Fingermatrix takes in $3 million from
        stockholder warrant exercise

            DOBBS FERRY, N.Y.--Jan. 23, 1996--Thomas T.
        Harding, president and chief executive officer of href="chap11.fingermatrix.html">Fingermatrix Inc.
        (NASDAQ EBB:FINX), Tuesday reported that the company has received
        $2,997,476 from the exercise of warrants that were distributed to
        stockholders last April when the new management took the company out
        of Chapter 11 bankruptcy.

            These funds supplement the $2 million private financing arranged
        last August.

            The A-Warrants, exercisable at $1 per share, expired last
        Tuesday, Jan. 16, 1996.

            All stockholders who exercised their A-Warrants received, in
        addition to new common shares, one B-Warrants for each two A-
        Warrants exercised.  These are exercisable at $2 per share until
        next Sept. 28, Harding said, giving the company possible access to
        another $3 million in capital this year.  The B-Warrants are
        tradeable, he added, while the A-Warrants were not.  The NASDAQ
        Bulletin Board symbol is FINXW.

            Fingermatrix, which invented electronic fingerprinting
        technology some 15 years ago, underwent a complete change in
        management and board of directors earlier this year.  An accelerated
        development and marketing program has followed.

        CONTACT:  Molesworth Associates Inc.,
                  Gordon Molesworth, 520/625-0035


            FORT WORTH, Texas, Jan. 23, 1996 -- Tandycrafts, Inc.
        (NYSE: TAC) today reported a net loss after restructuring charge of
        $12,379,000 or $1.04 per share for the second quarter of fiscal 1996
        compared with net income of $4,097,000 or $0.36 per share in the
        second quarter of fiscal 1995.

            The results for the second quarter reflect the Company's
        adoption of a strategic restructuring and consolidation program
        designed to increase its competitive position and to increase value
        to Tandycrafts' shareholders.  As a result, a pre-tax restructuring
        charge totaling $18.8 million, or $12.6 million net of income taxes,
        is included in the second quarter loss.  Of this amount,
        approximately $16.9 million, before income taxes, relates to non-
        cash items.  Net sales for the second quarter were $74,347,000, a
        decrease of 2% from the $75,619,000 in the second quarter of fiscal
        1995.  For the quarter, total retail sales increased 2% when
        compared to the same period in fiscal 1995 while manufacturing sales
        were down 4% for the quarter when compared to the same period last

            For the six months ended December 31, 1995, the Company reported
        a net loss of $12,370,000 or $1.04 per share, compared to net income
        of $6,151,000 or $0.54 per share, for the corresponding period of
        the prior fiscal year.  These results include the effects of the
        restructuring charge taken in the current quarter.  Net sales for
        the six months ended December 31, 1995 decreased 3% to $136,696,000
        versus $141,131,000 for fiscal 1995.

            In commenting on the proposed restructuring and consolidation
        program approved by the Board, Mr. Cox stated that "the program,
        which is designed to increase the Company's competitive position and
        to increase value to Tandycrafts' shareholders, will allow the
        Company to become more focused when completed.  Tandycrafts will be
        comprised of three specialty retail operations; Tandy Leather,
        Joshua's Christian Stores and Sav-On Discount Office Supplies, and
        two manufacturing divisions; TWI and Frames and Framed Art.  The
        primary components of this program include:

            The total goodwill write-off included in the aggregate pre-tax
        charge of $18.8 million is $7.7 million."

                       Consolidated Statements of Income
                    (in thousands, except per share amounts)
                                                     Three Months Ended
                                                 December 31,   December 31,
                                                    1995           1994
        Net sales                                $ 74,347       $ 75,619
        Operating costs and expenses:
         Costs of goods sold                       47,885         44,572
         Selling, general and administrative       23,136         22,583
         Depreciation and amortization              1,715          1,207
         Restructuring charge                      18,818             --
          Total operating costs and expenses       91,554         68,362
        Operating income (loss)                   (17,207)         7,257
        Interest expense, net                       1,244            950
        Income (loss) before income taxes         (18,451)         6,307
        Provision (benefit) for income taxes       (6,072)         2,210
          Net income (loss)                      $(12,379)      $  4,097
        Net income (loss) per share                ($1.04)         $0.36
        Weighted average common and
          common equivalent shares                 11,935         11,383
                                                      Six Months Ended
                                                 December 31,   December 31,
                                                    1995           1994
        Net sales                                $136,696       $141,131
        Operating costs and expenses:
         Costs of goods sold                       86,698         84,374
         Selling, general and administrative       44,049         42,888
         Depreciation and amortization              3,240          2,556
         Restructuring charge                      18,818             --
          Total operating costs and expenses      152,805        129,818
        Operating income (loss)                   (16,109)        11,313
        Interest expense, net                       2,329          1,776
        Income (loss) before income taxes         (18,438)         9,537
        Provision (benefit) for income taxes       (6,068)         3,386
          Net income (loss)                      $(12,370)      $  6,151
        Net income (loss) per share                ($1.04)         $0.54
        Weighted average common and
          common equivalent shares                 11,852         11,298

        /CONTACT:  Michael J. Walsh, Executive Vice President and Chief
        Financial Officer of Tandycrafts, Inc., 817-551-9603/

BBN announces second quarter results

            CAMBRIDGE, Mass.--Jan. 23, 1996 -- BBN
        Corporation (NYSE:BBN) today reported revenue of $63,200,000 for the
        second quarter ended December 31, 1995, a 24 percent increase over
        the $51,172,000 for the same quarter in fiscal year 1995.  

