Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 27, 2015 | Jan. 28, 2016 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,414,517 | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,746,454 | |
Entity Registrant Name | BOWL AMERICA INC | |
Entity Central Index Key | 13,573 | |
Trading Symbol | bwla | |
Current Fiscal Year End Date | --07-03 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Type | 10-Q | |
Document Period End Date | Dec. 27, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 27, 2015 | Dec. 28, 2014 | |
Common Class A [Member] | ||||
Operating Expenses: | ||||
Per share, dividends paid (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.34 | $ 0.34 |
Common Class B [Member] | ||||
Operating Expenses: | ||||
Per share, dividends paid (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.34 | $ 0.34 |
Bowling and other | $ 4,166,052 | $ 4,203,410 | $ 7,640,085 | $ 7,504,753 |
Food, beverage and merchandise sales | 1,839,977 | 1,766,628 | 3,286,107 | 3,094,629 |
Total Operating Revenues | 6,006,029 | 5,970,038 | 10,926,192 | 10,599,382 |
Employee compensation and benefits | 2,736,556 | 2,742,256 | 5,483,101 | 5,495,483 |
Cost of bowling and other services | 1,447,483 | 1,478,048 | 2,958,095 | 3,006,754 |
Cost of food, beverage and merchandise sales | 563,038 | 553,436 | 1,032,380 | 988,626 |
Depreciation and amortization | 338,595 | 330,813 | 674,782 | 656,205 |
General and administrative | 231,588 | 235,073 | 463,369 | 452,426 |
Total Operating Expenses | 5,317,260 | 5,339,626 | 10,611,727 | 10,599,494 |
Operating Income (loss) | 688,769 | 630,412 | 314,465 | (112) |
Interest, dividend and other income | 94,132 | 110,991 | 240,660 | 257,298 |
Earnings before provision for income taxes | 782,901 | 741,403 | 555,125 | 257,186 |
Provision for income taxes | 274,000 | 259,500 | 194,300 | 90,000 |
Net Earnings | $ 508,901 | $ 481,903 | $ 360,825 | $ 167,186 |
Earnings per share-basic & diluted (in dollars per share) | $ 0.10 | $ 0.09 | $ 0.07 | $ 0.03 |
Weighted average shares outstanding (in shares) | 5,160,971 | 5,160,971 | 5,160,971 | 5,160,971 |
Dividends paid | $ 877,365 | $ 877,365 | $ 1,754,730 | $ 1,754,730 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Earnings - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 27, 2015 | Dec. 28, 2014 | |
Net earnings | $ 508,901 | $ 481,903 | $ 360,825 | $ 167,186 |
Other comprehensive earnings- net of tax | ||||
Unrealized gain (loss) on available-for-sale securities net of tax (benefit) of $89,467 and ($74,506) for 13 weeks, and $91,345 and ($100,296) for 26 weeks | $ 145,356 | $ (121,049) | (148,406) | $ (162,948) |
Reclassification adjustment for gain included in net income net of tax of $9,258 | (15,041) | |||
Comprehensive earnings | $ 654,257 | $ 360,854 | $ 197,378 | $ 4,238 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Earnings (Parentheticals) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 27, 2015 | Dec. 28, 2014 | |
Unrealized gain (loss) on available-for-sale securities tax | $ 89,467 | $ (74,506) | $ 91,345 | $ (100,296) |
Reclassification adjustment for gain tax | $ 9,258 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Dec. 27, 2015 | Jun. 28, 2015 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common stock, par value $.10 a share: Authorized, 10,000,000 shares | $ 374,645 | $ 374,645 |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common stock, par value $.10 a share: Authorized, 10,000,000 shares | 141,452 | 141,452 |
Cash and cash equivalents | 2,061,395 | 778,367 |
Short-term investments | 133,754 | 133,729 |
Inventories | 596,645 | 552,889 |
Prepaid expenses and other | 189,136 | 488,212 |
Income taxes refundable | 58,009 | 51,309 |
TOTAL CURRENT ASSETS | 3,038,939 | 2,004,506 |
LAND, BUILDINGS & EQUIPMENTNet of accumulated depreciation of $40,902,232 and $40,237,794 | 19,854,951 | 20,417,454 |
Marketable securities | 7,662,594 | 8,866,392 |
Cash surrender value-life insurance | 707,592 | 707,592 |
Other | 66,465 | 66,465 |
TOTAL OTHER ASSETS | 8,436,651 | 9,640,449 |
TOTAL ASSETS | 31,330,541 | 32,062,409 |
Accounts payable | 536,007 | 709,453 |
Accrued expenses | 728,465 | 1,001,754 |
