Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Oct. 01, 2017 | Nov. 10, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | BOWL AMERICA INC | |
Entity Central Index Key | 13,573 | |
Trading Symbol | bwla | |
Current Fiscal Year End Date | --07-01 | |
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 | Oct. 1, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,746,454 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,414,517 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) | 3 Months Ended | |
Oct. 01, 2017 | Oct. 02, 2016 | |
Operating Revenues: | ||
Bowling and other | $ 3,748,270 | $ 3,577,379 |
Food, beverage and merchandise sales | 1,515,483 | 1,486,957 |
Total Operating Revenue | 5,263,753 | 5,064,336 |
Operating Expenses: | ||
Employee compensation and benefits | 2,683,871 | 2,681,333 |
Cost of bowling and other services | 1,467,908 | 1,469,370 |
Cost of food, beverage and merchandise sales | 472,887 | 482,275 |
Depreciation and amortization | 236,084 | 292,694 |
General and administrative | 206,628 | 230,776 |
Total Operating Expenses | 5,067,378 | 5,156,448 |
Operating Income (loss) | 196,375 | (92,112) |
Interest, dividend and other income | 104,017 | 93,714 |
Interest expense | 2,722 | |
Earnings (loss) before provision for income tax | 300,392 | (1,120) |
Provision for income tax (benefit) | 105,200 | (400) |
Net Income (loss) | $ 195,192 | $ (720) |
Net Earnings (loss) per share-basic & diluted (in dollars per share) | $ 0.04 | $ 0 |
Weighted average shares outstanding (in shares) | 5,160,971 | 5,160,971 |
Dividends paid | $ 877,365 | $ 877,365 |
Common Class A [Member] | ||
Operating Expenses: | ||
Per share, dividends paid (in dollars per share) | $ 0.17 | $ 0.17 |
Common Class B [Member] | ||
Operating Expenses: | ||
Per share, dividends paid (in dollars per share) | $ 0.17 | $ 0.17 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Earnings (Unaudited) - USD ($) | 3 Months Ended | |
Oct. 01, 2017 | Oct. 02, 2016 | |
Net income (loss) | $ 195,192 | $ (720) |
Other comprehensive earnings-net of tax | ||
Unrealized gain (loss) on available-for-sale securities net of tax (benefit) of $90,594 and ($116,046) | 147,185 | (187,618) |
Reclassification adjustment for(gain) loss included in net gain (loss), net of tax (benefit) of $2,167 and ($2,227) | (3,520) | 3,619 |
Comprehensive Earnings (loss) | $ 338,857 | $ (184,719) |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Comprehensive Earnings (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |
Oct. 01, 2017 | Oct. 02, 2016 | |
Unrealized gain (loss) on available-for-sale securities tax | $ 90,594 | $ (116,046) |
Reclassification adjustment for gain tax | $ 2,167 | $ (2,227) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Oct. 01, 2017 | Jul. 02, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 814,258 | $ 604,671 |
Short-term investments | 1,971,764 | 2,951,315 |
Inventories | 564,214 | 534,741 |
Prepaid expenses and other | 360,657 | 555,687 |
Income taxes refundable | 115,257 | |
Current deferred income tax benefit | 9,679 | 8,162 |
TOTAL CURRENT ASSETS | 3,835,829 | 4,654,576 |
LAND, BUILDINGS & EQUIPMENT, net of accumulated depreciation of $41,214,693 and $40,978,609 | 19,012,818 | 18,860,778 |
OTHER ASSETS: | ||
Marketable investment securities | 5,508,392 | 5,272,318 |
Cash surrender value-life insurance | 772,326 | 772,326 |
Other | 66,315 | 66,315 |
TOTAL OTHER ASSETS | 6,347,033 | 6,110,959 |
TOTAL ASSETS | 29,195,680 | 29,626,313 |
CURRENT LIABILITIES: | ||
Accounts payable | 409,110 | 673,786 |
Accrued expenses | 798,215 | 1,069,668 |
Dividends payable | 877,365 | 877,365 |
Income taxes payable | 22,543 | |
Other current liabilities | 918,927 | 342,324 |
TOTAL CURRENT LIABILITIES | 3,003,617 | 2,985,686 |
LONG-TERM DEFERRED COMPENSATION | 18,413 | 18,413 |
NONCURRENT DEFERRED INCOME TAXES | 2,125,765 | 2,035,821 |
TOTAL LIABILITIES | 5,147,795 | 5,039,920 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, par value $10 a share: Authorized and unissued, 2,000,000 shares | 0 | 0 |
Additional paid-in capital | 7,854,108 | 7,854,108 |
Accumulated other comprehensive earnings-Unrealized gain on available-for-sale securities, net of tax | 2,625,653 | 2,481,988 |
Retained earnings | 13,052,027 | 13,734,200 |
TOTAL STOCKHOLDERS' EQUITY | 24,047,885 | 24,586,393 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 29,195,680 | 29,626,313 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common Stock | 374,645 | 374,645 |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common Stock | $ 141,452 | $ 141,452 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Oct. 01, 2017 | Jul. 02, 2017 |
Land, buildings, and equipment, accumulated depreciation | $ 41,214,693 | $ 40,978,609 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, par value (in dollars per share) | $ 10 | $ 10 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
