EXHIBIT 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
April 22, 2003 Michael L. Bowlin, Chairman
(505) 266-5985
Rudy R. Miller, Chairman and CEO
The Miller Group
Investor Relations for the Company
(602) 225-0504
BOWLIN TRAVEL CENTERS REPORT NET INCOME
UP 193% FOR FISCAL YEAR 2003
OPERATING INCOME UP 84%
ALBUQUERQUE, NEW MEXICO, April 22, 2003 -- Bowlin Travel Centers, Inc. (OTC-BB:
BWTL.OB) today reported net income rose 193% to $507,000 or $0.11 per basic and
diluted share for fiscal year 2003 compared to net income of $173,000 or
earnings per share of $0.04 per basic and diluted share in the prior fiscal
year. Operating income increased 84% to $787,000 in the full-year period from
$428,000 in the prior fiscal year, a positive reflection of sales incentive
programs in place that also improved the company's purchasing power.
"In light of a challenging economic climate and present world events that
created volatile gasoline prices and contributed to a general decline in highway
travel, we are pleased to be able to report a 193% increase to our bottom line
net income. Positioning us for improvement in full-year results was our
disciplined attention to controlling costs that increased operating profits by
84% for the year," stated Michael L. Bowlin, chairman, president and chief
executive officer. "We were able to reduce our long term debt by $576,000 or 14%
to further strengthen an already strong balance sheet. We have a current ratio
of 3.1:1 and a strong cash position. We will continue to focus on increasing the
company's value for the benefit of our shareholders."
CERTAIN STATEMENTS CONTAINED HEREIN WITH RESPECT TO FACTORS WHICH MAY AFFECT
FUTURE EARNINGS, INCLUDING MANAGEMENT'S BELIEFS AND ASSUMPTIONS BASED ON
INFORMATION CURRENTLY AVAILABLE, ARE FORWARD-LOOKING STATEMENTS MADE PURSUANT TO
THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. SUCH FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS INVOLVE
RISKS AND UNCERTAINTIES, AND RESULTS COULD VARY MATERIALLY FROM THE DESCRIPTIONS
CONTAINED HEREIN. FOR MORE DETAILS ON RISK FACTORS, SEE THE COMPANY'S ANNUAL
REPORTS ON FORM 10-K, QUARTERLY REPORTS ON FORM 10-Q AND OTHER FILINGS WITH THE
SECURITIES AND EXCHANGE COMMISSION.
FINANCIAL TABLES FOLLOW:
The following tables outline the company's financial results for fiscal
2003 and fiscal 2002.
Condensed Balance Sheets and Statements of Income
BALANCE SHEET
(in thousands) Fiscal Year Ended
January 31,
--------------------------
2003 2002
---------- ----------
Cash and cash equivalents $ 2,416 $ 2,671
Other current assets 3,555 3,589
---------- ----------
Total Current Assets 5,971 6,260
Property and equipment, net 9,167 9,397
Other assets 1,245 875
---------- ----------
Total Assets $ 16,383 $ 16,532
========== ==========
Liability and Shareholders' Equity
Current liabilities $ 1,933 $ 1,977
Long-term debt 3,400 3,976
Deferred income taxes 590 626
---------- ----------
Total Liabilities 5,923 6,579
Shareholders' equity 10,460 9,953
---------- ----------
Total Liabilities and Shareholders' Equity $ 16,383 $ 16,532
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CONDENSED STATEMENTS OF INCOME
(in thousands, except share and per share data)
THREE MONTHS ENDED TWELVE MONTHS ENDED
JANUARY 31, JANUARY 31,
-------------------------- --------------------------
2003 2002 2003 2002
-------------------------- --------------------------
Net sales $ 5,034 $ 4,880 $ 22,184 $ 23,224
Cost of goods sold (3,062) (3,306) (14,333) (15,974)
General and administrative expenses (1,662) (1,476) (6,329) (6,070)
Depreciation and amortization (179) (183) (735) (752)
----------- ----------- ----------- -----------
Income (loss) from operations 131 (85) 787 428
Interest expense (49) (75) (219) (401)
Other non-operating income, net 44 56 237 262
----------- ----------- ----------- -----------
Income (loss) before income taxes 126 (104) 805 289
Income tax expense (benefit) 49 (36) 298 116
----------- ----------- ----------- -----------
Net income (loss) $ 77 $ (68) $ 507 $ 173
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Earnings (loss) per share:
Basic and diluted $ 0.02 $ (0.01) $ 0.11 $ 0.04
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Weighted average common shares outstanding 4,583,348 4,583,348 4,583,348 4,583,348
=========== =========== =========== ===========
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