<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                               ------------------
                                   FORM 10 - Q

(Mark One)
     X    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
   -----  EXCHANGE ACT OF 1934

                 For the quarterly period ended March 31, 2000

                                       or

          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
   -----  EXCHANGE ACT OF 1934
                For the transition period from ______ to ______

                        Commission file number 001-12131
                             ---------------------

                           AMF BOWLING WORLDWIDE, INC.
             (Exact name of Registrant as specified in its charter)

         Delaware                                            13-3873272
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)

                                 8100 AMF Drive
                            Richmond, Virginia 23111
          (Address of principal executive offices, including zip code)
                              --------------------
                                 (804) 730-4000
              (Registrant's telephone number, including area code)
                              --------------------

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. Yes   X  . No      .
                                      ------    ------

At May 1, 2000, 100 shares of common stock, par value of $.01 per share, of the
Registrant were outstanding.
<PAGE>

                                     PART I
Item 1. Financial Statements

                    AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                    (dollars in thousands, except share data)

<TABLE>
<CAPTION>
                                                                                              March 31,         December 31,
                                                                                                2000                1999
                                                                                           -------------       -------------
                                                                                             (unaudited)
<S>                                                                                        <C>                 <C>
     Assets
     ------
   Current assets:
     Cash and cash equivalents                                                             $    20,282         $    20,515
     Accounts and notes receivable, net of allowance for
      doubtful accounts of $9,867 and $9,531, respectively                                      54,673              63,175
     Inventories                                                                                60,290              53,499
     Other current assets                                                                       15,671              14,451
                                                                                           ------------        ------------
      Total current assets                                                                     150,916             151,640
   Property and equipment, net                                                                 788,196             806,425
   Other assets                                                                                 79,797              82,199
   Goodwill, net                                                                               760,430             765,092
                                                                                           ------------        ------------
     Total assets                                                                          $ 1,779,339         $ 1,805,356
                                                                                           ============        ============
     Liabilities and Stockholder's Equity
     ------------------------------------
   Current liabilities:
     Accounts payable                                                                      $    28,309         $    36,481
     Accrued expenses                                                                           73,546              70,441
     Income taxes payable                                                                        2,425               3,377
     Current portion of long-term debt                                                          34,250              34,250
                                                                                           ------------        ------------
      Total current liabilities                                                                138,530             144,549
   Long-term debt, less current portion                                                      1,003,669           1,014,352
   Other long-term liabilities                                                                   4,809               4,804
                                                                                           ------------        ------------
     Total liabilities                                                                       1,147,008           1,163,705
                                                                                           ------------        ------------
   Commitments and contingencies
   Stockholder's equity:
     Common stock (par value $.01 per share, 100 shares
      authorized, issued and outstanding
      at March 31, 2000 and December 31, 1999, respectively)                                       -                   -
     Paid-in capital                                                                         1,042,529           1,040,529
     Retained deficit                                                                         (389,181)           (383,554)
     Accumulated other comprehensive loss                                                      (21,017)            (15,324)
                                                                                           ------------        ------------
     Total stockholder's equity                                                                632,331             641,651
                                                                                           ------------        ------------
     Total liabilities and stockholder's equity                                            $ 1,779,339         $ 1,805,356
                                                                                           ============        ============
</TABLE>

The accompanying notes are an integral part of these condensed consolidated
balance sheets.

                                       2
<PAGE>

                    AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unaudited)
                                 (in thousands)

                                                              Three Months
                                                             Ended March 31,
                                                        ------------------------
                                                           2000           1999
                                                           ----           ----

    Operating revenue                                    $209,462      $202,567
                                                        ----------    ----------
    Operating expenses:
     Cost of goods sold                                    43,386        39,582
     Bowling center operating expenses                     96,939        93,221
     Selling, general, and administrative expenses         12,017        13,412
     Depreciation and amortization                         33,237        33,111
                                                        ----------    ----------
      Total operating expenses                            185,579       179,326
                                                        ----------    ----------
      Operating income                                     23,883        23,241
                                                        ----------    ----------
    Nonoperating expenses (income):
     Interest expense                                      29,042        25,855
     Other, net                                              (251)        2,974
     Interest income                                         (418)         (575)
                                                        ----------    ----------
      Total nonoperating expenses                          28,373        28,254
                                                        ----------    ----------
      Loss before income taxes                             (4,490)       (5,013)
      Provision for income taxes                            1,030         1,539
                                                        ----------    ----------
      Net loss before equity in loss of joint ventures     (5,520)       (6,552)
      Equity in loss of joint ventures                       (107)       (5,523)
                                                        ----------    ----------
      Net loss                                           $ (5,627)    $ (12,075)
                                                        ==========    ==========

The accompanying notes are an integral part of these condensed consolidated
financial statements.

                                       3
<PAGE>

                    AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                                                       Three Months
                                                                                                      Ended March 31,
                                                                                                ---------------------------
                                                                                                   2000              1999
                                                                                                   ----              ----
<S>                                                                                             <C>               <C>
Cash flows from operating activities:
   Net loss                                                                                     $  (5,627)        $ (12,075)
   Adjustments to reconcile net loss to net cash provided by
    operating activities:
     Depreciation and amortization                                                                 33,237            33,111
     Equity in loss of joint ventures                                                                 107             5,523
     Amortization of bond discount                                                                  7,161             6,318
     Loss on the sale of property and equipment, net                                               (1,711)              509
     Changes in assets and liabilities:
      Accounts and notes receivable, net                                                            7,066            (6,132)
      Inventories                                                                                  (7,583)           (2,507)
      Other assets                                                                                    774              (458)
      Accounts payable and accrued expenses                                                        (4,434)              261
      Income taxes payable                                                                           (599)              (12)
      Other long-term liabilities                                                                  (1,236)             (486)
                                                                                                ----------        ----------
    Net cash provided by operating activities                                                      27,155            24,052
                                                                                                ----------        ----------
Cash flows from investing activities:
   Acquisitions of operating units, net of cash acquired                                                -            (1,208)
   Investments in and advances to joint ventures                                                        -              (160)
   Purchases of property and equipment                                                            (12,688)           (4,669)
   Proceeds from the sale of property and equipment                                                 2,657               114
                                                                                                ----------        ----------
    Net cash used in investing activities                                                         (10,031)           (5,923)
                                                                                                ----------        ----------
Cash flows from financing activities:
   Proceeds from long-term debt, net of deferred financing costs                                        -            20,000
   Payments on long-term debt                                                                     (17,844)          (10,969)
   Capital contribution from Parent                                                                 2,000                 -
   Payments of noncompete obligations                                                                 (88)             (180)
                                                                                                ----------        ----------
    Net cash (used in) provided by financing activities                                           (15,932)            8,851
                                                                                                ----------        ----------
    Effect of exchange rates on cash                                                               (1,425)              153
                                                                                                ----------        ----------
    Net (decrease) increase in cash                                                                  (233)           27,133
    Cash and cash equivalents at beginning of period                                               20,515            21,847
                                                                                                ----------        ----------
    Cash and cash equivalents at end of period                                                  $  20,282         $  48,980
                                                                                                ==========        ==========
</TABLE>

The accompanying notes are an integral part of these condensed consolidated
financial statements.

                                       4
<PAGE>

                    AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Organization

     The accompanying unaudited condensed consolidated financial statements
reflect all adjustments (consisting of normal recurring accruals) which are, in
the opinion of management, necessary for a fair presentation of the results of
operations for the interim periods presented. The interim financial information
and notes thereto should be read in conjunction with the December 31, 1999, 1998
and 1997 audited consolidated financial statements of AMF Group Holdings Inc.
("AMF Group Holdings") and its subsidiaries (collectively, the "Company")
presented in the Annual Report on Form 10-K of AMF Bowling Worldwide, Inc.
("Bowling Worldwide") for the fiscal year ended December 31, 1999 filed with the
U.S. Securities and Exchange Commission. The results of operations for the three
months ended March 31, 2000 are not necessarily indicative of results to be
expected for the entire year.

     The Company is principally engaged in two business segments: (i) the
ownership and operation of bowling centers, consisting of 414 U.S. bowling
centers and 121 international bowling centers ("Bowling Centers"), including 15
joint venture centers, as of March 31, 2000, and (ii) the manufacture and sale
of bowling equipment such as automatic pinspotters, automatic scoring equipment,
bowling pins, lanes, ball returns, certain spare parts, and the resale of allied
products such as bowling balls, bags, shoes, and certain other spare parts
("Bowling Products"). The principal markets for bowling equipment are U.S. and
international bowling center operators. The Company also manufactures and sells
the Playmaster, Highland and Renaissance brands of billiards tables, and owns
the Michael Jordan Golf Company, which currently operates two golf practice
ranges.

