Brassie Golf Corporation announces first quarter results.

TAMPA, Fla.--(BUSINESS WIRE)--May 14, 1997--BRASSIE GOLF CORPORATION (NASDAQ Symbol: PUTT) today announced financial results for the first quarter ended March 31, 1997.

For the first quarter ended March 31, 1997, Brassie Golf Corporation ("Brassie" or "the Company") reported total operating revenues of $1,100,261 versus $1,175,792 reported for the year-ago quarter.

Brassie reported that the net loss decreased to $497,589, or $0.02 per share based on 27,447,900 weighted average common shares outstanding for the quarter, versus a net loss of $866,160, or $0.05 per share based on 17,689,100 weighted average common shares outstanding for the comparable 1996 period.

Bill Horne, President and CEO of Brassie, said, "We are pleased to report that both our operating loss and our net loss for the first quarter narrowed significantly, primarily due to a decrease in general and administrative expenses of $219,410 and a restructuring of two of our owned golf courses which resulted in an additional savings of $159,202. We remain optimistic that the fundamentals of our business will improve as we enter our strongest seasonal period. The seasonal period, combined with continued cost savings, should lead to favorable results. Furthermore, we have restructured the design division, beginning May 1, 1997, to show significant improvements projected at well over $500,000 per year, the results of which will show up in the third and fourth quarters of 1997."

Brassie Golf Corporation is in the acquisition, design, construction, operation and management of golf courses.

"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
              CONSOLIDATED STATEMENTS OF OPERATIONS


                                           Three Months Ended
                                         March 31,     March 31,
                                           1997          1996
                                        (unaudited)    (audited)

Total operating revenues               $ 1,100,261   $ 1,175,792
Total operating expenses                 1,461,504     1,646,860
Operating loss                         $  (361,243)  $  (471,068)

Net loss                               $  (497,589)  $  (866,160)

Net loss per share                     $     (0.02)  $     (0.05)


Average shares outstanding              27,447,900    17,689,100


                                    Select Balance Sheet Information

                                         March 31,    December 31,
                                           1996           1995
Total current assets                   $ 1,056,131   $ 1,602,751
Total assets                            13,377,557    14,099,069
Total current liabilities                1,864,221     2,007,536
Long-term debt, less current portion     8,019,871     9,178,727
Total liabilities                       10,672,651    12,255,778
Shareholders' equity                   $ 2,704,906   $ 1,843,291

CONTACT: Investor Relations Contact: Company Contact:

Keith Lippert/Jason Thompson William Horne

Lippert/Heilshorn & Associates President and CEO

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