TCR_Public/951017.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



Caldor receives final court approval for its $250
        million DIP financing

        
            NORWALK, Conn.--Oct. 17, 1995--The
Caldor
        Corporation
(NYSE: CLD) announced today that it has received
final
        approval from the U.S. Bankruptcy Court for the Southern District of
        New York to use its full $250 million debtor-in-possession (DIP)
        financing commitment from Chemical Bank.  The bankruptcy court had
        previously approved Caldor's interim use of $150 million of the DIP
        financing commitment on September 21, 1995.  
        


            The court also gave final approval for Caldor to continue to use
        cash receipts from the sale of its current inventory to purchase new
        inventory and to meet obligations associated with its operation of
        the business.  
        


            "With this approval, Caldor now has access to more than $500
        million, from the DIP financing and from the sale of inventory, to
        operate our business during the Chapter 11 process,"  said Don
        Clarke, Chairman and Chief Executive Officer.  "We will continue to
        conduct business as usual throughout the reorganization."  
        


            As of October 16, 1995, Caldor has not used any of the DIP
        facility for direct borrowing.  
        


            The Caldor Corporation is the fourth largest discount department
        store chain in the U.S., with annual sales of approximately $2.7
        billion.  It operates 166 stores in ten East Coast states.  With its
        consumer franchise in high-density urban/suburban markets, Caldor
        offers a diverse merchandise selection, including both softline and
        hardline products.  
        


        CONTACT: Kekst and Co.,    
                 Media: Jason Lynch/Jim Fingeroth
                        212/593-2655
                           or
                 Caldor Investor Relations: 203/849-2334
        




        NSSI RECEIVES AUTHORIZATION TO OBTAIN $3.5 MILLION OF DEBTOR-IN-
        POSSESSION FINANCING

        
            HERSHEY, Pa., Oct. 17, 1995 -- href="chap11.nssi.html">Nuclear Support Services,
        Inc.
(Nasdaq: NSSI) today reported that the U.S. Bankruptcy Court
        for the Middle District of Pennsylvania entered a final Order
        authorizing NSSI and its subsidiaries to obtain Debtor-In-Possession
        (DIP) financing of $3.5 million, the full amount of NSSI's request.
        The Company's lender, Chemical Bank, has agreed to provide such
        financing during the bankruptcy period.
        


            Ralph A. Trallo, NSSI President, stated, "The final DIP Order is
        a major step in the Reorganization process.  The Order enables NSSI
        to carry on with routine operations while negotiating new financing
        arrangements.  The DIP financing and continued use of cash
        collateral should provide NSSI and its subsidiaries sufficient
        operating cash during our peak season.  These funds, along with the
        continued support of our customers and vendors, will allow us to
        move forward towards our goal of emerging from Chapter 11
        Reorganization during the second quarter of fiscal year 1996."
        


        /CONTACT:  Ralph A. Trallo, President of Nuclear Support Services,
        717-533-6370/




Corning Incorporated Reports Third Quarter Results

        
            CORNING, N.Y.--Oct. 17, 1995--Corning
        Incorporated (NYSE: GLW) said today net income for its third quarter
        ended Oct. 8 totaled $83.5 million, or $0.37 per share.  This
        includes a $62 million pre-tax charge to operating earnings
        announced on Oct. 5.  
        


            In 1994, third quarter net income was $76.9 million, or $0.36
        per share.  This included $23.4 million, or $0.11 per share, of
        equity earnings from Dow Corning
Corporation
and a restructuring
        charge of $55.4 million, or $0.26 per share.  Adjusting for these
        two items, 1994 third quarter earnings were $108.9 million, or $0.51
        per share.
        


            Sales increased 9 percent to $1.6 billion from 1994's third
        quarter sales of $1.4 billion, driven by volume growth in the
        Communications segment and Pharmaceutical Services business.
        Approximately one-third of the sales increase resulted from
        acquisitions completed in 1994.  
        