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 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Oct. 01, 2017 | Oct. 02, 2016 | |
Cash Flows From Operating Activities | ||
Net income (loss) | $ 195,192 | $ (720) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 236,084 | 292,694 |
Loss on involuntary cancellation of available-for-sale securities | 5,845 | |
Gain on sale of available-for-sale securities | (8,531) | |
Changes in assets and liabilities | ||
Increase in inventories | (29,473) | (30,070) |
Decrease in prepaid & other | 195,030 | 237,820 |
Increase in income taxes refundable | (115,257) | (187,060) |
Decrease in accounts payable | (264,676) | (220,982) |
Decrease in accrued expenses | (271,453) | (419,996) |
Decrease in income taxes payable | (22,543) | (207,840) |
Increase in other current liabilities | 576,603 | 614,091 |
Net cash provided by operating activities | 490,976 | 83,782 |
Cash Flows From Investing Activities | ||
Expenditures for land, building and equipment | (388,124) | (105,178) |
Net (purchases) sales & maturities of short-term investments | (21) | (894) |
Proceeds from sale of available-for-sale securities | 1,000,000 | |
Net purchases of marketable securities | (15,879) | (15,051) |
Net cash provided by (used in) investing activities | 595,976 | (121,123) |
Cash Flows From Financing Activities | ||
Proceeds from note payable | 500,000 | |
Payment of cash dividends | (877,365) | (877,365) |
Net cash used in financing activities | (877,365) | (377,365) |
Net Change in Cash and Equivalents | 209,587 | (414,706) |
Cash and Cash Equivalents, Beginning of period | 604,671 | 986,193 |
Cash and Cash Equivalents, End of period | 814,258 | 571,487 |
Supplemental Disclosures of Cash Flow Information Cash Paid During the Period for: | ||
Interest | 2,722 | |
Income taxes | $ 243,000 | $ 394,500 |
Note 1 - Basis for Presentation
Note 1 - Basis for Presentation | 3 Months Ended |
Oct. 01, 2017 | |
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 July 2, 2017 not 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 July 2, 2017. |
Note 2 - Investments
Note 2 - Investments | 3 Months Ended |
Oct. 01, 2017 | |
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 one October 1, 2017 July 2, 2017 Octo b er 1 , 201 7 Description Fair Value Cost basis Unrealized Gain Short-term investments $ 133,880 $ 133,880 $ - Equity securities $ 5,508,392 $ 1,279,914 $ 4,228,478 Mutual funds $ 1,837,820 $ 1,824,554 $ 13,266 Ju ly 2 , 201 7 Description Fair Value Cost basis Unrealized Gain Short-term investments $ 133,922 $ 133,922 $ - Equity securities $ 5,272,318 $ 1,279,914 $ 3,992,404 Mutual funds $ 2,817,392 $ 2,800,144 $ 17,248 The fair values of the Company ’s investments were determined as follows: Octo b er 1 , 201 7 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposit s $ - $ 133,880 $ - Equity securities 5,508,392 - - Mutual funds 1,837,820 - - Total $ 7,346,212 $ 133,880 $ - Ju ly 2 , 201 7 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposit s $ - $ 133,922 $ - Equity securities 5,272,318 - - Mutual funds 2,817,392 - - Total $ 8,089,710 $ 133,922 $ - The equity securities portfolio includes the following stocks: AT&T shares 82,112 Manulife shares 2,520 CSAL shares 815 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 CenturyLink shares 4,398 Frontier Communications shares 300 Sprint shares 40,000 Verizon shares 31,904 Windstream shares 679 On July 10, 2017, 1 15 300 4,508. August 1, 2016 no $5,845 The Mutual fund included in the table above is Vanguard GNMA Admiral Shares #536 |
Note 3 - Commitments and Contin
Note 3 - Commitments and Contingencies | 3 Months Ended |
Oct. 01, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 3. Commitments and Contingencies The Company ’s purchase commitments at October 1, 2017, |
Note 4 - Employee Benefit Plans
Note 4 - Employee Benefit Plans | 3 Months Ended |
Oct. 01, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 4 Employee benefit plans The Company has two The Company has no |
Note 5 - New Accounting Standar
Note 5 - New Accounting Standards | 3 Months Ended |
Oct. 01, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 5. New Accounting Standards In January 2016, June 2019 In February 2016, 12 This amendment is effective for the Company’s fiscal year ending June 2020 There were no October 1, 2017, |
Note 6 - Subsequent Events
Note 6 - Subsequent Events | 3 Months Ended |
Oct. 01, 2017 | |
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 November 14, 2017, no |
Note 7 - Reclassifications
Note 7 - Reclassifications | 3 Months Ended |
Oct. 01, 2017 | |
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) | 3 Months Ended |
Oct. 01, 2017 | |