            The increase reflects higher revenue in the company's
        internetworking-related businesses.  

            BBN reported a net loss of $7,890,000, or $.45 per share for the
        second quarter, compared to a net loss of $1,925,000, or $.11 per
        share, for the same period a year ago.  The net loss primarily
        reflects BBN's continued significant investments in internetworking-
        related activities, and lower than expected software sales at BBN
        Domain Corporation.  On December 31, 1995, BBN's cash and short-term
        investments balance was $88,168,000.  

            For the six months ended December 31, 1995, BBN reported a 21
        percent revenue increase to $124,326,000 and a loss of $16,541,000,
        or $.94 per share, compared to revenues of $102,915,000 and a loss
        of $3,733,000, or $.22 per share in the same period a year ago.  

            Separately, BBN today announced a major reorganization that will
        move it from operating multiple business units to a business
        principally focused on the fast-growing market for Internet services
        to businesses and organizations.  BBN is taking actions to
        substantially complete the reorganization by March 31, 1996.  Such
        actions, including the merger of BBN Planet into BBN Corporation,
        are expected to result in an accounting charge in the third quarter
        of this fiscal year.  

            BBN Chairman and CEO George H. Conrades said, "The Internet
        opportunity is enormous, dominating all of the others available to
        BBN and justifying our continued investment.  With today's
        reorganization, we have taken decisive steps to focus our energies
        on the Internet."  

            BBN Planet Corporation reported second-quarter revenues of
        $9,092,000, a 278 percent revenue increase over the $2,400,000 for
        same quarter in fiscal year 1995.  For the quarter, BBN Planet had
        an operating loss of $6,341,000, compared to a loss of $1,985,000 in
        the second quarter of last year.  For the six-month period, BBN
        Planet posted a 272 percent revenue increase to $16,497,000 and an
        operating loss of $13,580,000, compared to revenues of $4,430,000
        and a loss of $2,928,000 for the same period a year ago.  

            BBN Systems and Technologies Division reported increased
        revenues for the second quarter compared to the same quarter of a
        year ago, primarily as a result of activities relating to the BBN
        contract to provide dial-up network infrastructure to America

            Recent contracts awarded to BBN that illustrate the breadth of
        the Company's Internet offerings include:

            BBN Domain had second-quarter revenue of $8,592,000, and an
        operating loss of $2,943,000, compared to revenue of $8,330,000 and
        a loss of $1,962,000 for the same quarter a year ago.  For the six
        month period, BBN Domain had revenue of $19,537,000 and a loss of
        $7,903,000, compared to revenue of $16,377,000 and a loss of
        $2,278,000 for the same period a year ago.  The current period six
        month loss includes a $1.7 million charge related to refocusing the
        BBN Domain business.  

            BBN Domain today announced it has signed an agreement under
        which BHP Steel's Sheet and Coil Products Division will become a
        partner in BBN Domain's Starfire development program, joining OSRAM
        as a BBN partner working on this emerging process optimization

            Headquartered in Cambridge, Massachusetts, BBN Corporation is a
        provider of internetworking-related services, products and
        application solutions to businesses and organizations.  For its
        fiscal year ended June 30, 1995, BBN had revenue of $215 million.
        For more information, visit BBN's World Wide Web site at" target=_new>">  

                                  BBN CORPORATION
                                Three Months Ended       Six Months Ended
                                    December 31             December 31
        Dollars in thousands,         1995       1994        1995       1994
         except per-share data
         Services                $  56,512   $  41,016  $ 108,172   $
         Products                    6,688      10,156     16,154
                            ----------  ---------- ----------  ----------
                                63,200      51,172    124,326     102,915
                            ----------  ---------- ----------  ----------
        Costs and expenses:
         Cost of services           40,489      27,439     77,829
         Cost of products            2,451       4,391      5,731
         Research and                5,423       6,331     11,083
          development expenses
         Selling, general and       24,630      18,118     50,551
          administrative expenses
        --------  ---------- ----------  ----------
                                72,993      56,279    145,194     109,514
                            ----------  ---------- ----------  ----------
        Loss from operations        (9,793)     (5,107)   (20,868)
        Interest income              1,106         593      2,691
        Interest expense            (1,125)     (1,094)    (2,259)
        Minority interests             (15)        445        (84)
        Other income
         (expense), net                 55       3,538         47
                            ----------  ---------- ----------  ----------
        Loss before income taxes    (9,772)     (1,625)   (20,473)
        Provision (benefit)         (1,882)        300     (3,932)
         for income taxes
        ----------  ---------- ----------  ----------
        Net loss                 $  (7,890)  $  (1,925) $ (16,541)  $
        Net loss per share       $    (.45)  $    (.11) $    (.94)  $
        Shares used in     
         per-share              17,694,000  16,819,000  17,606,000
        Notes to Consolidated Statements of Operations:
        (1) Other income for the three and six months ended December 31,
        1994 included amounts arising from contracts which were
        completed in prior years.  
        (2) Results for the three and six months ended December 31, 1994
        included revenue of $4.3 million and $8.4 million, respectively, and
        an operating loss of $2.2 million and $3.7 million, respectively, at
        LightStream Corporation.  LightStream Corporation, an 80%-owned
        subsidiary of the Company, sold substantially all of its assets to
        Cisco Systems, Inc.  on January 11, 1995.  
                                BBN CORPORATION
        The following is a summary of business segments information for the
        three and six months ended December 31, 1995 and 1994.  All data are
        shown net of intersegment transactions:
                               Three Months Ended        Six Months Ended
                                   December 31             December 31
        Dollars in thousands         1995        1994        1995
         Internetworking           $ 32,428   $ 22,831   $ 60,221   $
         Data analysis software       8,592      8,330     19,537
         Collaborative systems       22,180     20,011     44,568
          and acoustic technologies
        -------   --------   --------   ---------
                               $ 63,200   $ 51,172   $124,326   $ 102,915
        Income (loss) from operations:
         Internetworking           $(4,805)  $ (2,527)  $(10,588)  $
         Data analysis software     (2,943)    (1,962)    (7,903)
         Collaborative systems      (1,335)       178     (1,423)        459
          and acoustic technologies
          Unallocated expenses        (710)      (796)      (954)
                             ---------  ---------  ---------   ---------
                               $(9,793)  $ (5,107)  $(20,868)  $  (6,599)
                                     BBN CORPORATION
                              CONSOLIDATED BALANCE SHEET
                                                 December 31     June 30
        Dollars in thousands                             1995           1995
         Cash and cash equivalents (includes
          restricted cash of $8,505
          at December 31, 1995 and
          $12,134 at June 30, 1995)                  $   40,887   $  110,792
         Short-term investments                          47,281
         Accounts receivable, net                        56,500       53,933
         Other current assets                            10,135        3,606
                                                  ---------   ----------
          Total current assets                          154,803      168,331
         Property, net                                   34,843       30,075
         Goodwill, net                                   16,992       17,927
         Other assets                                     2,842        3,133
                                                 ----------   ----------
                                                 $  209,480   $  219,466
        Liabilities and Shareholders' Equity:
         Payables and other liabilities              $   35,171   $   33,803
         Accrued restructuring                            8,466        9,216
         Deferred revenue                                19,140       16,914
                                                 ----------   ----------
          Total current liabilities                      62,777       59,933
         6% convertible subordinated
         debentures due 2012                             73,484       73,510
         Minority interests                               1,356        3,471
         Redeemable convertible preferred stock           8,000
         Shareholders' equity, net of treasury stock     63,863       82,552
                                                 ----------   ----------
                                                 $  209,480   $  219,466
        CONTACT: Peter W. Thonis,
                 BBN Corporation
                 (617) 873-3512


