<PAGE>   1
                                                                     EXHIBIT 99




AMF BOWLING WORLDWIDE     INTERNATIONAL HEADQUARTERS      Post Office Box 15060
                 804.730.4000 Telephone 804.730.1313 Facsimile

           8100 AMF Drive                 Richmond, Virginia 23227
           Richmond, Virginia 23111



       FOR IMMEDIATE RELEASE              CONTACT:    STEPHEN E. HARE
       AUGUST 14, 1997                                CHIEF FINANCIAL OFFICER
                                                      (804) 730-4401

[AMF LOGO]                                              EARNINGS RELEASE

               AMF BOWLING WORLDWIDE REPORTS AN INCREASE OF 32% IN
                   OPERATING CASH FLOW FOR THE SECOND QUARTER

Richmond, VA, August 14, 1997 -- AMF Bowling Worldwide today reported revenue of
$160.5 million for the quarter ended June 30, 1997 compared with $114.8 million
for the second quarter of 1996, an increase of 39.8%. Operating cash flow
(earnings before net interest expense, income taxes, depreciation and
amortization, and other income and expenses, net, or "EBITDA") was $35.6 
million in the current quarter compared with $26.9 million for the second
quarter of 1996, an increase of 32.3%. For the six months ended June 30, 1997,
the Company reported revenue of $318.1 million compared with $237.5 million for
the six months ended June 30, 1996, an increase of 33.9%. Operating cash flow
was $85.8 million for the six months ended June 30, 1997 compared with $65.8
million for the six months ended June 30, 1996, an increase of 30.4%. Operating
results for 1996 are presented on a pro forma basis to provide more meaningful
comparisons with 1997.

OPERATING RESULTS BY BUSINESS

AMF's Bowling Centers generated a revenue increase of 43.1% to $92.6 million and
an operating cash flow increase of 34.4% to $21.1 million for the second quarter
of 1997 versus 1996. Revenue and operating cash flow for the quarter ended June
30, 1997 were favorably impacted by the inclusion of results for the 130 bowling
centers acquired since May 1996, and by increases in lineage and average price
per game. EBITDA margin (EBITDA as a percent of revenue) declined from 24.3% in
1996 to 22.8% in 1997. Margins were reduced by the increased mix of U.S. bowling
centers which experience seasonally lower results during the second quarter than
international centers. In addition, certain international markets, especially
Japan, generated reduced EBITDA margins. For the six months ended June 30, 1997,
Bowling Centers generated revenue of $201.1 million and operating cash flow of
$63.0 million. This compares to revenue of $147.2 million and operating cash
flow of $48.3 million for the six months ended June 30, 1996, on a pro forma
basis. EBITDA margin declined for the six months ended June 30 from 32.8% in
1996 to 31.3% in 1997.

AMF's Bowling Products generated a revenue increase of 35.1% to $72.7 million
and an increase in operating cash flow of 43% to $19.3 million for the second
quarter of 1997 versus 1996. EBITDA margin increased from 25.1% in 1996 to 26.6%
in 1997. For the six months ended June 30, 1997, Bowling Products generated
revenue of $124.7 million and operating cash flow of $31.3 million. This
compares to revenue of $96.8 million and operating cash flow of $22.9 million
for the six months ended June 30, 1996, on a pro forma basis. EBITDA margin
improved for the six months ended June 30 from 23.7% in 1996 to 25.1% in 1997.

The improvement in operating performance for Bowling Products during the first
half of 1997 resulted primarily from increased levels of New Center Product
("NCP") shipments to several markets including China, Japan, and Malaysia. NCP
order rates remained strong during the second quarter, with a total backlog of
2,182 units as of June 30, 1997 versus 1,444 units as of June 30, 1996.

AMF ALWAYS MEANS FUN!
<PAGE>   2




PAGE 2 -  AMF BOWLING WORLDWIDE REPORTS AN INCREASE OF 32% IN
          OPERATING CASH FLOW FOR THE SECOND QUARTER


ACQUISITION PROGRAM

In May 1996, the Company launched an ongoing acquisition program for bowling
centers in the U.S. and selected international markets. On April 24, 1997, the
Company completed the acquisition of the American Recreation Centers chain
consisting of 43 bowling centers. In total since May 1996, the Company has
acquired 127 bowling centers in the U.S., including six during July, seven in 
the United Kingdom and two in Australia. The combined purchase price for these
acquisitions was approximately $249.6 million and has been funded with a $40.0
million equity contribution from its institutional stockholders, $209.0 million
of borrowings from the Acquisition Facility under its Bank Credit Agreement,
and from internally generated cash of the Company. As a result of these
acquisitions, AMF owns or operates 327 U.S. and 87 international bowling
centers as of July 31, 1997.


JOINT VENTURES UPDATE

On April 21, 1997, AMF entered into a $40 million joint venture with Hong Leong
Corporation Limited, a Singapore-based conglomerate. The joint venture, owned
50% each by AMF and Hong Leong, initially plans to build and operate up to 20
bowling centers to be located in the Philippines, Malaysia, Indonesia,
Thailand, Vietnam and China. AMF will be the exclusive bowling equipment
supplier and will provide a variety of training and technical services to the
joint venture.

In June 1997, the Company signed an agreement to enter into a joint venture 
arrangement of approximately $100 million with Playcenter S.A., a Sao
Paulo-based amusement and entertainment company. This joint venture to be owned
50% by the Company and 50% by Playcenter, is expected to build or assume
ownership of, and operate, up to 39 bowling centers in Brazil and Argentina
during the next four years.

The Company estimates its total investment in these joint ventures to
approximate $26 million and expects each joint venture to arrange construction
financing on a non-recourse basis to AMF.

