BRASSIE GOLF CORPORATION ANNOUNCES FIRST QUARTER RESULTS.TAMPA, Fla.--(BUSINESS WIRE)--May 17, 1996--BRASSIE GOLF CORPORATION (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Symbol: PUTT; TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). Symbol: TEE) today announced financial results for the first quarter ended March 31, 1996. For the first quarter ended March 31, 1996, Brassie Golf Corporation ("Brassie" or "the Company") reported revenues of $1,662,794 versus $2,451,339 reported for the year-ago quarter. Brassie reported a net loss of $879,934, or $0.05 per share based on 17,689,100 weighted average common shares outstanding for the quarter, compared to a net loss of $168,330, or $0.01 per share based on 13,578,200 weighted average common shares outstanding for the comparable 1995 period. Bill Horne Horne , Lena Born 1917. American singer and actress. She has performed in Broadway musicals, television productions, and films, including Stormy Weather (1943). Noun 1. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "Revenues were disappointing due to the continued unseasonably poor weather in our primary markets. However, we remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the fundamentals of our business will improve as we enter our strongest seasonal period. It is also important to note that while overall sales were down, our course management and design fee revenue increased six fold to $486,828 in the most recent quarter versus $79,533 last year. Although partly due to the Summit merger, this strong performance clearly demonstrates our capability in the golf course design and management area, which we are continuing to leverage and aggressively grow." Brassie Golf Corporation and its Hale Irwin Hale S. Irwin (born June 3, 1945) is an American golfer. He is the uncle of Heath Irwin. Irwin was born in Joplin, Missouri. He graduated from the University of Colorado in 1967, where he was a two-time All-Big Eight defensive back, as well as an academic All-American in Golf Design division are engaged in the acquisition, design, construction, operation and management of private, semi-private, resort and daily-fee (i.e., "public") golf courses. Brassie's portfolio of owned and managed courses in 10 states has become one of the largest in the industry and the second largest among U.S. publicly-held companies. -0- "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including, but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumer preferences and trends, weather conditions and other risks detailed in the Company's Securities and Exchange Commission fillings. -0-
BRASSIE GOLF CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31, March 31,
1996 1995
(unaudited) (audited)
Total operating revenues $ 1,662,794 $ 2,451,339 Total operating expenses 2,103,051 2,233,882 Operating income (loss) $ (440,257) $ 217,457 Net loss $ (879,934) $ (168,330) Net loss per share $ (0.05) $ (0.01) EBITDA $ (57,369) $ 541,096 Average shares outstanding 17,689,100 13,578,200
Select Balance Sheet Information
March 31, December 31,
1996 1995
Total current assets $ 6,226,749 $ 1,656,973
Total assets 30,334,737 25,875,370
Total current liabilities 3,128,215 3,584,281
Long-term debt, less
current portion 14,376,234 8,733,554
Total liabilities 24,083,466 18,785,043
Shareholders' equity $ 6,251,271 $ 7,090,327
CONTACT: Company Contact: William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack Horne President and CEO (813) 621-4653 or Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact: John Nesbett/Jason Thompson Thompson, city, Canada Thompson, city (1991 pop. 14,977), central Man., Canada, on the Burntwood River. A mining town, it developed after large nickel deposits were discovered in the area in 1956. Lippert/Heilshorn & Associates (212) 838-3777 |
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