Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 27, 2020 | Feb. 08, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | BOWL AMERICA INC | |
Entity Central Index Key | 0000013573 | |
Trading Symbol | bwla | |
Current Fiscal Year End Date | --06-27 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 27, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Class A Common stock (par value $.10) | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,414,517 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,746,454 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2020 | Dec. 29, 2019 | Dec. 27, 2020 | Dec. 29, 2019 | |
Operating Revenues: | ||||
Operating revenue | $ 2,519,857 | $ 6,164,859 | $ 4,155,859 | $ 11,289,470 |
Operating Expenses: | ||||
Employee compensation and benefits | 1,551,301 | 2,722,769 | 2,870,773 | 5,457,983 |
Depreciation and amortization | 247,808 | 235,574 | 495,616 | 470,752 |
General and administrative | 191,574 | 339,240 | 349,074 | 607,339 |
Total Operating Expenses | 3,186,087 | 5,271,430 | 6,001,820 | 10,556,126 |
Operating Income | (666,230) | 893,429 | (1,845,961) | 733,344 |
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 expense | (4,690) | |||
(Loss) earnings before provision for income taxes | (394,301) | 1,164,175 | (1,362,980) | 1,539,600 |
Provision for income taxes (benefit) | (92,519) | 286,500 | (323,475) | 376,600 |
Net (Loss) earnings | $ (301,782) | $ 877,675 | $ (1,039,505) | $ 1,163,000 |
(Loss) earnings per share-basic & diluted (in dollars per share) | $ (0.06) | $ 0.17 | $ (0.20) | $ 0.23 |
Weighted average shares outstanding (in shares) | 5,160,971 | 5,160,971 | 5,160,971 | 5,160,971 |
Dividends paid | $ 0 | $ 903,170 | $ 0 | $ 1,780,535 |
Common Class A [Member] | ||||
Operating Expenses: | ||||
Per share, dividends paid (in dollars per share) | $ 0 | $ 0.175 | $ 0 | $ 0.35 |
Common Class B [Member] | ||||
Operating Expenses: | ||||
Per share, dividends paid (in dollars per share) | $ 0 | $ 0.175 | $ 0 | $ 0.35 |
Bowling and Other [Member] | ||||
Operating Revenues: | ||||
Operating revenue | $ 1,823,182 | $ 4,310,723 | $ 2,990,054 | $ 7,920,396 |
Operating Expenses: | ||||
Cost of goods and services sold | 963,603 | 1,413,563 | 1,907,283 | 3,015,736 |
Food, Beverage, and Merchandise [Member] | ||||
Operating Revenues: | ||||
Operating revenue | 696,675 | 1,854,136 | 1,165,805 | 3,369,074 |
Operating Expenses: | ||||
Cost of goods and services sold | $ 231,801 | $ 560,284 | $ 379,074 | $ 1,004,316 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 27, 2020 | Jun. 28, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 846,250 | $ 1,659,264 |
Short-term investments | 134,251 | 134,202 |
Marketable investment securities | 5,521,168 | 5,216,218 |
Inventories | 439,393 | 486,105 |
Prepaid expenses and other | 250,986 | 523,662 |
Income taxes refundable | 766,244 | 766,244 |
TOTAL CURRENT ASSETS | 7,958,292 | 8,785,695 |
LAND, BUILDINGS & EQUIPMENT, net of accumulated depreciation of $41,535,063 and $41,039,447 | 17,247,883 | 17,667,517 |
OTHER ASSETS: | ||
Right to use asset | 1,731,935 | 1,812,937 |
Cash surrender value-life insurance | 282,895 | 282,895 |
Other | 64,265 | 64,265 |
TOTAL OTHER ASSETS | 2,079,095 | 2,160,097 |
TOTAL ASSETS | 27,285,270 | 28,613,309 |
CURRENT LIABILITIES: | ||
Accounts payable | 218,375 | 269,373 |
Accrued expenses | 618,681 | 932,528 |
Other current liabilities | 874,453 | 395,629 |
TOTAL CURRENT LIABILITIES | 1,711,509 | 1,597,530 |
Lease liability | 1,593,333 | 1,672,371 |
Note Payable PPP loan | 1,500,000 | 1,500,000 |
DEFERRED INCOME TAXES | 1,002,916 | 1,326,391 |
TOTAL LIABILITIES | 5,807,758 | 6,096,292 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, par value $10 a share: Authorized and unissued, 2,000,000 shares | ||
Additional paid-in capital | 7,854,108 | 7,854,108 |
Retained earnings | 13,107,307 | 14,146,812 |
TOTAL STOCKHOLDERS' EQUITY | 21,477,512 | 22,517,017 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 27,285,270 | 28,613,309 |