        Sales Increased 15%; Earnings Per Share Increased 12% Excluding

            NEW YORK, Jan. 23, 1996 -- Bristol-Myers Squibb
        (NYSE: BMY) today reported record sales for the year and fourth
        quarter ended December 31, 1995, and announced an additional special
        charge related to breast implant liability claims and a provision
        for restructuring activities.

            Sales for the year increased 15% to $13.8 billion with all four
        of the company's core businesses reporting sales increases.
        Domestic sales increased 10%, and international sales increased 22%.
        Exchange rate fluctuations had a favorable effect of 1% on worldwide
        sales and 3% on international sales.

            For the fourth quarter, sales increased 11% to $3.6 billion with
        both domestic and international sales increasing 11%.  Exchange rate
        fluctuations had an unfavorable effect of 1% on worldwide sales and
        2% on international sales.

            Excluding acquisitions made in the last year, sales for the year
        and fourth quarter increased 10%.

            "I am pleased to report that Bristol-Myers Squibb continues to
        experience excellent growth," said Charles A. Heimbold, Jr.,
        chairman and chief executive officer.  "During 1995, we have laid a
        solid foundation through record sales and earnings increases across
        all four of our core businesses, thus building a strong platform for
        the future. Importantly, our revenue growth is being driven
        primarily by unit volume growth, concentrating on our key franchises
        and building on the success of a number of our newer products and
        recent acquisitions."

            Earnings before income taxes, excluding the 1995 and 1994
        special charges and the 1995 provision for restructuring, increased
        11% to $3,662 million for the year and 9% to $910 million for the

            Net earnings for the year, excluding the 1995 and 1994 special
        charges and the 1995 provision for restructuring, increased 12% to
        $2,600 million in 1995 compared to $2,330 million in 1994 and
        earnings per share increased 12% to $5.14 from $4.58 in 1994.  Net
        earnings for the quarter, excluding the charges and provision,
        increased 10% to $646 million from $586 million in 1994 and earnings
        per share increased 11% to $1.28 per share from $1.15 in 1994.

            The company previously reported its agreement to settle pending
        and future breast implant product liability claims (related to a
        previously discontinued business of a subsidiary) brought against it
        and its Medical Engineering Corporation subsidiary.  In the fourth
        quarter of 1995, as previously announced, the company, with certain
        other defendants, entered into a revised class action settlement of
        the breast implant product liability litigation.  The actual cost to
        the company of the breast implant litigation will be dependent upon
        a number of factors which will not become known for some time,
        including the number of class members that participate in the
        revised settlement, the kinds of claims approved, the dollar value
        thereof and the disposition of claims of non- participants.
        However, based on current estimates, the company has recorded a
        special charge to earnings in respect of breast implant litigation
        in the fourth quarter of 1995 of $950 million before taxes ($590
        million after taxes), or $1.17 per share.  The 1995 special charge
        is in addition to a charge of $750 million before taxes ($488
        million after taxes) recorded in the fourth quarter of 1994 and a
        charge of $500 million before taxes ($310 million after taxes)
        recorded in the fourth quarter of 1993 ($1.5 billion of liability
        offset by expected insurance proceeds of $1.0 billion), related to
        breast implant product liability claims.

            During the fourth quarter, the company recorded a restructuring
        charge of $310 million before taxes, $198 million after taxes, or
        $.39 per share.  As previously reported, the restructuring charge
        relates primarily to the consolidation of plants and facilities, and
        related employee termination costs.

