TCR_Public/950726.MBX

BANKRUPTCY CREDITORS' SERVICE, INC.





         

        KLH collects on Raytheon settlement

         

            KANSAS CITY, Kan.--July 26, 1995--KLH Engineering Group Inc. announced
that its subsidiary, Tomahawk Construction Company,
Inc.
has collected on a settlement from Raytheon Engineers & Constructors for
$1,129,000.

         

            Of this settlement, approximately $980,000 is being used to
        retire current payables.

         

            The disbursement of the settlement was approved through the
        Chapter 11 bankrupty court and followed the reorganization plan
        previously submitted by Tomahawk.  The Raytheon collection, in
        conjunction with the pending financial restructuring, will allow
        Tomahawk to emerge from the Chapter 11 bankruptcy on scheduled by
        Aug. 14, 1995.

         

            KLH Engineering Group, Inc. is a full-service consulting,
        engineering and construction firm based in Englewood, Colo.  The
        company's common stock trades on the NASDAQ Bulletin Board under the
        symbol KLHE.

         

        CONTACT:  KLH Engineering Group Inc., Kansas City
                  Michael A. Cederstrom, 913/621-4233





        WANG REPORTS FOURTH-QUARTER AND FISCAL YEAR RESULTS

         

            BILLERICA, Mass.--July 26, 1995--For the
        quarter ended June 30, 1995, Wang (NASDAQ: WANG)
reported revenues of $284.9 million, which compares to revenue of $207.6 million in
        the year-ago quarter, an increase of 37 percent.  Fourth-quarter
        revenues from the company's OPEN/software products and services were
        $8.4 million, which compares to $4.8 million in the year-ago
        quarter.   

         

            EBITDA (earnings before net interest, taxes, depreciation, and
        amortization) were $34.2 million for the quarter, which compares to
        $20.7 million in the year-ago quarter.

         

            Net income for the quarter was $6.7 million, or $0.12 per share,
        which compares to net income of $2.6 million in the year-ago
        quarter.

         

            Wang reported cash balances of $181.3 million as of June 30,
        1995, with no borrowings under its revolving credit facility.  The
        June 30 cash balances includes proceeds from Microsoft's purchase of
        Wang convertible preferred stock.

         

            For the fiscal year ended June 30, 1995, the company reported
        revenues of $946.3 million, which compares to revenues of $855.3
        million in the previous fiscal year.  Fiscal-year revenues from the
        company's OPEN/software products and services were $21.2 million,
        which compares to $9.4 million, an increase of 126 percent.

         

            EBITDA for the year were $87.0 million, which compares to $95.5
        million for the previous year.

         

            The net loss for the year was $57.6 million, or $2.02 per share,
        which includes a $64.2 million charge for integration,
        consolidation, and other initiatives principally related to Wang's
        acquisition of certain of the businesses of Groupe Bull.  In future
        quarters, as the amounts are incurred, the company expects to report
        approximately $5 million of additional costs for acquisition-related
        relocation, personnel, systems integration, and other related
        charges.  Fourth-quarter operating expense includes approximately
        $2.4 million of similar charges.   

         

            Joseph M. Tucci, chairman of the board and chief executive
        officer, said, "In fiscal 1995, we successfully completed several
        strategic initiatives designed to take full advantage of the
        opportunities for growth in each of Wang's three core businesses.

         

            o In the fourth quarter, we completed the merger and
        integration of Bull's customer services operations, creating one of
        the industry's largest independent services organizations.  Since
        the acquisition, Wang has reduced worldwide headcount significantly,
        and we ended the fiscal year at approximately 6,900 employees.   

         

            o We established an alliance with Microsoft, and our imaging
        software will be incorporated in all future releases of Windows 95
        and Windows NT, making Wang the industry standard.   