Dividends payable | 877,365 | 877,365 |
Other current liabilities | 1,663,655 | 290,833 |
Current deferred income taxes | 9,113 | 9,113 |
TOTAL CURRENT LIABILITIES | 3,814,605 | 2,888,518 |
LONG-TERM DEFERRED COMPENSATION | 28,897 | 28,897 |
NONCURRENT DEFERRED INCOME TAXES | 2,070,312 | 2,170,915 |
TOTAL LIABILITIES | $ 5,913,814 | $ 5,088,330 |
COMMITMENTS AND CONTINGENCIES[Note 3] | ||
Preferred stock, par value $10 a share: Authorized and unissued, 2,000,000 shares | ||
Additional paid-in capital | $ 7,854,108 | $ 7,854,108 |
Accumulated other comprehensive earnings - Unrealized gain on available-for-sale securities, net of tax | 2,289,441 | 2,452,888 |
Retained earnings | 14,757,081 | 16,150,986 |
TOTAL STOCKHOLDERS' EQUITY | 25,416,727 | 26,974,079 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 31,330,541 | $ 32,062,409 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Dec. 27, 2015 | Jun. 28, 2015 |
Common Class A [Member] | ||
Common stock, shares issued (in shares) | 3,746,454 | 3,746,454 |
Common stock, shares outstanding (in shares) | 3,746,454 | 3,746,454 |
Common Class B [Member] | ||
Common stock, shares issued (in shares) | 1,414,517 | 1,414,517 |
Common stock, shares outstanding (in shares) | 1,414,517 | 1,414,517 |
Accumulated depreciation | $ 40,902,232 | $ 40,237,794 |
Preferred stock, par value (in dollars per share) | $ 10 | $ 10 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 27, 2015 | Dec. 28, 2014 | |
Cash Flows From Operating Activities | ||
Net earnings | $ 360,825 | $ 167,186 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 674,782 | $ 656,205 |
Gain on sale of available-for-sale securities | (24,299) | |
Changes in assets and liabilities | ||
Increase in inventories | (43,756) | $ (60,633) |
Decrease in prepaid & other | 299,076 | 513,795 |
Increase in income taxes refundable | $ (6,700) | (2,000) |
(Increase) decrease in other long-term assets | (800) | |
Decrease in accounts payable | $ (173,446) | (151,863) |
Decrease in accrued expenses | $ (273,289) | $ (449,513) |
Decrease in income taxes payable | ||
Increase in other current liabilities | $ 1,372,822 | $ 1,336,479 |
Net cash provided by operating activities | 2,186,015 | 2,008,856 |
Cash Flows From Investing Activities | ||
Expenditures for land, building and equip | (112,279) | (404,791) |
Net sales & maturities (purchases) of short-term investments | (25) | $ 1,319,754 |
Proceeds from sale of available-for-sale securities | 1,000,000 | |
Purchases of marketable securities | (35,953) | $ (50,409) |
Net cash provided by (used in) Investing activities | 851,743 | 864,554 |
Cash Flows From Financing Activities | ||
Payment of cash dividends | (1,754,730) | (1,754,730) |
Net cash used in financing activities | (1,754,730) | (1,754,730) |
Net Increase (decrease) in Cash and Equivalents | 1,283,028 | 1,118,680 |
Cash and Equivalents, Beginning of period | 778,367 | 842,114 |
Cash and Equivalents, End of period | 2,061,395 | 1,960,794 |
Supplemental Disclosures of Cash Flow Information | ||
Income taxes | $ 201,000 | $ 92,000 |
Note 1 - Basis for Presentation
Note 1 - Basis for Presentation | 6 Months Ended |
Dec. 27, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Basis for Presentation The accompanying unaudited condensed consolidated financial statements of Bowl America Incorporated and subsidiaries (the "Company"), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The condensed consolidated balance sheet as of June 28, 2015 has been derived from the Company's audited financial statements. Certain information and note disclosures normally included in the annual financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments and reclassifications (all of which are of a normal, recurring nature) that are necessary for the fair presentation of the Company’s financial position and results of operations for the periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended June 28, 2015. |
Note 2 - Investments
Note 2 - Investments | 6 Months Ended |