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 Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Dec. 27, 2020 | Jun. 28, 2020 |
Land, buildings, and equipment, accumulated depreciation | $ 41,535,063 | $ 41,039,447 |
Preferred stock, par value (in dollars per share) | $ 10 | $ 10 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Class A [Member] | ||
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 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 Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 27, 2020 | Dec. 29, 2019 | |
Cash Flows From Operating Activities | ||
Net earnings | $ (1,039,505) | $ 1,163,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 495,616 | 470,752 |
Amortization of right to use asset | 81,002 | 85,372 |
(Decrease) increase in deferred taxes | (323,475) | 147,662 |
Unrealized gain on marketable securities | (300,817) | (585,731) |
Net purchases of marketable securities | (4,133) | (16,349) |
Gain on sale of trading securities | (9,487) | |
Decrease in long-term assets | 2,000 | |
Changes in assets and liabilities | ||
Decrease in inventories | 46,712 | 14,396 |
Decrease in prepaid & other | 272,676 | 513,486 |
Decrease in accounts payable | (50,998) | (327,762) |
Decrease in accrued expenses | (313,847) | (346,642) |
Decrease in income taxes refundable | 150,675 | |
Increase in other current liabilities | 478,824 | 1,318,844 |
Decrease in lease liability | (79,038) | (79,117) |
Net cash (used in) provided by operating activities | (736,983) | 2,501,099 |
Cash Flows From Investing Activities | ||
Net expenditures for land, building and equipment | (75,982) | (455,981) |
Net (purchases) sales & maturities of short-term investments | (49) | 299,096 |
Proceeds from sale of securities | 1,000,000 | |
Net cash (used in) provided by investing activities | (76,031) | 843,115 |
Cash Flows From Financing Activities | ||
Payment of cash dividends | (1,806,341) | |
Net cash used in financing activities | (1,806,341) | |
Net Increase in Cash and Equivalents | (813,014) | 1,537,873 |
Cash and Equivalents, Beginning of period | 1,659,264 | 269,844 |
Cash and Equivalents, End of period | 846,250 | 1,807,717 |
Supplemental Disclosures of Cash Flow Information Cash Paid During the Period for: | ||
Income taxes | $ 0 | $ 86,700 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Jun. 30, 2019 | 3,746,454 | 1,414,517 | |||
Balance at Jun. 30, 2019 | $ 374,645 | $ 141,452 | $ 7,854,108 | $ 15,549,961 | |
Cash dividends paid | (903,170) | ||||
Net earnings (loss) for the quarter | 285,325 | ||||
Balance (in shares) at Sep. 29, 2019 | 3,746,454 | 1,414,517 | |||
Balance at Sep. 29, 2019 | $ 374,645 | $ 141,452 | 7,854,108 | 14,932,116 | |
Balance (in shares) at Jun. 30, 2019 | 3,746,454 | 1,414,517 | |||
Balance at Jun. 30, 2019 | $ 374,645 | $ 141,452 | 7,854,108 | 15,549,961 | |
Net earnings (loss) for the quarter | $ 1,163,000 | ||||
Balance (in shares) at Dec. 29, 2019 | 3,746,454 | 1,414,517 | |||
Balance at Dec. 29, 2019 | $ 374,645 | $ 141,452 | 7,854,108 | 14,906,620 | |
Balance (in shares) at Sep. 29, 2019 | 3,746,454 | 1,414,517 | |||
Balance at Sep. 29, 2019 | $ 374,645 | $ 141,452 | 7,854,108 | 14,932,116 | |
Cash dividends paid | (903,171) | ||||
Net earnings (loss) for the quarter | 877,675 | 877,675 | |||
Balance (in shares) at Dec. 29, 2019 | 3,746,454 | 1,414,517 | |||
Balance at Dec. 29, 2019 | $ 374,645 | $ 141,452 | 7,854,108 | 14,906,620 | |
Balance (in shares) at Jun. 28, 2020 | 3,746,454 | 1,414,517 | |||
Balance at Jun. 28, 2020 | $ 374,645 | $ 141,452 | 7,854,108 | 14,146,812 | 22,517,017 |
Cash dividends paid | |||||
Net earnings (loss) for the quarter | (737,723) | ||||
Balance (in shares) at Sep. 27, 2020 | 3,746,454 | 1,414,517 | |||
Balance at Sep. 27, 2020 | $ 374,645 | $ 141,452 | 7,854,108 | 13,409,089 | |
Balance (in shares) at Jun. 28, 2020 | 3,746,454 | 1,414,517 | |||
Balance at Jun. 28, 2020 | $ 374,645 | $ 141,452 | 7,854,108 | 14,146,812 | 22,517,017 |
Net earnings (loss) for the quarter | (1,039,505) | ||||
Balance (in shares) at Dec. 27, 2020 | 3,746,454 | 1,414,517 | |||