FINANCING UPDATE

In May 1997, the Company completed an amendment to its $780 million Amended and
Restated Bank Credit Agreement to increase the flexibility and borrowing
capacity of its ongoing acquisition program. As a result, the Company increased
the availability for borrowings under its Acquisition Facility to $230 million.
As of July 31, 1997, $144 million was outstanding under this Acquisition
Facility.

AMF Bowling Worldwide, headquartered in Richmond, Virginia, is the largest owner
and operator of bowling centers in the world. AMF is also one of the world's
leading manufacturers and marketers of bowling products.


<PAGE>   3




                            AMF BOWLING WORLDWIDE (1)

                                FINANCIAL SUMMARY
                                  (IN MILLIONS)

<TABLE>
<CAPTION>

                                             QUARTER ENDED JUNE 30,                    SIX MONTHS ENDED JUNE 30,
                                       -------------------------------------    ---------------------------------------
                                                  1997              1996(2)                 1997               1996(2)
                                       ----------------      ---------------    ----------------      -----------------

<S>                                             <C>                  <C>                 <C>                    <C>   
Revenue                                         $160.5               $114.8              $318.1                 $237.5

EBITDA(3)                                         35.6                 26.9                85.8                  65.8
</TABLE>



<TABLE>
<CAPTION>
                                                          CAPITALIZATION
                                                          --------------

                                                                         JUNE 30, 1997            DECEMBER 31, 1996
                                                                       -------------------      ------------------------

<S>                                                                         <C>                           <C>  
Cash and Cash Equivalents                                                          $16.6                         $43.6
                                                                       ===================      ========================

Debt:
    Working Capital Facility                                                       $30.0                           $--
    Acquisition Facility                                                           112.0                          73.6
    Term Loans                                                                     535.9                         491.0
    10 7/8% Senior Subordinated Notes                                              250.0                         250.0
    12 1/4% Senior Subordinated Discount Notes                                     291.4                         274.7
    Other Debt                                                                       2.0                           2.0
                                                                       -------------------      ------------------------
Total Debt                                                                       1,221.3                       1,091.3
Stockholder's Equity                                                               391.4                         408.7
                                                                       -------------------      ------------------------
Total Capitalization                                                            $1,612.7                      $1,500.0
                                                                       ===================      ========================
</TABLE>

-------------------------------
    (1) AMF Group Holdings Inc.

    (2) Pro forma operating results for 1996 have been presented to provide a 
        more meaningful comparison with 1997. The pro forma results include
        operations for the Predecessor Company ("AMF Bowling Group") through
        April 30, 1996 and for the Company ("AMF Group Holdings Inc.") since
        May 1, 1996 (the closing date of the "Acquisition"). Pro forma
        adjustments: (i) eliminate two bowling centers retained by the Sellers;
        (ii) eliminate a one-time charge in April 1996 for special bonus
        payments of $44 million which were substantially funded by the Sellers
        prior to the Acquisition; and (iii) reclassify certain Bowling Centers
        administrative costs of $0.7 million and $1.7 million and Bowling
        Products administrative costs of $0.6 million and $2.1 million for the
        three and six months ended June 30, 1996, respectively, to Corporate.

    (3) Represents a measure of operating cash flow defined as earnings before
        net interest expense, income taxes, depreciation and amortization, and
        other income and expenses, net.


<PAGE>   4




                          AMF BOWLING WORLDWIDE (1)

                             SEGMENT INFORMATION
                                (IN MILLIONS)

<TABLE>
<CAPTION>
                                   FIRST QUARTER       SECOND QUARTER        THIRD QUARTER       FOURTH QUARTER         YEAR
                                   -------------       --------------        -------------       --------------         ----

<S>                                  <C>                   <C>                <C>                    <C>                <C>      
                                                                                                                                 
1997 Revenue                                                                                                                     
------------                                                                                                                     
Bowling Centers                        $108.5                 $92.6                                                      $201.1  
Bowling Products                         52.0                  72.7                                                       124.7  
Intersegment Elimination                (2.9)                 (4.8)                                                       (7.7)  
                                      -------               -------                                                     -------  
TOTAL                                  $157.6                $160.5                                                      $318.1  
                                                                                                                                 
1996 Revenue(2)                                                                                                                  
------------                                                                                                                     
Bowling Centers                         $82.5                 $64.7               $65.4                $94.7             $307.3  
Bowling Products                         43.0                  53.8                68.8                 86.5              252.1  
Intersegment Elimination                (2.8)                 (3.7)               (2.4)                (1.6)             (10.5)  
                                      -------               -------             -------              -------            -------  
TOTAL                                  $122.7                $114.8              $131.8               $179.6             $548.9  
                                                                                                                                 
1997 EBITDA(3)                                                                                                                   
-----------                                                                                                                      
Bowling Centers                         $41.9                 $21.1                                                       $63.0  
Bowling Products                         12.0                  19.3                                                        31.3  
Corporate                               (3.6)                 (4.7)                                                       (8.3)  
Intersegment Elimination                (0.1)                 (0.1)                                                       (0.2)  
                                      -------               -------                                                     -------  
TOTAL                                   $50.2                 $35.6                                                       $85.8  
                                                                                                                                 
1996 EBITDA (2) (3)                                                                                                              
-----------                                                                                                                      
Bowling Centers                         $32.6                 $15.7               $15.4                $31.9              $95.6  
Bowling Products                          9.4                  13.5                19.1                 20.6               62.6  
Corporate                               (2.5)                 (1.4)               (2.3)                (4.8)             (11.0)  
Intersegment Elimination                (0.6)                 (0.9)                 0.0                (0.2)              (1.7)  
                                      -------               -------             -------              -------            -------  
TOTAL                                   $38.9                 $26.9               $32.2                $47.5             $145.5  

</TABLE>

--------------------------
  See notes (1-3) to Financial Summary.