            Equity earnings, excluding Dow Corning Corporation, increased
        slightly from 1994's third quarter.  Gains from the optical fiber
        equity companies were offset by weak results at a few of the smaller
        equity companies.  Corning discontinued recognition of equity
        earnings from Dow Corning Corporation in the second quarter of 1995.
        


            Board Chairman James R. Houghton said, "We are disappointed in
        the quarter s overall results which reflect weakness in the clinical
        laboratory and consumer products businesses.  However, we are
        responding aggressively to the adverse developments in both of these
        industries and are in the process of fixing our administrative
        systems in the clinical laboratory business.  
        


            "In the balance of our businesses, growth this year is exceeding
        expectations in spite of a sluggish economy, and we are on course
        with our planned investments for the future.  We are realizing the
        benefits of re-engineering efforts begun in 1994 to achieve cost
        reduction and growth," added Houghton.  "The company s portfolio of
        businesses is as strong and diverse as it has ever been and I remain
        optimistic about our growth potential."  
        


             The company said earlier that it will increase the expansion of
        its optical fiber manufacturing facility in Wilmington, N.C., by
        $100 million for a total investment of $250 million.  Also slated
        for a major expansion is the Corning Asahi Video Products Company
        television glass plant in State College, Pa., where demand for large-
        size panels is growing at a steady pace.
        


            Corning Incorporated is a Fortune 500 company whose businesses
        are at the leading edge of the technologies that comprise three of
        the fastest growing segments of the global economy
        -- Communications, Environment and Life Sciences.  Its 1994 sales
        totaled $4.8 billion.



        Incorporated and Subsidiary Companies
        Consolidated Statements of Income
        (In millions, except per-share amounts)
        
                         Forty Weeks Ended          Sixteen Weeks Ended
                    Oct. 8, 1995  Oct. 9, 1994   Oct. 8, 1995   Oct. 9, 1994
                            (Unaudited)                (Unaudited)
        
        Revenues
         Net sales                 $3,982.7   $3,497.0     $1,568.8
        $1,442.4
         Royalty, interest and
          dividend income              24.7       21.5          9.1
        10.3
        
                                4,007.4    3,518.5      1,577.9    1,452.7
         
        Deductions
           Cost of sales            2,518.6    2,236.1        988.5
        917.9
           Selling, general and
        administrative expenses   822.0      633.2        357.2      245.2
        
           Research and
        development expenses      133.5      132.8         53.7       53.5
        
           Provision for restructuring              
        and other special charges  67.0       82.3                    82.3
              Interest expense     90.4       85.6         35.8       33.9
              Other, net           31.6       36.3          8.3       27.5
         
        Income before taxes
             on income            344.3      312.2        134.4       92.4
        Income tax expense            115.4      117.1         42.2
        34.1
        Income before minority
          interest and
           equity earnings            228.9      195.1         92.2
        58.3
        Minority interest
         in earnings of subsidiaries  (53.4)     (39.0)       (23.8)
        (21.1)
        Dividends on convertible
         preferred securities
          of subsidiary               (10.5)      (2.7)        (4.2)
        (2.7)
        Equity in earnings (losses)
          of associated companies:
        
        Excluding Dow Corning
         Corporation                   48.7       34.6         19.3
        19.0
        Dow Corning Corporation      (348.0)      58.3
        23.4
                
        Net Income (Loss)         $  (134.3) $   246.3      $  83.5     $
        76.9
         
        Earnings Per Common Share:
        Net Income (Loss)            $(0.60)     $1.18        $0.37
        $0.36
         
        Weighted Average Shares
         Outstanding                  226.5      207.9        227.2
        213.4
         
        The accompanying notes are an integral part of these statements.  
        
