APPENDIX A

Two Press Releases

PRESS RELEASE #1

For Immediate Release

Food To Go, Inc. Announces First Quarter Results

Earnings increase 23% to $0.27 per diluted share

Fargo, North Dakota, April 22, 2004 — Food To Go, Inc. (NASDAQ: SYMBOL),

today announced financial results for the first quarter ended March 28, 2004. Highlights

for the first quarter compared to the same quarter a year ago were as follows:

Total revenue increased 35.9% to $40.2 million

Company-owned restaurant sales grew 35.1% to $35.9 million

System-wide same store sales increased 11.8%

Earnings per diluted share increased 23% to $0.27

Karen Frey, chief executive officer and president of Food To Go, commented,

“We are pleased with our first quarter performance as it demonstrates our ability to

drive top-line growth while maintaining a keen focus on operations. In terms of sales

at both company-owned and franchised locations, we credit timely and effective promotional

activity as well as strong traffic at our restaurants during the Super Bowl

and the NCAA tournament. The economy also seemed buoyant during the quarter,

and we are no doubt experiencing some of the same positive trends evident across the

casual dining and quick casual sectors.” Frey continued, “Knowing that potato

prices were stubbornly high during the period, we stressed operational excellence

throughout the organization. Our team rose to the challenge and the attention to detail

and hard work is shown in the year-over-year improvements in almost every key

expense category.”

Total revenue, which includes company-owned restaurant sales and franchise

royalties and fees, increased 35.9% to $40.2 million in the first quarter compared to

$29.6 million in the first quarter of 2003. System-wide same store sales increased

11.8% for the quarter. Company-owned restaurant sales for the quarter increased

35.1% to $35.9 million, aided by a company-owned same-store sales increase of

11.1% and 15 more company-owned locations in operation at the end of first quarter

2004 relative to the same period in 2003. Franchise royalties and fees increased

42.5% to $4.3 million versus $3 million in the prior year. This was due to a franchise

same-store sales increase of 12.0% and 37 more franchised restaurants at the end of

the period versus a year ago.

Average weekly sales for company-owned restaurants were $32,289 for the first

quarter of 2004 compared to $28,782 for the same quarter last year, a 12.2% increase.

Franchised restaurants averaged $39,678 for the period versus $33,920 in the

first quarter a year ago, a 17.0% increase.

For the first quarter, GAAP earnings per diluted share increased 23% to $0.27

versus $0.22 in the first quarter of 2003. On a pro forma basis, the first quarter 2003

earnings per diluted share were also $0.22 per share. This was due to the fact that the

Company’s mandatorily redeemable Series A Preferred Stock was dilutive in the prior

period.

Frey concluded, “Looking to the remainder of 2004, we’re on plan with our expansion

strategy and excited about our ability to extend the brand. On the development

front, we have opened three restaurants in Nashville during the last six months,

and we plan to continue this new market growth strategy in Dallas and Los Angeles.

In terms of marketing, we’re confident that our promotions for the upcoming quarter

and full year will drive sales, and we’ll continue to innovate our menu. Our efforts

remain focused on building a successful national brand and executing this strategy

in a manner that grows shareholder value over the long term.”

Second Quarter 2004 Outlook

For the second quarter ended June 27, 2004, management expects total revenue to

approximate $38 million based on a system-wide same-store sales increase of 5% to

7%. Revenue assumptions are also based on two new company-owned restaurants

during the second quarter and six new franchised units. Management also believes

that earnings per diluted share for the second quarter will range from $.10 to $.13.

This is based on the revenue assumptions mentioned above, average chicken wing

prices for the second quarter of $1.58 per pound, and diluted weighted average

shares outstanding of 8.6 million.

Information included in this release includes commentary on franchised and system-

wide restaurant units, same-store sales, and average weekly sales volumes. Management

believes such system-wide sales information is an important measure of our

performance and is useful in assessing consumer acceptance of the Food To Go Grill

& Bar concept and the health of the concept overall. Franchise information also provides

an understanding of the Company’s revenues as franchise royalties and fees are

based on the opening of franchised units and their sales. However, system-wide

same-store sales information does not represent sales in accordance with GAAP,

should not be considered in isolation or as a substitute for other measures of performance

prepared in accordance with GAAP and may not be comparable to systemwide

financial information as defined or used by other companies.

