Press Release date September 23, 2004
For Immediate Release September 23, 2004
Better Fiscal Year at Bowl America
Earnings for Bowl America's fiscal year which ended June 27, 2004,
increased to $.91 per share from $.70 in the prior year. The increase was
caused by the sale of a money-losing bowling property in August 2003.
Without the profit from the sale, earnings for this year would have been
$0.66. Unusually heavy spring rains last year caused a bump in earnings.
The Company has benefited from the weather at the start of its new fiscal year
with both July and August profits slightly ahead of fiscal 2004. The impact
of this year's Florida hurricanes should be similar to that experienced from
Isabel last year. However, the first quarter of fiscal 2005 will have one
fewer week of league bowling because of the later than usual Labor Day. This
late start will add one week of league lineage to the fourth quarter. In
addition, this is a 53-week year for financial purposes which will also add
to profitability in the fourth quarter.
The Board of Directors today declared a dividend of $.135. Unless
circumstances change, this will be the thirty-third consecutive year of
increased dividends for Bowl America. The Company will construct its new
Richmond bowling center with funds currently on hand and does not see the
need to borrow.
Bowl America operates eighteen bowling centers in Maryland, Virginia and
Florida and its stock trades on the American Stock Exchange with the symbol
BWLA. The Company's SEC Form 10-K is available at www.bowlamericainc.com.
Bowl America Incorporated
Results of Operations
(Unaudited)
Thirteen weeks ended Fifty-two weeks ended
June 27, June 29, June 27, June 29,
2004 2003 2004 2003
Revenues
Bowling and other $4,403,442 $4,827,804 $20,154,568 $20,574,413
Food, beverage and
merchandise sales 1,794,286 2,050,164 8,279,121 8,801,279
TOTAL REVENUES $6,197,728 $6,877,968 $28,433,689 $29,375,692
Operating expenses
excluding depreciation
and amortization 5,077,139 5,571,496 22,006,445 22,649,565
Depreciation and
amortization 354,363 365,087 1,532,587 1,613,379
Net gain on sale of
building 33,123 - 2,201,240 -
Interest and dividend
income 108,449 106,624 413,738 475,598
Earnings before taxes 907,798 1,048,009 7,509,635 5,588,346
Net Earnings $ 511,502 $ 682,009 $ 4,701,739 $ 3,583,346
Weighted average shares
outstanding 5,138,511 5,134,599 5,138,559 5,145,934
EARNINGS PER SHARE .10 .14 .91 .70
Summary of Financial Position
(Unaudited)
Dollars in Thousands
06/27/04 06/29/03
ASSETS
Total current assets including cash and
short-term investments of $13,002 & $11,009 $14,181 $12,608
Property and investments 26,399 24,929
TOTAL ASSETS $40,580 $37,537
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities $ 3,054 $ 2,711
Other liabilities 2,629 1,873
Stockholders' equity 34,897 32,953
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $40,580 $37,537