     Bowling Worldwide is a wholly owned, direct subsidiary of AMF Group
Holdings. AMF Group Holdings is a wholly owned, direct subsidiary of AMF
Bowling, Inc. ("AMF Bowling"). AMF Bowling, AMF Group Holdings and Bowling
Worldwide are Delaware corporations. AMF Bowling and AMF Group Holdings are
holding companies. The principal assets in each are comprised of investments in
subsidiaries. The Company was acquired in 1996 by an investor group led by
affiliates of Goldman, Sachs & Co. (the "Acquisition").

     Since the Acquisition and through March 31, 2000, AMF Bowling Centers,
Inc., a direct subsidiary of Bowling Worldwide, purchased an aggregate of 263
bowling centers from various unrelated sellers, and it has constructed two
bowling centers and one Michael Jordan Golf practice range as part of its
capital expenditure program. The combined net purchase price for all
acquisitions was approximately $498.9 million. The Company has funded its
acquisitions and center construction from internally generated cash, borrowings
under the senior secured revolving credit facility (the "Bank Facility") under
the Credit Agreement (as defined in "Note 5. Long-Term Debt"), and issuances of
AMF Bowling common stock. From January 1, 2000 through March 31, 2000, AMF
Bowling Centers, Inc. has not acquired any bowling centers.

     The Company's ability to make scheduled payments of principal of, or to pay
interest on, or to refinance its indebtedness depends on its future performance,
which, to a certain extent, is subject to general economic, financial,
competitive, legislative, regulatory and other factors beyond its control,
including the conditions of the debt and equity markets. Based upon the current
level of performance, management believes that cash flow from operations,
together with available borrowings under the Credit Agreement and other sources
of liquidity, will be adequate to meet the Company's requirements for working
capital, capital expenditures, scheduled payments of principal of, and interest
on, its senior debt, and interest on the Company's subsidiary senior
subordinated notes for the remainder of 2000. In calendar year 2001, principal
payment obligations under the facilities of the Credit Agreement increase
significantly and cash interest becomes payable on the Company's subsidiary
senior subordinated discount notes. In the first quarter of calendar year 2002,
the financial covenants under the Credit Agreement will be reset to their
original, more stringent, levels. Based on expected levels of performance, the
Company anticipates that a refinancing of its indebtedness will be required to
meet the Company's financial requirements for calendar years 2001 and beyond.
There can be no assurance, however, that the Company's business will generate
sufficient cash flow from operations

                                       5
<PAGE>

                    AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

or that future borrowings will be available in an amount sufficient to enable
the Company to meet its payment obligations under its indebtedness, or make
necessary capital expenditures, or that any refinancing of its indebtedness
would be available on commercially reasonable terms or at all.

Note 2. Significant Accounting Policies

Basis of Presentation

     The condensed consolidated results of operations of the Company have been
presented for the three months ended March 31, 2000 and 1999, respectively. All
significant intercompany balances and transactions have been eliminated in the
accompanying condensed consolidated financial statements. All dollar amounts are
in thousands, except where otherwise indicated.

Goodwill

     As a result of the Acquisition and subsequent purchases of bowling centers,
and in accordance with the purchase method of accounting used in all the
Company's acquisitions, the Company recorded goodwill representing the excess of
the purchase price over the allocation among the acquired assets and liabilities
in accordance with estimates of fair market value on the dates of acquisition.
Goodwill is being amortized over 40 years. Amortization expense related to
goodwill was $6,020 for the three months ended March 31, 2000, and $5,141 for
the three months ended March 31, 1999.

Income Taxes

     As of December 31, 1999, the Company had net operating losses of
approximately $284.6 million and foreign tax credits of $11.5 million that will
carry over to future years to offset U.S. income taxes. The foreign tax credits
will begin to expire in the fiscal year 2001 and the net operating losses will
begin to expire in the fiscal year 2011. The Company has recorded a valuation
reserve, as of December 31, 1999, for $126.3 million related to net operating
losses, foreign tax credits and other deferred tax assets that the Company may
not utilize prior to their expirations. The tax provision recorded for the three
months ended March 31, 2000 primarily reflects certain international taxes.

Comprehensive Loss

     Comprehensive loss was $11,321 and $12,992 for the three months ended March
31, 2000 and March 31, 1999, respectively. Accumulated other comprehensive loss
consists of the foreign currency translation adjustment on the accompanying
condensed consolidated balance sheets.

Recent Accounting Pronouncement

     Effective for the quarter ended March 31, 2001, the Company will be
required to adopt SFAS No. 133 "Accounting for Derivative Instruments and
Hedging Activities." The Company does not expect that adoption of this standard
will have a material adverse impact on the Company's financial position or
results of operations.

                                       6
<PAGE>

                    AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 3. Inventories

     Inventories at March 31, 2000 and December 31, 1999, consisted of the
following:

<TABLE>
<CAPTION>
                                                                                     March 31,         December 31,
                                                                                       2000               1999
                                                                                    ------------       -------------
                                                                                   (unaudited)
              <S>                                                                  <C>                 <C>
              Bowling Products, at FIFO:
               Raw materials                                                        $    13,929        $     14,285
               Work in progress                                                           1,988               1,562
               Finished goods and spare parts                                            35,768              28,789
              Bowling Centers, at average cost:
               Merchandise and spare parts                                                8,605               8,863
                                                                                    ------------       -------------
                                                                                    $    60,290        $     53,499
                                                                                    ============       =============
</TABLE>

Note 4. Property and Equipment

     Property and equipment at March 31, 2000 and December 31, 1999, consisted
of the following:

<TABLE>
<CAPTION>
                                                                              March 31,      December 31,
                                                                                 2000            1999
                                                                            -------------   -------------
                                                                              (unaudited)
              <S>                                                             <C>             <C>
              Land                                                             $ 133,509       $ 133,953
              Buildings and improvements                                         357,464         357,365
              Equipment, furniture and fixtures                                  597,599         588,342
              Other                                                                3,627           5,537
                                                                            -------------   -------------
                                                                               1,092,199       1,085,197
              Less: accumulated depreciation and amortization                   (304,003)       (278,772)
                                                                            -------------   -------------
                                                                               $ 788,196       $ 806,425
                                                                            =============   =============
</TABLE>

     Depreciation and amortization expense related to property and equipment was
$24,770 and $23,907 for the three months ended March 31, 2000 and March 31,
1999, respectively.

                                       7
<PAGE>

                    AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 5. Long-Term Debt

     Long-term debt at March 31, 2000, and December 31, 1999, consisted of the
following:

<TABLE>
<CAPTION>
                                                                    March 31,       December 31,
                                                                       2000             1999
                                                                  --------------   -------------
                                                                    (unaudited)
<S>                                                               <C>              <C>
Bank debt                                                            $  538,655      $  556,499
Subsidiary senior subordinated notes                                    250,000         250,000
Subsidiary senior subordinated discount notes                           247,272         240,111
Mortgage and equipment note                                               1,992           1,992
                                                                  --------------   -------------
   Total debt                                                         1,037,919       1,048,602
Current maturities                                                      (34,250)        (34,250)
                                                                  --------------   -------------
   Total long-term debt                                              $1,003,669      $1,014,352
                                                                  ==============   =============
</TABLE>

     The Company's bank debt (the "Bank Debt") is governed by a credit agreement
(the "Credit Agreement") to which Bowling Worldwide is party with Goldman Sachs,
its affiliate Goldman Sachs Credit Partners, L.P., Citibank, N.A. ("Citibank")
and its affiliates Citicorp Securities, Inc. and Citicorp USA, Inc. and certain
other banks, financial institutions and institutional lenders (collectively, the
"Lenders") and provides for (i) senior secured term loan facilities aggregating
$373.7 million (the "Term Facilities") and (ii) the Bank Facility of up to
$355.0 million (together with the Term Facilities, the "Senior Facilities"). In
connection with such financing, Goldman Sachs Credit Partners, L.P. acted as
Syndication Agent, Goldman Sachs Credit Partners, L.P. and Citicorp Securities,
Inc. acted as Arrangers, and Citibank is acting as Administrative Agent. The
initial borrowings under a predecessor of the Credit Agreement were used to
partially fund the Acquisition. As of March 31, 2000, the Company had $190.0
million available for borrowing under the Bank Facility and $165.0 million
outstanding.

