Value	$ 6,857,904	$ 6,641,650
Fair Value, Inputs, Level 2 [Member]
Fair Value	630,720	333,029
Fair Value, Inputs, Level 3 [Member]
Fair Value
Certificates of Deposit and Treasury Bill [Member]
Fair Value	630,720	333,029
Certificates of Deposit and Treasury Bill [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value
Certificates of Deposit and Treasury Bill [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value	630,720	333,029
Certificates of Deposit and Treasury Bill [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value
Equity Securities [Member]
Fair Value	4,965,174	4,816,804
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value	4,965,174	4,816,804
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value
Mutual Funds [Member]
Fair Value	1,892,730	1,824,846
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value	1,892,730	1,824,846
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value

Note 2 - Investments - Telecomm

Note 2 - Investments - Telecommunications Stocks Held (Details) - shares	Mar. 31, 2019	May 25, 2018	Jul. 10, 2017	Jul. 09, 2017
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
CenturyLink [Member]
Investment (in shares)	4,398
Frontier Communications [Member]
Investment (in shares)	300		300	4,508
Sprint [Member]
Investment (in shares)	40,000
Verizon [Member]
Investment (in shares)	31,904
Windstream [Member]
Investment (in shares)	135	135

Note 4 - Employee Benefit Pla_2

Note 4 - Employee Benefit Plans (Details Textual)	9 Months Ended
	Mar. 31, 2019
Defined Contribution Plan Number of Plans	2

Note 5 - New Accounting Stand_3

Note 5 - New Accounting Standards - Impact of Adoption on AOCI and Retained Earnings (Details) - USD ($)	Mar. 31, 2019	Jul. 02, 2018	Jul. 01, 2018
Balance	$ 24,578,230		$ 24,483,675
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member]
Balance		$ 2,102,745
Reclassification		(2,102,745)
Balance
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member]
Balance		14,010,725
Reclassification		2,102,745
Balance		$ 16,113,470

Note 5 - New Accounting Stand_4

Note 5 - New Accounting Standards - Impact of Adoption on AOCI and Retained Earnings (Details) (Parentheticals) - Accounting Standards Update 2016-01 [Member]	Jul. 02, 2018USD ($)
AOCI Attributable to Parent [Member]
Reclassification	$ 1,394,695
Reclassification	(1,394,695)
Retained Earnings [Member]
Reclassification	1,394,695
Reclassification	$ (1,394,695)