Bowlin Travel Centers Reports Results for First Quarter Fiscal Year 2009
10 June 2008 - 9:05PM
PR Newswire (US)
ALBUQUERQUE, N.M., June 10 /PRNewswire-FirstCall/ -- Bowlin Travel
Centers, Inc. (OTC:BWTL) (BULLETIN BOARD: BWTL) today reported
results for the first quarter of fiscal year 2009. For the
three-month period ended April 30, 2008, the Company reported net
sales from continuing operations of $6.579 million, a decrease of
1.5% compared to net sales from continuing operations of $6.677
million for the prior year first quarter period. The Company
experienced a net loss for the three-month period ended April 30,
2008, of $96,000 or $0.021 per basic and diluted share compared to
net income of $8,000, or $0.002 per basic and diluted share for the
three-month period ended April 30, 2007. "Decreased traffic on the
highways as a result of higher fuel costs impacted our retail
merchandise and food sales," said Michael L. Bowlin, Chairman,
President and Chief Executive Officer. "The nation continues to
experience a general slowing of economic strength created by the
rising cost of fuel. We will focus on our ability to effectively
manage our travel centers and to control cost of sales through
volume purchasing that provides improved margins. In addition, we
will continue to improve inventory control through our proprietary
software." The Company operates full-service travel centers and
restaurants that offer brand name food and gasoline, and a unique
variety of Southwestern merchandise to the traveling public in New
Mexico and Arizona. Visit our web sites 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 the first
quarter of fiscal 2009. Condensed Balance Sheets and Statements of
Income BALANCE SHEET (in thousands) April 30, January 31, 2008 2008
(Unaudited) (Audited) Assets Cash and cash equivalents $1,473
$1,899 Marketable securities 2,500 2,300 Other current assets 4,132
4,047 Total Current Assets 8,105 8,246 Property and equipment, net
9,733 9,855 Assets held for sale 1,117 1,123 Other assets 623 638
Total Assets $19,578 $19,862 Liabilities and Shareholders' Equity
Current liabilities $1,409 $1,541 Long-term debt 4,544 4,577
Deferred income taxes 616 639 Total Liabilities 6,569 6,757
Shareholders' equity 13,009 13,105 Total Liabilities and
Shareholders' Equity $19,578 $19,862 CONDENSED STATEMENTS OF INCOME
(in thousands, except share and per share data) THREE MONTHS ENDED
April 30, 2008 2007 Net sales $6,579 $6,677 Cost of goods sold
(4,790) (4,586) General and administrative expenses (1,722) (1,815)
Depreciation and amortization (210) (194) Income (loss) from
continuing operations (143) 82 Interest expense (68) (76) Other
non-operating income, net 82 104 Income (loss) from continuing
operations before income taxes (129) 110 Income tax expense
(benefit) 47 (57) Income (loss) from continuing operations (82) 53
Loss from discontinued operations (14) (45) Net income (loss) $(96)
$8 Earnings per share: Basic and diluted; continuing operations
$(0.018) $0.012 Basic and diluted; discontinued operations $(0.003)
$(0.010) Basic and diluted; net income (loss) $(0.021) $0.002
Weighted average common shares outstanding 4,583,348 4,583,348
DATASOURCE: Bowlin Travel Centers, Inc. CONTACT: Michael L. Bowlin,
Chairman, +1-505-266-5985; or Rudy R. Miller, Chairman and CEO of
The Miller Group, +1-602-225-0504, Investor Relations for Bowlin
Travel Centers, Inc. Web site: http://www.bowlintc.com/
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