ALBUQUERQUE, N.M., Sept. 10 /PRNewswire-FirstCall/ -- Bowlin Travel Centers, Inc. (OTC:BWTL) (BULLETIN BOARD: BWTL) today reported results for the second quarter of fiscal year 2009. For the three-month period ended July 31, 2008, the Company reported net sales from continuing operations of $7.645 million, a decrease of 7.5% compared to net sales from continuing operations of $8.268 million for the prior year second quarter period. The Company reported net income for the three-month period ended July 31, 2008, of $118,000 or $0.03 per basic and diluted share, compared to net income of $711,000, or $0.15 per basic and diluted share for the prior year period ended July 31, 2007 that includes income of $549,000 (net of income tax expense) from the sale of one location. For the six months ended July 31, 2008, the Company reported net sales from continuing operations of $14.224 million, a decrease of 4.8% compared to net sales from continuing operations of $14.945 million for the six months ended July 31, 2007. Net income for the six months ended July 31, 2008 was $21,000 or $0.01 per basic and diluted share, compared to net income of $720,000, or $0.16 per basic and diluted share for the prior year six months ended July 31, 2007 that includes income of $549,000 (net of income tax expense) from the sale of one location. "The nation continues to experience a general downturn in economic strength from concerns related to the residential real estate market and fuel prices that while down from recent highs still remain higher than a year ago. These are two major factors impacting highway traffic that in turn impacts sales at our travel centers where merchandise sales were off 17.3% in the second quarter. In addition, a major interstate construction project in Arizona adversely affected two locations," said Michael L. Bowlin, Chairman, President and Chief Executive Officer. "We have in place cost controls to reduce hourly personnel costs based on traffic demands in each location and by staff reduction through attrition. Our G&A expense was down 11.3% in the second quarter as a result of our concentration on cost controls that include volume purchasing to provide improved margins and inventory control through our proprietary software. We will continue to focus on adjustments designed to meet the demands of the current market while maintaining the quality service our customers have come to expect at our travel centers. In addition to our cost control strategies, the Company has retained Miller Capital Markets, LLC, an investment banking firm and FINRA member, to assist the Board of Directors in assessing a number of strategic and business options as we navigate through this difficult economic environment," Bowlin concluded. 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. FINANCIAL TABLES FOLLOW: The following tables outline the company's financial results for the second quarter of fiscal 2009. Condensed Balance Sheets and Statements of Income BALANCE SHEETS (in thousands) July 31, January 31, 2008 2008 (Audited) Assets Cash and cash equivalents $1,765 $1,899 Marketable securities 2,500 2,300 Other current assets 4,034 4,047 Total Current Assets 8,299 8,246 Property and equipment, net 9,753 9,855 Assets held for sale 1,114 1,123 Other assets 610 638 Total Assets $19,776 $19,862 Liabilities and Shareholders' Equity Current liabilities $1,533 $1,541 Long-term debt 4,510 4,577 Deferred income taxes 607 639 Total Liabilities 6,650 6,757 Shareholders' equity 13,126 13,105 Total Liabilities and Shareholders' Equity $19,776 $19,862 CONDENSED STATEMENTS OF INCOME (in thousands, except share and per share data) Three Months Ended Six Months Ended July 31, July 31, July 31, July 31, 2008 2007 2008 2007 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales $7,645 $8,268 $14,224 $14,945 Cost of goods sold (5,390) (5,557) (10,180) (10,143) General and administrative expenses (1,856) (2,093) (3,578) (3,907) Depreciation and amortization (211) (194) (421) (389) Operating income 188 424 45 506 Interest expense (70) (138) (138) (215) Other non-operating income 76 85 158 190 Income from continuing operations before income taxes 194 371 65 481 Income tax expense (78) (130) (31) (187) Income from continuing operations 116 241 34 294 Discontinued operations Income (loss) from operations of discontinued components 3 (109) (20) (201) Income tax expense (benefit) (1) 30 7 78 2 (79) (13) (123) Income from disposal of discontinued operations, net of income tax expense - 549 - 549 Net income $118 $711 $21 $720 Earnings (loss) per share: Basic and diluted, continuing operations $0.03 $0.05 $0.01 $0.06 Basic and diluted, discontinued operations - $(0.02) - $(0.02) Basic and diluted, disposal of discontinued operations - $0.12 - $0.12 Basic and diluted, net income $0.03 $0.15 $0.01 $0.16 Weighted average common shares outstanding 4,583,348 4,583,348 4,583,348 4,583,348 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) 225-0505 DATASOURCE: Bowlin Travel Centers, Inc. CONTACT: Michael L. Bowlin, Chairman of Bowlin Travel Centers, Inc., +1-505-266-5985; or Investor Relations, Rudy R. Miller, Chairman and CEO of The Miller Group, +1-602-225-0505, for Bowlin Travel Centers, Inc. Web site: http://www.bowlintc.com/

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