United States Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 For the quarterly period ended April 30, 1998
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXHANGE ACT For
the transition period from [ ] to [ ]
Commission File Number 0-21451
BOWLIN Outdoor Advertising & Travel Centers Incorporated
(Exact name of registrant as specified in its charter)
NEVADA 85-0113644
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
150 LOUISIANA NE, ALBUQUERQUE, NM 87108
(Address of principal executive offices) (Zip Code)
Issuer's telephone number: 505-266-5985
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]
As of June 12, 1998, 4,384,848 shares of the issuer's common stock were
outstanding.
BOWLIN
OUTDOOR ADVERTISING & TRAVEL CENTERS
INCORPORATED AND SUBSIDIARIES
INDEX
PART I. FINANCIAL INFORMATION
Page No.
--------
Item 1. Consolidated Financial Statements
Consolidated Balance Sheets as of
April 30, 1998 and January 31, 1998...............................2
Consolidated Statements of Income for the
Three Months Ended April 30, 1998 and 1997........................4
Consolidated Statements of Stockholders'
Equity for the three months ended April 30, 1998..................5
Consolidated Statements of Cash Flows for
the Three Months Ended April 30, 1998 and 1997....................6
Notes to the Consolidated Financial Statements....................8
Item 2. Management's Discussion and
Analysis or Plan of Operation.....................................9
Item 3. Quantitative and Qualitative
Disclosures About Market Risk....................................13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings................................................14
Item 2. Changes in Securities and Use of Proceeds........................14
Item 3. Defaults Upon Senior Securities..................................14
Item 4. Submission of Matters to a Vote of Security Holders..............14
Item 5. Other Information................................................14
Item 6. Exhibits and Reports on Form 8-K.................................14
Signatures ......................................................14
1
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
BOWLIN
OUTDOOR ADVERTISING & TRAVEL CENTERS
INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheets
Assets
(In thousands, except share data)
April 30, January 31,
1998 1998
(Unaudited) (Audited)
----------- ---------
Current assets:
Cash and cash equivalents $ 3,279 $ 4,054
Accounts receivable, net 688 579
Notes receivable, related parties -
current maturities 15 30
Notes receivable - current maturities 22 7
Inventories 3,929 3,623
Prepaid expenses 506 448
Income taxes 34 90
Other current assets 3 4
----------- -----------
Total current assets 8,476 8,835
Investment and long-term receivables:
Investment in partnership 17 17
Notes receivable, related parties,
less current maturities 43 20
Notes receivable, less current
maturities 14 59
----------- -----------
Total investment and long-term
receivables 74 96
Property & equipment, net 18,196 15,728
Intangible assets, net 1,314 1,200
----------- -----------
Total assets $ 28,060 $ 25,859
=========== ===========
(Continued)
2
BOWLIN
OUTDOOR ADVERTISING & TRAVEL CENTERS
INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheets
Liabilities and Stockholders' Equity
(In thousands, except share data)
April 30, January 31,
1998 1998
(Unaudited) (Audited)
----------- -----------
Current liabilities:
Short-term borrowing, bank $ 165 $ 745
Accounts payable 1,393 1,351
Long-term debt, current maturities 1,107 779
Accrued liabilities 359 456
----------- -----------
Total current liabilities 3,024 3,331
Deferred income taxes 215 177
Long-term debt, less current maturities 10,449 8,124
----------- -----------
Total liabilities 13,688 11,632
Stockholders' equity
Common stock, $.001 par value; authorized
100,000,000 shares; issued and outstanding
4,384,848 shares 4 4
Additional paid-in capital 11,604 11,604
Retained earnings 2,764 2,619
----------- -----------
Total stockholders' equity 14,372 14,227
----------- -----------
Total liabilities and stockholders' equity $ 28,060 $ 25,859
=========== ===========
See accompanying notes to consolidated financial statements.