     In 1999, the lenders under the Credit Agreement approved Amendment No. 2
and Waiver to the Credit Agreement and entered into the Fourth Amended and
Restated Credit Agreement. The provisions of the Fourth Amended and Restated
Credit Agreement, among other things, waived mandatory prepayment provisions
previously existing under the Credit Agreement with respect to the Company's
recapitalization plan in 1999, permit the Company to resume borrowing to fund
acquisitions subject to certain criteria and maintenance of minimum availability
under the Bank Facility of $65.0 million through 2000 and $40.0 million through
2001, permit AMF Bowling to make equity contributions to Bowling Worldwide which
may be included in the calculation of EBITDA for financial covenant purposes
under the Credit Agreement up to an aggregate of $10.0 million during any four
consecutive quarters through December 31, 2001 and modified or waived certain
financial covenants.

     Bowling Worldwide was in compliance with the amended covenants as of March
31, 2000. In this connection, AMF Bowling made contributions of $1.0 million,
$2.0 million and $3.0 million as equity to Bowling Worldwide in November 1999,
March 2000 and May 2000, respectively, to meet EBITDA requirements under its
financial covenant tests as of September 30, 1999, December 31, 1999, and March
31, 2000, respectively. The Credit Agreement permits AMF Bowling to make
additional equity contributions through 2001 as specified above. Management
believes that Bowling Worldwide will be in compliance with the amended covenants
during the remainder of 2000, including the effect of the aforementioned equity
contributions, but any downturn in the current performance of Bowling Worldwide
could result in non-compliance with these financial covenants. Failure by
Bowling Worldwide to comply with its Credit Agreement covenants could result in
an event of default which, if not cured or waived, would have a material adverse
effect on the Company.

                                       8
<PAGE>

                    AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 6. Commitments and Contingencies

Litigation and Claims

     On April 22, 1999, a putative class action was filed in the United States
District Court for the Southern District of New York by Vulcan International
Corporation against AMF Bowling, The Goldman Sachs Group, L.P., Goldman, Sachs &
Co., Morgan Stanley & Co. Incorporated, Cowen & Company, Schroder & Co., Inc.,
Richard A. Friedman and Douglas J. Stanard. The complaint has subsequently been
amended to, among other things, include additional named plaintiffs. The
plaintiffs, as putative class representatives for all persons who purchased
Common Stock in the Company's initial public offering of Common Stock (the
"Initial Public Offering") or within 25 days of the effective date of the
registration statement related to the Initial Public Offering, seek, among other
things, damages and/or rescission against all defendants jointly and severally
pursuant to Sections 11, 12 and/or 15 of the Securities Act of 1933 based on
allegedly inaccurate and misleading disclosures in connection with and following
the Initial Public Offering. Management believes that the litigation is without
merit and intends to defend it vigorously.

     In addition, the Company is involved in certain lawsuits arising out of
normal business operations. The majority of these relate to accidents at bowling
centers. Management believes that the ultimate resolution of such matters will
not have a material adverse effect on the Company's results of operations or
financial position. While the ultimate outcome of the litigation and claims
against the Company cannot presently be determined, management believes the
Company has made adequate provision for possible losses.

Note 7. Business Segments

     The Company operates in two major lines of business: operating bowling
centers and manufacturing bowling and related products. Information concerning
operations in these businesses for the three months ended March 31, 2000 and
1999, respectively, is presented below (in millions):

<TABLE>
<CAPTION>
                                                                   Three Months Ended March 31, 2000
                                      -------------------------------------------------------------------------------------------
                                               Bowling Centers              Bowling Products
                                        -----------------------------  --------------------------
                                                  Inter-      Sub-               Inter-     Sub-                Elim-
                                         U.S.    national     total      U.S.   national   total   Corporate  inations    Total
                                         ----    --------     -----      ----   --------   -----   ---------  --------    -----
<S>                                     <C>      <C>         <C>        <C>     <C>        <C>     <C>        <C>         <C>
Revenue from unaffiliated customers     $142.5    $ 31.6     $ 174.1    $15.5    $ 19.9    $35.4       $ -        $ -     $209.5
Intersegment sales                           -         -           -      2.7       0.3      3.0         -       (3.0)         -
Operating income (loss)                   27.3       3.3        30.6     (3.1)     (0.4)    (3.5)     (3.6)       0.4       23.9
Identifiable assets                      794.6     308.3     1,102.9    593.8      69.7    663.5      29.1        3.8    1,799.3
Depreciation and amortization             21.7       5.7        27.4      5.7       0.3      6.0       0.2       (0.4)      33.2
Capital expenditures                       7.3       2.7        10.0      2.4         -      2.4       0.3          -       12.7
Research and development expense             -         -           -      0.1         -      0.1         -          -        0.1
<CAPTION>
                                                                   Three Months Ended March 31, 1999
                                      -------------------------------------------------------------------------------------------
                                             Bowling Centers              Bowling Products
                                        -----------------------------  --------------------------
                                                   Inter-     Sub-                Inter-    Sub-                  Elim-
                                          U.S.    national    total      U.S.    national  total    Corporate   inations    Total
                                          ----    --------    -----      ----    --------  -----    ---------   --------    -----
<S>                                     <C>       <C>        <C>        <C>      <C>       <C>      <C>         <C>        <C>
Revenue from unaffiliated customers     $140.9    $ 31.7     $ 172.6    $13.4    $ 16.6    $30.0        $ -        $ -     $202.6
Intersegment sales                           -         -           -      1.1       0.9      2.0          -          -        2.0
Operating income (loss)                   29.7       3.7        33.4     (3.2)     (3.3)    (6.5)      (4.0)       0.4       23.3
Identifiable assets                      870.5     338.9     1,209.4    636.8      81.6    718.4       30.9        2.5    1,961.2
Depreciation and amortization             21.6       5.5        27.1      5.5       0.4      5.9        0.5       (0.4)      33.1
Capital expenditures                       2.0       1.1         3.1      1.4       0.2      1.6          -          -        4.7
Research and development expense             -         -           -      0.1         -      0.1          -          -        0.1
</TABLE>

                                       9
<PAGE>

Note 8. Condensed Consolidating Financial Statements

     Bowling Worldwide's subsidiary senior subordinated notes and subsidiary
senior subordinated discount notes are jointly and severally guaranteed on a
full and unconditional basis by AMF Group Holdings and the first and second-tier
subsidiaries of Bowling Worldwide (the "Guarantor Companies"). The third-tier
and lower-tier subsidiaries of Bowling Worldwide have not provided guarantees of
such indebtedness (the "Non-Guarantor Companies").

     The following condensed consolidating financial information presents: (i)
the condensed consolidating balance sheet for the Guarantor Companies, the
Non-Guarantor Companies and the Company as of March 31, 2000, and condensed
consolidating statements of income and cash flows for the Guarantor Companies,
the Non-Guarantor Companies and the Company for the three months ended March 31,
2000 and (ii) elimination entries necessary to combine the entities comprising
the Company.