         

            o We acquired Sigma Imaging Systems and will benefit immediately
        from the revenue growth opportunities made possible by our alliance
        with Microsoft.  We can now provide scalable, enterprise-wide, high
        volume imaging software for the Windows 95 and Windows NT
        environments.  The Sigma products are available this quarter.  In
        connection with the acquisition, we anticipate a provision of
        approximately $20 million, that will be recorded in the first
        quarter of fiscal year 1996, related to purchased R&D and Wang's
        overlapping development efforts.   

         

            o Wang's Services Business achieved worldwide ISO 9000
        certification, confirming our commitment to quality on a global
        basis.

         

            o We established an agreement with Microsoft to jointly develop,
        market, and support a Wang VS OFFICE to Microsoft Exchange Gateway,
        which will allow the 1.5 million Wang OFFICE users to co-exist with
        or transition to popular Microsoft office products.

         

            o Wang's U.S. federal government systems business was awarded a
        $25 million, five-year software and system support contract by NASA,
        continuing a long-standing relationship.

         

            o Intense focus on Wang's global initiatives in software,
        customer services, and network integration in the international
        arena has produced an excellent volume of new bookings and new
        customers across all businesses.

         

            "These initiatives make it possible for us to build successfully
        upon the solid foundation we established this past fiscal year."

         

                             WANG LABORATORIES, INC.

                      
                    (Dollars in millions except per share data)
         
                    Quarter Ended            Twelve Months Ended
                       June 30,                      June 30,
                  1995          1994            1995           1994    
                                                              Combined  
                 Reorganized   Reorganized    Reorganized   Predecessor &
                   Company       Company        Company     Reorganized
                                                              Company
         
        Revenues        
         Product       $ 95.1        $ 77.1         $365.0         $303.2
         Service and            
          other         189.8         130.5          581.3          552.1
                        284.9         207.6          946.3          855.3  
          Costs and          
         expenses       271.0         198.4          913.1          810.6
         
        Operating income before
          amortization of intangible  
          assets and
          restructuring  13.9           9.2           33.2           44.7  
         
        Amortization of intangible  
         assets (a)       9.9           6.9           32.0           20.7
        Restructuring (b)  --            --           64.2             --  
        Operating income  
         
         (loss)           4.0           2.3          (63.0)          24.0  
         
        Interest and other  
         income - net    (2.7)         (2.3)          (9.0)          (8.7)
        Income (loss) before  
         
         income taxes
         and reorganization  
         items            6.7           4.6          (54.0)          32.7  
         
        Provision for income  
         taxes             --           2.0            3.6           10.2
         
        Income (loss) before reorganization  
         items            6.7           2.6          (57.6)          22.5  
         
        Reorganization-related  
         items             --            --             --          488.0(c)
         
        Net income (loss) 6.7           2.6          (57.6)         510.5  
         
        Dividends and  
         accretion on
         redeemable  
         preferred  
         stock           (2.5)         (2.0)          (8.7)          (4.2)
         
        Net income (loss)
         applicable to  
         common  
         stockholders  $  4.2        $  0.6        $ (66.3)      $  506.3
         
        Net income  
         (loss) per
         share        $  0.12        $ 0.02        $ (2.02)      $     (d)
         
         
         

        (a)  Amount relates to amortization of intangible assets acquired  
        from Groupe Bull and assets identified in connection with the  
        adoption of "fresh-start" reporting.

         

        (b)  Charges principally associated with integration and  
        consolidation initiatives related to the acquisition of certain of  
        the businesses of Groupe Bull.

         

        (c)  Includes $329.3 million extraordinary gain on debt discharge  
        and $193.6 million to adjust the company's balance sheet to fair  
        market value recorded as a result of the confirmation of the  
        Reorganization Plan and the adoption of "fresh-start" reporting.   
        These gains are reduced by $34.9 million of professional fees,  
        restructuring initiatives, and other expenses related to the  
        company's reorganization under Chapter 11.

         

        (d)  Earnings per share information is not presented for the twelve  
        months ended June 30, 1994 due to the implementation of  
        "fresh-start" reporting in connection with the confirmation of the  
        Reorganization Plan, which resulted in a revised capital structure  
        of the company as of September 30, 1993.

