ALBUQUERQUE, N.M., Dec. 10 /PRNewswire-FirstCall/ -- Bowlin Travel Centers, Inc. (OTC:BWTL) (BULLETIN BOARD: BWTL) today reported results for the third quarter of fiscal year 2009. For the three-month period ended October 31, 2008, the Company reported net sales from continuing operations of $5.869 million, a decrease of 11.9% compared to net sales from continuing operations of $6.663 million for the prior year third quarter period. The Company experienced a net loss for the three-month period ended October 31, 2008, of $254,000 or $0.06 per basic and diluted share, compared to a net loss of $147,000, or $0.03 per basic and diluted share for the prior year period ended October 31, 2007. For the nine months ended October 31, 2008, the Company reported net sales from continuing operations of $20.093 million, a decrease of 7.0% compared to net sales from continuing operations of $21.608 million for the nine months ended October 31, 2007. Net loss for the nine months ended October 31, 2008 was $233,000 or $0.05 per basic and diluted share, compared to net income of $573,000, or $0.13 per basic and diluted share for the prior year nine months ended October 31, 2007, which includes income of $549,000 (net of income tax expense) from the sale of one underperforming location. "The economic turmoil that is gripping the nation is impacting all sectors of business and this includes the Bowlin travel centers. For the nine months ended October 31, 2008, restaurant sales from continuing operations were off 16.1% while merchandise sales from continuing operations decreased 18.4%. In the successful history of Bowlin travel centers that dates back to the early 1900s, we have not experienced a harsher business environment than what we are faced with currently," stated Michael L. Bowlin, Chairman, President and Chief Executive Officer. Continuing Bowlin commented, "Contributing to the decline in sales were fuel prices that kept travelers off the highways and until most recently were higher than the previous year and two locations continued to be impacted by major highway interchange construction. G&A expense decreased 7.3% during the nine-month period as we stayed focused on cost control making necessary adjustments as demanded by the flow of travelers visiting our centers. "We are working closely with Miller Capital Markets (Miller), an investment banking firm, to review various options available to the company. The engagement of Miller, previously announced in September of this year, makes available to our Board of Directors a firm with advisory expertise to assist both the Board and management of the company during this recessionary time in our nation that has put severe pressure on companies engaged in retail businesses." 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 third quarter of fiscal 2009. Condensed Balance Sheets and Statements of Income BALANCE SHEETS (in thousands) October 31, January 31, 2008 2008 (Audited) Assets Cash and cash equivalents $1,906 $1,899 Marketable securities 1,800 2,300 Other current assets 3,970 4,047 Total Current Assets 7,676 8,246 Property and equipment, net 9,850 9,855 Assets held for sale 1,118 1,123 Other assets 593 638 Total Assets $19,237 $19,862 Liabilities and Shareholders' Equity Current liabilities $1,313 $1,541 Long-term debt 4,476 4,577 Deferred income taxes 577 639 Total Liabilities 6,366 6,757 Shareholders' equity 12,871 13,105 Total Liabilities and Shareholders' Equity $19,237 $19,862 CONDENSED STATEMENTS OF INCOME (in thousands, except share and per share data) Three Months Ended Nine Months Ended October 31, October 31, October 31, October 31, 2008 2007 2008 2007 (Unaudited) (Unaudited) (Unaudited)(Unaudited) Net sales $5,869 $6,663 $20,093 $21,608 Cost of goods sold (4,295) (4,792) (14,474) (14,935) General and administrative expenses (1,755) (1,849) (5,335) (5,756) Depreciation and amortization (212) (205) (633) (594) Operating income (loss) (393) (183) (349) 323 Interest expense (71) (83) (208) (298) Other non-operating income 79 106 238 295 Income (loss) from continuing operations before income taxes (385) (160) (319) 320 Income tax expense (benefit) 143 53 112 (133) Income (loss) from continuing operations (242) (107) (207) 187 Discontinued operations Loss from operations of discontinued components (19) (68) (40) (270) Income tax benefit 7 28 14 107 (12) (40) (26) (163) Income from disposal of discontinued operations, net of income tax expense - - - 549 Net income (loss) $(254) $(147) $(233) $573 Earnings (loss) per share: Basic and diluted, continuing operations $(0.05) $(0.02) $(0.04) $0.04 Basic and diluted, discontinued operations $(0.01) $(0.01) $(0.01) $(0.03) Basic and diluted, disposal of discontinued operations - - - $0.12 Basic and diluted, net income (loss) $(0.06) $(0.03) $(0.05) $0.13 Weighted average common shares outstanding 4,582,348 4,583,348 4,582,348 4,583,348 DATASOURCE: Bowlin Travel Centers, Inc. CONTACT: Michael L. Bowlin, Chairman of Bowlin Travel Centers, Inc., +1-505-266-5985; or Rudy R. Miller, Chairman and CEO of The Miller Group, +1-602-225-0504, for Bowlin Travel Centers, Inc. Web site: http://www.bowlintc.com/

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