            Net earnings for the year, including all the charges and
        provision, were $1,812 million, or $3.58 per share, in 1995 and
        $1,842 million, or $3.62 per share in 1994.  For the quarter, a net
        loss of $142 million, or $.28 per share, was recorded in 1995
        compared to net earnings of $98 million, or $.19 per share, in 1994.

            Pharmaceutical product sales for the year increased 12% as a
        result of growth in both the U.S. and international markets.  Strong
        sales growth is due to established products and products introduced
        in 1995. CAPOTEN sales remained at prior year levels due to
        increased competition in the ACE inhibitor market in the U.S., and
        the loss of exclusivity in some markets.  TAXOL (paclitaxel), the
        company's leading anti-cancer agent, continued to experience strong
        growth, increasing 68% over the prior year.  Sales also increased
        for PRAVACHOL, a cholesterol-lowering agent, MONOPRIL, a second
        generation ACE inhibitor, PARAPLATIN, a chemotherapeutic agent used
        in the treatment of ovarian cancer, BUSPAR, the company's novel anti-
        anxiety agent, and ZERIT, an antiretroviral drug.  GLUCOPHAGE, an
        oral medication for non-insulin dependent diabetes, launched in 1995
        in the U.S., performed exceptionally well. Also contributing to
        sales growth were, SERZONE, an antidepressant treatment which offers
        a low incidence of side effects, launched in the U.S. in 1995, and
        MAXIPIME, a fourth generation injectable cephalosporin, launched in
        1995 in international markets.

            In the medical devices segment, annual sales increased 13% in
        part due to the acquisition of Calgon Vestal Laboratories, as well
        as continued growth of ostomy, DUODERM wound care and arthroscopy
        products. Knee replacement sales also increased, led by the NEXGEN
        Complete Knee Solution, the company's advanced knee replacement
        system introduced in 1995.

            Sales of the company's nutritional products increased 13% for
        the year, led by ENFAMIL, the company's largest selling infant
        formula, and the strong growth, particularly in the U.S., of
        PROSOBEE, NUTRAMIGEN and LACTOFREE special infant formulas.  The
        recent success in winning several major sole source contracts under
        the Women, Infants and Children (WIC) Program was an important
        contributor to the results of the nutritional business as were
        strong gains in the non-WIC segments. Two consumer nutritional
        beverages launched in 1995, BOOST and SUSTACAL, performed well.

            For the year, consumer products sales increased 28%, due in part
        to 1994 acquisitions, as well as increased growth in analgesics,
        haircoloring and hair care products.  Sales of analgesics increased
        primarily due to the strong performance of EXCEDRIN, the company's
        leading analgesic in the U.S., strong sales of BUFFERIN in Japan and
        sales of EFFERALGAN, DAFALGAN and ASPIRINE UPSA in Europe.  Sales of
        haircoloring products were higher, reflecting worldwide growth of
        NICE 'N EASY and the continued success of NATURAL INSTINCTS.  Hair
        care product sales also increased due to sales of SYSTEME BIOLAGE,
        INFUSIUM 23, VAVOOM!, and MATRIX ESSENTIALS and the introduction of
        the HERBAL ESSENCES complete line of shampoos and conditioners.

            Bristol-Myers Squibb is a diversified worldwide health and
        personal care company whose principal businesses are
        pharmaceuticals, consumer products, nutritionals and medical
        devices.  It is a leading maker of innovative therapies for
        cardiovascular, metabolic and infectious diseases, central nervous
        system and dermatological disorders, and cancer.  The company is
        also a leader in consumer medicines, orthopaedic devices, ostomy
        care, wound management, nutritional supplements, infant formulas,
        and hair and skin care products.

                          BRISTOL-MYERS SQUIBB COMPANY
                  Condensed Consolidated Statement of Earnings
          (Unaudited, in millions of dollars except per share amounts)
                                                      Three Months Ended
                                                          December 31,
                                                         1995      1994
        Net Sales                                       $3,608    $3,248
         Cost of products sold                             921       875
         Marketing, selling,
          administrative and other                         990       843
         Advertising and product promotion                 464       395
         Research and development                          323       303
         Special charge                                    950       750
         Provision for restructuring                       310        --
                                                         3,958     3,166
        (Loss)/Earnings Before Income Taxes (a)           (350)       82
        Benefit from income taxes                         (208)      (16)
        Net(Loss)/Earnings(a)                           $ (142)   $   98
        (Loss)/Earnings Per Common Share(a)              $(.28)    $ .19
        Average Common Shares Outstanding
         (in millions)                                     505       509
            (a) For the fourth quarter, excluding the 1995 and 1994 special
        charges and the 1995 provision for restructuring, earnings before
        income taxes increased 9% to $910 million from $832 million in 1994,
        net earnings increased 10% to $646 million from $586 million in 1994
        and earnings per share increased 11% to $1.28 from $1.15 in 1994.
                          BRISTOL-MYERS SQUIBB COMPANY
                  Condensed Consolidated Statement of Earnings
          (Unaudited, in millions of dollars except per share amounts)
                                                      Twelve Months Ended
                                                           December 31,
                                                          1995     1994
        Net Sales                                       $13,767   $11,984
         Cost of products sold                            3,637     3,122
         Marketing, selling,
          administrative and other                        3,623     3,082
         Advertising and product promotion                1,646     1,367
         Research and development                         1,199     1,108
         Special charge                                     950       750
         Provision for restructuring                        310        --
                                                         11,365     9,429
        Earnings Before Income Taxes(b)                   2,402     2,555
        Provision for income taxes                          590       713
        Net Earnings(b)                                 $ 1,812   $ 1,842
        Earnings Per Common Share(b)                      $3.58     $3.62
        Average Common Shares Outstanding
        (in millions)                                       506       509
            (b) For the year, excluding the 1995 and 1994 special charges
        and the 1995 provision for restructuring, earnings before income
        taxes increased 11% to $3,662 million from $3,305 million in 1994,
        net earnings increased 12% to $2,600 million from $2,330 million in
        1994 and earnings per share increased 12% to $5.14 from $4.58 in
        /CONTACT:  Anthony Carter, 212-546-4339, or Jane Kramer,
        609-252-5185, both of Bristol-Myers Squibb Company/