3
BOWLIN
OUTDOOR ADVERTISING & TRAVEL CENTERS
INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except share and per share data)
For the Three Months Ended
------------------------------
April 30, April 30,
1998 1997
(Unaudited) (Unaudited)
----------- -----------
Gross sales $ 7,124 6,682
Less discounts on sales 61 77
----------- -----------
Net sales 7,063 6,605
Cost of goods sold 4,548 4,459
----------- -----------
Gross profit 2,515 2,146
General and administrative expenses (1,687) (1,568)
Other operating income 1 32
Depreciation and amortization (409) (218)
----------- -----------
Operating income 420 392
Other non-operating income (expense):
Interest income 28 82
Gain on sale of property and equipment 4 105
Interest expense (214) (154)
----------- -----------
Total other non-operating income (expense), net (182) 33
----------- -----------
Income before income taxes 238 425
Income taxes 93 170
----------- -----------
Net income $ 145 255
=========== ===========
Weighted average common and common dilutive
potential shares outstanding 4,384,848 4,384,848
Earnings per share
Basic and Diluted $ .03 .06
=========== ===========
See accompanying notes to consolidated financial statements.
4
BOWLIN
OUTDOOR ADVERTISING & TRAVEL CENTERS
INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Stockholders' Equity
(In thousands)
For the Three Months Ended
--------------------------
Common Additional
Number stock, pain-in Retained
of shares at par capital earnings Total
--------- ------ ------- -------- -----
Balance at January 31, 1998 4,384,848 $ 4 $ 11,604 $ 2,619 $ 14,227
Net income 145 145
--------- ------ ---------- -------- ---------
Balance at April 30, 1998 4,384,848 $ 4 $ 11,604 $ 2,764 $ 14,372
========= ====== ========== ======== =========
See accompanying notes to consolidated financial statements.
5
BOWLIN
OUTDOOR ADVERTISING & TRAVEL CENTERS
INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
For the Three Months Ended
--------------------------------
April 30, April 30,
1998 1997
(Unaudited) (Unaudited)
----------- -----------
Cash flows from operating activities:
Net income $ 145 $ 255
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 409 218
Gain on sales of property and equipment (4) (105)
Deferred income taxes 38 13
Imputed interest 8 -
Changes in operating assets and
liabilities (406) (488)
----------- -----------
Net cash provided by (used in) operating activities 190 (107)
Cash flows from investing activities:
Proceeds from sale of assets 8 -
Business acquisitions (note 2) (915) (2,090)
Purchases of property and equipment, net (365) (653)
Proceeds (disbursements) on notes receivable, net 22 (9)
----------- -----------
Net cash used in investing activities (1,250) (2,752)
Cash flows from financing activities:
Borrowings on short-term debt 165 -
Borrowings on long-term debt 1,040 464
Payments on short-term debt (745) (219)
Payments on long-term debt (175) -
----------- -----------
Net cash provided by financing activities 285 245
Net decrease in cash and cash equivalents (775) (2,614)
Cash and cash equivalents at beginning of period 4,054 7,519
----------- -----------
Cash and cash equivalents at end of period 3,279 4,905
=========== ===========
(Continued)
6
BOWLIN
OUTDOOR ADVERTISING & TRAVEL CENTERS
INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
(In thousands)
April 30, April 30,
1998 1998
(Unaudited) (Unaudited)
----------- -----------
Supplemental disclosure of cash flow information:
Noncash investing and financing activities:
Acquisition of outdoor advertising assets
in exchange for long-term debt $ 1,650 $ 2,775
=========== ===========
Acquisition of covenants not-to-compete
in exchange for long-term debt $ 130 $ -
=========== ===========
Acquisitions:
Fair value of assets acquired and liabilities
assumed at the date of the acquisitions were
as follows:
Accounts receivable $ 34 $ 74
Prepaid expenses 31 15
Billboards 595 1,090
Vehicles and equipment 55 63
Goodwill - 863
Accounts payable - (15)
=========== ===========
See accompanying notes to consolidated financial statements.
7
BOWLIN
OUTDOOR ADVERTISING & TRAVEL CENTERS
INCORPORATED AND SUBSIDIARIES
Notes to Consolidated Financial Statements
1. The consolidated financial statements for the three months ended April 30,
1998 and April 30, 1997 are unaudited and reflect all adjustments
(consisting only of normal recurring adjustments) which are, in the opinion
of management, necessary for a fair presentation of the financial position
and operating results for the interim periods. The condensed consolidated
financial statements should be read in conjunction with the consolidated
financial statements and notes, together with management's discussion and
analysis of financial condition and results of operations, contained in the
Company's annual report on Form 10-KSB for the fiscal year ended January
31, 1998. Results of operations for interim periods are not necessarily
indicative of results that may be expected for the year as a whole.