Dec. 27, 2015 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. Investments The Company’s investments are categorized as available-for-sale. Short-term investments consist of certificates of deposits with maturities of generally three months to one year. Equity securities consist primarily of telecommunications stocks. Mutual funds consist of federal agency mortgage backed securities (Ginnie Mae). The fair value of the Company’s investments at December 27, 2015 and June 28, 2015 were as follows: December 27 , 201 5 Description Fair Value Cost basis Unrealized Gain/ (loss) Short-term investments $ 133,754 $ 133,754 $ - Equity securities $ 4,932,251 $ 1,285,759 $ 3,646,492 Mutual funds $ 2,730,343 $ 2,678,243 $ 52,100 Ju ne 28, 201 5 Description Fair Value Cost basis Unrealized Gain (loss) Short-term investments $ 133,729 $ 133,729 $ - Equity securities $ 5,190,387 $ 1,285,759 $ 3,904,628 Mutual funds $ 3,676,005 $ 3,617,991 $ 58,014 The fair values of the Company’s investments were determined as follows: December 27, 2015 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 133,754 $ - Equity securities 4,932,251 - - Mutual funds 2,730,343 - - Total $ 7,662,594 $ 133,754 $ - June 28, 2015 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 133,729 $ - Equity securities 5,190,387 - - Mutual funds 3,676,005 - - Total $ 8,866,392 $ 133,729 $ - The shares of common stock included in the equity securities portfolio as of December 27, 2015 were: 82,112 shares of AT&T 2,520 shares of Manulife 412 shares of DexMedia 774 shares of NCR 774 shares of Teradata 6,471 shares of Vodafone 4,398 shares of CenturyLink 4,508 shares of Frontier Communications 40,000 shares of Sprint 31,904 shares of Verizon 679 shares of Windstream 815 shares of CSAL The Mutual fund included in the table above is Vanguard GNMA Admiral Shares #536 fund. The fair value of certificates of deposits is estimated using present value techniques and comparing the values derived from those techniques to certificates with similar values. |
Note 3 - Commitments and Contin
Note 3 - Commitments and Contingencies | 6 Months Ended |
Dec. 27, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 3. Commitments and Contingencies The Company’s purchase commitments at December 27, 2015 are for materials, supplies, services and equipment as part of the normal course of business. |
Note 4 - Employee Benefit Plans
Note 4 - Employee Benefit Plans | 6 Months Ended |
Dec. 27, 2015 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 4. Employee benefit plans The Company has two defined contribution plans with Company contributions determined by the Board of Directors. The Company has no defined benefit plan or other postretirement plan. |
Note 5 - New Accounting Standar
Note 5 - New Accounting Standards | 6 Months Ended |
Dec. 27, 2015 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 5. New Accounting Standards There were no new accounting pronouncements during the quarter that would impact the Company. |
Note 6 - Subsequent Events
Note 6 - Subsequent Events | 6 Months Ended |
Dec. 27, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 6. Subsequent Events The Company has evaluated subsequent events through the time of filing these financial statements with the Securities and Exchange Commission on February 9, 2016, and has determined that no material subsequent events have occurred. |
Note 7 - Reclassifications
Note 7 - Reclassifications | 6 Months Ended |
Dec. 27, 2015 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | 7. Reclassifications Certain previous year amounts have been reclassified to conform with current year presentation. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 27, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying unaudited condensed consolidated financial statements of Bowl America Incorporated and subsidiaries (the "Company"), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The condensed consolidated balance sheet as of June 28, 2015 has been derived from the Company's audited financial statements. Certain information and note disclosures normally included in the annual financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments and reclassifications (all of which are of a normal, recurring nature) that are necessary for the fair presentation of the Company’s financial position and results of operations for the periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended June 28, 2015. |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 6 Months Ended |