                                      10
<PAGE>

                    AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

                    AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATING BALANCE SHEET
                              As of March 31, 2000
                                   (unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                              Non-
                                                           Guarantor        Guarantor
                                                           Companies        Companies     Eliminations      Consolidated
                                                           ---------        ---------     ------------      ------------
<S>                                                      <C>                <C>              <C>             <C>
   Assets
Current assets:
   Cash and cash equivalents                              $   19,355        $     927        $       -       $    20,282
   Accounts and notes receivable, net
      of allowance for doubtful accounts                      54,362              311                -            54,673
   Accounts receivable - intercompany                          5,457            9,364          (14,821)                -
   Inventories                                                59,250            1,040                -            60,290
   Other current assets                                        9,744            5,927                -            15,671
                                                          ----------        ---------        ---------       -----------
    Total current assets                                     148,168           17,569          (14,821)          150,916
Notes receivable - intercompany                               48,618           13,654          (62,272)                -
Property and equipment, net                                  731,542           55,352            1,302           788,196
Investment in subsidiaries                                    19,010                -          (19,010)                -
Goodwill and other assets                                    819,376           20,851                -           840,227
                                                          ----------        ---------        ---------       -----------
   Total assets                                           $1,766,714        $ 107,426        $ (94,801)      $ 1,779,339
                                                          ==========        =========        =========       ===========

   Liabilities and Stockholder's Equity
Current liabilities:
   Accounts payable                                       $   25,126        $   3,183        $       -       $    28,309
   Accounts payable - intercompany                             9,364            5,457          (14,821)                -
   Accrued expenses                                           65,270            8,276                -            73,546
   Income taxes payable                                       (2,530)           4,955                -             2,425
    Current portion of long-term debt                         34,250                -                -            34,250
                                                          ----------        ---------        ---------       -----------
    Total current liabilities                                131,480           21,871          (14,821)          138,530
Long-term debt, less current portion                         986,666           17,003                -         1,003,669
Notes payable - intercompany                                  13,654           48,618          (62,272)                -
Other long-term liabilities                                    3,885              924                -             4,809
                                                          ----------        ---------        ---------       -----------
   Total liabilities                                       1,135,685           88,416          (77,093)        1,147,008
                                                          ----------        ---------        ---------       -----------
Commitments and contingencies
Stockholder's equity:
   Common stock                                                    -                -                -                 -
   Paid-in capital                                         1,040,527           24,321          (22,319)        1,042,529
   Retained deficit                                         (388,481)           4,363           (5,063)         (389,181)
   Accumulated other comprehensive income                    (21,017)          (9,674)           9,674           (21,017)
                                                          ----------        ---------        ---------       -----------
   Total stockholder's equity                                631,029           19,010          (17,708)          632,331
                                                          ----------        ---------        ---------       -----------

   Total liabilities and stockholder's equity             $1,766,714        $ 107,426        $ (94,801)      $ 1,779,339
                                                          ==========        =========        =========       ===========
</TABLE>

                                       11
<PAGE>

                   AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
      NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

                   AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
                CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
                   For the Three Months Ended March 31, 2000
                                  (unaudited)
                                (in thousands)

<TABLE>
<CAPTION>
                                                                              Non-
                                                           Guarantor        Guarantor
                                                           Companies        Companies     Eliminations     Consolidated
                                                           ---------        ---------     ------------     ------------
<S>                                                       <C>               <C>              <C>            <C>
Operating revenue                                         $  193,244        $  16,389        $    (171)     $   209,462
                                                          ----------        ---------        ---------      -----------

Operating expenses:
   Cost of goods sold                                         41,733            1,768             (115)          43,386
   Bowling center operating expenses                          88,613            8,382              (56)          96,939
   Selling, general, and administrative expenses              10,896            1,121                -           12,017
   Depreciation and amortization                              30,944            2,325              (32)          33,237
                                                          ----------        ---------        ---------      -----------
    Total operating expenses                                 172,186           13,596             (203)         185,579
                                                          ----------        ---------        ---------      -----------

Operating income                                              21,058            2,793               32           23,883
                                                          ----------        ---------        ---------      -----------

Nonoperating expenses (income):
   Interest expense                                           28,592              450                -           29,042
   Other expenses, net                                           446             (697)               -             (251)
   Interest income                                              (411)              (7)               -             (418)
   Equity in loss (income) of subsidiaries                    (2,724)               -            2,724                -
                                                          ----------        ---------        ---------      -----------
Total nonoperating expenses                                   25,903             (254)           2,724           28,373
                                                          ----------        ---------        ---------      -----------

Income (loss) before income taxes                             (4,845)           3,047           (2,692)          (4,490)
Provision for income taxes                                       707              323                -            1,030
                                                          ----------        ---------        ---------      -----------

Net income (loss) before equity in loss of
    joint ventures                                            (5,552)           2,724           (2,692)          (5,520)
Equity in loss of joint ventures                                (107)               -                -             (107)
                                                          ----------        ---------        ---------      -----------
Net income (loss)                                         $   (5,659)       $   2,724        $  (2,692)     $    (5,627)
                                                          ==========        =========        =========      ===========
</TABLE>

                                       12
<PAGE>

                    AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

                    AMF GROUP HOLDINGS INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
                    For the Three Months Ended March 31, 2000
                                   (unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                              Non-
                                                           Guarantor        Guarantor
                                                           Companies        Companies     Eliminations     Consolidated
                                                           ---------        ---------     ------------     ------------
  <S>                                                      <C>              <C>           <C>              <C>
  Cash flows from operating activities:
   Net loss                                                $  (5,659)       $   2,724     $     (2,692)    $     (5,627)
   Adjustments to reconcile net loss to net
    cash provided by (used in) operating activities:
     Depreciation and amortization                            30,944            2,325              (32)          33,237
     Equity in loss of joint ventures                            107                -                -              107
     Amortization of bond discount                             7,161                -                -            7,161
     Equity in earnings of subsidiaries                       (2,724)               -            2,724                -
     Loss on the sale of property and equipment, net               4           (1,715)               -           (1,711)
     Changes in assets and liabilities:
      Accounts and notes receivable                            6,998               68                -            7,066
      Receivables and payables - affiliates                    6,053           (6,053)               -                -
      Inventories                                             (7,634)              51                -           (7,583)
      Other assets                                             1,636             (862)               -              774
      Accounts payable and accrued expenses                   (7,109)           2,675                -           (4,434)
      Income taxes payable                                      (436)            (163)               -             (599)
      Other long-term liabilities                             (1,236)               -                -           (1,236)
                                                           ---------        ---------     ------------     ------------
    Net cash provided by (used in) operating activities       28,105             (950)               -           27,155
                                                           ---------        ---------     ------------     ------------

  Cash flows from investing activities:
   Purchases of property and equipment                       (11,069)          (1,619)               -          (12,688)
   Proceeds from sale of property and equipment                    -            2,657                -            2,657
                                                           ---------        ---------     ------------     ------------
    Net cash provided by (used in) investing activities      (11,069)           1,038                -          (10,031)
                                                           ---------        ---------     ------------     ------------

  Cash flows from financing activities:
   Payments on long-term debt                                (17,844)               -                -          (17,844)
   Capital contribution from Parent                            2,000                -                -            2,000
   Payments of noncompete obligations                            (88)               -                -              (88)
                                                           ---------        ---------     ------------     ------------
    Net cash used in financing activities                    (15,932)               -                -          (15,932)
                                                           ---------        ---------     ------------     ------------
    Effect of exchange rates on cash                            (381)          (1,044)               -           (1,425)
                                                           ---------        ---------     ------------     ------------
    Net increase (decrease) in cash                              723             (956)               -             (233)
    Cash and cash equivalents at beginning of period          18,632            1,883                -           20,515
                                                           ---------        ---------     ------------     ------------
    Cash and cash equivalents at end of period             $  19,355        $     927     $          -     $     20,282
                                                           =========        =========     ============     ============
</TABLE>

                                       13
<PAGE>

Item 2. Management's Discussion and Analysis of Financial Condition and Results
        of Operations

     Certain matters discussed in this report contain forward-looking
statements, which are statements other than historical information or statements
of current condition. Statements set forth in this report or statements
incorporated by reference from documents filed with the Securities and Exchange
Commission are or may be forward-looking statements, including possible or
assumed future results of the operations of AMF Group Holdings Inc. ("AMF Group
Holdings") and its subsidiaries (collectively, the "Company"), including AMF
Bowling Worldwide, Inc. ("Bowling Worldwide") and including but not limited to
any statements contained in this report concerning: (i) the results of the
Company's plans to improve its bowling centers operations, including revenue
enhancement and cost management programs, (ii) the ability of the Company's
management to execute its strategies, (iii) the ability to resume the Company's
bowling center acquisition program, (iv) the results of changes initiated in the
Company's bowling products business, (v) the Company's expectations concerning
the Asia Pacific region and the joint distribution and related arrangements with
Shanghai Zhonglu Industrial Corporation ("Zhonglu"), (vi) the results of the
Company's employee incentive efforts, (vii) the outcome of existing or potential
litigation, (viii) the timing or amount of any changes in the interest expense
and/or principal repayment obligations of the Company's indebtedness, (ix) the
Company's ability to generate cash flow to service its indebtedness and meet its
debt payment obligations, (x) the amounts of capital expenditures needed to
maintain or improve the Company's bowling centers, (xi) any statements preceded
by, followed by or including the words "believes," "expects," "predicts,"
"anticipates," "intends," estimates," "should," "may" or similar expressions and
(xii) other statements contained or incorporated in this report regarding
matters that are not historical facts.

