Brassie Golf Corporation announces 1996 second quarter and six months results.

TAMPA, Fla.--(BUSINESS WIRE)--Aug. 12, 1996--BRASSIE GOLF CORPORATION (NASDAQ Symbol: PUTT) today announced financial results for the quarter and period ended June 30, 1996.

For the second quarter ended June 30, 1996, Brassie Golf Corporation ("Brassie" or "the Company") reported total operating revenues increased 4% to $2,316,348 versus $2,225,238 reported for the comparable 1995 quarter. Net income for the second quarter of 1996 increased to $223,930, or $0.01 per share based on 18,112,800 weighted average common shares outstanding, versus a net loss of $4,123,124, or $0.29 per share based on 14,180,100 weighted average common shares outstanding for the comparable 1995 quarter.

For the six months ended June 30, 1996 total operating revenues were $3,979,142 versus $4,676,577 reported for the comparable 1995 period. The $697,435 decrease in total operating revenues in the latest quarter is the result of the Company's sale of three golf courses. Net loss for the 1996 period narrowed to $656,004, or $0.04 per share based on 17,900,900 weighted average common shares outstanding versus a net loss of $4,291,454, or $0.30 per share based on 14,101,800 weighted average common shares outstanding.

Bill Horne, President and CEO, said, "We are pleased with the continued growth in our core management and design division. In the first quarter of this year we reported revenues at our management and design division grew nearly six fold. During the second quarter of 1996, we saw our management and design fee revenue increase eight fold to $430,000 versus $51,379 last year. We believe this strong performance is further testament to the success we can achieve in the marketplace with our turnkey services."

Mr. Horne concluded, "We are working diligently toward achieving consistent profitability. So far, we have significantly reduced our overhead expenses and continue to seek operating efficiencies that will position Brassie for future growth. I, and the management team of Brassie, remain confident in the Company's future and we look forward to reporting our progress to you."

Brassie Golf Corporation and its Hale Irwin 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.

"Safe Harbor" Statement under the private Securities Litigation Reform Act 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
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                             (Unaudited)

                    Three Months Ended           Six Months Ended
               June 30, 1996 June 30, 1995  June 30, 1996 June 30, 1995

Total operating
 revenues      $ 2,316,348    $ 2,225,238    $ 3,979,142   $ 4,676,577
Total operating
 expenses        2,271,155      1,906,845      4,374,206     4,140,727
Operating income
 (loss)             45,193        318,393       (395,064)      535,850

Other income (expense):

 Interest expense (450,155)      (322,554)      (844,654)     (715,507)
 Interest and other
  income           628,892         11,037        583,714        18,203

Net income (loss)
 before extraordinary
 item              223,930          6,876       (656,004)     (161,454)
Extraordinary
 item                   --     (4,130,000)            --    (4,130,000)
Net income (loss) $223,930    $(4,123,124)     $(656,004)  $(4,291,454)

Income (loss) per
 share before extraordinary
 item             $   0.01    $        --      $  (0.04)   $     (0.01)

Extraordinary loss
 per share              --          (0.29)           --          (0.29)

Net income (loss)
 per share        $   0.01    $     (0.29)     $  (0.04)   $     (0.30)

Weighted average
 number of
 shares
 outstanding    18,112,800     14,180,100    17,900,900     14,101,800
-0-

                        Select Balance Sheet Information

                              June 30,         December 31,
                                 1996                 1995

Total current assets     $  5,733,872         $  1,656,973
Total assets               29,602,483           25,875,370
Total current
 liabilities                4,615,153            3,584,281
Long-term debt,
 less current portion      17,498,523           15,046,851
Total liabilities          22,302,110           18,785,043
Shareholders' equity     $  7,300,373         $  7,090,327
-0-

CONTACT: Investor Relations Contact:

John Nesbett (E-MAIL: [e-mail])

Jason Thompson (E-MAIL: [e-mail])

LIPPERT/HEILSHORN & ASSOCIATES

[phone]

or

Company Contact:

William Horne

President and CEO

[phone]