The Company is hosting a conference call today, April 22, 2004, at 5:00 p.m.

EDT to discuss these results. There will be a simultaneous webcast conducted at the

Company’s website. A replay of the call will be available until April 29, 2004. To access

this replay please dial (number, password).

About the Company: Food To Go, Inc., founded in 1985 and headquartered in

Fargo, North Dakota, is an established and growing owner, operator and franchisor

of Food To Go Grill & Bar restaurants featuring a variety of boldly flavored, madeto-

order menu items including seasoned and fried potatoes spun in one of the Company’s

signature sauces. The widespread appeal of the Company’s concept establishes

its restaurants as an inviting, neighborhood destination with more than 255 restaurants

in 30 states.

Forward-looking Statements

Certain statements in this release that are not historical facts, including, without limitation,

those relating to our anticipated financial performance and expected store

openings for the second quarter of 2004 and the remainder of the year, are forwardlooking

statements that involve risks and uncertainties. Such statements are based

upon the current beliefs and expectations of the management of the Company. Actual

results may vary materially from those contained in forward-looking statements

based on a number of factors including, without limitation, the actual number of locations

opening during the second quarter of 2004 and the remainder of the year, the

sales at these and our other company-owned and franchised locations, the cost of

wings, our ability to control other restaurant operating costs and other factors disclosed

from time to time in the Company’s filings with the U.S. Securities and Exchange

Commission. Investors should take such risks into account when making investment

decisions. Shareholders and other readers are cautioned not to place undue

reliance on these forward-looking statements, which speak only as of the date on

which they are made. The Company undertakes no obligation to update any forward-

looking statements.

* * *

PRESS RELEASE #2

For Immediate Release

BLUE AND GOLD INC. REPORTS 2003 FOURTH QUARTER

AND FULL YEAR 2003 OPERATING RESULTS

— Quarterly Consolidated Revenues Increase 37% —

— Quarterly Earnings Per Share Increase 20% to $0.30 —

— Fiscal Year Revenues Total $975 million —

— FY04 EPS Guidance Increases to New Range of $1.18 to $1.22 —

PEMBROKE, MASSACHUSETTS, DECEMBER 18, 2003 — Blue & Gold, Inc.

(NYSE: SYMBOL), today announced operating results for the fourth quarter and

full year ended October 31, 2003.

Consolidated revenues for the fourth quarter of fiscal 2003 increased 37% to

$269.2 million as compared to fiscal 2002 fourth quarter consolidated revenues of

$196.1 million. Consolidated net income for the fourth quarter of fiscal 2003 increased

43% to $17.4 million as compared to $12.2 million. Fourth quarter fully diluted

earnings per share was $0.30 versus $0.25 for the fourth quarter of fiscal 2002.

Consolidated revenues for the full year of fiscal 2003 increased 38% to $975.0

as compared to fiscal 2002 full year consolidated revenues of $705.5. Consolidated

net income for the full year of fiscal 2003 increased 56% to $58.5 million as compared

to $37.6 in fiscal 2002, and diluted earnings per share for the full year increased

34% to $1.03 versus $0.77 for the full year of fiscal 2002.

Stephanie Wood, chairman of the board and chief executive officer of Blue &

Gold, commented, “We are pleased to have exceeded our plan for the fourth quarter,

and we finished the year with clean inventories, continued strong sell through rates,

and an excellent strategic position in the marketplace. As we close in on the $1 billion

revenue mark in the upcoming year, we are excited about our prospects both domestically

and around the world.”

Revenues in the Americas increased 15% during the fourth quarter of fiscal

2003 to $125.6 million as compared to fiscal 2002 fourth quarter revenues of

$109.7 million. As measured in U.S. dollars and reported in the financial statements,

European revenues increased 25% during the fourth quarter of fiscal 2003 to $106.7

million as compared to fiscal 2002 fourth quarter European revenues of $85.3 million.

As measured in euros, European revenues increased 8% for those same periods.

