Bowlin Travel Centers Reports Results for Fiscal Year 2001

Apr 27, 2001, 01:00 ET from Bowlin Travel Centers, Inc.

    ALBUQUERQUE, N.M., April 27 /PRNewswire/ -- Bowlin Travel Centers, Inc.
 (OTC Bulletin Board:   BWTL.OB) today announced operating results for its fiscal
 year ended January 31, 2001.  During its fiscal year, Bowlin Travel Centers
 was a wholly owned subsidiary of Bowlin Outdoor Advertising & Travel Centers
 Incorporated and operated as a business segment of that company.  Bowlin
 Travel Centers was spun-off from Bowlin Outdoor on January 30, 2001, prior to
 the consummation of a merger between Bowlin Outdoor and Lamar Advertising
 Company.
     The company reported net sales for the fiscal year ended January 31, 2001
 of $26.765 million as compared to fiscal year ended January 31, 2000 net sales
 of $26.856 million.  Net income was $299,000 or $0.07 per basic share for
 fiscal 2001 compared to $487,000 or $0.11 per basic share for fiscal 2000.
     "Our travel centers' operating results for fiscal year 2001 met all our
 expectations.  Revenue remained virtually unchanged with two travel centers
 being divested in the last two quarters of the fiscal year, operating income
 increased primarily as a result of a decrease in general and administrative
 expenses, and income from operations for the fiscal year rose 20.8% as
 compared to the prior year.  During the year we also completed the separation
 of our company with the spin off of the travel centers into a separate public
 company, and closed the merger transaction of the outdoor division with Lamar
 Advertising Company," stated Michael L. Bowlin, chairman, president and chief
 executive officer of Bowlin Travel Centers.
     "For this our first report to the public shareholders of the new Bowlin
 Travel Centers, we are pleased to report the company has a strong balance
 sheet with a current ratio of 3.08:1.  Our short-term objectives are to
 continue improving operating results at each of the travel centers
 and to divest any operation that does not meet our financial objectives,"
 Bowlin continued.
     "Management is committed to further strengthen the company's balance sheet
 and to build on its current cash position," he concluded.
     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.
 
     For further information, please contact Michael L. Bowlin, Chairman of
 Bowlin Travel Centers, Inc., 505-266-5985; or Investor Relations, Rudy R.
 Miller, Chairman & CEO of The Miller Group, 602-225-0504, for Bowlin Travel
 Centers, Inc.
 
     The following tables outline the company's financial results for fiscal
 2001 and fiscal 2000.
 
 
               Condensed Balance Sheets and Statements of Income
                                 BALANCE SHEET
 
                                                          Fiscal Year Ended
                                                             January 31,
     (in thousands)
                                                         2001           2000
 
     Cash and cash equivalents                         $4,043         $1,389
 
     Other current assets                               4,255          4,343
 
       Total Current Assets                             8,298          5,732
 
     Property & equipment, net                          9,544         10,761
 
     Other assets                                         686            498
 
       Total Assets                                   $18,528        $16,991
 
 
     Liability and Shareholders' Equity
 
     Current liabilities                               $2,689         $2,045
 
     Long-term debt                                     5,446          6,232
 
     Deferred income taxes                                613            593
 
       Total Liabilities                                8,748          8,870
 
 
     Shareholders' Equity                               9,780          8,121
 
 
     Total Liabilities and Shareholders' Equity       $18,528        $16,991
 
 
 
                                INCOME STATEMENT
                    (in thousands, except per share amounts)
 
                                                         Twelve Months Ended
                                                             January 31,
                                                         2001           2000
 
     Net sales                                        $26,765        $26,856
 
     Cost of goods sold                                18,749         18,660
 
     General and administrative expenses                6,742          7,129
 
     Depreciation and amortization                        779            719
 
     Management fee income                                213            207
 
     Other operating income, net                           --             31
 
     Income from Operations                               708            586
 
     Interest (expense)                                  (626)          (598)
 
