EXHIBIT 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
DECEMBER 11, 2003
FOR FURTHER INFORMATION CONTACT:
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 NINE MONTH FISCAL 2004
AND THIRD QUARTER RESULTS
ALBUQUERQUE, NEW MEXICO, DECEMBER 11, 2003 -- BOWLIN TRAVEL CENTERS, INC.
(OTC-BB: BWTL.OB) today reported net income of $412,000, or $0.09 per basic and
diluted share for the nine month period ended October 31, 2003 and net income of
$24,000, or $0.01 per basic and diluted share for the third quarter period.
By comparison, Bowlin Travel Centers reported net income of $431,000, or $0.09
per basic and diluted share for the nine month period in fiscal year 2003 and
net income of $27,000, or $0.01 per basic and diluted share for the prior year
third quarter period.
Net sales for the nine month period were $16.561 million, off 3.4% from the
prior year net sales of $17.150 million reflecting a continuation of
uncertainties in tourism trends. In addition, ongoing interstate road
construction near one location has continued to be disruptive to highway traffic
flow and was a minor contributing factor in depressing sales in the third
quarter.
"While our third quarter net results are below last year, our basic operations
remain strong. Gross profits increased 0.8% to $1.798 million, primarily
attributed to the continual improvement in costs of goods management and
increases in volume purchasing. We have reduced our interest expense by taking
advantage of current low rates and as a result of our debt reduction," stated
Michael L. Bowlin, chairman and chief executive officer. "We continue to operate
with a focus on increasing shareholder equity and value."
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 Report
Nine Month Fiscal 2004 and Third Quarter Results
December 11, 2003
Page 2
The following tables outline the company's financial results for the
third quarter of fiscal 2004.
Condensed Balance Sheets and Statements of Income
BALANCE SHEET
(IN THOUSANDS) October 31 January 31,
2003 2003
(UNAUDITED)
Cash and cash equivalents $ 1,272 $ 2,416
Other current assets 3,299 3,555
----------- -----------
Total Current Assets 4,571 5,971
Property and equipment, net 10,180 9,167
Other assets 1,924 1,245
----------- -----------
Total Assets $ 16,675 $ 16,383
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Liability and Shareholders' Equity
Current liabilities $ 2,357 $ 1,933
Long-term debt 2,875 3,400
Deferred income taxes 571 590
----------- -----------
Total Liabilities 5,803 5,923
Shareholders' equity 10,872 10,460
----------- -----------
Total Liabilities and Shareholders' Equity $ 16,675 $ 16,383
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more....
Bowlin Travel Centers Report
Nine Month Fiscal 2004 and Third Quarter Results
December 11, 2003
Page 3
CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED
OCTOBER 31, OCTOBER 31,
-------------------------- --------------------------
2003 2002 2003 2002
-------------------------- --------------------------
Net sales $ 5,182 $ 5,232 $ 16,561 $ 17,150
Cost of goods sold (3,384) (3,449) (10,583) (11,271)
General and administrative expenses (1,587) (1,546) (4,831) (4,667)
Depreciation and amortization (177) (183) (515) (556)
----------- ----------- ----------- -----------
Income from operations 34 54 632 656
Interest expense (46) (56) (141) (170)
Other non-operating income, net 52 52 181 194
----------- ----------- ----------- -----------
Income before income taxes 40 50 672 680
Income taxes (16) (23) (260) (249)
----------- ----------- ----------- -----------
Net income $ 24 $ 27 $ 412 $ 431
=========== =========== =========== ===========
Earnings per share:
Basic and diluted $ 0.01 $ 0.01 $ 0.09 $ 0.09
=========== =========== =========== ===========
Weighted average common shares outstanding 4,583,348 4,583,348 4,583,348 4,583,348
=========== =========== =========== ===========
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