     These forward-looking statements relate to the plans and objectives of the
Company or future operations. In light of the risks and uncertainties inherent
in all future projections, the inclusion of forward-looking statements in this
report should not be regarded as a representation by the Company that the
objectives or plans of the Company will be achieved. Many factors could cause
the Company's actual results to differ materially from those in the
forward-looking statements, including: (i) the Company's ability, and the
ability of its management team, to carry out the Company's long-term business
strategies, including resuming the pace of the Company's acquisition program,
(ii) the Company's ability to refinance existing indebtedness as it comes due at
commercially reasonable terms or at all, (iii) the Company's ability to
integrate acquired operations into its business, (iv) the Company's ability to
identify and develop new bowling markets to assist in the growth of such
markets, (v) the continuation of adverse financial results and substantial
competition in the Company's bowling products business, (vi) the Company's
ability to retain and attract experienced bowling center management, (vii) the
Company's ability to successfully implement initiatives designed to improve
customer traffic in its bowling centers, (viii) the continuation or worsening of
economic difficulties in overseas markets, including the Asia Pacific region,
(ix) the risk of adverse political acts or developments in the Company's
existing and proposed international markets, (x) fluctuations in foreign
currency exchange rates affecting the Company's translation of operating
results, (xi) continued or increased competition, (xii) the popularity of
bowling, (xiii) the decline in general economic conditions, (xiv) adverse
judgments in pending or future litigation, (xv) the Company's ability to
effectively implement the joint distribution and related arrangements with
Zhonglu and (xvi) changes in interest and exchange rates.

     The foregoing review of important factors should not be construed as
exhaustive and should be read in conjunction with other cautionary statements
that are included elsewhere in this report. AMF Group Holdings undertakes no
obligation to release publicly the results of any future revisions it may make
to forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.

Background

     This discussion should be read in conjunction with the information
contained under "Selected Financial Data" and AMF Group Holdings' Condensed
Consolidated Financial Statements (unaudited) and the notes thereto included
elsewhere herein.

                                       14
<PAGE>

     The financial information presented below includes the Company's operating
results expressed in terms of EBITDA, which represents earnings before net
interest expense, income taxes, depreciation and amortization, and other net
income or net expenses. EBITDA information is included because the Company
understands that such information is used by certain investors as one measure of
a company's historical ability to service debt. EBITDA is not intended to
represent and should not be considered more meaningful than, or an alternative
to, other measures of performance determined in accordance with U.S. generally
accepted accounting principles.

General

     The Company principally operates in two business segments in the United
States and international markets: (i) the ownership and operation of 414 U.S.
bowling centers and 121 international bowling centers ("Bowling Centers"),
including 15 joint venture centers operated with third parties, as of March 31,
2000, and (ii) the manufacture and sale of bowling equipment and bowling
products ("Bowling Products").

     To facilitate a meaningful comparison, in addition to discussing the
consolidated results of the Company, certain portions of this Management's
Discussion and Analysis of Financial Condition and Results of Operations discuss
results of Bowling Centers and Bowling Products separately.

     The results of Bowling Centers, Bowling Products and the consolidated group
are set forth below. The business segment results presented below are before
intersegment eliminations since the Company's management believes that this will
provide a more accurate comparison of performance by segment from year to year.
The intersegment eliminations are not material. Interest expense is presented on
a gross basis. The comparative results of Bowling Centers for the first three
months of 2000 versus 1999 reflect the closing of 10 centers since March 31,
1999.

Acquisitions and Dispositions

     From January 1, 2000 through March 31, 2000, AMF Bowling Centers, Inc., a
direct subsidiary of Bowling Worldwide, acquired no bowling centers, closed
three centers in the United States and sold one center in the United Kingdom.

                                       15
<PAGE>

                           AMF GROUP HOLDINGS INC.
                            Selected Financial Data
                                  (unaudited)
                           (in millions of dollars)


<TABLE>
<CAPTION>
                                                                                         Three Months
                                                                                        Ended March 31,
                                                                                    ----------------------
                                                                                      2000           1999
<S>                                                                                  <C>            <C>
Bowling Centers (before intersegment eliminations)
Operating revenue                                                                    $174.1         $172.6
                                                                                     ------         ------
Cost of goods sold                                                                     17.3           16.9
Bowling center operating expenses                                                      97.0           93.5
Selling, general, and administrative expenses                                           1.8            1.7
Depreciation and amortization                                                          27.4           27.1
                                                                                     ------         ------
Operating income                                                                     $ 30.6         $ 33.4
                                                                                     ======         ======

Bowling Products (before intersegment eliminations)
Operating revenue                                                                    $ 38.4         $ 32.0
Cost of goods sold                                                                     29.0           24.4
                                                                                     ------         ------
Gross profit                                                                            9.4            7.6

Selling, general, and administrative expenses                                           6.9            8.2
Depreciation and amortization                                                           6.0            5.9
                                                                                     ------         ------
Operating loss                                                                       $ (3.5)        $ (6.5)
                                                                                     ======         ======

Consolidated
Operating revenue                                                                    $209.5         $202.6
                                                                                     ------         ------
Cost of goods sold                                                                     43.4           39.6
Bowling center operating expenses                                                      96.9           93.2
Selling, general, and administrative expenses                                          12.1           13.4
Depreciation and amortization                                                          33.2           33.1
                                                                                     ------         ------
Operating income                                                                       23.9           23.3
Interest expense, gross                                                                29.1           25.9
Other (income) expense, net                                                            (0.7)           2.5
                                                                                     ------         ------
Loss before income taxes                                                               (4.5)          (5.1)
Provision for income taxes                                                              1.0            1.5
                                                                                     ------         ------
Net loss before equity in loss of  joint ventures                                      (5.5)          (6.6)
Equity in loss of joint ventures                                                       (0.1)          (5.5)
                                                                                     ------         ------
Net loss                                                                             $ (5.6)        $(12.1)
                                                                                     ======         ======
Selected Data:
   EBITDA
     Bowling Centers                                                                 $ 58.0         $ 60.5
     Bowling Products                                                                 $ 2.5         $ (0.6)

   EBITDA margin
     Bowling Centers                                                                   33.3%          35.1%
     Bowling Products                                                                   6.5%          -1.9%
</TABLE>
------------------

                                       16
<PAGE>

Bowling Centers

     The Bowling Centers results shown in "Selected Financial Data" reflect both
U.S. and international Bowling Centers operations. To facilitate a meaningful
comparison, the constant center results discussed below reflect the results of
520 centers that had been in operation one full fiscal year as of December 31,
1999. Bowling Centers derives its revenue and cash flows from three principal
sources: (i) bowling, (ii) food and beverage and (iii) other sources, such as
shoe rental, amusement games, billiards and pro shops. For the three months
ended March 31, 2000, bowling, food and beverage and other revenue represented
59.2%, 27.4% and 13.4% of total Bowling Centers revenue, respectively. For the
three months ended March 31, 1999, bowling, food and beverage and other revenue
represented 59.7%, 27.1% and 13.2% of total Bowling Centers revenue,
respectively.

Quarter Ended March 31, 2000 Compared to Quarter Ended March 31, 1999

     Bowling Centers operating revenue increased $1.5 million, or 0.9%. An
increase of $2.4 million, or 1.7%, was attributable to U.S. constant centers,
primarily as a result of increases in open play revenue, and food and beverage
and ancillary revenue associated with open play traffic. International constant
centers operating revenue increased $0.5 million, or 1.6%, primarily as a result
of an increase in food and beverage revenue of 3.1%. A decrease of $1.4 million
in total operating revenue was attributable to 9 centers that were closed and
one center that was sold since March 31, 1999.

     Cost of goods sold increased $0.4 million, or 2.4%. Constant centers cost
of goods sold increased $0.5 million, or 3.0%, primarily as a result of
increased food and beverage sales in both the U.S. and international centers. A
decrease of $0.1 million was attributable to closed centers.

     Operating expenses increased $3.5 million, or 3.7%. An increase of $3.6
million was attributable to constant centers, an increase of $1.1 million was
attributable to higher regional, district and support staff operations expenses
and a decrease of $1.2 million was attributable to closed centers. As a
percentage of its revenue, Bowling Centers operating expenses were 55.7% for the
first quarter of 2000 compared with 54.2% for the first quarter of 1999. The
increase of 1.5% is due primarily to higher expenses resulting from new field
level positions and national advertising programs.