     Other non-operating income, net                      448            808
 
 
     Income before income taxes                           530            796
 
 
     Income taxes                                         231            309
 
 
     Net income                                          $299           $487
 
 
     Weighted average common shares                 4,583,348      4,583,348
 
 
     Earnings per share                                 $0.07          $0.11
 
 
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SOURCE Bowlin Travel Centers, Inc.
    ALBUQUERQUE, N.M., April 27 /PRNewswire/ -- Bowlin Travel Centers, Inc.
 (OTC Bulletin Board:   BWTL.OB) today announced operating results for its fiscal
 year ended January 31, 2001.  During its fiscal year, Bowlin Travel Centers
 was a wholly owned subsidiary of Bowlin Outdoor Advertising & Travel Centers
 Incorporated and operated as a business segment of that company.  Bowlin
 Travel Centers was spun-off from Bowlin Outdoor on January 30, 2001, prior to
 the consummation of a merger between Bowlin Outdoor and Lamar Advertising
 Company.
     The company reported net sales for the fiscal year ended January 31, 2001
 of $26.765 million as compared to fiscal year ended January 31, 2000 net sales
 of $26.856 million.  Net income was $299,000 or $0.07 per basic share for
 fiscal 2001 compared to $487,000 or $0.11 per basic share for fiscal 2000.
     "Our travel centers' operating results for fiscal year 2001 met all our
 expectations.  Revenue remained virtually unchanged with two travel centers
 being divested in the last two quarters of the fiscal year, operating income
 increased primarily as a result of a decrease in general and administrative
 expenses, and income from operations for the fiscal year rose 20.8% as
 compared to the prior year.  During the year we also completed the separation
 of our company with the spin off of the travel centers into a separate public
 company, and closed the merger transaction of the outdoor division with Lamar
 Advertising Company," stated Michael L. Bowlin, chairman, president and chief
 executive officer of Bowlin Travel Centers.
     "For this our first report to the public shareholders of the new Bowlin
 Travel Centers, we are pleased to report the company has a strong balance
 sheet with a current ratio of 3.08:1.  Our short-term objectives are to
 continue improving operating results at each of the travel centers
 and to divest any operation that does not meet our financial objectives,"
 Bowlin continued.
     "Management is committed to further strengthen the company's balance sheet
 and to build on its current cash position," he concluded.
     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.
 
     For further information, please contact Michael L. Bowlin, Chairman of
 Bowlin Travel Centers, Inc., 505-266-5985; or Investor Relations, Rudy R.
 Miller, Chairman & CEO of The Miller Group, 602-225-0504, for Bowlin Travel
 Centers, Inc.
 
     The following tables outline the company's financial results for fiscal
 2001 and fiscal 2000.
 
 
               Condensed Balance Sheets and Statements of Income
                                 BALANCE SHEET
 
                                                          Fiscal Year Ended
                                                             January 31,
     (in thousands)
                                                         2001           2000
 
     Cash and cash equivalents                         $4,043         $1,389
 
     Other current assets                               4,255          4,343
 
       Total Current Assets                             8,298          5,732
 
     Property & equipment, net                          9,544         10,761
 
     Other assets                                         686            498
 
       Total Assets                                   $18,528        $16,991
 
 
     Liability and Shareholders' Equity
 
     Current liabilities                               $2,689         $2,045
 
     Long-term debt                                     5,446          6,232
 
     Deferred income taxes                                613            593
 
       Total Liabilities                                8,748          8,870
 
 
     Shareholders' Equity                               9,780          8,121
 
 
     Total Liabilities and Shareholders' Equity       $18,528        $16,991
 
 
 
                                INCOME STATEMENT
                    (in thousands, except per share amounts)
 
                                                         Twelve Months Ended
                                                             January 31,
                                                         2001           2000
 
     Net sales                                        $26,765        $26,856
 
     Cost of goods sold                                18,749         18,660
 
     General and administrative expenses                6,742          7,129
 
     Depreciation and amortization                        779            719
 
     Management fee income                                213            207
 
     Other operating income, net                           --             31
 
     Income from Operations                               708            586
 
     Interest (expense)                                  (626)          (598)
 
     Other non-operating income, net                      448            808
 
 
     Income before income taxes                           530            796
 
 
     Income taxes                                         231            309
 
 
     Net income                                          $299           $487
 
 
     Weighted average common shares                 4,583,348      4,583,348
 
 
     Earnings per share                                 $0.07          $0.11
 
 
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 SOURCE  Bowlin Travel Centers, Inc.