2. Acquisitions. On February 1, 1998, the Company acquired the outdoor
advertising assets of Big-Tex Outdoor Advertising (Big-Tex) for 1,559,000.
The Company paid $559,000 from the proceeds of the initial public offering
and financed $1,000,000 with bank debt. Big-Tex owned and operated
approximately 285 poster and painted faces in the Brownwood, Texas metro
area. The Company also entered into a non-compete agreement with the former
principals of Big-Tex for a period of ten years from the date of the
acquisition, payable in ten annual installments of $10,000 beginning in
February 1999. The acquisition was accounted for as a purchase. The results
of Big-Tex's operations have been combined with the Company's since the
date of acquisition. The purchase price was allocated to the assets
acquired based on their estimated fair values and no goodwill was recorded
in connection with the purchase.
On March 3, 1998, the Company acquired the outdoor advertising assets of
Norwood Outdoor, Inc. (Norwood) for $1,006,000. The Company paid $350,000
from the proceeds of the initial public offering, $6,000 cash and financed
$650,000 with bank debt. Norwood owned and operated approximately 140
poster and painted bulletin faces in the Brady, Texas metro area. The
acquisition was accounted for as a purchase. The results of Norwood's
operations have been combined with the Company's since the date of
acquisition. The purchase price was allocated to the assets acquired based
on their estimated fair values and no goodwill was recorded in connection
with the purchase.
The following unaudited proforma consolidated results of operations have
been prepared as if the acquisitions of Big-Tex and Norwood occurred on
February 1, 1998 and 1997.
(in thousands except per share amounts)
Three Months Ended
April 30
(unaudited)
-----------
1998 1997
---- ----
Gross sales $ 7,149 $ 6,892
Net income 140 243
Earnings per basic
and diluted share $ .03 $ .06
========= =========
8
The proforma information is presented for informational purposes only and
is not necessarily indicative of the results of operations that actually
would have been achieved had the acquisition been consummated as of that
time, nor is it intended to be a projection of future results.
3. Subsequent Events: On May 1, 1998 the Company purchased the outdoor
advertising assets of Edgar Outdoor Advertising Co. for $918,000. The
Company paid $18,000 cash at closing and $900,000 from the proceeds of the
initial public offering. Edgar owned and operated approximately 62 painted
bulletin faces in central Texas.
On June 1, 1998 the Company purchased the outdoor advertising assets of J &
J Sign Company, located in Silver City, New Mexico. The Company paid
$275,000 from the proceeds of the initial public offering and will issue
$100,000 of the Company's stock within 180 days of closing based on the
closing price of the stock on June 1, 1998. J & J owned and operated
approximately 40 painted bulletin faces in Southwestern New Mexico.
4. Available Financing: On May 1, 1998, the Company secured a $3.65 million
loan agreement with one of its existing lenders. The note carries a
variable interest rate based on the bank's prime lending rate (8.5% on May
1, 1998) and matures in May 2005. The primary purpose of the agreement was
to consolidate short-term financing for three outdoor advertising
acquisitions and the construction line of credit.
Item 2. Management's Discussion and Analysis of Consolidated Financial Condition
and Results of Operations.
Overview
The following is a discussion of the consolidated financial condition and
results of operations of the Company as of and for the two fiscal periods ended
April 30, 1998 and 1997. This discussion should be read in conjunction with the
Consolidated Financial Statements of the Company and the related Notes included
in the Company's Form 10-KSB for the fiscal year ended January 31, 1998.
The Company operates in two industry segments, travel centers and outdoor
advertising. In order to perform a meaningful evaluation of the Company's
performance in each of its operating segments, the Company has presented
selected operating data which separately sets forth the revenue, expenses and
operating income attributable to each segment, and also separately sets forth
the corporate expenses of the Company which are not properly allocable to either
of the Company's segments for purposes of determining their respective operating
income. The discussion of results of operations which follows compares such
selected operating data and corporate expense data for the interim periods
presented.
