Boston Restaurant Associates, Inc.

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International Guild of Hospitality & Restaurant Managers

Business Summary
OTC: BRAI.OB

Financial Summary

Boston Restaurant Associates owns and operates a chain of 11 pizzerias under the name Pizzeria Regina(R) and one full service restaurant under the Polcari's North End(TM) name. For the 39 weeks ended 1/28/01, revenues rose 42% to $15.6 million. Net income fell 25% to $102 thousand. Revenues reflect the addition of three Pizzeria Regina food court kiosks and three bistro restaurants. Earnings were offset by increased payroll expenses due to the addition of new restaurants.

Expanded Business Summary

Boston Restaurant Associates, Inc. is an operator of restaurants. Currently, the Company operates a chain of 15 restaurants comprised of 13 fast-service, high-volume pizzerias under the Pizzeria Regina name and two full-service family style Italian/American restaurant under the Polcari's North End name. Of the 13 Pizzeria Regina restaurants, 11 are food court kiosks (self-service, take-out style, emphasizing pizza slices with common area seating) and two are wait-service restaurants (full-service style emphasizing whole pizzas with in-restaurant seating). A majority of the restaurants are located in the Boston, Massachusetts, metropolitan area.

The Pizzeria Regina restaurants feature the Company's signature product, its Neapolitan-style, thin-crust pizza, prepared in gas-fired brick ovens. This pizza features a proprietary dough and pizza sauce, which combine to produce a distinct flavor. These pizzas are offered with a wide variety of fresh vegetable and cured meat toppings. The original Pizzeria Regina, located in Boston's historic North End, has served the Company's brick oven pizza since 1926.

The Polcari's North End restaurants are full-service Italian/American, family style restaurants that capture the community spirit of the 1940s and 1950s in Boston's Italian North End neighborhood. These restaurants highlight exposed gas-fired brick ovens in open view of diners, memorabilia and photographs depicting 1940s and 1950s scenes in Boston's North End and large tables to encourage family style dining.

The Company plans to expand its operations by opening additional Company-operated Pizzeria Regina food court kiosks in high-volume retail malls as the opportunities present themselves and by opening additional bistro restaurants under the Polcari's North End name. The Company has also franchised, and plans to continue to franchise, its Pizzeria Regina concept and, in addition, plans to franchise its Polcari's North End bistro concept.

During the fiscal year ended April 30, 2000, the Company opened three new Pizzeria Regina restaurants and one new bistro-type restaurant that was inspired by the Company's Saugus-based Polcari's North End Restaurant, but which operates on a smaller physical scale and with modified menus. The bistro restaurant operates under the Polcari's North End name to capitalize on the recognition and prestige associated with that trademark.

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