Bowl America Incorporated (herein referred to as the "Company") was incorporated in 1958. The Company commenced business with one bowling center in 1958, and at the end of fiscal year 2019, the Company and its wholly-owned subsidiaries operated 18 bowling centers, sixteen of which are owned by the Company. In March 2019, the Company elected not to renew the lease on the Manassas, Virginia location. The lease terminated August 31, 2019.
The Company operates in one segment. Its principal source of revenue consists of fees charged for the use of bowling lanes and other facilities and from the sale of food and beverages for consumption on the premises. At the end of the fiscal year 2019, the Company had operating revenues from continuing operations of approximately $24.4 million, and approximately $28 million in total assets. Merchandise sales, including food and beverages, were approximately 30% of operating revenues. The balance of operating revenues (approximately 70%) represents fees for bowling and related services. Earnings per share for fiscal 2019 were $0.59.
As of September 1, 2019 the Company operated 9 bowling centers in the greater metropolitan area of Washington, D.C., one bowling center in the greater metropolitan area of Baltimore, Maryland, three bowling centers in the greater metropolitan area of Jacksonville, Florida, and four bowling centers in the greater metropolitan area of Richmond, Virginia. These 17 bowling centers contain a total of 682 lanes.