Brassie Golf Corporation announces fourth quarter and year-end results.

TAMPA, Fla.--(BUSINESS WIRE)--APRIL 3, 1996--BRASSIE GOLF CORPORATION (NASDAQ Symbol: PUTT; TSE Symbol: TEE) today announced financial results for the fourth quarter and year ended December 31, 1995.

For the fourth quarter ended December 31, 1995, the Company reported total operating revenues of $1,602,424, versus total operating revenues of $2,003,450 for the comparable year-ago period. It should be noted that the 1994 quarter includes revenues from the Stanchina courses, which were disposed of in May 1995. Net loss for the most recent quarter, before a $4,000,000 non-recurring item charge for the write down of goodwill at December 31, 1995, was $1,275,717, or $0.08 per share, an improvement over the net loss of $1,128,071, or $0.08 per share, for the comparable year-ago quarter. The weighted average number of shares outstanding increased from 13,529,000 to 17,507,300 for the quarters ended December 31, 1994 and 1995, respectively.

For the twelve months ended December 31, 1995, the Company reported total operating revenues of $8,138,173, versus total operating revenues of $7,530,644 for the comparable year-ago period. Net loss for the year before an extraordinary item loss associated with the sale and disposition of the Stanchina courses and the non-recurring write down of goodwill was $2,375,892, or $0.15 per share, an improvement from a net loss of $2,456,251, or $0.19 per share, for the year ended December 31, 1994. The weighted average number of shares outstanding increased from 12,955,100 to 15,570,900 for the twelve months ended December 31, 1994 and 1995, respectively. Bill Horne, President and CEO of Brassie Golf Corporation, said, "1995 was a challenging year for Brassie. Rounds played, which impacts golf, food and beverage and pro shop revenues, was negatively impacted in the fourth quarter due to adverse weather conditions experienced in our core Southeast market. Despite this inconsistent demand during the fourth quarter we were able to record an 8% operating revenue gain for the year. Furthermore, our course management and design fees increased 56% year-over-year.

"Since becoming Chief Executive Officer of Brassie this past July, we have accomplished much in the way of strengthening and reinforcing Brassie for long-term growth. First, we settled the Stanchina lawsuit that eliminated $11.0 million of debt, of which $5.7 million was short-term. Although we incurred a $4.1 million non-recurring charge in doing so, this action significantly improved our balance sheet. Also, as recently announced, we continue to invest in the areas that will seed long-term growth and profitability. We are aggressively pursuing an agreement that will significantly reduce our short- and long-term debt through the partial transfer of ownership of The Gauntlet golf courses to our Pension Fund partners. This, combined with our cost cutting measures that we expect to realize through the further integration of Club Operations and Property Management into Brassie will result in greater cost savings, thereby enhancing our goal of attaining profitability."

Mr. Horne concluded, "Looking into 1996, we expect our course management and design fees to continue to grow, as this will be our core competency for the foreseeable future. As previously stated, we are continuing to pursue financing options with the intention of securing sufficient long-term capital to make strategic acquisitions in the golf industry. We believe Brassie is poised to become the leading turn-key golf operator and will continue to take the necessary steps to achieve our goal." -0-

                        BRASSIE GOLF CORPORATION
                  CONSOLIDATED STATEMENTS OF OPERATIONS

                    Three Months Ended         Twelve Months Ended
                   Dec. 31,     Dec. 31,        Dec. 31,   Dec. 31,
                     1995        1994            1995       1994
                  (unaudited)   (audited)    (unaudited)  (audited)

Total operating
 revenues        $ 1,602,424   $ 2,003,450   $ 8,138,173   $ 7,530,644
Total operating
 expenses          6,388,005(1)  2,752,554    13,029,481(1)  8,684,586
Operating loss   $(4,785,581)  $  (749,104)  $(4,891,308)  $(1,153,942)
Net loss before
 extraordinary
 item            $(5,275,717)  $(1,128,071)  $(6,375,892)  $(2,456,251)
Extraordinary
 item            $        --   $        --   $ 4,130,000)  $        --

Net loss         $(5,275,717)  $(1,128,071) $(10,505,892)  $(2,456,251)

Net loss per
 share before
 extraordinary
 item            $     (0.30)  $     (0.08) $      (0.41)  $    (0.19)
Extraordinary
 item                     --            --         (0.26)          --
Net loss per
 share           $     (0.30)  $     (0.08) $      (0.67)  $    (0.19)

EBIDA            $  (300,877)  $  (425,437) $   (567,635)  $  (51,129)

Average shares
 outstanding      17,507,300    13,529,000    15,570,900   12,955,100

(1) Includes non-recurring write down of goodwill of $4,000,000 at
December 31, 1995.
-0-

                            Select Balance Sheet Information

                                    December 31,      December 31,
                                       1995              1994
Total current assets                $ 1,656,973       $ 1,844,614
Total assets                         25,875,370        35,506,705
Total current liabilities             5,374,277        11,365,707
Long-term debt, less current portion  8,983,554        11,202,863
Total liabilities                    18,785,043        29,370,208
Shareholders' equity                $ 7,090,327       $ 6,136,497

CONTACT: Brassie Golf Corp.

Bill Horne, President and CEO, 813/621-4653

or

Lippert/Heilshorn & Associates

Jason Thompson, 212/838-3777