     Selling, general and administrative expenses increased $0.1 million, or
5.9%, due to an increase in international administrative expenses.

     EBITDA decreased $2.5 million, or 4.1%. EBITDA margin for the first quarter
of 2000 was 33.3% compared with 35.1% for the first quarter of 1999. The lower
EBITDA margin in 2000 was attributable to the higher operating expenses as
discussed above and the change in the revenue mix, including higher food and
beverage sales.

Bowling Products

Quarter Ended March 31, 2000 Compared to Quarter Ended March 31, 1999

     Bowling Products operating revenue increased $6.4 million, or 20.0%.
Revenue from sales of New Center Packages ("NCPs", which include all the
equipment necessary to outfit a new bowling center or expand an existing bowling
center) increased $2.7 million, or 30.0%, primarily as a result of improved
sales to Europe and Japan. Modernization and Consumer Products (which include
modernization equipment, supplies, spare parts and consumable products) revenue
increased $3.7 million, or 16.1%, primarily as a result of improved sales to
North America, Japan and Europe. During the first quarter of 2000, Bowling
Products recorded NCP shipments of 360 units compared with shipments of 269
units for the first quarter of 1999.

     Gross profit increased $1.8 million, or 23.7%, primarily as a result of
increased sales in the first quarter of 2000 compared with the first quarter of
1999.

                                       17
<PAGE>

     Selling, general and administrative expenses decreased $1.3 million, or
15.9%, primarily as a result of an ongoing cost reduction program for the
Bowling Products organization.

     EBITDA was $2.5 million in the first quarter of 2000 compared with a loss
of $0.6 million in the first quarter of 1999. The EBITDA margin was 6.5% in the
first quarter of 2000 compared with (1.9)% in the first quarter of 1999
primarily as a result of the increase in sales, gross profit and selling,
general and administrative savings achieved through cost reductions.

Consolidated

Depreciation and Amortization

     Depreciation and amortization was flat in the first quarter of 2000
compared with the same period in 1999.

Interest Expense

     Gross interest expense increased $3.2 million, or 12.4%, in the first
quarter of 2000 compared with the same period in 1999. Interest incurred on bank
debt increased as the impact of higher average borrowing rates offset the effect
of a decrease in average amounts outstanding. See "--Liquidity" and "--Capital
Resources" for further discussion of the bank debt. Non-cash bond interest
amortization totaled $10.1 million for the quarter ended March 31, 2000 compared
with $11.4 million for the quarter ended March 31, 1999.

Income Taxes

     As of December 31, 1999, the Company had net operating losses of
approximately $284.6 million and foreign tax credits of $11.5 million that will
carry over to future years to offset U.S. income taxes. The foreign tax credits
will begin to expire in the fiscal year 2001 and the net operating losses will
begin to expire in the fiscal year 2011. The Company has recorded a valuation
reserve, as of December 31, 1999, for $126.3 million related to net operating
losses, foreign tax credits and other deferred tax assets that the Company may
not utilize prior to their expirations. The tax provision recorded for the three
months ended March 31, 2000 reflects certain international taxes.

Net Loss

     Net loss in the first quarter of 2000 totaled $5.6 million compared with a
net loss of $12.1 million in the first quarter of 1999, a decrease of $6.5
million. The Company recorded $0.1 million in equity in loss of joint ventures
in the first quarter of 2000 compared with equity in loss of joint ventures of
$5.5 million in the first quarter of 1999. Additionally, the Company recorded
other income of $0.7 million in the first quarter of 2000 compared with other
expense of $2.5 million in the first quarter of 1999. Consolidated EBITDA
increased $0.7 million and the provision for income taxes decreased $0.5
million. These reductions in certain non-operating expenses were offset by an
increase of $3.2 million in interest expense.

Liquidity

     The Company's primary source of liquidity is cash provided by operations
and funds available under credit facilities, as described below. Working capital
on March 31, 2000 was $12.4 million compared with $7.1 million on December 31,
1999, an increase of $5.3 million. The increase in working capital was primarily
attributable to an increase of $6.8 million in inventory, a decrease of $5.1
million in accounts payable and accrued expenses, an increase of $1.2 million in
other current assets and a decrease of $0.9 million in income taxes payable.
These factors contributing to the increase in working capital were offset by a
decrease of $0.2 million in cash, and a decrease of $8.5 million in accounts
receivable.

                                       18
<PAGE>

     Net cash provided by operating activities was $27.2 million for the three
months ended March 31, 2000 compared with net cash provided of $24.1 million for
the three months ended March 31, 1999, an increase of $3.1 million. An increase
of $6.5 million was attributable to a net loss of $5.6 million recorded in the
first three months of 2000 compared with a net loss of $12.1 million in the same
period in 1999. An increase of $13.2 million was attributable to decreased
levels of accounts receivable and an increase of $1.3 million attributable to
higher levels of other assets. These factors contributing to the increase in net
cash were offset by a decrease of $5.4 million due to the lower equity in loss
of joint ventures recorded by the Company in the first quarter of 2000 compared
with the same period in 1999, a decrease of $5.1 million attributable to
increased levels of inventory, a decrease of $4.7 million attributable to lower
levels of accounts payable and accrued expenses and a net decrease of $2.7
million attributable to changes in other operating activities.

     Net cash used in investing activities was $10.0 million for the three
months ended March 31, 2000 compared with net cash used of $5.9 million for the
three months ended March 31, 1999, an increase of $4.1 million. An increase of
$8.0 million was attributable to an increase in purchases of property and
equipment in 2000. This factor contributing to the increase in net cash was
offset by a decrease in Bowling Center acquisition spending of $1.2 million in
the first three months of 2000 compared with the same period in 1999. In the
first three months of 2000, no centers were purchased compared with one center
purchased in the same period in 1999. Additionally, proceeds from the sale of
property and equipment increased $2.6 million and investments in and advances to
joint ventures decreased $0.2 million. See "--Capital Expenditures" for
additional discussion of purchases of property and equipment.

     Net cash used in financing activities was $15.9 million for the three
months ended March 31, 2000 compared with net cash provided of $8.9 million for
the three months ended March 31, 1999, a difference of $24.8 million. Proceeds
from long term debt decreased $20.0 million. Payments on long-term debt
increased $6.8 million. In accordance with the terms of the Credit Agreement,
scheduled principal payments in the first three months of 2000 were $1.8 million
higher than payments made in the same period in 1999. Additionally, in the first
three months of 2000, $5.0 million was paid against amounts outstanding under
the Bank Facility. Cash used in financing activities was offset by a capital
contribution of $2.0 million by AMF Bowling, as permitted under the Credit
Agreement, and a net increase of $0.2 million provided by other financing
activities. See "Note 5. Long-Term Debt" in the Notes to Condensed Consolidated
Financial Statements and "--Capital Resources" for additional discussion of
these financing activities.

     As a result of the aforementioned, cash decreased by $0.2 million for the
three months ended March 31, 2000 compared with an increase of $27.2 million for
the three months ended March 31, 1999.

Capital Resources

     The Company's total indebtedness is primarily a result of the financing of
the acquisition of the Company in 1996 by an investor group led by affiliates of
Goldman, Sachs & Co. (the "Acquisition") and the Company's bowling center
acquisition program. At March 31, 2000, the Company's debt consisted of $540.7
million of borrowings under the Credit Agreement and a mortgage (collectively,
the "Senior Debt"), $250.0 million of Bowling Worldwide's senior subordinated
notes ("Subsidiary Senior Subordinated Notes") and $247.3 million of Bowling
Worldwide's senior subordinated discount notes ("Subsidiary Senior Subordinated
Discount Notes"). At March 31, 2000, the Company's Senior Debt consisted of
$373.7 million outstanding under term loan facilities under the Credit Agreement
(the "Term Facilities"), $165.0 million outstanding under a non-amortizing
revolving credit facility under the Credit Agreement (the "Bank Facility") and
$2.0 million represented by one mortgage note.

     The Company has the ability to borrow for general corporate purposes and,
to a limited extent, for acquisitions pursuant to the $355.0 million Bank
Facility, subject to certain conditions. At March 31, 2000, $165.0 million was
outstanding and $190.0 million was available for borrowing under the Bank
Facility subject to certain limitations regarding acquisitions and capital
expenditures. Between March 31, 2000 and April 30, 2000, there were no
borrowings and no payments under the Bank Facility.