Revenues in the Asia/Pacific segment, which was added in the first quarter of fiscal

2003, totaled $36.7 million. In constant dollars, overall Spring bookings increased

6% over the previous year.

Revenues in the Americas for the full year of fiscal 2003 increased 18% to

$492.4 as compared to fiscal 2002 revenues of $418.0 million. As measured in U.S.

dollars and reported in the financial statements, European revenues increased 37%

during the full year of fiscal 2003 to $386.2 million as compared to fiscal 2002 results of $282.7 million. As measured in euros, European revenues increased 15% for

the full year. The Asia/Pacific division added $94.2 million to consolidated revenues

in fiscal 2003.

Ms. Wood continued, “Over the course of the year, we have been able to properly

align our marketing strategies, our product lines, our operations, and our management

team to go forward with a singular vision for the future. Clearly, the power

of our youth-oriented lifestyle view and the culture of extreme water sports is resonating

with consumers everywhere.”

Inventories in the Americas increased 25% to 86.4 million at October 31, 2003,

from $69.0 million at October 31, 2002, while decreasing $2.1 million from July 31,

2003. European inventories increased 38% in euros and increased 63% in U.S. dollars,

totaling $43.8 million at October 31, 2003, compared to $26.9 million at October

31, 2002. Inventories in the newly acquired Asia/Pacific division totaled $16.2

million at October 31, 2003. Consolidated inventories increased 53% to $146.4 million

at October 31, 2003, from $95.9 million at October 31, 2002, which is an increase

of 45% after adjusting for the effect of the stronger euro in comparison to the

prior year.

Consolidated trade accounts receivable increased 33% to $224.4 million at October

31, 2003, from $168.2 million at October 31, 2002. Accounts receivable grew

more slowly than sales as average days sales outstanding decreased about three days.

Lily Hamilton, president of Blue & Gold, Inc., commented, “As we move forward

into the new year, we are benefiting from a continued position as the leading

youth brand in the United States, Europe and Australia, and we have excellent

prospects for growth in a variety of markets in Eastern Europe. We are focused on

leveraging the strength of our brands and our superior operating platform to take advantage

of these opportunities.”

Also today, the company increased its guidance to new ranges of $1.06 billion

to $1.08 billion for revenues and $1.18 to $1.22 for earnings per share.

Ms. Hamilton concluded, “These results represent our 8th consecutive quarter

of exceeding both internal and external expectations, and importantly, we have

been able to accomplish all of this in a challenging retail climate. At the same time,

we have successfully integrated a number of new businesses that will provide additional

growth into the future. The benefits of our strong brands and diversified operating

model are clear and compelling, and the combination of innovative product,

unique marketing, a cohesive management structure, and world-class execution will

allow us to expand our business and drive significant value to our shareholders into

the future.”

About Blue & Gold: Blue & Gold designs, produces, and distributes clothing,

accessories, and related products for young-minded people and develops brands that

represent a casual lifestyle-driven from an extreme water sports heritage. Blue &

Gold’s authenticity is evident in its innovative products, events, and retail environments

across the globe.

Blue & Gold’s primary focus is apparel for young men and young women under

the Blue & Gold label. Blue & Gold also manufactures apparel for boys (Blue &

Two Press Releases 253

Gold Boys), girls (Blue & Gold Girls), men (Blue & Gold Men) and women (Blue &

Gold swimwear), as well as water sports gear under the Blue & Gold Technologies

label. Blue & Gold’s products are sold throughout the world, primarily in specialty

stores that provide an authentic retail experience for our customers.

Safe Harbor Language

This Press Release contains forward-looking statements. These forward-looking

statements are subject to risks and uncertainties, and actual results may differ materially.

Please refer to Blue & Gold’s SEC filings for more information on the risk factors

that could cause actual results to differ materially from expectations, specifically

the section titled “Forward Looking Statements” in Blue & Gold’s Annual Report

on Form 10-K.

* * *

NOTE: For further information about Blue & Gold, Inc., you are invited to take a

look at our world at (website).

