EXHIBIT 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
JUNE 11, 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 FISCAL YEAR 2004
FIRST QUARTER NET INCOME UP 82.1%
ALBUQUERQUE, NEW MEXICO, JUNE 11, 2003 -- BOWLIN TRAVEL CENTERS, INC. (OTC-BB:
BWTL.OB) today released its financial results for the first quarter of its 2004
fiscal year.
For the three month period ended April 30, 2003, net income increased 82.1% to
$51,000 or $0.011 per basic and diluted share compared to the prior year period
when the company reported net income of $28,000 or $0.006 per basic and diluted
share. Income from operations in the first quarter of fiscal year 2004 rose
31.5% to $71,000 compared to operating income of $54,000 in the first quarter of
the prior year.
"We are pleased to report the material increase in our first quarter net income
despite the present economic environment of the nation. A contributing factor to
the improvement for the quarter is our continuing attention to operating
efficiencies," stated Michael L. Bowlin, chairman, president and chief executive
officer of Bowlin Travel Centers. "Our cash flow improved 5.5% and long-term
debt was reduced 4.9% or $166,000. Our excellent first quarter results reflect
our priority to increase shareholder value," Bowlin concluded.
The Company operates travel centers strategically located on major interstate
highways that utilize co-branding agreements with national companies. The
Company's current operations are located in the Southwestern United States.
more....
Bowlin Travel Centers, Inc.
Bowlin Travel Centers Fiscal Year 2004 First Quarter Net Income Up 82.1%
June 11, 2003
Page 2
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 FOLLOWS:
Bowlin Travel Centers, Inc.
Bowlin Travel Centers Fiscal Year 2004 First Quarter Net Income Up 82.1%
June 11, 2003
Page 3
The following tables outline the company's financial results for the
first quarter of fiscal 2004.
Condensed Balance Sheets and Statements of Income
BALANCE SHEET
(in thousands) April 30, January 31,
2003 2003
(UNAUDITED)
----------- -----------
Cash and cash equivalents $ 2,371 $ 2,416
Other current assets 3,518 3,555
----------- -----------
Total Current Assets 5,889 5,971
Property and equipment, net 9,395 9,167
Other assets 1,180 1,245
----------- -----------
Total Assets $ 16,464 $ 16,383
=========== ===========
Liability and Shareholders' Equity
Current liabilities $ 2,122 $ 1,933
Long-term debt 3,234 3,400
Deferred income taxes 597 590
----------- -----------
Total Liabilities 5,953 5,923
Shareholders' equity 10,511 10,460
----------- -----------
Total Liabilities and Shareholders' Equity $ 16,464 $ 16,383
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more....
Bowlin Travel Centers, Inc.
Bowlin Travel Centers Fiscal Year 2004 First Quarter Net Income Up 82.1%
June 11, 2003
Page 4
INCOME STATEMENT
(in thousands, except per share amounts)
(UNAUDITED)
Three Months Ended
April 30,
------------------------------
2003 2002
------------ ------------
Net sales $ 5,144 $ 5,192
Cost of goods sold (3,395) (3,454)
General and administrative expenses (1,504) (1,495)
Depreciation and amortization (174) (189)
------------ ------------
Income from operations 71 54
Interest expense (48) (57)
Other non-operating income, net 63 49
------------ ------------
Income before income taxes 86 46
Income tax expense (35) (18)
------------ ------------
Net income $ 51 $ 28
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Weighted average common shares outstanding 4,583,348 4,583,348
Earnings per share; basic and diluted $ 0.011 $ 0.006
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