Press Release: BOWLIN Travel Centers, Inc.
December 13, 2001
ALBUQUERQUE, NM -- BOWLIN Travel Centers, Inc. (OTC Bulletin Board: BWTL.OB) yesterday reported financial results
for the third quarter of fiscal year 2002. For the nine-month period ended October 31, 2001, the company reported
net sales of $18,345,000 compared to $20,929,000 in the nine-month period ended October 31, 2000. Net income for
the first nine-months of the fiscal year was $241,000 or $0.05 per basic and diluted share versus net income of
$280,000 or $0.06 per basic and diluted share for the same period in the prior year.
Michael L. Bowlin, Bowlin Travel Centers' chairman, president and chief executive officer, said, ``The downturn
in gasoline prices during our third quarter significantly affected fuel sales. Highway travel in our markets is
consistent with prior periods, and inside travel center store sales remained healthy despite the changing economic
climate during the quarter that was intensified by the events of September 11th.''
``Our basic business platform is performing well. We have reduced G&A expense with improved operating efficiencies
and interest expense has decreased as a result of the reduction in interest rates,'' Bowlin continued. ``We will
continue to execute our successful business strategy that will maximize cash reserves and maintain our strong balance
sheet. We expect the fourth quarter will perform well even in the challenging economic conditions that exist.''
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.
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.
The following tables outline the company's financial results for the
third quarter of fiscal 2002.
Condensed Balance Sheets and Statements of Income
BALANCE SHEET
(in thousands)
October 31, January 31,
2001 2001
(Unaudited)
Cash and cash equivalents $3,995 $4,043
Other current assets 3,627 4,255
Total Current Assets 7,622 8,298
Property & equipment, net 9,448 9,544
Other assets 516 686
Total Assets $17,586 $18,528
Liability and Shareholders' Equity
Current liabilities $2,270 $2,689
Long-term debt 4,709 5,446
Deferred income taxes 586 613
Total Liabilities 7,565 8,748
Shareholders' Equity 10,021 9,780
Total Liabilities and
Shareholders' Equity $17,586 $18,528
The following table outlines the Company's financial results for the third
quarter of fiscal 2002.
CONDENSED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except share and per share data)
THREE MONTHS ENDED NINE MONTHS ENDED
OCTOBER 31, OCTOBER 31,
2001 2000 2001 2000
Net sales $5,553 $6,378 $18,345 $20,929
Cost of goods sold 3,859 4,481 12,668 14,653
General and
administrative
expenses 1,542 1,723 4,595 5,126
Depreciation and
amortization 185 213 569 590
Management fee income -- 57 -- 161
Operating (loss) income (33) 18 513 721
Interest expense (93) (152) (326) (471)
Other non-operating
income, net 80 19 206 208
Income (loss) before
income taxes (46) (115) 393 458
Income taxes (17) (43) 152 178
Net (loss) income $(29) $(72) $241 $280
Earnings per share:
Basic and diluted $(0.01) $(0.02) $0.05 $0.06
Weighted average
common shares
outstanding 4,583,348 4,400,041 4,583,348 4,390,312
For Further Information Contact: Michael L. Bowlin, Chairman, (505) 266-5985; or Rudy R. Miller, Chairman &
CEO, The Miller Group, Investor Relations for the Company, (602) 225-0504
SOURCE: BOWLIN Travel Centers, Inc.