                                       19
<PAGE>

     The lenders under the Credit Agreement amended the terms of the Credit
Agreement, as of June 14, 1999, to provide the Company with (i) the ability to
increase the pace of its bowling center acquisition program, (ii) greater
financial flexibility under the covenants contained in the Credit Agreement and
(iii) certain other modifications. See "Note 5. Long-Term Debt" in the Notes to
Condensed Consolidated Financial Statements. Bowling Worldwide was in compliance
with the amended covenants as of March 31, 2000. In this connection, AMF Bowling
made contributions of $1.0 million, $2.0 million and $3.0 million as equity to
Bowling Worldwide in November 1999, March 2000 and May 2000, respectively, to
meet EBITDA requirements under the Credit Agreement's financial covenant tests
as of September 30, 1999, December 31, 1999 and March 31, 2000, respectively.
The Credit Agreement would permit AMF Bowling to make an additional equity
contribution of up to $4.0 million dollars for the second quarter of 2000 and up
to an aggregate of $10.0 million for any four consecutive quarters through the
end of 2001. Management believes that Bowling Worldwide will be in compliance
with the amended covenants during the remainder of 2000, including the effect of
the aforementioned equity contributions, but any downturn in the expected
performance of Bowling Worldwide could result in non-compliance with these
financial covenants. Failure by Bowling Worldwide to comply with its Credit
Agreement covenants could result in an event of default which, if not cured or
waived, would have a material adverse effect on the Company.

     During the first three months of 2000, the Company funded its cash needs
through cash flow from operations and cash balances. A substantial portion of
the Company's available cash will be applied to service outstanding
indebtedness. For the three months ended March 31, 2000, the Company incurred
cash interest expense of $21.5 million, representing 37.7% of EBITDA for the
period. For the three months ended March 31, 1999, the Company incurred cash
interest expense of $19.5 million, representing 34.6% of EBITDA for the period.

     The indentures governing the Subsidiary Senior Subordinated Notes and the
Subsidiary Senior Subordinated Discount Notes (together with the Subsidiary
Senior Subordinated Notes, the "Subsidiary Notes") and certain provisions of the
Credit Agreement contain financial and operating covenants and significant
restrictions on the ability of the Company to pay dividends, incur indebtedness,
make investments and take certain other corporate actions. As of March 31, 2000,
Bowling Worldwide was in compliance with all of its covenants under these
indentures and the Credit Agreement. See "Note 5. Long-Term Debt" in the Notes
to Condensed Consolidated Financial Statements.

     The Company's ability to make scheduled payments of principal of, or to pay
interest on, or to refinance its indebtedness depends on its future performance,
which, to a certain extent, is subject to general economic, financial,
competitive, legislative, regulatory and other factors beyond its control,
including the conditions of the debt and equity markets. Based upon the current
level of performance, management believes that cash flow from operations,
together with available borrowings under the Credit Agreement and other sources
of liquidity, will be adequate to meet the Company's requirements for working
capital, capital expenditures, scheduled payments of principal of, and interest
on, its Senior Debt, and interest on the Subsidiary Senior Subordinated Notes
for the remainder of 2000. In calendar year 2001, principal payment obligations
under the facilities of the Credit Agreement increase significantly and cash
interest becomes payable on the Subsidiary Senior Subordinated Discount Notes.
In the first quarter of calendar year 2002, the financial covenants under the
Credit Agreement will be reset to their original, more stringent, levels. Based
on current levels of performance, the Company anticipates that a refinancing
will be required to meet the Company's financial requirements for calendar years
2001 and beyond. There can be no assurance, however, that the Company's business
will generate sufficient cash flow from operations or that future borrowings
will be available in an amount sufficient to enable the Company to meet its
payment obligations under its indebtedness, or make necessary capital
expenditures, or that any refinancing of its indebtedness would be available on
commercially reasonable terms or at all.

Capital Expenditures

     For the three months ended March 31, 2000, the Company's capital
expenditures were $12.7 million compared to $4.7 million for the three months
ended March 31, 1999, an increase of $8.0 million. Bowling Centers maintenance
and modernization expenditures increased $1.8 million. Bowling Products

                                       20
<PAGE>

expenditures decreased $0.2 million. Company-wide information systems
expenditures increased $2.3 million. Investments in Xtreme(TM) bowling equipment
at various AMF bowling centers increased by $4.2 million. Capital expenditures
for new centers were $0.1 million higher in 1999 due to the construction of a
Michael Jordan Golf Center.

     While the Company's intention is to continue consolidating the U.S. bowling
center industry by acquiring additional bowling centers, the Company will
evaluate acquisitions on a more selective basis and will consider acquisition
targets which meet specific operating and valuation parameters. At the same
time, management will continue its focus on improving financial performance of
its current centers. As of April 30, 2000, the Company had commitments to
acquire five bowling centers for a total purchase price of $5.0 million.

     The Company has funded its capital expenditures and construction and
acquisition of new centers with internally-generated cash, the Bank Facility and
issuances of AMF Bowling common stock. The Company expects to continue funding
its capital expenditures and construction and acquisition of new centers with
internally-generated cash and the Bank Facility. See "Note 1. Organization" in
the Notes to Condensed Consolidated Financial Statements, "--Liquidity" and "--
Capital Resources."

     The lenders under the Credit Agreement amended the terms of the Credit
Agreement, as of June 14, 1999, to provide the Company with (i) the ability to
increase the pace of its bowling center acquisition program, (ii) greater
financial flexibility under the covenants contained in the Credit Agreement and
(iii) certain other modifications. See "Note 5. Long-Term Debt" in the Notes to
Condensed Consolidated Financial Statements.

Seasonality and Market Development Cycles

     The financial performance of Bowling Centers' operations is seasonal. Cash
flows typically peak in the winter when U.S. leagues are most active and reach
their lows in the summer. While the geographic diversity of the Company's
Bowling Centers operations has helped reduce this seasonality in the past, the
increase in U.S. centers resulting from acquisitions has increased the
seasonality of that business.

     Modernization and Consumer Products sales also display seasonality. The
U.S. market, which is the largest market for Modernization and Consumer
Products, is driven by the beginning of league play in the fall of each year.
While operators purchase consumer products throughout the year, they often place
larger orders during the summer in preparation for the start of league play in
the fall. Summer is also generally the peak period for installation of
modernization equipment. Operators typically sign purchase orders for
modernization equipment during the first four months of the year after they
receive winter league revenue indications. Equipment is then shipped and
installed during the summer when leagues are generally less active. However,
sales of some modernization equipment such as automatic scoring and synthetic
lanes are less predictable and fluctuate from year to year because of the longer
life cycle of these major products.

     While sales of NCPs are slightly seasonal, sales of NCPs can fluctuate
dramatically as a result of economic fluctuations in international markets, as
seen in the reduction of sales of NCPs to markets in the Asia Pacific region
following economic difficulties in that region.

International Operations

     The Company's international operations are subject to the usual risks
inherent in operating abroad, including, but not limited to, currency exchange
rate fluctuations, economic and political fluctuations and destabilization,
other disruption of markets, restrictive laws, tariffs and other actions by
foreign governments (such as restrictions on transfer of funds, import and
export duties and quotas, foreign customs, tariffs and value added taxes and
unexpected changes in regulatory environments), difficulty in obtaining
distribution and support for products, the risk of nationalization, the laws and
policies of the United States affecting trade, international investment and
loans, and foreign tax law changes.

                                       21
<PAGE>

     The Company has a history of operating in a number of international
markets, in some cases, for over 30 years. As in the case of other U.S.-based
manufacturers with export sales, local currency devaluation increases the cost
of the Company's bowling equipment in that market. As a result, a strengthening
U.S. dollar exchange rate adversely impacts sales volume and profit margins
during such periods.

     Foreign currency exchange rates also impact the translation of operating
results from international bowling centers. For the three months ended March 31,
2000, revenue and EBITDA of international bowling centers represented 15.1% and
15.8% of consolidated revenue and EBITDA, respectively. For the three months
ended March 31, 1999, revenue and EBITDA of international bowling centers
represented 15.6% and 16.3% of consolidated revenue and EBITDA, respectively.