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 July 2, 2017 not 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 July 2, 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | In January 2016, June 2019 In February 2016, 12 This amendment is effective for the Company’s fiscal year ending June 2020 There were no October 1, 2017, |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 3 Months Ended |
Oct. 01, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Octo b er 1 , 201 7 Description Fair Value Cost basis Unrealized Gain Short-term investments $ 133,880 $ 133,880 $ - Equity securities $ 5,508,392 $ 1,279,914 $ 4,228,478 Mutual funds $ 1,837,820 $ 1,824,554 $ 13,266 Ju ly 2 , 201 7 Description Fair Value Cost basis Unrealized Gain Short-term investments $ 133,922 $ 133,922 $ - Equity securities $ 5,272,318 $ 1,279,914 $ 3,992,404 Mutual funds $ 2,817,392 $ 2,800,144 $ 17,248 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Octo b er 1 , 201 7 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposit s $ - $ 133,880 $ - Equity securities 5,508,392 - - Mutual funds 1,837,820 - - Total $ 7,346,212 $ 133,880 $ - Ju ly 2 , 201 7 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposit s $ - $ 133,922 $ - Equity securities 5,272,318 - - Mutual funds 2,817,392 - - Total $ 8,089,710 $ 133,922 $ - |
Schedule Of Telecommunications Stocks Held [Table Text Block] | AT&T shares 82,112 Manulife shares 2,520 CSAL shares 815 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 CenturyLink shares 4,398 Frontier Communications shares 300 Sprint shares 40,000 Verizon shares 31,904 Windstream shares 679 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | Jul. 10, 2017shares | Aug. 01, 2016USD ($) | Oct. 01, 2017shares | Jul. 09, 2017shares |
DexMedia [Member] | ||||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ | $ 5,845 | |||
Frontier Communications [Member] | ||||
Investment Owned, Balance, Shares | shares | 300 | 300 | 4,508 | |
Frontier Communications [Member] | Reverse Stock Split [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 |
Note 2 - Investments - Summary
Note 2 - Investments - Summary of Investments (Details) - USD ($) | Oct. 01, 2017 | Jul. 02, 2017 |
Short-term Investments [Member] | ||
Fair Value | $ 133,880 | $ 133,922 |
Cost Basis | 133,880 | 133,922 |
Unrealized Gain | ||
Equity Securities [Member] | ||
Fair Value | 5,508,392 | 5,272,318 |
Cost Basis | 1,279,914 | 1,279,914 |
Unrealized Gain | 4,228,478 | 3,992,404 |
Mutual Fund [Member] | ||
Fair Value | 1,837,820 | 2,817,392 |
Cost Basis | 1,824,554 | 2,800,144 |
Unrealized Gain | $ 13,266 | $ 17,248 |
Note 2 - Investments - Fair Val
Note 2 - Investments - Fair Value Hierarchy (Details) - USD ($) | Oct. 01, 2017 | Jul. 02, 2017 |
Equity Securities [Member] | ||
Fair Value Hierarchy | $ 5,508,392 | $ 5,272,318 |
Fair Value | 5,508,392 | 5,272,318 |
Mutual Fund [Member] | ||
Fair Value Hierarchy | 1,837,820 | 2,817,392 |
Fair Value | 1,837,820 | 2,817,392 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Hierarchy | 7,346,212 | 8,089,710 |
Fair Value | 7,346,212 | 8,089,710 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Fair Value Hierarchy | ||
Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value Hierarchy | 5,508,392 | 5,272,318 |
Fair Value | 5,508,392 | 5,272,318 |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Fair Value Hierarchy | 1,837,820 | 2,817,392 |
Fair Value | 1,837,820 | 2,817,392 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Hierarchy | 133,880 | 133,922 |
Fair Value | 133,880 | 133,922 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value Hierarchy | 133,880 | 133,922 |
Fair Value | 133,880 | 133,922 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Fair Value Hierarchy | ||
Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] | ||
Fair Value Hierarchy | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Hierarchy | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Fair Value Hierarchy | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Fair Value Hierarchy | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Fund [Member] | ||
Fair Value Hierarchy | ||
Fair Value |
Note 2 - Investments - Telecomm
Note 2 - Investments - Telecommunications Stocks Held (Details) - shares | Oct. 01, 2017 | Jul. 10, 2017 | Jul. 09, 2017 |
ATT [Member] | |||
Investment (in shares) | 82,112 | ||
Manulife [Member] | |||
Investment (in shares) | 2,520 | ||
CSAL [Member] | |||
Investment (in shares) | 815 | ||
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) | 300 | 300 | 4,508 |
Sprint [Member] | |||
Investment (in shares) | 40,000 | ||
Verizon [Member] | |||
Investment (in shares) | 31,904 | ||
Windstream [Member] | |||
Investment (in shares) | 679 |
Note 4 - Employee Benefit Pla21
Note 4 - Employee Benefit Plans (Details Textual) | 3 Months Ended |
Oct. 01, 2017 | |
Defined Contribution Plan Number of Plans | 2 |