The forward-looking statements included in Management's Discussion and Analysis
or Plan of Operation, which reflect management's best judgment based on factors
currently known, involve risks and uncertainties. Actual results could differ
materially from those anticipated in these forward-looking statements as a
result of a number of factors, including but not limited to those discussed.
9
Results of Operations
The following table presents certain income and expense items derived from the
Consolidated Statements of Income for the three months ended April 30 (unaudited
and amounts in thousands):
% Incr/
1998 1997 (Decr)
---- ---- ------
Travel centers:
Gross sales $ 5,552 $ 5,602 (0.9%)
Discounts on sales 61 77 (20.8%)
-------- --------
Net sales 5,491 5,525 (0.6%)
Cost of sales 3,856 3,903 (1.2%)
-------- --------
1,635 1,622 0.8%
General and administrative expenses 1,325 1,262 5.0%
Depreciation and amortization 141 89 58.4%
-------- --------
Operating income 169 271 (37.6%)
Outdoor advertising:
Gross sales 1,572 1,050 49.7%
Direct operating expenses 692 556 24.5%
-------- --------
880 494 78.1%
General and administrative expenses 251 164 53.0%
Depreciation and amortization 241 99 143.4%
-------- --------
Operating income 388 231 68.0%
Corporate and other:
General and administrative expenses (111) (112) (0.9%)
Depreciation and amortization (27) (30) (10.0%)
Interest expense (214) (154) 39.0%
Other income, net 33 219 (84.9%)
-------- --------
Income before taxes 238 425 (40.0%)
Income taxes 93 170 (45.3%)
-------- --------
Net income $ 145 $ 255 (43.1%)
======== ========
Comparison of the Three Months Ended April 30, 1998 and April 30, 1997
Travel Centers. Gross sales at the Company's Travel Centers decreased slightly
by 0.9% to $5.552 million for the three months ended April 30, 1998 from $5.602
million for the three months ended April 30, 1997. This decrease is primarily
attributable to a 16.6% reduction in restaurant sales which were $639,000 for
the three months ended April 30,1998 compared with $766,000 for the three months
ended April 30,1997. Gasoline sales decreased 3.2% to $2.973 million for the
three months ended April 30, 1998 from $3.071 for the same period in 1997.
Wholesale gasoline sales increased 76.6% to $279,000 for the three months ended
10
April 30, 1998, as compared to $158,000 for the three months ended April 30,
1997. Merchandise sales increased 2.8% to $1.585 million for three months ended
April 30,1998 as compared to $1.542 million for the three months ended April 30,
1997. Cost of goods sold for the travel centers decreased 1.2% to $3.856 million
for the three months ended April 30, 1998 from $3.903 million for the three
months ended April 30, 1997, primarily as result of the reduction in fuel prices
and restaurant goods which was offset by an increase of wholesale gasoline.
General and administrative expenses for travel centers consist of salaries,
bonuses and commissions for travel center personnel, property costs and repairs
and maintenance. General and administrative expenses for the travel centers
increased to $1.325 million for the three months ended April 30, 1998 from
$1.262 million for the three months ended April 30, 1997.
Depreciation and amortization expense increased by 58.4% to $141,000 for the
three months ended April 30, 1998 as compared to $89,000 for the three months
ended April 30, 1998. The increase is attributable to additions of depreciable
assets during the current interim periods.
The above factors contributed to an overall decrease in travel center operating
income of 37.6% to $169,000 for the three months ended April 30,1998 from
$271,000 for the three months ended April 30, 1996. This decrease is primarily
attributable to increases in general and administrative expenses and
depreciation.
Outdoor Advertising. Gross sales from the Company's Outdoor Advertising
increased 49.7% to $1.572 million for the three months ended April 30, 1998 from
$1.050 million for the three months ended April 30, 1997. The increase was
primarily attributable to increased usage of available sign inventory, increases
in rates and the continual assimilation of the Company's acquisitions.
Direct operating expenses related to outdoor advertising consist of rental
payments to property owners for the use of land on which advertising displays
are located, production expenses and selling expenses. Production expenses
include salaries for operations personnel and real estate representatives,
property taxes, materials and repairs and maintenance of advertising displays.
