Bowl America Inc., a Springfield-based bowling center company, reported an 11 percent increase in profits yesterday for the year ended July 2.
Earnings totaled a record $1.14 million ($1.22 a share) compared with $1.03 million ($1.10) the previous 12 months as sales jumped 13 percent to a record $13.5 million.
For Bowl America, which completed its 25th bowling center in Jacksonville during July, the recent year represented the ninth consecutive annual period of record sales and profits. The company is seeking zoning approval for a 26th center in Fairfax County; its units include 902 lanes.
Last Aug. 1, Bowl America directors declared a 3-for-2 stock split and increased the quarterly cash payout rate from 8 cents a share to 9 cents on the pre-split shares. The split and dividend will be distributed Nov. 8 to owners of record Oct. 6, and the new dividend rate on post-split shares will be 6 cents a share.
Washington Gas Light Co., in a monthly earnings statement yesterday, reported profits of $15 million ($2.77 a share) for the 12 months ended Aug. 31, down from $19.7 million ($3.86) in the previous comparable period. Revenues rose 14 percent to $354 million but expenses rose at a faster 17 percent rate to $325 million.
The gas company's earnings in the year-earlier period had included a nonrecurring gain of 32 cents a share from settlement of a lawsuit, so the decline in profit from operations was even greater than the total earnings figures would indicate.
If normal colder weather patterns previal in the last three months of the year, profits are expected "to improve to a level higher than the current level." Washington Gas said. Company directors approved regular dividend payments, including 57 cents a share on common stock, payable Nov. 1 to owners of record Oct. 10.
American Furniture Co. of Martinsville reported that third-quarter of profits increased sharply to $87.761 (31 cents a share) from $192,999 (7 cents) a year earlier. Sales rose to $16.3 million from $13.4 million.
For the company's first nine months ended Sept. 2, earnings rose to $1.2 million (42 cents) from $238,796 (9 cents) and sales increased $47 million from $40 million. The 1978 periods include a gain of $331.574 from the sale of an Arkansas plant.
Chairman R. M. Simmons Jr. said American has a "good" backlog of orders "and we are optimistic about the balance of the year."