Bear Stearns Launches First Leisure Industry Report.

NEW YORK--(BUSINESS WIRE)--Sept. 22, 1998--

Comprehensive Analysis Covers 40 Companies From Golf to Theme

Parks

Bear, Stearns & Co., Inc. unveils the first-ever Bear Stearns Leisure Industry Intelligence Report, a comprehensive monthly analysis of 40 public company stocks in the lodging, gaming, cruise line, skiing, golf, timeshare, fitness, bowling, ice skating, theme park, film exhibition, live entertainment and themed restaurant industries.

"The Bear Stearns Leisure Industry Intelligence Report offers timely equity analysis of real estate-intensive companies whose primary business is providing consumers with paid leisure-time experiences," said Jason Ader, Senior Managing Director at Bear Stearns. "Investors, potential investors, executives, consultants, bankers and others focused on the leisure sector will find the Bear Stearns Leisure Industry Intelligence Report an excellent addition to their highest-priority industry reading."

Each monthly edition of the Bear Stearns Leisure Industry Intelligence Report includes a Leisure Market Recap, including the Bear Stearns Leisure Index (of leisure company stocks) plus sub-indices for select industries such as cruise lines, timeshare, theme parks and others, a narrative on Leisure Industry Trends, comparative stock performance analyses, valuation summaries with company ratings, stock price targets and more, plus a complete short interest analysis and a report on insider trading.

Select Findings of The First Report

For the four weeks ended September 11, 1998, the Bear Stearns Leisure Index was down nearly 20 percent from the previous month, according to the first Bear Stearns Leisure Industry Intelligence Report. But that's an improvement over the Index's year-to-date performance. The Bear Stearns Leisure Index is down 25.6 percent year-to-date, compared to a 1.4 percent loss for the Dow and a 4.0 percent gain for the S&P 500.

"Broader market concerns and international economic uncertainties have put downward pressure on the Dow and S&P 500. Fears about slowing macroeconomic growth have raised doubts about future leisure spending, sparking a general sell-off of leisure issues," remarked Jason Ader. "Year-to-date, the Bear Stearns Cruise Line Index is the only leisure sub-index to post gains, up 6.6 percent," Ader observes, adding, "its the only leisure sub-index to surpass the Dow and S&P 500."

For the four weeks ended September 11, all Bear Stearns Leisure Sub-Indices were down, with the Bear Stearns Fitness Index (down 20.6 percent) and the Bear Stearns Film Exhibition Index (down 21.5 percent) posting the largest losses.

"In the 1990s, the leisure sector has been one of the fastest growing sectors, and we expect that to continue into the next decade," Ader says. "Despite the downturn in leisure stock prices, the current correction presents attractive opportunities for investors," he adds.

For a complete copy of the first Bear Stearns Leisure Industry Intelligence Report, call Carey Hirschman [phone].

Bear, Stearns & Co., Inc., a leading worldwide investment banking and securities trading and brokerage firm, is a major subsidiary of The Bear Stearns Companies Inc. (NYSE: BSC). With approximately $17.9 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, derivatives, asset management, correspondent clearing, securities lending and custody services. Headquartered in New York City, the company has approximately 9,400 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin, Geneva, Hong Kong, London, Lugano, Paris, Sao Paulo, Shanghai, Singapore and Tokyo.