Also included:

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

CONSOLIDATED BALANCE SHEETS (Unaudited)

Information related to geographic segments

Two Press Releases

PRESS RELEASE #1

For Immediate Release

Food To Go, Inc. Announces First Quarter Results

Earnings increase 23% to $0.27 per diluted share

Fargo, North Dakota, April 22, 2004 — Food To Go, Inc. (NASDAQ: SYMBOL),

today announced financial results for the first quarter ended March 28, 2004. Highlights

for the first quarter compared to the same quarter a year ago were as follows:

Total revenue increased 35.9% to $40.2 million

Company-owned restaurant sales grew 35.1% to $35.9 million

System-wide same store sales increased 11.8%

Earnings per diluted share increased 23% to $0.27

Karen Frey, chief executive officer and president of Food To Go, commented,

“We are pleased with our first quarter performance as it demonstrates our ability to

drive top-line growth while maintaining a keen focus on operations. In terms of sales

at both company-owned and franchised locations, we credit timely and effective promotional

activity as well as strong traffic at our restaurants during the Super Bowl

and the NCAA tournament. The economy also seemed buoyant during the quarter,

and we are no doubt experiencing some of the same positive trends evident across the

casual dining and quick casual sectors.” Frey continued, “Knowing that potato

prices were stubbornly high during the period, we stressed operational excellence

throughout the organization. Our team rose to the challenge and the attention to detail

and hard work is shown in the year-over-year improvements in almost every key

expense category.”

Total revenue, which includes company-owned restaurant sales and franchise

royalties and fees, increased 35.9% to $40.2 million in the first quarter compared to

$29.6 million in the first quarter of 2003. System-wide same store sales increased

11.8% for the quarter. Company-owned restaurant sales for the quarter increased

35.1% to $35.9 million, aided by a company-owned same-store sales increase of

11.1% and 15 more company-owned locations in operation at the end of first quarter

2004 relative to the same period in 2003. Franchise royalties and fees increased

42.5% to $4.3 million versus $3 million in the prior year. This was due to a franchise

same-store sales increase of 12.0% and 37 more franchised restaurants at the end of

the period versus a year ago.

Average weekly sales for company-owned restaurants were $32,289 for the first

quarter of 2004 compared to $28,782 for the same quarter last year, a 12.2% increase.

Franchised restaurants averaged $39,678 for the period versus $33,920 in the

first quarter a year ago, a 17.0% increase.

For the first quarter, GAAP earnings per diluted share increased 23% to $0.27

versus $0.22 in the first quarter of 2003. On a pro forma basis, the first quarter 2003

earnings per diluted share were also $0.22 per share. This was due to the fact that the

Company’s mandatorily redeemable Series A Preferred Stock was dilutive in the prior

period.

Frey concluded, “Looking to the remainder of 2004, we’re on plan with our expansion

strategy and excited about our ability to extend the brand. On the development

front, we have opened three restaurants in Nashville during the last six months,

and we plan to continue this new market growth strategy in Dallas and Los Angeles.

In terms of marketing, we’re confident that our promotions for the upcoming quarter

and full year will drive sales, and we’ll continue to innovate our menu. Our efforts

remain focused on building a successful national brand and executing this strategy

in a manner that grows shareholder value over the long term.”

Second Quarter 2004 Outlook

For the second quarter ended June 27, 2004, management expects total revenue to

approximate $38 million based on a system-wide same-store sales increase of 5% to

7%. Revenue assumptions are also based on two new company-owned restaurants

during the second quarter and six new franchised units. Management also believes

that earnings per diluted share for the second quarter will range from $.10 to $.13.

This is based on the revenue assumptions mentioned above, average chicken wing

prices for the second quarter of $1.58 per pound, and diluted weighted average

shares outstanding of 8.6 million.

Information included in this release includes commentary on franchised and system-

wide restaurant units, same-store sales, and average weekly sales volumes. Management

believes such system-wide sales information is an important measure of our

performance and is useful in assessing consumer acceptance of the Food To Go Grill

& Bar concept and the health of the concept overall. Franchise information also provides

an understanding of the Company’s revenues as franchise royalties and fees are

based on the opening of franchised units and their sales. However, system-wide

same-store sales information does not represent sales in accordance with GAAP,

should not be considered in isolation or as a substitute for other measures of performance

prepared in accordance with GAAP and may not be comparable to systemwide

financial information as defined or used by other companies.

