Exhibit 99
Exhibit 99 to Form 10-Q
Press Release Issued November 11, 2003
For Immediate Release November 11, 2003
Improved First Quarter Earnings at Bowl America
Bowl America reported that earnings for its first fiscal quarter, which ended
September 28, 2003, increased to $.31 per share from $.05 in the prior year's
first quarter, primarily as a result of proceeds from the disposal of the
property that housed a money-losing bowling center. Without this transaction,
earnings per shares would have increased to $.06.
The proceeds have been designated for the acquisition of property for a new
bowling center which may qualify for a deferral of the tax on the profit if
the acquisition is closed within six months of the disposal. In the event such
qualification does not take place, the tax would be paid this year.
League bowling at comparable centers during October, the first full month of
the new season, would have been virtually unchanged from last year except for
declines in our Florida centers. These centers were subject to a new smoking
ban. Mild, sunny weather in Maryland and Virginia, including 80 degree days
in November, depressed daytime open play.
Bowl America operates eighteen bowling centers and its stock trades on the
American Stock Exchange with the symbol BWLA. The Company's SEC Form 10-Q is
available at www.bowl-america.com.
BOWL AMERICA INCORPORATED
Results of Operations
(unaudited)
Thirteen weeks ended
September 28, September 29,
2003 2002
Revenues
Bowling and other $4,325,269 $4,278,984
Food & mdse sales 1,819,906 1,847,018
_________ _________
6,145,175 6,126,002
Operating expenses
excluding depreciation and amortization 5,517,203 5,428,742
Depreciation and amortization 394,930 441,152
Net gain on sale of building 2,168,117 -
Interest & dividend 95,981 115,436
Earnings before taxes 2,497,140 371,544
Net Earnings $1,573,940 $ 237,417
Weighted average shares outstanding 5,138,574 5,149,996
EARNINGS PER SHARE $.31 $.05
SUMMARY OF FINANCIAL POSITION
(unaudited)
Dollars in Thousands
9/28/03 9/29/02
ASSETS
Total current assets including cash and
short-term investments of $11,210 & $9,728 $14,643 $11,594
Property and investments 24,199 23,578
______ ______
TOTAL ASSETS $38,842 $35,172
LIABILITIES AND STOCKHOLDERS'EQUITY
Total current liabilities $ 3,454 $ 1,970
Other liabilities 1,736 1,632
Stockholders' equity 33,652 31,570
______ ______
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $38,842 $35,172