SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
Pursuant to Section 13(d) of The Securities Exchange Act of 1934
Date of Report: September 15, 2000 Commission File No. 0-1830
BOWL AMERICA INCORPORATED
(exact name of registrant as specfied in charter)
STATE OF MARYLAND 54-0646173
(State of Incorporation) (I.R.S. Employer Identification No.)
6446 Edsall Road, Alexandria, VA 22312
(Address of Principal Executive Office Zip Code)
703-941-6300
(Registrant's Telephone Number, Including Area Code)
INFORMATION TO BE INCLUDED IN REPORT
ITEM 5. OTHER EVENTS
Text of Press Release regarding Fourth Quarter and Fiscal
Year 2000 Earnings
PERFECT GAME AT BOWL AMERICA
Bowl America's customers know that 12 strikes make a perfect game.
Bowl America stockholders have been treated to their twelfth
consecutive quarterly year-to-year earnings increase. During the
current quarter, which ended July 2 and included a fourteenth week,
earnings more than doubled to $.17 a share from $.08. As a result,
annual per share earnings rose 36%. The Company has fewer shares
outstanding because of its stock repurchases.
The business improvement carried over into the new year, helped by a
rainy July in the Company's northern markets. Because of calendar
differences the first quarter will also profit from an additional week
of winter league bowling. That extra linage will be lost during the
last quarter of fiscal 2001, which will also suffer from the absence
of the fourteenth week.
During July the Company received $219,000 as the cash consideration
for the AT&T/Media One merger. Those proceeds were applied to the
purchase of a previously leased profitable bowling center for
$2,250,000. In addition, the Company paid a 5% stock dividend in July
and maintained its existing $.11 per share payment rate. This resulted
in the second dividend increase in the last year and will, if continued,
make this the twenty-ninth consecutive year of dividend increases.
Bowl America operates 22 centers in Maryland, Virginia and Florida and
its stock trades on the American Stock Exchange with the symbol BWLA.
BOWL AMERICA INCORPORATED
Results of Operations
14 weeks 13 weeks 53 weeks 52 weeks
ended ended ended ended
7/2/00 6/27/99 7/2/00 6/27/99
REVENUES
Bowling and other $4,899,291 $4,435,570 $20,715,004 $19,696,199
Food and merchandise
sales 1,979,504 1,823,464 8,187,196 7,851,291
--------- --------- ---------- ----------
$6,878,795 $6,259,034 $28,902,200 $27,547,490
Operating expenses,
excluding depreciation
and amortization $5,221,481 $5,019,806 $21,051,313 $20,726,851
Depreciation and
amortization 445,642 557,125 2,099,928 2,268,267
Interest & dividend income 232,348 177,870 823,470 684,781
Earnings before taxes 1,444,020 859,973 6,574,429 5,237,153
Net Earnings 918,806 508,540 4,213,429 3,335,153
*Weighted averages shares
outstanding 5,117,810 5,525,331 5,321,802 5,739,078
*EARNINGS PER SHARE .17 .08 .79 .58
*Adjusted to reflect the 5% stock dividend distributed July 26, 2000.
SUMMARY OF FINANCIAL POSITION
Dollars in Thousands
7/2/00 6/27/99
ASSETS
Total current asets, including cash and short-
term investments of $10,397 and $9,248 $11,495 $10,453
Property and investments 29,216 31,295
______ ______
TOTAL ASSETS $40,711 $41,748
LIABILITIES & STOCKHOLDERS' EQUITY
Total current liabilities $ 2,165 $ 2,065
Other liabilities 3,678 4,206
Stockholders'equity 34,868 35,477
______ ______
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $40,711 $41,748
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BOWL AMERICA INCORPORATED
Registrant
Leslie H. Goldberg
Leslie H. Goldberg
President
Date: September 15, 2000