Selling expenses consist primarily of salaries and commissions for salespersons
and travel and entertainment related to sales. Direct operating costs increased
24.5% to $692,000 for the three months ended April 30, 1998 from $556,000 for
the three months ended April 30, 1997, principally due to the addition of
production personnel, the assimilation of direct operating costs associated with
the acquisitions and increased costs related to repairs and maintenance of
existing advertising displays.
General and administrative expenses for outdoor advertising consist of salaries
and wages for administrative personnel, insurance, legal fees, association dues
and subscriptions and other indirect operating expenses. General and
administrative expenses, as a result of additional personnel, increased 53.0% to
$251,000 for the three months ended April 30, 1998 from $164,000 for the three
months ended April 30, 1997.
Depreciation and amortization expense increased 143.4% to $241,000 for the three
months ended April 30, 1998 from $99,000 for the three months ended April 30,
1997. The increase is attributable to scheduled depreciation of advertising
display structures and machinery and equipment primarily associated with
acquisitions as well as the amortization of goodwill and non-compete covenants.
The above factors contributed to the increase in outdoor advertising operating
income of 68.0% to $388,000 for the three months ended April 30, 1998 from
$231,000 for the three months ended April 30, 1997. In addition, earnings before
interest, taxes, depreciation and amortization (EBITDA) for outdoor advertising
increased 90.6% to $629,000 for the three months ended April 30, 1998 from
$330,000 for the three months ended April 30, 1997. The EBITDA margin for
outdoor advertising increased to 40.0% for the three months ended April 30, 1998
as compared to 31.4% for the three months ended April 30, 1997.
11
Corporate and Other. General and administrative expenses for corporate and other
operations of the Company consist primarily of executive and administrative
compensation and benefits, accounting, legal and investor relations fees.
General and administrative expenses decreased slightly to $111,000 for the three
months ended April 30, 1998 as compared to $112,000 for the three months ended
April 30, 1997.
Depreciation and amortization expenses for the Company's corporate and other
operations consist of depreciation associated with the corporate headquarters,
furniture and fixtures and vehicles. Depreciation and amortization expenses
decreased to $27,000 for the three months ended April 30, 1998 as compared to
$30,000 for the three months ended April 30, 1997.
Interest expense increased by 39.0% to $214,000 for the three months ended April
30, 1998 as compared to $154,000 for the three months ended April 30, 1997. The
increase is primarily attributable to the increase in debt associated with the
Company's acquisitions.
Other income, net, primarily includes operating rental revenues from the
Company's former subsidiary, gains and/or losses from the sales of assets, and
interest income. Other income, net, decreased 84.9% to $33,000 for the three
months ended April 31, 1998 as compared to $219,000 for the three months ended
April 30, 1997. The decrease is due to certain non-operating gains in 1997 not
present in 1998 and a decrease in interest income.
Income before taxes decreased 44.0% to $238,000 for the three months ended April
30, 1998 as compared to $425,000 for the three months ended April 30, 1997. As a
percentage of gross revenues, income before taxes decreased to 3.3% for the
three months ended April 30, 1998 as compared to 6.4% for the three months ended
April 30, 1997.
Income taxes were $93,000 for the three months ended April 30, 1998 as compared
to $170,000 for the three months ended April 30, 1997, as the result of lower
pretax income.
The foregoing factors contributed to the Company's decrease in net income for
the three months ended April 30, 1998 to $147,000 as compared to $255,000 for
the three months ended April 30, 1997.
Liquidity and Capital Resources
At April 30, 1998, the Company had working capital of $5.452 million and a
current ratio of 2.8:1, compared to working capital of $5.504 million and a
current ratio of 2.7:1 at January 31, 1998. Net cash provided by operating
activities was $190,000 for the three months ended April 30, 1998 as compared to
net cash used by operating activities of $107,000 for the three months ended
April 30, 1997. Net cash provided in the current quarter is primarily
attributable to increased depreciation and amortization from acquisitions and
decreases in operating assets and liabilities. Net cash used in the prior
quarter was primarily the result of greater operating assets and liabilities and
gains on the sale of property and equipment.