            TAMPA, Fla., Jan. 23, 1996 -- href="">Walter Industries (Nasdaq:
        WLTR) announced it has completed a planned $550 million bank
        financing and redeemed $490 million of Senior Notes Due 2000.

            In a move to substantially lower interest costs, the company
        replaced the 12.19% Senior Notes and a $150 million working capital
        facility with bank credit facilities currently carrying a blended
        interest rate of approximately 7%.

            G. Robert Durham, Walter Industries' chairman and chief
        executive officer, said, "With elimination of the high cost senior
        debt, we have accomplished a primary objective of our management and
        board since the company's emergence from Chapter 11 last March.  The
        new facilities will significantly enhance future bottom line
        results."  Annual interest savings will exceed $20 million, or $.25
        per share, Durham said.

            The financing, led by NationsBank, consisted of a $365 million
        revolving credit facility, a six-year $125 million term loan and a
        seven- year $60 million term loan.

        /CONTACT:  David L. Townsend, Walter Industries, Inc.,


            ATLANTA, Jan. 23, 1996 -- Anacomp,
today released
        first quarter financial results for the period ended December 31,

            For the three months ended December 31, 1995, Anacomp reported a
        net income of $513,000, or a gain of one cent per share, on revenues
        of $130.3 million.  That compares to a loss of $259,000, or a loss
        of one cent per share, on revenues of $151.8 million in same period
        the previous year.  The current period's results reflect Anacomp's
        existing capital structure, including interest expense of $18.3
        million, prior to its anticipated debt reduction.  Included in the
        results are a $6.2 million gain on the sale of the company's Image
        Conversion Services (ICS) division and a $2.8 million charge for
        financial restructuring fees.  The decline in revenues was expected
        and was a result of discontinued or downsized product lines, as well
        as reduced COM systems sales.

            Anacomp's operating income - which is income before the ICS
        gain, special and restructuring charges, interest, other income, and
        income taxes - was $16.2 million for the first quarter of fiscal
        1996, a reversal from the fourth quarter's loss of $0.5 million and
        the highest amount since the company posted operating income of
        $17.9 million in the first quarter of fiscal 1995.  Operating
        profits as a percentage of revenue increased to 12.5%, an increase
        from 11.8% the previous year. This improvement was primarily due to
        reductions in Anacomp's selling, general, and administrative costs,
        which decreased $7.0 million from the same period a year ago.

            "We're on track with our new five-year business plan, and that's
        to the credit of all of our employees," said P. Lang Lowrey,
        Anacomp's new president and chief executive officer.  "In addition,
        our first quarter operating income of $16.2 million is the largest
        amount we've generated in four quarters."

            "This is the first period where we can begin to see results from
        our operational restructuring," continued Lowrey.  "Not only have we
        successfully exited or reduced certain non-core, low-margin
        businesses, but we've also significantly cut our costs as a
        percentage of revenue. And I'm especially pleased by the
        improvements in managing the company's assets."

            The sale of Anacomp's ICS division, which was effective November
        1, 1995, was part of the company's five-year plan.  The division
        generated revenues of approximately $20 million in fiscal 1995, but
        the profit margins were relatively low and the division's services
        were not considered key to Anacomp's future.  The sale generated
        proceeds of approximately $13.5 million, most of which was used to
        reduce the company's debt.

            As previously reported, on January 5, 1996, Anacomp filed a pre-
        negotiated plan of reorganization under Chapter 11 of the U.S.
        Bankruptcy Code in order to accomplish a financial restructuring.
        During this process, the company's business operations are
        continuing as normal.

            "With our operational restructuring now beginning to show
        results, our financial restructuring will provide us with the
        framework to complete our turnaround," added Lowrey.  "Make no
        mistake, we still have a lot of work to do.  But, so far, we're on
        track with everything we set out to do."

            Anacomp is a leading provider of multiple-media data management
        solutions, delivering cost-effective strategies that incorporate
        micrographic, digital, and magnetic output media.