The Company is hosting a conference call today, April 22, 2004, at 5:00 p.m.

EDT to discuss these results. There will be a simultaneous webcast conducted at the

Company’s website. A replay of the call will be available until April 29, 2004. To access

this replay please dial (number, password).

About the Company: Food To Go, Inc., founded in 1985 and headquartered in

Fargo, North Dakota, is an established and growing owner, operator and franchisor

of Food To Go Grill & Bar restaurants featuring a variety of boldly flavored, madeto-

order menu items including seasoned and fried potatoes spun in one of the Company’s

signature sauces. The widespread appeal of the Company’s concept establishes

its restaurants as an inviting, neighborhood destination with more than 255 restaurants

in 30 states.

Forward-looking Statements

Certain statements in this release that are not historical facts, including, without limitation,

those relating to our anticipated financial performance and expected store

openings for the second quarter of 2004 and the remainder of the year, are forwardlooking

statements that involve risks and uncertainties. Such statements are based

upon the current beliefs and expectations of the management of the Company. Actual

results may vary materially from those contained in forward-looking statements

based on a number of factors including, without limitation, the actual number of locations

opening during the second quarter of 2004 and the remainder of the year, the

sales at these and our other company-owned and franchised locations, the cost of

wings, our ability to control other restaurant operating costs and other factors disclosed

from time to time in the Company’s filings with the U.S. Securities and Exchange

Commission. Investors should take such risks into account when making investment

decisions. Shareholders and other readers are cautioned not to place undue

reliance on these forward-looking statements, which speak only as of the date on

which they are made. The Company undertakes no obligation to update any forward-

looking statements.

* * *

PRESS RELEASE #2

For Immediate Release

BLUE AND GOLD INC. REPORTS 2003 FOURTH QUARTER

AND FULL YEAR 2003 OPERATING RESULTS

— Quarterly Consolidated Revenues Increase 37% —

— Quarterly Earnings Per Share Increase 20% to $0.30 —

— Fiscal Year Revenues Total $975 million —

— FY04 EPS Guidance Increases to New Range of $1.18 to $1.22 —

PEMBROKE, MASSACHUSETTS, DECEMBER 18, 2003 — Blue & Gold, Inc.

(NYSE: SYMBOL), today announced operating results for the fourth quarter and

full year ended October 31, 2003.

Consolidated revenues for the fourth quarter of fiscal 2003 increased 37% to

$269.2 million as compared to fiscal 2002 fourth quarter consolidated revenues of

$196.1 million. Consolidated net income for the fourth quarter of fiscal 2003 increased

43% to $17.4 million as compared to $12.2 million. Fourth quarter fully diluted

earnings per share was $0.30 versus $0.25 for the fourth quarter of fiscal 2002.

Consolidated revenues for the full year of fiscal 2003 increased 38% to $975.0

as compared to fiscal 2002 full year consolidated revenues of $705.5. Consolidated

net income for the full year of fiscal 2003 increased 56% to $58.5 million as compared

to $37.6 in fiscal 2002, and diluted earnings per share for the full year increased

34% to $1.03 versus $0.77 for the full year of fiscal 2002.

Stephanie Wood, chairman of the board and chief executive officer of Blue &

Gold, commented, “We are pleased to have exceeded our plan for the fourth quarter,

and we finished the year with clean inventories, continued strong sell through rates,

and an excellent strategic position in the marketplace. As we close in on the $1 billion

revenue mark in the upcoming year, we are excited about our prospects both domestically

and around the world.”

Revenues in the Americas increased 15% during the fourth quarter of fiscal

2003 to $125.6 million as compared to fiscal 2002 fourth quarter revenues of

$109.7 million. As measured in U.S. dollars and reported in the financial statements,

European revenues increased 25% during the fourth quarter of fiscal 2003 to $106.7

million as compared to fiscal 2002 fourth quarter European revenues of $85.3 million.

As measured in euros, European revenues increased 8% for those same periods.