Balance at Dec. 27, 2020 | $ 374,645 | $ 141,452 | 7,854,108 | 13,107,307 | 21,477,512 |
Balance (in shares) at Sep. 27, 2020 | 3,746,454 | 1,414,517 | |||
Balance at Sep. 27, 2020 | $ 374,645 | $ 141,452 | 7,854,108 | 13,409,089 | |
Cash dividends paid | |||||
Net earnings (loss) for the quarter | (301,782) | (301,782) | |||
Balance (in shares) at Dec. 27, 2020 | 3,746,454 | 1,414,517 | |||
Balance at Dec. 27, 2020 | $ 374,645 | $ 141,452 | $ 7,854,108 | $ 13,107,307 | $ 21,477,512 |
Note 1 - Basis for Presentation
Note 1 - Basis for Presentation | 6 Months Ended |
Dec. 27, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. 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, 2020 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 June 28, 2020. |
Note 2 - Investments
Note 2 - Investments | 6 Months Ended |
Dec. 27, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. The Company's investments are categorized as current assets. Short-term investments consist of certificates of deposits and treasury bills with maturities of generally three one December 27, 2020 June 28, 2020 December 2 7 , 20 20 Description Fair Value Cost basis Unrealized Gain (Loss) Short-term investments $ 134,251 $ 134,251 $ - Equity securities $ 5,029,019 $ 1,279,914 $ 3,749,105 Mutual funds $ 492,149 $ 479,312 $ 12,837 June 28 , 20 20 Description Fair Value Cost basis Unrealized Gain Short-term investments $ 134,202 $ 134,202 $ - Equity securities $ 4,725,470 $ 1,279,914 $ 3,445,556 Mutual funds $ 490,748 $ 475,179 $ 15,569 The fair values of the Company's investments were determined as follows: December 27, 20 20 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits and Treasury Bills $ - $ 134,251 $ - Equity securities 5,029,019 - - Mutual funds 492,149 - - Total $ 5,521,168 $ 134,251 $ - June 28 , 20 20 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 134,202 $ - Equity securities 4,725,470 - - Mutual funds 490,748 - - Total $ 5,216,218 $ 134,202 $ - The equity securities portfolio includes the following stocks: AT&T shares 82,112 Manulife shares 2,520 Uniti shares 815 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 Lumen Technologies shares 4,398 Frontier Communications shares 300 T-Mobile shares 4,102 Verizon shares 31,904 Windstream shares 135 The Mutual fund included in the table above is Vanguard GNMA Admiral Shares #536 |
Note 3 - Leasing Arrangements
Note 3 - Leasing Arrangements | 6 Months Ended |
Dec. 27, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 3. As of December 27, 2020, one 2016 02. 26 December 27, 2020, $81,002 December 27, 2020 $1,593,333. $156,200 |
Note 4 - Commitments and Contin
Note 4 - Commitments and Contingencies | 6 Months Ended |
Dec. 27, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 4. The Company's purchase commitments at December 27, 2020, |
Note 5 - Employee Benefit Plans
Note 5 - Employee Benefit Plans | 6 Months Ended |
Dec. 27, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 5. The Company has two no |
Note 6 - New Accounting Standar
Note 6 - New Accounting Standards | 6 Months Ended |
Dec. 27, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 6. In February 2016, 12 July 1, 2019. $1,977,523 In August 2018, No. 2018 13, Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement no 1 2 3 3 December 15, 2019. not |
Note 7 - Reclassifications
Note 7 - Reclassifications | 6 Months Ended |
Dec. 27, 2020 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | 7. Certain previous year amounts have been reclassified to conform with current year presentation. |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | December 2 7 , 20 20 Description Fair Value Cost basis Unrealized Gain (Loss) Short-term investments $ 134,251 $ 134,251 $ - Equity securities $ 5,029,019 $ 1,279,914 $ 3,749,105 Mutual funds $ 492,149 $ 479,312 $ 12,837 June 28 , 20 20 Description Fair Value Cost basis Unrealized Gain Short-term investments $ 134,202 $ 134,202 $ - Equity securities $ 4,725,470 $ 1,279,914 $ 3,445,556 Mutual funds $ 490,748 $ 475,179 $ 15,569 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | December 27, 20 20 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits and Treasury Bills $ - $ 134,251 $ - Equity securities 5,029,019 - - Mutual funds 492,149 - - Total $ 5,521,168 $ 134,251 $ - June 28 , 20 20 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 134,202 $ - Equity securities 4,725,470 - - Mutual funds 490,748 - - Total $ 5,216,218 $ 134,202 $ - |