                        CONSOLIDATED BALANCE SHEETS
                       Anacomp, Inc. and Subsidiaries
        (Dollars in thousands,                   Dec. 31,      Sept. 30,
         except per share amounts)                1995            1995
           Current assets:
        Cash and cash equivalents              $27,209        $ 19,415
        Accounts and notes receivable,
         less allowances for doubtful
         accounts of $7,331 and
         $7,367, respectively                   78,102          90,091
        Current portion of
         long-term receivables                   5,529           6,386
        Inventories                             46,765          53,995
        Prepaid expenses and other               6,825           5,306
        Total current assets                   164,430         175,193
        Property and equipment,
         at cost less accumulated
         depreciation and
         amortization                           38,719          44,983
        Long-term receivables,
         net of current portion                 10,039          12,322
        Excess of purchase price
         over net assets of businesses
         acquired and other intangibles,
         net                                   157,884         160,315
        Other assets                            27,047          28,216
        Total                                 $398,119        $421,029
           Current liabilities:
        Current portion of
         long-term debt                       $376,371        $389,900
        Accounts payable                        49,242          57,368
        Accrued compensation,
         benefits and
         withholdings                           14,507          20,891
        Accrued income taxes                    10,618           9,365
        Accrued interest                        52,569          40,746
        Other accrued liabilities               53,292          60,587
        Total current liabilities              556,599         578,857
        Noncurrent liabilities                   5,448           5,841
        Redeemable preferred stock, $.01 par value,
         500,000 issued, 485,750 and
         500,000 outstanding, respectively
         (aggregate preference value of $24,288
         and $25,000, respectively)             23,897          24,574
            Stockholders' equity (deficit):
        Common stock, $.01 par
         value, authorized
         shares, 46,287,660 and
         46,187,625 issued,
         respectively                              463             462
        Capital in excess of par value         183,425         182,725
        Cumulative translation adjustment          533           1,329
        Accumulated deficit                   (372,246)       (372,759)
        Total stockholders' equity (deficit)  (187,825)       (188,243)
        Total                                 $398,119        $421,029
                            Anacomp, Inc. and Subsidiaries
                                                 Three months ended
        (Dollars in thousands,                          Dec. 31,
        (except per share amounts)                1995           1994
        Services provided                     $ 50,928        $ 54,880
        Equipment and supply sales              79,337          96,932
        Total                                  130,265         151,812
            Operating costs and expenses:
        Costs of services provided              27,838          29,437
        Costs of equipment and supplies
         sold                                   61,761          73,022
        Selling, general and
         administrative expenses                24,447          31,460
        Total                                  114,046         133,919
        Income from operations before interest,
         other income, financial restructuring
         costs, and income taxes                16,219          17,893
        Interest income                            501             475
        Interest expense and fee amortization  (18,286)        (17,949)
        Financial restructuring costs           (2,801)            ---
        Other income                             6,620             162
        Total                                  (13,966)        (17,312)
        Income before income taxes               2,253             581
        Provision for income taxes               1,200             300
        Net income                               1,053             281
        Preferred stock dividends and discount
         accretion                                 540             540
        Net income (loss) available to common
         stockholders                           $  513          $ (259)
        Earnings (loss) per common and common equivalent share:
          Net income (loss) available to
           common                               $  .01          $ (.01)
                            Anacomp, Inc. and Subsidiaries
                                                   Three months ended
                                                       Dec. 31,
          (Dollars in thousands)                   1995          1994
           Cash flows from operating activities:
        Net income                             $ 1,053    $        281
        Adjustments to reconcile net income
         to net cash provided by (used in)
         operating activities:
        Depreciation and amortization            8,017          11,515
        Loss on disposition of other assets         56              72
        Gain on sale of ICS Division            (6,202)            ---
        Change in assets and liabilities, net
         of acquisitions:
        Decrease (increase) in accounts and
         long-term receivables                  10,868            (912)
        Decrease (increase) in
         inventories and prepaid
         expenses                                5,057          (5,294)
        Increase in other assets                  (810)         (3,588)
        Decrease in accounts payable
         and accrued expenses                   (8,727)         (9,828)
        Decrease in other noncurrent
         liabilities                               (70)           (906)
        Net cash provided by (used in) operating
         activities                              9,242          (8,660)
           Cash flows from investing activities:
        Proceeds from sale of ICS Division      13,554             ---
        Proceeds from sale of other assets        ---           14,519
        Purchases of property, plant
         and equipment                          (1,161)         (3,236)
        Payments to acquire companies and
         customer rights                           ---            (542)
        Net cash provided by investing
         activities                             12,393          10,741
           Cash flows from financing activities:
        Proceeds from issuance of common stock     ---             238
        Proceeds from revolving line
         of credit and long-term
         borrowings                                ---          20,000
        Principal payments on
         long-term debt                        (13,705)        (36,209)
        Preferred dividends paid                   ---            (516)
        Net cash used in financing
         activities                            (13,705)        (16,487)
        Effect of exchange rate changes
         on cash                                  (136)           (128)
        Increase (decrease) in cash and cash
         equivalents                             7,794         (14,534)
        Cash and cash equivalents at
         beginning of period                    19,415          19,871
        Cash and cash equivalents at
         end of period                        $ 27,209        $  5,337
            Supplemental disclosures of cash flow information:
        Cash paid during the period for:
          Interest                            $  3,486        $ 22,294
          Income taxes                        $    606        $  2,508
                         Anacomp, Inc. and Subsidiaries
        Three months ended December 31, 1995
        (Dollars in thousands)
                                    Capital in Cumulative  Retained
                             Common excess of  Translation earnings
                             Stock  par value  Adjustment (deficit)  Total
        BALANCE AT 9/30/95  $462   $182,725   $  1,329  $(372,759)$(188,243)
        Preferred stock
         conversion            1        700        ---        ---       701
        Preferred stock
         dividends           ---        ---        ---       (516)     (516)
        Accretion of redeemable
         pref. stock
         discount            ---        ---        ---        (24)      (24)
        Translation adjustments
         for period          ---        ---       (796)       ---      (796)
        Net income for
         the period          ---        ---        ---      1,053     1,053
        BALANCE AT 12/31/95 $463   $183,425   $    533 $ (372,246)$(187,825)
        Three months ended December 31, 1994
        (Dollars in thousands)
                                    Capital in Cumulative  Retained
                             Common excess of  Translation earnings
                             Stock  par value  Adjustment (deficit)  Total
        BALANCE AT 9/30/94     457   $181,843   $  (269) $(132,275)$49,756
        Exercise of stock
         options               ---         14       ---       ---       14
        Shares issued for
         purchases under the
         Employee Stock
         Purchase Plan           1        223       ---        ---     224
        Preferred stock
         dividends             ---        ---       ---       (516)   (516)
        Accretion of redeemable
         preferred stock
         discount              ---        ---       ---        (24)    (24)
        Translation adjustments
         for period            ---        ---      (972)       ---    (972)
        Graham Stock Issuance    1        143       ---        ---     144
        Net income for the
         period                ---        ---       ---        281     281
        BALANCE AT 12/31/94  $ 459   $182,223  $ (1,241) $(132,534)$48,907