        Corning Incorporated and Subsidiary Companies
        Condensed Consolidated Balance Sheets
        (In millions)
        
                                           Oct. 8, 1995     Jan. 1, 1995
                                           (Unaudited)
                     Assets
        Current Assets
          Cash and short-term investments   $    109.0       $   161.3
              Receivables, net                   968.3           947.1
              Inventories                        501.4           416.7
              Deferred taxes on income and
                 other current assets            238.9           201.2
          Total current assets                 1,817.6         1,726.3
         
        Investments
          Other than Dow Corning Corporation     408.0           352.0
          Dow Corning Corporation                                341.8
         
        Plant and Equipment, Net                   1,964.4         1,890.6
         
        Goodwill and Other Intangible Assets, Net  1,428.2         1,408.0
         
        Other Assets                                 301.3           304.0
                                            $  5,919.5        $6,022.7
         
           Liabilities and Stockholders' Equity
         
        Current Liabilities
              Loans payable                  $   122.6      $     67.6
              Accounts payable                   160.9           258.3
              Other accrued liabilities          751.6           748.3
              Total current liabilities        1,035.1         1,074.2
         
        Other Liabilities                            666.6           643.6
        Loans Payable Beyond One Year              1,472.6         1,405.6
        Minority Interest in Subsidiary Companies    275.4           247.0
        Convertible Preferred Securities of
         Subsidiary                                  364.7           364.4
        Convertible Preferred Stock                   23.8            24.9
        Common Stockholders' Equity                2,081.3         2,263.0
                                             $ 5,919.5        $6,022.7
        

         The accompanying notes are an integral part of these statements.  

        
         Corning Incorporated and Subsidiary Companies Notes to Consolidated
        Financial Statements Quarter 3, 1995
   

     
         (1)   Earnings per common share are computed by dividing net income
        less dividends on Series B preferred stock by the weighted average
        number of common shares outstanding during the period.  The weighted
        average shares outstanding for the third quarter were 227.2 million
        and 213.4 million for 1995 and 1994, respectively, and for the third
        quarter year- to-date were 226.5 million and 207.9 million for 1995
        and 1994, respectively.  Preferred dividends of $0.5 million and
        $1.5 million were declared in the third quarter and third quarter
        year-to-date, respectively, in both 1995 and 1994.  
      

  
         (2)   Depreciation and amortization charged to operations for the
        forty weeks ended October 8, 1995, and October 9, 1994, totaled
        $279.7 million and $252.1 million, respectively.  
        


         (3)   On May 15, 1995, Dow Corning Corporation, a 50-percent owned
        equity company, voluntarily filed for protection under Chapter 11 of
        the United States Bankruptcy Code.  As a result of this action,
        Corning recorded an after-tax charge of $365.5 million, or $1.62 per
        share, in the second quarter of 1995 to fully reserve its investment
        in Dow Corning.  In addition, Corning discontinued recognition of
        equity earnings from Dow Corning beginning in the second quarter of
        1995.  Corning recognized equity earnings from Dow Corning totaling
        $23.4 million, or $0.11 per share, and $58.3 million, or $0.28 per
        share, in the third quarter and third quarter year-to-date 1994,
        respectively, and $17.5 million, or $0.08 per share, in the first
        quarter of 1995.  

        
         (4)   Corning's effective tax rate, excluding the impact of special
        charges, was 31.4 percent and 34.5 percent for the third quarter and
        third quarter year-to-date 1995, respectively, and 35 percent and
        36.5 percent for the same periods in 1994.  The change in the
        effective tax rate was primarily due to an increase in the
        percentage of Corning's earnings from consolidated entities with
        lower effective tax rates.  
   

     
         (5)   In the third quarter year-to-date 1995, Corning recognized a
        restructuring charge totalling $67 million ($40.5 million after-
        tax), or $0.18 per share.  
      

  
         (6)   In the third quarter 1994, Corning recorded a charge of $82.3
        million ($55.4 million after tax), or $0.26 per share, which
        included integration costs, transaction expenses and certain other
        reserves, primarily related to the acquisitions of Nichols
        Institute, Maryland Medical Laboratory and Bioran Medical
        Laboratory.  
        


        CONTACT:  Kathryn C. Littleton
                  (607) 974-8206
                       or
                  Investor Relations Contact:
                  Richard B. Klein (607) 974-8313,
                  Katherine M. Dietz (607) 974-8217