     Economic difficulties in the Asia Pacific region, including the limited
availability of financing for customers seeking to build new centers, have
continued to keep demand for NCPs below peak levels achieved during 1997. In
response to these market conditions, Bowling Products entered into three-year
joint distribution agreements with Zhonglu on June 13, 1999. Under the terms of
these agreements, Zhonglu is the exclusive distributor of AMF products in China,
and Bowling Products is the exclusive distributor of Zhonglu's bowling products
and parts outside of China. In 1999 and the first quarter of 2000, Bowling
Products purchased component parts from Zhonglu as part of its long-term
strategy to reduce manufacturing costs. However, sales of both AMF products in
China and Zhonglu products outside China have been slower to develop than
anticipated. Discussions are underway to amend the distribution agreements to
better reflect current global market conditions for bowling equipment sales.

     NCP unit sales to China, Japan and other countries in the Asia Pacific
region represented 32.2% of total NCP unit sales for the three months ended
March 31, 2000 compared to 43.0% for the year ended December 31, 1999.

     China has strengthened enforcement of its import restrictions by requiring
the payment of full customs duties and value-added taxes on the importation of
new and used capital goods. The Chinese government also prohibits importation of
used capital equipment without permits. Permits for the importation of used
bowling equipment are very difficult to obtain. Local Chinese companies,
however, are not subject to the same restrictions. For example, in addition to
being the exclusive distributor of AMF products, Zhonglu produces locally and
sells bowling equipment that is not subject to the customs duties or permit
requirements that affect the Company's imported equipment. Zhonglu has
experienced significant acceptance by local customers. Management believes that
these import restrictions will continue for the foreseeable future.

Impact of Inflation

     The Company has historically offset the impact of inflation through price
increases and expense reductions. Periods of high inflation could have a
material adverse impact on the Company to the extent that increased borrowing
costs for floating rate debt may not be offset by increases in cash flow. There
was no significant impact on the Company's operations as a result of inflation
for the three months ended March 31, 2000 and 1999, respectively, or for the
year ended December 31, 1999.

Environmental Matters

     The Company's operations are subject to federal, state, local and foreign
environmental laws and regulations that impose limitations on the discharge of,
and establish standards for the handling, generation, emission, release,
discharge, treatment, storage and disposal of, certain materials, substances and
wastes.

     The Company currently and from time to time is subject to environmental
claims. In management's opinion, the various claims in which the Company
currently is involved are not likely to have a material adverse impact on its
financial position or results of operations. However, it is not possible to
ensure the ultimate outcome of such claims.

                                       22
<PAGE>

     The Company cannot predict with any certainty whether existing conditions
or future events, such as changes in existing laws and regulations, may give
rise to additional environmental costs. Furthermore, actions by federal, state,
local and foreign governments concerning environmental matters could result in
laws or regulations that could increase the cost of producing the Company's
products, or providing its services, or otherwise adversely affect the demand
for its products or services.

Recent Accounting Pronouncements

     Effective for the quarter ended March 31, 2001, the Company will be
required to adopt SFAS No. 133 "Accounting for Derivative Instruments and
Hedging Activities." The Company does not expect that adoption of this standard
will have a material adverse impact on the Company's financial position or
results of operations.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

     The Company is exposed to market risk from changes in foreign currency
exchange rates and interest rates, which could impact its results of operations
and financial condition. The Company manages its exposure to these risks through
its normal operating and financing activities and through the use of interest
rate cap agreements with respect to interest rates. There were no other material
derivative instrument transactions during any of the periods presented.

     The Company has generally accepted the exposure to exchange rate movements
relative to its investment in foreign operations without using derivative
financial instruments to manage the risk. As in the case of other
U.S.-based manufacturers with export sales, local currency devaluation increases
the cost of the Company's bowling equipment in that market. As a result, a
strengthening U.S. dollar exchange rate may adversely impact sales volume and
profit margins during such periods. Foreign currency exchange rates can also
affect the translation of operating results from international bowling centers.
For the three months ended March 31, 2000, revenue and EBITDA of international
bowling centers represented 15.1% and 15.8% of consolidated revenue and EBITDA,
respectively. For the three months ended March 31, 1999, revenue and EBITDA of
international bowling centers represented 15.6% and 16.3% of consolidated
revenue and EBITDA, respectively.

     The Company uses interest rate cap agreements to mitigate the effect of
changes in interest rates on the Company's variable rate borrowings under its
Credit Agreement. While the Company is exposed to credit risk in the event of
non-performance by the counterparty to interest rate swap agreements, in all
cases such counterparty is a highly-rated financial institution and the Company
does not anticipate non-performance. The Company does not hold or issue
derivative financial instruments for trading purposes or speculation. The
following table provides information about the Company's fixed and variable rate
debt, weighted average interest rates and respective maturity dates (dollar
amount in millions.)

                               Weighted                   Weighted
                               Average      Variable      Average
                   Fixed       Interest       Rate        Interest
  Maturity       Rate Debt       Rate         Debt          Rate
-------------    ---------     --------     --------      --------
2000             $       -            -     $   34.3       10.45 %
2001                     -            -         83.0       10.67
2002                     -            -        271.0       10.51
2003                     -            -        116.4       11.18
2004                     -            -         46.8       11.34
Thereafter           529.0       11.58%            -      N/A
                 ---------                   -------
Total            $   529.0                   $ 551.5

                                       23
<PAGE>

     During December 1999 and March 2000, Bowling Worldwide entered into two
interest rate cap agreements with Goldman Sachs Credit Partners; L.P. (the
"Counterparty") to reduce the interest rate risk of its Bank Debt. The table
below summarizes the interest rate cap agreements in effect at March 31, 2000:

                                             Notional
                                              Amount
             Expiration Date              (in millions)     Cap Rate (a)
        ------------------------------    -------------     ------------
        December 31, 2000                 $       100.0         7.6525 %
        April 1, 2001                             200.0         7.7800

------------------------------
(a)  The cap rate is the 3-month U.S. Dollar-London Interbank Offer Rate
     ("USD-LIBOR") quoted by the Counterparty.

     Bowling Worldwide paid a fixed fee of $75,000 and $160,000, respectively,
for the two interest rate caps. Bowling Worldwide will receive quarterly
payments from the Counterparty if the quoted 3-month USD-LIBOR on the quarterly
floating rate reset dates is above the respective cap rates.

                                     PART II

Item 1. Legal Proceedings

     On April 22, 1999, a putative class action was filed in the United States
District Court for the Southern District of New York by Vulcan International
Corporation against AMF Bowling, The Goldman Sachs Group, L.P., Goldman, Sachs &
Co., Morgan Stanley & Co. Incorporated, Cowen & Company, Schroder & Co., Inc.,
Richard A Friedman and Douglas J. Stanard. The complaint has subsequently been
amended to, among other things, include additional named plaintiffs. The
plaintiffs, as putative class representatives for all persons who purchased AMF
Bowling common stock in AMF Bowling's initial public offering of Common Stock
(the "Initial Public Offering") or within 25 days of the effective date of the
registration statement related to the Initial Public Offering, seek, among other
things, damages and/or rescission against all defendants jointly and severally
pursuant to Sections 11, 12 and/or 15 of the Securities Act of 1933 based on
allegedly inaccurate and misleading disclosures in connection with and following
the Initial Public Offering. Management believes that the litigation is without
merit and intends to defend it vigorously.

     In addition, the Company currently and from time to time is subject to
claims and actions arising in the ordinary course of its business, including
environmental claims, discrimination claims, workers' compensation claims, and
personal injury claims from customers of Bowling Centers. In some actions,
plaintiffs request punitive or other damages that may not be covered by
insurance. In management's opinion, the claims and actions in which the Company
is involved will not have a material adverse impact on its financial position or
results of operations. However, it is not possible to predict the outcome of
such claims and actions.

Item 6. Exhibits and Reports on Form 8-K

(a)  Exhibits

     27.1 Financial Data Schedule for the three months ended March 31, 2000.

(b)  Reports on Form 8-K:

     A Current Report on Form 8-K was filed on February 28, 2000, with respect
     to the announcement of certain financial results for the quarter and year
     ended December 31, 1999.

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<PAGE>

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

AMF Bowling Worldwide, Inc.
(Registrant)


 /s/ Stephen E. Hare                                               May 12, 2000
----------------------------------
Stephen E. Hare
Executive Vice President,
Chief Financial Officer and Treasurer
(Principal Financial Officer)


 /s/ Michael P. Bardaro                                            May 12, 2000
---------------------------------
Senior Vice President, Corporate Controller
and Assistant Secretary
(Principal Accounting Officer)

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