        /CONTACT:  Jeff Withem, Corporate Communications, 404-876-3361, ext.
        8527; or Nancy Vandeventer, Investor Relations, 800-350-3044, both

Celtrix Reports Third Quarter
        Financial Results - Operating Expenses Down Over 50%; SomatoKine
        Nearing Clinical Study

            SANTA CLARA, Calif.--Jan. 23, 1996--For the
        third quarter ended December 31, 1995, Celtrix Pharmaceuticals, Inc.
        (Nasdaq: CTRX) reported revenues of $309,000 and a net loss of
        $509,000, or $0.04 per share.  These results compare with revenues
        of $173,000 and a net loss of $6,140,000, or $0.45 per share, for
        the third quarter ended December 31, 1994.  

            Operating expenses decreased by over 50 percent, to $3,258,000
        for the third quarter ended December 31, 1995, from $6,537,000 for
        the same period in 1994.  This was due primarily to the company's
        restructuring and cost-reduction program implemented in the second
        half of fiscal 1995.  

            The company reported a $2.3 million gain on investment from
        selling part of the Metra Biosystems securities held by Celtrix
        since 1990.  In addition, during December 1995, Celtrix exercised
        its option under an agreement with Genzyme Corporation, receiving
        $4.4 million in exchange for equity.  At December 31, 1995, Celtrix
        had $19.5 million in cash, cash equivalents and short-term

            For the nine-month period ended December 31, 1995, revenues were
        $1,016,000, and the net loss was $5,909,000, or $0.43 per share.
        For the same period last year, revenues were $1,565,000, which
        included an initial licensing fee from The Green Cross Corporation,
        and the net loss was $15,629,000, or $1.19 per share.  

            "We are pleased with our performance this past quarter," said
        Andreas Sommer, Ph.D., Celtrix's president and chief executive
        officer.  "In addition to achieving good financial results, we
        continued to make important progress on the development of
        SomatoKine, our lead product candidate."  

            "Formal toxicology studies on SomatoKine have been completed and
        indicate that IGF-I bound to its binding protein BP3 can be safely
        administered at doses far above what appears possible with free IGF-
        I," Dr. Sommer said.  "Along with promising preclinical efficacy
        data, these results support our belief that SomatoKine offers
        significant potential as a hormone replacement therapy for acute
        nutritional deficiencies due to severe trauma, and for muscle and
        bone wasting due to chronic illness or aging.  Three key patents
        received in 1995 further increase our enthusiasm for the commercial
        prospects of this novel IGF-BP3 complex.  

            "We have now begun preparing our Investigational New Drug
        application to initiate Phase I human clinical testing this spring,"
        Dr. Sommer said.  "In addition, we are gearing up the production of
        SomatoKine to support Phase II trials, which are expected to begin
        this fall."  

            Celtrix is a biopharmaceutical company focused on developing
        novel therapeutics for the treatment of seriously debilitating,
        degenerative conditions primarily associated with severe trauma,
        chronic diseases or aging.  Company programs target the treatment of
        acute nutritional deficiencies and muscle wasting.  Corporate
        partner programs extend these opportunities to include osteoporosis,
        tissue repair and multiple sclerosis.

                             Celtrix Pharmaceuticals, Inc.
                          Condensed Consolidated Balance Sheets
                                     (In thousands)
                                             December 31,    March 31,
                                                 1995           1995
        Current assets:
          Cash, cash equivalents
        and short-term investments              $19,511        $19,929
          Receivables and other current assets          524            307
        Total current assets                     20,035         20,236
        Property and equipment, net                  10,480         12,203
        Intangible and other assets, net              2,120          2,585
                                                -------        -------
                                                $32,635        $35,024
        Current liabilities:
          Accounts payable and accrued liabilities    $915          $1,480
          Current portion of long-term obligations     707             639
          Accrued restructuring costs                  137           1,306
         Total current liabilities               1,759           3,425
        Deferred rent                                1,224           1,335
        Long-term obligations                          277             828
        Stockholders' equity                        29,375          29,436
                                               -------         -------
                                               $32,635         $35,024
                                  Celtrix Pharmaceuticals, Inc.
                       Condensed Consolidated Statements of Operations
                              (In thousands, except per share amounts)
                                  Three Months Ended  Nine Months Ended
                                     December 31,        December 31,
                                    1995    1994          1995    1994
          Product sales                 $28      $88           $88    $296
          Related party revenue          -         -           420      -
          Other revenues                281       85           508   1,269
                                    ---      ---         -----   -----
                                    309      173         1,016   1,565
        Costs and expenses:
          Cost of sales                  11       46            18     135
          Research and development    2,727    5,395         8,065  14,832
          General and administrative    520    1,096         1,608   2,890
                                  -----    -----         -----  ------
                                  3,258    6,537         9,691  17,857
        Operating loss               (2,949)  (6,364)      (8,675) (16,292)
        Interest income, net            122      224           448     663
        Gain on investment            2,318       -          2,318      -
        Net loss                      $(509) $(6,140)     $(5,909) $(15,629)
        Net loss per share           $(0.04)  $(0.45)      $(0.43)  $(1.19)
        Shares used in computing
        net loss per share           13,991   13,669        13,810   13,100

        CONTACT:  Celtrix Pharmaceuticals, Inc.,
                  Mary Anne Ribi,
                  Vice President and Chief Financial Officer


            PEMBROKE PINES, Fla., Jan. 23, 1996 -- Claire's
        Inc. (NYSE: CLE) reported today it had purchased 85 stores formerly
        operated by The Icing, Inc.  The
price of the all-cash transaction
        was not reported.