Schedule Of Telecommunications Stocks Held [Table Text Block] | AT&T shares 82,112 Manulife shares 2,520 Uniti shares 815 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 Lumen Technologies shares 4,398 Frontier Communications shares 300 T-Mobile shares 4,102 Verizon shares 31,904 Windstream shares 135 |
Note 2 - Investments - Summary
Note 2 - Investments - Summary of Investments (Details) - USD ($) | Dec. 27, 2020 | Jun. 28, 2020 |
Fair Value | $ 5,521,168 | $ 5,216,218 |
Short-term Investments [Member] | ||
Fair Value | 134,251 | 134,202 |
Original Cost | 134,251 | 134,202 |
Unrealized Gain (Loss) | ||
Equity Securities [Member] | ||
Fair Value | 5,029,019 | 4,725,470 |
Original Cost | 1,279,914 | 1,279,914 |
Unrealized Gain (Loss) | 3,749,105 | 3,445,556 |
Mutual Fund [Member] | ||
Fair Value | 492,149 | 490,748 |
Original Cost | 479,312 | 475,179 |
Unrealized Gain (Loss) | $ 12,837 | $ 15,569 |
Note 2 - Investments - Fair Val
Note 2 - Investments - Fair Value Hierarchy (Details) - USD ($) | Dec. 27, 2020 | Jun. 28, 2020 |
Fair Value | $ 5,521,168 | $ 5,216,218 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 5,521,168 | 5,216,218 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 134,251 | 134,202 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | ||
Certificates of Deposits and Treasury Bills [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Certificates of Deposits and Treasury Bills [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 134,251 | 134,202 |
Certificates of Deposits and Treasury Bills [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | ||
Equity Securities [Member] | ||
Fair Value | 5,029,019 | 4,725,470 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 5,029,019 | 4,725,470 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | ||
Mutual Fund [Member] | ||
Fair Value | 492,149 | 490,748 |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 492,149 | 490,748 |
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value |
Note 2 - Investments - Telecomm
Note 2 - Investments - Telecommunications Stocks Held (Details) | Dec. 27, 2020shares |
ATT [Member] | |
Investment (in shares) | 82,112 |
Manulife [Member] | |
Investment (in shares) | 2,520 |
Uniti Shares [Member] | |
Investment (in shares) | 815 |
NCR [Member] | |
Investment (in shares) | 774 |
Teradata [Member] | |
Investment (in shares) | 774 |
Vodafone [Member] | |
Investment (in shares) | 6,471 |
Lumen Technologies Shares [Member] | |
Investment (in shares) | 4,398 |
Frontier Communications [Member] | |
Investment (in shares) | 300 |
T-Mobile [Member] | |
Investment (in shares) | 4,102 |
Verizon [Member] | |
Investment (in shares) | 31,904 |
Windstream [Member] | |
Investment (in shares) | 135 |
Note 3 - Leasing Arrangements (
Note 3 - Leasing Arrangements (Details Textual) | 6 Months Ended | |
Dec. 27, 2020USD ($) | Jun. 28, 2020USD ($) | |
Number of Leases | 1 | |
Operating Lease, Right-of-Use Asset, Amortization Expense | $ 81,002 | |
Operating Lease, Liability, Noncurrent | 1,593,333 | $ 1,672,371 |
Other Current Liabilities [Member] | ||
Operating Lease, Liability, Current | $ 156,200 |
Note 5 - Employee Benefit Pla_2
Note 5 - Employee Benefit Plans (Details Textual) | 6 Months Ended |
Dec. 27, 2020 | |
Defined Contribution Plan Number of Plans | 2 |
Note 6 - New Accounting Stand_2
Note 6 - New Accounting Standards (Details Textual) - USD ($) | Dec. 27, 2020 | Jun. 28, 2020 | Jul. 01, 2019 |
Operating Lease, Right-of-Use Asset | $ 1,731,935 | $ 1,812,937 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 1,977,523 | ||
Operating Lease, Liability, Total | $ 1,977,523 |