EXHIBIT 20
For Immediate Release | February 9, 2021 |
BOWL AMERICA REPORTS SECOND QUARTER LOSS
Bowl America Incorporated today reported a loss per share of $.06 for its fiscal 2021 second quarter ended December 27, 2020 and a loss per share of $.20 for the first half of fiscal 2021. The continuing COVID-19 pandemic and government required restrictions in allowed operating capacity continue to negatively impact the business. In addition, promotional pricing has reduced the per-game rate on open play games.
League bowling has remained strong with many leagues utilizing a split season schedule hoping to add members in the second half of their seasons should COVID-19 restrictions be eased.
Bowl America operates 17 bowling centers and its Class A Common Stock trades on the NYSE American exchange under the symbol BWLA. A more detailed explanation of results is available in the Company’s S.E.C. Form 10-Q filing available at the Company’s website www.bowlamericainc.com.
BOWL AMERICA INCORPORATED
Results of Operations
Thirteen | Thirteen | Twenty-six | Twenty-six | |||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||||
12/27/20 | 12/29/19 | 12/27/20 | 12/29/19 | |||||||||||||
Operating Revenues | ||||||||||||||||
Bowling and other | $ | 1,823,182 | $ | 4,310,723 | $ | 2,990,054 | $ | 7,920,396 | ||||||||
Food, beverage and merchandise sales | 696,675 | 1,854,136 | 1,165,805 | 3,369,074 | ||||||||||||
2,519,857 | 6,164,859 | 4,155,859 | 11,289,470 | |||||||||||||
Operating expenses excluding depreciation and amortization | 2,938,279 | 5,035,856 | 5,506,204 | 10,085,374 | ||||||||||||
Depreciation and amortization | 247,808 | 235,574 | 495,616 | 470,752 | ||||||||||||
Interest, dividend and other income | 97,338 | 109,864 | 186,854 | 216,321 | ||||||||||||
Change in value of investments | 174,591 | 160,882 | 300,817 | 589,935 | ||||||||||||
PPP loan interest | - | - | (4,690 | ) | - | |||||||||||
(Loss) earnings before taxes | (394,301 | ) | 1,164,175 | (1,362,980 | ) | 1,539,600 | ||||||||||
Net (Loss) earnings | $ | (301,782 | ) | $ | 877,675 | $ | (1,039,505 | ) | $ | 1,163,000 | ||||||
Weighted average shares outstanding | 5,160,971 | 5,160,971 | 5,160,971 | 5,160,971 | ||||||||||||
(LOSS) EARNINGS PER SHARE | (.06 | ) | .17 | (.20 | ) | .23 |
* * * *
SUMMARY OF FINANCIAL POSITION
Dollars in Thousands
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| 12/27/20 |
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| 12/29/19 |
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ASSETS |
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Total current assets including cash and short-term investment of $981 and $1,942 |
| $ | 7,958 |
| $ | 10,125 |
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Property and other assets |
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| 19,327 |
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| 20,311 |
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TOTAL ASSETS |
| $ | 27,285 |
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| $ | 30,436 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Total current liabilities |
| $ | 1,711 |
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| $ | 3,858 |
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Other liabilities |
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| 4,096 |
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| 3,301 |
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Stockholders' equity |
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| 21,478 |
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| 23,277 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
| $ | 27,285 |
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| $ | 30,436 |
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