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BAYPORT REPORTS RECORD SECOND QUARTER EARNINGS SAME STORE SALES INCREASE 18 PERCENT

 HOLLYWOOD, Fla., Aug. 18 /PRNewswire/ -- Bayport Restaurant Group, Inc. ("Bayport") (NASDAQ-NMS: PORT PORTD) reported today record second quarter earnings. Net earnings for the three months ended June 28, 1993 increased 50 percent over the same three month period last year, to $308,809 from $205,212. Net earnings, before the cumulative effect of accounting changes, for the six months ended June 28, 1993 increased 32.5 percent over the same six month period last year, to $737,509 from $556,359. Bayport reported net earnings for the first six months of 1993 of $960,804 compared to $556,359 for the same period last year.
 Same store sales for restaurants open for the second quarter during both 1992 and 1993 increased by 18 percent. Chainwide revenues increased 29 percent for the three months ended June 28, 1993 and 20 percent for the six months ended June 28, 1993.
 David J. Connor, the company's chief executive officer, said, "We are very pleased with the strong same store sales increases and the results achieved so far this year. With the proceeds received from a $15.8 million private placement completed by Alex, Brown & Sons, Inc. on Monday, Aug. 16, 1993, we are now in a very strong financial position and will begin to implement an aggressive expansion program which calls for the opening of 10-14 restaurants per year beginning in 1994."
 Bayport Restaurant Group, Inc. owns and operates "Crab House Seafood Restaurants" in Florida and Georgia, "Capt. Crab's Take-Away Restaurants" in Florida, and a seafood processing plant in North Carolina.
 BAYPORT RESTAURANT GROUP, INC.
 Condensed Consolidated Statements of Operations
 (unaudited)
 Three months ended 6/28/93 6/29/92
 Revenues $ 6,882,273 $ 5,309,986
 Net earnings 308,809 205,212
 Net income $ .01 $ .01
 Wtd. avg. no. of shares
 outstanding 22,939,366 19,504,686
 Six months ended 6/28/93 6/29/92
 Revenues $13,172,422 $10,985,593
 Earnings bef. cumulative
 effect of accounting changes 737,509 556,359
 Cumulative effect of
 accounting changes 223,295 --
 Net earnings 960,804 556,359
 Per share amounts:(A)
 Before changes in accounting
 principles $.03 $.03
 Cumulative effect of
 accounting changes .01 .00
 Net earnings .04 .03
 Wtd. avg. no. of shares
 outstanding 22,960,141 19,091,813
 (A) Earnings per share amounts were computed prior to the completion of a one-for-four reverse stock split.
 -0- 8/18/93
 /CONTACT: Donald Radcliffe of Radcliffe & Associates, 212-605-0599/
 (PORT)


CO: Bayport Restaurant Group, Inc. ST: Florida IN: LEI SU: ERN

WB-SH -- NY027 -- 3909 08/18/93 12:24 EDT
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Publication:PR Newswire
Date:Aug 18, 1993
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