CEC Properties Announces Year End Results and Revenue Growth.

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Feb. 10, 1999--CEC Properties Inc. (OTC BB:CECI) Wednesday reported year end results for the period ended Oct. 31, 1998.

Revenues for the twelve month period were $1,351,189, reflecting the company's first full year as a golf related company. Net loss for that same period was $(99,431), or $0.1 per share, as compared with a loss of $(94,724) or ($0.1) per share, incurred during the same period in 1997 from discontinued and unrelated operations. Diluted weighted average shares outstanding for the period were 12,911,898 as compared with 12,566,698 for the same period in 1997.

"We are pleased with our growth in the golf industry," said Paul Balalis, president and chief executive officer of CEC Properties Inc. "Through acquisitions such as First Golf Corporation, completed in October of 1998, management believes this growth will continue. Additionally, we intend to continue our efforts to capitalize on opportunities that will increase revenue and shareholder value."

CEC Properties, a golf services company, operating through its wholly-owned subsidiaries, First Golf Corp., a golf course construction management company and Classic Golf Management, a golf course facility management company, continues to increase its presence as a quality provider of high-caliber management services to municipalities, developers and private owners of golf course facilities, as well as offering consulting, analysis and evaluations for both domestic and international clients.

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 and other risks detailed in the company's Securities and Exchange Commission filings.