        

        CONTACT: Wang Laboratories, Billerica
                 Frank Ryan, 508/967-7038
                 Ed Pignone, 508/967-4912





         

        System Controls Inc. announces first steps in reorganization of North
American division, Hogan Sales Co. Inc.

         

            ANAHEIM, Calif.--July 26, 1995--System Controls Inc. (OTC:SCTL), an
electronics manufacturer and distributor of energy-management systems, Wednesday
announced that its Hogan Sales Co. Inc. (Hogan) wholly
owned subsidiary has filed for protection under Chapter 11 of the US Bankruptcy code.

         

            In addition, Glen Easterbrook, chief executive officer and
        director of System Controls, and chief executive officer and
        director of Hogan, has resigned his positions as a director of both
        companies, and has been granted a leave of absence.

         

            Phillip Westall, chairman and chief executive officer, stated,
        "The filing of Chapter 11 for Hogan is the first step in the
        reorganization of the company's operations in the United States, as
        announced in our press release June 9, 1995.   

         

            "Hogan's supplier of electronic fluorescent ballasts had not
        made any significant delivery to Hogan's customers during the past
        18 months, resulting in up to $18 million in orders being either
        canceled, or simply not placed, due to the delivery situation.
        Hogan's exclusive contractual arrangement with its supplier
        prevented Hogan from seeking alternative product supply sources.   

         

            "The company continues to consider what legal actions, if any,
        should be brought in this matter."   

         

        CONTACT:  Richard Corline, 805/686-2344

         




        HAYES POSTS OPERATING PROFITS FOR THIRD CONSECUTIVE QUARTER
   

      

            ATLANTA, Ga--July 26, 1995--Hayes
Microcomputer Products, Inc.
, revealed today that the company has posted operating
profits of approximately $0.1 million on sales of $58.4 million during the third
quarter of FY 1995.  This is the third consecutive quarter that Hayes has posted
operating profits this fiscal year.
   

      

            "Despite component supply problems early in the quarter and the
        extraordinary costs associated with our Chapter 11 reorganization,
        Hayes operations have remained profitable and the company continues
        to experience record demand for both the Hayes and Practical
        Peripherals brands," said Dennis C. Hayes, president and CEO.
   

      

            Bookings for both the Hayes and Practical Peripherals brands
        remain at record levels and reached in excess of $74 million during
        the third quarter of the current fiscal year.  These results reflect
        a 30 percent increase in year-to-date total shipments of units and
        in excess of 11 percent growth from Q3 Fiscal Year 1994 to Q3 Fiscal
        Year 1995.
   

      

            Reorganization fees averaging approximately $600,000 per month
        will be eliminated after the company emerges from Chapter 11
        protection. Supply shortages of modem chips and chip sets also
        reduced the company revenues approximately $10 million during the
        third quarter.  A recent out-of-court settlement with Rockwell
        International ensures that chips will continue to be delivered to
        the company, and Hayes products will continue to be available.
   

      

            Hayes received approval of its Disclosure Statement from the
        U.S. Federal Bankruptcy Court earlier this month, and the
        exclusivity period for the company to proceed with its Plan of
        Reorganization was extended to September 30.  It is anticipated that
        the company could emerge from Chapter 11 as early as September or
        October 1995, less than a year from the date Hayes filed for
        protection.
   

      

            Best known as the leader in microcomputer modems, Hayes
        develops, supplies and supports computer communications equipment
        and software for personal computers and computer communications
        networks.  The company distributes its products through a global
        network of authorized distributors, dealers, mass merchants, VARs,
        system integrators and original equipment manufacturers.
   

      

            Copies of the Company Disclosure Statement and Plan of
        Reorganization will be available in approximately one week.
   

      

        /CONTACT:  Susan Merkel, Hayes Microcomputer Products, Inc.,
        404-840-6824, fax 404-441-1238, Internet, smerkelhayes.com/