Net cash used for investing activities for the three months ended April 30, 1998
was $1.250 million, of which $915,000 was used in the purchase of the outdoor
advertising assets of Big-Tex and Norwood and $365,000 was used for purchases of
property and equipment. For the three months ended April 30, 1997, net cash used
for investing activities was $2.752 million, of which $2.090 million was used
for acquisitions. In addition, $300,000 was used for the purchase of land for
the construction of a new travel center complex.
Net cash provided by financing activities for the three months ended April 30,
1998 was $285,000 as compared to $245,000 for the three months ended April 30,
1997. At April 30, 1998 and 1997 financing activities were a result of
borrowings and payments on debt.
12
On May 1, 1998 the Company purchased the outdoor advertising assets of Edgar
Outdoor Advertising Co. for $918,000. The Company paid $18,000 cash at closing
and $900,000 from the proceeds of the initial public offering. Edgar owned and
operated approximately 62 painted bulletin faces in central Texas.
On June 1, 1998 the Company purchased the outdoor advertising assets of J & J
Sign Company, located in Silver City, New Mexico. The Company paid $275,000 from
the proceeds of the initial public offering and will issue warrants for $100,000
of the Company's stock within 180 days of closing based on the closing price of
the stock on June 1, 1998. J & J owned and operated approximately 40 painted
bulletin faces in Southwestern New Mexico
On May 1, 1998, the Company secured a $3.65 million loan agreement with one of
its existing lenders. The note carries a variable interest rate based on the
bank's prime lending rate (8.5% on May 1, 1998) and matures in May 2005. The
primary purpose of the agreement was to consolidate short-term financing for
three outdoor advertising acquisitions and the construction line of credit.
Groundbreaking has commenced on the construction of a new travel center located
approximately 20 miles west of Albuquerque, New Mexico, on interstate 40. The
new travel center is scheduled to open in the fall of 1998. In addition, the
Company expects to complete the upgrade of one travel center by July of 1998.
Although the Company does not have any agreements in place, it will continue
discussions with acquisition candidates throughout the Southwestern United
States. The Company has not executed a letter of intent or other agreement,
binding or non-binding, to make such acquisitions. Any such acquisition would be
subject to the negotiation and execution of definitive agreements, appropriate
financing arrangements, performance of due diligence, approval of the Company's
Board of Directors, receipt by the Company of unqualified audited financial
statements, and the satisfaction of other customary closing conditions. The
Company would likely finance any such acquisitions with cash, additional
indebtedness or a combination of the two. To the extent that any such
acquisition would be paid for by the Company in cash, the Company could decide
to use a portion of the remaining net proceeds from the IPO, use funds from its
ongoing operations, seek additional financing from a commercial lender or some
combination of the foregoing. Any commercial financing obtained for purposes of
acquiring additional assets is likely to impose certain financial and other
restrictive covenants upon the Company and increase the Company's interest
expense.
Item 3. Quantitative and Qualitative Disclosures About Market Risk. Not
required.
13
PART II - OTHER INFORMATION
Item 1. Legal Proceedings. None.
Item 2. Changes in Securities and Use of Proceeds. None.
Item 3. Defaults Upon Senior Securities. None.
Item 4. Submissions of Matters to a Vote of Security Holders. None.
Item 5. Other Information. None.
Item 6. Exhibits and Reports on Form 8-K.
(a). Exhibit No. Exhibit Name
----------- ------------
2.5 Purchase Agreement dated May 1, 1998 between the
Registrant and Edgar Outdoor Advertising Co.
10.45 Promissory Note dated as of May 1, 1998, payable by
the Registrant to Norwest Bank in the aggregate
amount of $3,650.000.
27 Financial Data Schedule
(b). No reports were filed on Form 8-K during the three months ended
April 30, 1998.
Signatures
In accordance with the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: June 12, 1998
BOWLIN
Outdoor Advertising & Travel Centers Incorporated
/s/ Michael L. Bowlin
-----------------------------------------
Michael L. Bowlin, Chairman of the Board,
President and Chief Executive Officer
/s/ Nina J. Pratz
-----------------------------------------
Nina J. Pratz, Chief Financial Officer
(Principal Financial and Accounting Officer)