Boston Restaurant Associates, Inc. announces third quarter results

Business Wire, March 15, 1996

BOSTON--(BUSINESS WIRE)--March 15, 1996--BOSTON RESTAURANT ASSOCIATES, INC. (NASDAQ: BRAI, BRAIW) (BSE: BNR, BNRW) today announced the Company's third quarter results.

In the third quarter, BOSTON RESTAURANT ASSOCIATES, INC. reported a $1,401,738 loss of which $821,598 is associated with the closure of its Framingham location. This loss represents depreciation, amortization and goodwill attributable to Capucino's Framingham. In addition, overhead reflects legal fees associated with various real estate transactions, including the closure of restaurants in Cambridge, Brookline, and Wellesley locations. The write down was the result of restructuring BOSTON RESTAURANT ASSOCIATES, INC. which will concentrate on building Pizzeria Regina's and refining the Polcari's North End concept.

George R. Chapdelaine, Chief Executive Officer of BOSTON RESTAURANT ASSOCIATES, INC., said, "We have spent fiscal year 1996 restructuring BOSTON RESTAURANT ASSOCIATES, INC. for the future. In an effort to maximize our resources and management we have positioned BOSTON RESTAURANT ASSOCIATES, INC. to fuel growth through the Pizzeria Regina concept. In February, we opened a Pizzeria Regina in Brookline featuring brick oven pizza and a large selection of microbrews. Sales to date have exceeded our forecast. In addition, Polcari's North End Restaurant has seen positive results from refinement in the concept and the additions of JP's Jukebox Lounge. I believe with the completion of restructuring in 1996, we can look forward to a strong future." -0-