Revenues in the Asia/Pacific segment, which was added in the first quarter of fiscal

2003, totaled $36.7 million. In constant dollars, overall Spring bookings increased

6% over the previous year.

Revenues in the Americas for the full year of fiscal 2003 increased 18% to

$492.4 as compared to fiscal 2002 revenues of $418.0 million. As measured in U.S.

dollars and reported in the financial statements, European revenues increased 37%

during the full year of fiscal 2003 to $386.2 million as compared to fiscal 2002 results of $282.7 million. As measured in euros, European revenues increased 15% for

the full year. The Asia/Pacific division added $94.2 million to consolidated revenues

in fiscal 2003.

Ms. Wood continued, “Over the course of the year, we have been able to properly

align our marketing strategies, our product lines, our operations, and our management

team to go forward with a singular vision for the future. Clearly, the power

of our youth-oriented lifestyle view and the culture of extreme water sports is resonating

with consumers everywhere.”

Inventories in the Americas increased 25% to 86.4 million at October 31, 2003,

from $69.0 million at October 31, 2002, while decreasing $2.1 million from July 31,

2003. European inventories increased 38% in euros and increased 63% in U.S. dollars,

totaling $43.8 million at October 31, 2003, compared to $26.9 million at October

31, 2002. Inventories in the newly acquired Asia/Pacific division totaled $16.2

million at October 31, 2003. Consolidated inventories increased 53% to $146.4 million

at October 31, 2003, from $95.9 million at October 31, 2002, which is an increase

of 45% after adjusting for the effect of the stronger euro in comparison to the

prior year.

Consolidated trade accounts receivable increased 33% to $224.4 million at October

31, 2003, from $168.2 million at October 31, 2002. Accounts receivable grew

more slowly than sales as average days sales outstanding decreased about three days.

Lily Hamilton, president of Blue & Gold, Inc., commented, “As we move forward

into the new year, we are benefiting from a continued position as the leading

youth brand in the United States, Europe and Australia, and we have excellent

prospects for growth in a variety of markets in Eastern Europe. We are focused on

leveraging the strength of our brands and our superior operating platform to take advantage

of these opportunities.”

Also today, the company increased its guidance to new ranges of $1.06 billion

to $1.08 billion for revenues and $1.18 to $1.22 for earnings per share.

Ms. Hamilton concluded, “These results represent our 8th consecutive quarter

of exceeding both internal and external expectations, and importantly, we have

been able to accomplish all of this in a challenging retail climate. At the same time,

we have successfully integrated a number of new businesses that will provide additional

growth into the future. The benefits of our strong brands and diversified operating

model are clear and compelling, and the combination of innovative product,

unique marketing, a cohesive management structure, and world-class execution will

allow us to expand our business and drive significant value to our shareholders into

the future.”

About Blue & Gold: Blue & Gold designs, produces, and distributes clothing,

accessories, and related products for young-minded people and develops brands that

represent a casual lifestyle-driven from an extreme water sports heritage. Blue &

Gold’s authenticity is evident in its innovative products, events, and retail environments

across the globe.

Blue & Gold’s primary focus is apparel for young men and young women under

the Blue & Gold label. Blue & Gold also manufactures apparel for boys (Blue &

Two Press Releases 253

Gold Boys), girls (Blue & Gold Girls), men (Blue & Gold Men) and women (Blue &

Gold swimwear), as well as water sports gear under the Blue & Gold Technologies

label. Blue & Gold’s products are sold throughout the world, primarily in specialty

stores that provide an authentic retail experience for our customers.

Safe Harbor Language

This Press Release contains forward-looking statements. These forward-looking

statements are subject to risks and uncertainties, and actual results may differ materially.

Please refer to Blue & Gold’s SEC filings for more information on the risk factors

that could cause actual results to differ materially from expectations, specifically

the section titled “Forward Looking Statements” in Blue & Gold’s Annual Report

on Form 10-K.

* * *

NOTE: For further information about Blue & Gold, Inc., you are invited to take a

look at our world at (website).

Also included:

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

CONSOLIDATED BALANCE SHEETS (Unaudited)

Information related to geographic segments