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BAYPORT RESTAURANT GROUP REPORTS 400 PERCENT INCREASE IN PROFITS FOR FIRST QUARTER ENDED MARCH 30

 BAYPORT RESTAURANT GROUP REPORTS 400 PERCENT INCREASE
 IN PROFITS FOR FIRST QUARTER ENDED MARCH 30
 MIAMI, May 14 /PRNewswire/ -- Bayport Restaurant Group, Inc. (NASDAQ: PORT), owner and operator of seafood restaurants, reported that, following major restructuring changes in the fourth quarter of 1991, profits in the first quarter ended March 30 increased by almost 400 percent compared with the first quarter of 1991, William D. Korenbaum, president and chief executive officer, announced today.
 Net income in 1992's first quarter totaled $351,237, a new record, against $71,001 in the comparable period last year. Revenues were $5,676,807 in the 1992 period and $5,861,433 in the 1991 period. Net income included a tax benefit from loss carryforward of $136,956 in the first quarter of 1992 and $80,792 in the same period of 1991. Earnings per share in the current quarter were $0.02.
 Korenbaum added: "Our strongest quarter is traditionally the first quarter, which is the peak tourist season in Florida where most of our restaurants are located. We feel confident that profitable operations will continue for the full year. We are particularly pleased with the increase in restaurant operating profits which were up 16 percent on an approximately 2 percent increase in restaurant sales from the first quarter of 1991. The increase in restaurant operating profits was due to the increased sales and an overall reduction in operating expenses.
 "The planned disposal of the two unprofitable restaurants and the consolidation of the Cryotech seafood processing operations are well underway and should be completed within the next few months. In addition, we are looking forward to the opening of a new 11,000- square-foot full-service Crab House Seafood Restaurant in Orlando later this year."
 Bayport Restaurant Group, Inc. owns and operates "Crab House Seafood Restaurants" in Florida and Georgia, and "Cap't Crab's Take- Away" restaurants in Florida and has a majority interest in Cryotech Industries, Inc. (NASDAQ: CRYOA), processor and importer of seafood.
 BAYPORT RESTAURANT GROUP, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 3 mos. ended 3/30/92 4/1/91
 Revenues $5,675,607 $5,861,433
 Income (loss) before extraordinary
 credit 214,281 (9,791)
 Extraordinary item:
 Reduction of income taxes arising from
 carryforward for prior years operating
 losses 136,956 80,792
 Net income (loss) $ 351,237 $ 71,001
 Earnings per common share:
 Earnings (loss) before extraordinary
 item $ .01 $ ---
 Extraordinary item .01 ---
 Net earnings (loss) $ .02 $ ---
 Weighted average number of shares
 outstanding 18,628,730 16,616,908
 -0- 5/14/92
 /CONTACT: William D. Korenbaum, president & CEO of Bayport Restaurant Group, 305-967-6700/
 (PORT CRYOA) CO: Bayport Restaurant Group, Inc. ST: Florida IN: LEI SU: ERN


BR -- NY024 -- 0100 05/14/92 10:11 EDT
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Publication:PR Newswire
Date:May 14, 1992
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