ALBUQUERQUE, N.M., Dec. 12 /PRNewswire-FirstCall/ -- Bowlin Travel Centers, Inc. (OTC:BWTL) (BULLETIN BOARD: BWTL) today reported third quarter fiscal year 2008 net sales of $6.663 million from continuing operations for the three months ended October 31, 2007, compared to net sales from continuing operations of $6.758 million for the three month period ended October 31, 2006. Net sales from continuing operations for the nine-month period ended October 31, 2007 was $21.608 million compared to net sales from continuing operations of $21.400 million for the nine months ended October 31, 2006. The company's assets and stockholders' equity has continued to grow in fiscal 2008 in part through the management of its marketable securities and other assets. "The rising cost of fuel that reduces the disposable income for our traveling public as well as general concerns regarding a weakening economy effected sales at our travel centers in the third quarter," commented Michael L. Bowlin, Chairman, President and Chief Executive Officer. "One operational focal point this year has been the implementation of upgrades in our inventory monitoring systems. We have invested in proprietary software and related equipment to tighten inventory controls and improve the movement of inventory, both major factors in controlling our cost of goods sold. "We recorded the previously announced second quarter sale of an underperforming location that added $549,000, net of taxes, to our third quarter net income. Two other underperforming locations remain on the market for sale," Bowlin continued. "Our highly successful supervisory support and training programs will be ongoing throughout the remainder of fiscal 2008." Strategically located on major interstate highways, the Company operates travel centers that utilize co-branding agreements with national companies. The Company's current operations are located in the Southwestern United States. Visit our web sites at: http://www.bowlintc.com/ and http://www.shopbowlin.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 fiscal 2008 and fiscal 2007 Condensed Balance Sheets and Statements of Income BALANCE SHEET (in thousands) October 31, January 31, 2007 2007 Assets (Unaudited) (Audited) Cash and cash equivalents $2,201 $2,308 Marketable securities 2,200 453 Other current assets 4,496 4,171 Total Current Assets 8,897 6,932 Property and equipment, net 9,870 9,706 Assets held for sale 1,136 2,559 Other assets 619 809 Total Assets $20,522 $20,006 Liabilities and Shareholders' Equity Current liabilities $1,750 $1,880 Long-term debt 4,509 4,198 Long-term debt of assets held for sale - 521 Deferred income taxes 1,042 759 Total Liabilities 7,301 7,358 Shareholders' equity 13,221 12,648 Total Liabilities and Shareholders' Equity $20,522 $20,006 CONDENSED STATEMENTS OF INCOME (Unaudited) (in thousands, except share and per share data) Three Months Ended Nine Months Ended October 31, October 31, October 31, October 31, 2007 2006 2007 2006 Net sales $6,663 $6,758 $21,608 $21,400 Cost of goods sold (4,792) (4,676) (14,935) (14,529) General and administrative expenses (1,849) (1,821) (5,756) (5,440) Depreciation and amortization (205) (191) (594) (563) Operating income (loss) (183) 70 323 868 Interest expense (83) (86) (298) (256) Other non-operating income 106 100 295 255 Income (loss) from continuing operations before income taxes (160) 84 320 867 Income tax benefit (expense) 53 (43) (133) (350) Income (loss) from continuing operations (107) 41 187 517 Discontinued operations Loss from operations of discontinued components (68) (84) (270) (242) Income tax benefit 28 36 107 98 (40) (48) (163) (144) Income from disposal of discontinued operations, net of income tax expense - - 549 - Net income (loss) $(147) $(7) $573 $373 Earnings (loss) per share: Basic and diluted, continuing operations $(0.02) $(0.009) $0.04 $0.11 Basic and diluted, discontinued operations $(0.01) $(0.01) $(0.03) $(0.03) Basic and diluted, disposal of discontinued operations - - $0.12 - Basic and diluted, net income (loss) $(0.03) $(0.001) $0.13 $0.08 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) 225-0504 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, +1-602-225-0504, for Bowlin Travel Centers, Inc. Web site: http://www.bowlintc.com/ http://www.shopbowlin.com/

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