Press Release date September 26, 2003
For Immediate Release September 26, 2003
Better Fourth Quarter at Bowl America
Earnings for Bowl America's fiscal fourth quarter which ended June 29, 2003,
improved to $.14 per share from $.10 in the like period last year. Earnings
for the full fiscal year were down from $.74 to $.70 this year.
The rainy spring and summer in the Virginia and Maryland areas significantly
boosted traffic at the Company's bowling centers. Additionally, league games
that were canceled in February by the winter blizzard were made up in the last
quarter. The benefit of the above normal rains continued into the first quarter
of fiscal 2004 with both July and August showing improvement over last year.
However, some of those gains will be wiped out when the tally of the impact of
Hurricane Isabel is complete. The Company suffered from reduced operating
hours and the inability to serve food at one time or another in virtually all
of its Maryland and Virginia centers. The Company closed on the sale of its
money-losing property in Silver Spring, Maryland and hopes to use the proceeds
for investment in a bowling property.
On September 25, 2003, the Board of Directors declared a dividend of $.125,
its newly established rate. Unless circumstances change, this will be the
thirty-second year of increased per share dividends for Bowl America.
Bowl America operates eighteen bowling centers in Maryland, Virginia and
Florida and its stock trades on the American Stock Exchange with the symbol
BWLA.
Bowl America Incorporated
Results of Operations
Thirteen weeks ended Fifty-two weeks ended
June 29, June 30, June 29, June 30,
2003 2002 2003 2002
Revenues
Bowling and other $4,827,804 $4,558,767 $20,574,413 $20,926,272
Food, beverage and
merchandise sales 2,050,164 2,044,930 8,801,279 8,974,870
TOTAL REVENUES $6,877,968 $6,603,697 $29,375,692 $29,901,142
Operating expenses
excluding depreciation
and amortization 5,571,496 5,472,948 22,649,565 22,743,635
Depreciation and
amortization 365,087 437,981 1,613,379 1,763,931
Interest and dividend
income 106,624 152,169 475,598 598,982
Earnings before taxes 1,048,009 844,937 5,588,346 5,992,558
Net Earnings $ 682,009 $ 518,937 $ 3,583,346 $ 3,818,558
Weighted average shares
outstanding 5,134,599 5,141,490 5,145,934 5,132,083
EARNINGS PER SHARE .14 .10 .70 .74
Summary of Financial Position
Dollars in Thousands
06/29/03 06/30/02
ASSETS
Total current assets including cash and
short-term investments of $11,009 & $9,818 $12,608 $11,538
Property and investments 24,929 25,025
TOTAL ASSETS $37,537 $36,563
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities $ 2,711 $ 1,820
Other liabilities 1,873 2,061
Stockholders' equity 32,953 32,682
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $37,537 $36,563