Dec. 27, 2015 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | December 27 , 201 5 Description Fair Value Cost basis Unrealized Gain/ (loss) Short-term investments $ 133,754 $ 133,754 $ - Equity securities $ 4,932,251 $ 1,285,759 $ 3,646,492 Mutual funds $ 2,730,343 $ 2,678,243 $ 52,100 Ju ne 28, 201 5 Description Fair Value Cost basis Unrealized Gain (loss) Short-term investments $ 133,729 $ 133,729 $ - Equity securities $ 5,190,387 $ 1,285,759 $ 3,904,628 Mutual funds $ 3,676,005 $ 3,617,991 $ 58,014 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | December 27, 2015 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 133,754 $ - Equity securities 4,932,251 - - Mutual funds 2,730,343 - - Total $ 7,662,594 $ 133,754 $ - June 28, 2015 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 133,729 $ - Equity securities 5,190,387 - - Mutual funds 3,676,005 - - Total $ 8,866,392 $ 133,729 $ - |
Schedule Of Telecommunications Stocks Held [Table Text Block] | 82,112 shares of AT&T 2,520 shares of Manulife 412 shares of DexMedia 774 shares of NCR 774 shares of Teradata 6,471 shares of Vodafone 4,398 shares of CenturyLink 4,508 shares of Frontier Communications 40,000 shares of Sprint 31,904 shares of Verizon 679 shares of Windstream 815 shares of CSAL |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 6 Months Ended |
Dec. 27, 2015 | |
Minimum [Member] | |
Short-term Investments Maturities Term | 90 days |
Maximum [Member] | |
Short-term Investments Maturities Term | 1 year |
Note 2 - Investments - Investme
Note 2 - Investments - Investments Schedule (Details) - USD ($) | Dec. 27, 2015 | Jun. 28, 2015 |
Short-term Investments [Member] | ||
Fair Value | $ 133,754 | $ 133,729 |
Cost basis | $ 133,754 | $ 133,729 |
Unrealized Gain/(loss) | ||
Equity Securities [Member] | ||
Fair Value | $ 4,932,251 | $ 5,190,387 |
Cost basis | 1,285,759 | 1,285,759 |
Unrealized Gain/(loss) | 3,646,492 | 3,904,628 |
Mutual Funds [Member] | ||
Fair Value | 2,730,343 | 3,676,005 |
Cost basis | 2,678,243 | 3,617,991 |
Unrealized Gain/(loss) | $ 52,100 | $ 58,014 |
Note 2 - Investments - Fair Val
Note 2 - Investments - Fair Value Hierarchy (Details) - USD ($) | Dec. 27, 2015 | Jun. 28, 2015 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Quoted Price for Identical Assets | ||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Quoted Price for Identical Assets | $ 133,754 | $ 133,729 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Quoted Price for Identical Assets | $ 4,932,251 | $ 5,190,387 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Quoted Price for Identical Assets | ||
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Quoted Price for Identical Assets | $ 2,730,343 | $ 3,676,005 |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Quoted Price for Identical Assets | ||
Fair Value, Inputs, Level 1 [Member] | ||
Quoted Price for Identical Assets | $ 7,662,594 | $ 8,866,392 |
Fair Value, Inputs, Level 2 [Member] | ||
Quoted Price for Identical Assets | 133,754 | 133,729 |
Quoted Price for Identical Assets | $ 7,662,594 | $ 8,866,392 |
Note 2 - Investments - Telecomm
Note 2 - Investments - Telecommunications Stocks Held (Details) | Dec. 27, 2015shares |
ATT [Member] | |
Investment (in shares) | 82,112 |
Manulife [Member] | |
Investment (in shares) | 2,520 |
DexMedia [Member] | |
Investment (in shares) | 412 |
NCR [Member] | |
Investment (in shares) | 774 |
Teradata [Member] | |
Investment (in shares) | 774 |
Vodafone [Member] | |
Investment (in shares) | 6,471 |
Century Link [Member] | |
Investment (in shares) | 4,398 |
Frontier Communications [Member] | |
Investment (in shares) | 4,508 |
Sprint [Member] | |
Investment (in shares) | 40,000 |
Verizon [Member] | |
Investment (in shares) | 31,904 |
Windstream [Member] | |
Investment (in shares) | 679 |
CSAL [Member] | |
Investment (in shares) | 815 |
Note 4 - Employee Benefit Pla21
Note 4 - Employee Benefit Plans (Details Textual) | 6 Months Ended |
Dec. 27, 2015 | |
Number of Defined Contribution Plans | 2 |