Travis Boats Announces New Real Estate Agreements and Update

AUSTIN, Texas, Nov. 12, 2003 -- Travis Boats & Motors, Inc. ("Travis Boats") today announced it has entered into a new $5.3 million real estate loan covering seven of its store locations. The financing package will provide the Company with over $1.0 million of incremental working capital and fully repay the Company's remaining real estate debt with Hibernia National Bank.

Richard Birnbaum, Chairman of Travis Boats, said "We see this real estate refinancing as a positive step for the Company. It recognizes the quality of our store locations and the Company's progress in implementing its business plan objectives. He further noted, "As we have communicated in the past, our real estate holdings have significant appraised market values of over $10.0 million. Therefore, our goal remains to continue to evaluate our options to maximize our capital position based on the value of our real estate. This new financing package will allow us to continue our announced strategy of selectively marketing certain store locations in sale/leaseback arrangements designed to provide us with competitive lease terms and benefits of current market appreciation on the real estate."

Michael B. Perrine, Chief Financial Officer of Travis Boats, said, "Our selecting Kennedy Funding as our financing partner to secure this $5.3 million loan has proven to be a good fit. Kennedy was efficient in its processes and flexible in dealing with the numerous complexities of a multi-state refinancing package. They quickly recognized the quality of our real estate and understood our business prospects."

UPDATE ON RECENT SALE/LEASEBACK TRANSACTIONS

The Company has recently completed sale/leaseback transactions on its store locations in Austin, Texas and Dallas, Texas. Both locations were sold to investors in market value transactions and leased back by the Company in a series of long-term leases. As a result of the transactions, the Company will recognize a deferred financial statement gain of approximately $1.0 million.

Michael B. Perrine, Chief Financial Officer of Travis Boats, said, "These transactions are really the beginning of our plans to assess and maximize the position of the Company with respect to its real estate. Many retailers use this common strategy of leasing, rather than owning their locations, to maximize returns on capital. Also, current market valuations seem to provide reasonable cap rates and lease terms. As with the initial transactions in Austin and Dallas, I believe that real estate principals will recognize the locational value of our properties and their respective market-share and cash flow characteristics."

RELEASE DATE FOR FISCAL YEAR ENDED SEPT. 30, 2003

The Company is finalizing its plans for the release date of the results of its operations for the fiscal year ended September 30, 2003. The Company will shortly issue a press release giving specific release dates and dial-in numbers for an investor conference call.

Travis Boats & Motors, Inc., is a leading multi-state superstore retailer of recreational boats, motors, trailers and related marine accessories in the southern United States. The Company operates 30 store locations in Texas, Arkansas, Louisiana, Alabama, Tennessee, Mississippi, Georgia, Florida and Oklahoma under the name Travis Boating Center.

The Company's web site is www.travisboatingcenter.com.

Cautionary Statement for purposes of the Safe Harbor Provisions of the 1995 Private Securities Litigation Reform Act. The statements in this document or in documents incorporated by reference herein that are not historical facts are forward-looking statements as that term is defined in Section 21E of the Exchange Act that involve a number of risks or uncertainties. The actual results of the future events could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are: the impact of seasonality and weather, the supply of inventory, general economic conditions and the level of discretionary consumer spending, and the Company's ability to restructure to stop operating losses. These and numerous other risk factors were identified in the Report on Form 10-K filed for fiscal year 2002 and other documents filed of record.

For further information please contact: Michael B. Perrine, Chief Financial Officer of Travis Boats & Motors, Inc., +1-512-347-8787, Ext. 119.