Bowlin Travel Centers Reports Strong Results for Fiscal Year 2008 and Fourth Quarter
25 April 2008 - 10:05PM
PR Newswire (US)
36th Consecutive Year of Profitability ALBUQUERQUE, N.M., April 25
/PRNewswire-FirstCall/ -- Bowlin Travel Centers, Inc. (OTC:BWTL)
(BULLETIN BOARD: BWTL) today reported net sales from continuing
operations for fiscal year ended January 31, 2008 were up 1.6% to
$28.183 million from $27.751 million for fiscal year ended January
31, 2007. For the fourth quarter of fiscal year 2008, Bowlin's net
sales from continuing operations increased 3.5% to $6.575 million
from $6.351 million in the same period of fiscal year 2007.
Earnings per share for the twelve-month period ended January 31,
2008 were $0.10 per basic and diluted share, compared to $0.13 per
basic and diluted share for the twelve months ended January 31,
2007. A loss of $0.03 per basic and diluted share was reported for
the fourth quarter period ended January 31, 2008 compared to
earnings per share of $0.05 per basic and diluted share in the same
period of the prior year. Michael L. Bowlin, Chairman, President
and Chief Executive Officer, commented, "Despite the adverse retail
conditions that were part of our nation's slowing economy during
Bowlin's fiscal 2008, I am pleased to report our 36th year of
profitability. Sales at our travel centers were affected by rising
fuel prices in much the same manner as retail operations across the
nation have been reporting. Decreased traffic on the highways as a
result of the higher fuel costs and periodic weather related
conditions ultimately impacted our retail merchandise sales and
food sales. We nonetheless reported an increase in net sales for
the quarter and twelve-month periods, offset by increases in the
cost of goods sold and general and administrative expenses. We
recorded the sale of one underperforming location during the second
quarter of fiscal 2008 that added $549,000, net of taxes, to net
income and increased our marketable securities cash position by
$1.500 million. Two other underperforming locations remain on the
market for sale. "The upgrades in our inventory systems will be
ongoing in the coming fiscal year 2009, which is a major factor in
controlling our cost of goods sold. We will also continue our
supervisory support programs for travel center management and our
volume buying efforts that offer improvement in our margins,"
Bowlin stated. The Company operates travel centers strategically
located on major interstate highways that utilize co-branding
agreements with national companies. The Company's current
operations are located in the Southwestern United States. Visit our
web site at: http://www.bowlintc.com/ Certain statements contained
herein with respect to factors which may affect future earnings,
including management's beliefs and assumptions based on information
currently available, are forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements that are not
historical facts involve risks and uncertainties, and results could
vary materially from the descriptions contained herein. For more
details on risk factors, see the company's annual reports on Form
10-K, quarterly reports on Form 10-Q and other filings with the
Securities and Exchange Commission. For Further Information
Contact: Michael L. Bowlin, Chairman (505) 266-5985 Rudy R. Miller,
Chairman and CEO The Miller Group Investor Relations for the
Company (602) 225-0504 FINANCIAL TABLES FOLLOW: The following
tables outline the company's financial results for fiscal 2008 and
fiscal 2007. Condensed Balance Sheets and Statements of Income
BALANCE SHEET (in thousands) January 31, January 31, 2008 2007
(Audited) (Audited) Assets Cash and cash equivalents $1,899 $2,308
Marketable securities 2,300 453 Other current assets 4,047 4,171
Total Current Assets 8,246 6,932 Property and equipment, net 9,854
9,706 Assets held for sale 1,123 2,559 Other assets 638 809 Total
Assets $19,861 $20,006 Liabilities and Shareholders' Equity Current
liabilities $1,540 $1,881 Long-term debt 4,577 4,198 Long-term debt
of assets held for sale - 521 Deferred income taxes 639 759 Total
Liabilities 6,756 7,359 Shareholders' equity 13,105 12,647 Total
Liabilities and Shareholders' Equity $19,861 $20,006 CONDENSED
STATEMENTS OF INCOME (Audited) (in thousands, except share and per
share data) THREE MONTHS ENDED TWELVE MONTHS ENDED JANUARY 31,
JANUARY 31, 2008 2007 2008 2007 Net sales $6,575 $6,351 $28,183
$27,751 Cost of goods sold (4,735) (4,381) (19,670) (18,910)
General and administrative expenses (1,734) (1,671) (7,490) (7,110)
Depreciation and amortization (207) (195) (801) (758) Income (loss)
from continuing operations (101) 104 222 973 Interest expense (76)
(80) (374) (336) Other non-operating income, net 81 129 377 383
Income (loss) from continuing operations before income taxes (96)
153 225 1,020 Income tax expense (benefit) 31 (63) (103) (413)
Income (loss) from continuing operations (65) 90 122 607 Loss from
discontinued operations (50) (59) (213) (204) Income from disposal
of discontinued component net of income tax expense - - 549 -
Unusual item - 201 - 201 Net income (loss) $(115) $232 $458 $604
Earnings (loss) per share: Basic and diluted; continuing operations
$(0.02) $0.06 $0.03 $0.17 Basic and diluted; discontinued
operations $(0.01) $(0.01) $(0.05) $(0.04) Basic and diluted,
disposal of discontinued operations - - $0.12 - Basic and diluted;
net income $(0.03) $0.05 $0.10 $0.13 Weighted average common shares
outstanding 4,583,348 4,583,348 4,583,348 4,583,348 DATASOURCE:
Bowlin Travel Centers, Inc. CONTACT: Michael L. Bowlin, Chairman of
Bowlin Travel Centers, Inc., +1-505-266-5985; or Rudy R. Miller,
Investor Relations, Chairman and CEO of The Miller Group,
+1-602-225-0504, for Bowlin Travel Centers, Inc.
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