            The Icing, which had filed bankruptcy proceedings, operated the
        stores as upscale women's accessory and ready to wear locations.

            Rowland Schaefer, Chairman and Chief Executive of Claire's
        Stores, said Claire's will continue to use The Icing name in mall
        locations where Claire's already has stores.  He said in malls where
        Claire's does not yet have stores, The Icing stores will be renamed
        Claire's, Etc. The stores will feature the value priced accessories
        of other Claire's stores, but with an expanded inventory line.

            "These new stores will increase the total number of our stores
        in North America, the Caribbean and Japan to more than 1,400," Mr.
        Schaefer said.  "We're also especially pleased to acquire these new
        stores because they are in prime retail locations across the
        country.  We'll have 55 to 60 of them open and operating by May 1,
        the start of our second quarter, and we expect them to contribute
        significantly to another record year in Fiscal 1997."

            Claire's Stores, Inc., the nation's premier retailer
        specializing in one-stop shopping for women's fashion accessories,
        currently owns and operates 1,329 stores in 49 states, the
        Caribbean, Canada and Japan, primarily  under the names "Claire's,"
        "Claire's Boutiques," "Topkapi" "Dara Michelle," and "Claire's

        /CONTACT:  Glenn Canary, Director of Investor Relations,
        Claire's Stores, 954-433-3900/

        FORECASTS BY 21%

            ATLANTA, Jan. 23, 1996 --- Hayes
Microcomputer Products,
announced today its Q1 FY 96 financial results, reporting an
        operating profit in excess of $5.8 million on $72.4 million in sales
        for the quarter.  Compared with the same quarter in FY 95 in which
        the company recorded approximately $69 million in sales and a $1.6
        million operating profit, operating profits increased 274% while
        gross margins increased from 28% to 31.8%.  Further, Hayes Q1 FY 96
        results exceeded the company's operating profit forecasts by nearly

            "Our operating results clearly demonstrate that the company's
        turnaround continues to meet or exceed our reorganization plan and
        forecasts," said Dennis C. Hayes, Chairman and President of Hayes.
        "Despite the ongoing distractions of our confirmation hearings,
        various hostile acquisition attempts, and the enormous demands and
        costs associated with the reorganization process, the employees of
        Hayes have stayed focused on the business."

            Noting the operational difficulties that led to the Chapter 11
        filing, Gary Franza, Vice President of Sales for Hayes said, "Our
        turnaround has for the first time in several years put Hayes in the
        position of shipping products to customers from finished goods
        inventory.  Whereas before we could not meet customer demand for
        product, we now have our operations under control and are in a
        better position to fulfill the sizable demand we continue to
        experience and to get more aggressive in expanding our customer

            Hayes filed for voluntary Chapter 11 protection under the U.S.
        Bankruptcy Code on November 15, 1994.  The Hayes Plan of
        Reorganization, which will pay creditors' claims in full plus
        interest, was filed on May 15, 1995 and the company's Disclosure
        Statement was approved by the Bankruptcy Court on July 10, 1995.
        The Confirmation Hearing for the Hayes Plan of Reorganization began
        on Dec. 18, 1995 and is expected to continue through the end of

            Best known as the inventor of the PC modem, Hayes is recognized
        around the globe as a leader in technical innovations, computer
        communications standards, functional and feature-rich products, and
        superior support and service.  Founded in 1977, Hayes develops,
        manufactures, and markets value-based computer communications
        solutions for software, business, network and consumer market
        segments.  The company maintains an extensive global network of
        authorized distributors, dealers, mass merchants, VARs, system
        integrators and original equipment manufacturers.  Hayes customers
        include Fortune 1000 corporations, mid-size companies and corporate
        branch offices, small and home office businesses, online and
        telecommunications network providers, and millions of individual PC
        users around the globe.

            Hayes is a trademark of Hayes Microcomputer Products, Inc.
        Other trademarks mentioned are trademarks of their respective

        /CONTACT:  Andrew W. Dod, Director of Corporate Communications,
        Hayes Microcomputer Products, Inc., 770-840-6808, Fax, 770-441-1238,
        Email,, or Web:


            HOUSTON, Jan. 23, 1996 -- Seagull Energy
        (NYSE: SGO) today reported 1995 net income of $0.6 million, or 2
        cents per share, on revenues of $336.3 million.  The company had an
        operating loss for the year of $14.5 million, while net cash
        provided by operating activities before changes in operating assets
        and liabilities was $97.4 million.

            In 1995's fourth quarter, Seagull posted revenues of $91.8
        million, operating profit of $17.0 million and net income of $4.8
        million, or 13 cents per share.

            For all of 1994, the company had revenues of $408.1 million, an
        operating profit of $62.1 million, net cash provided by operating
        activities before changes in operating assets and liabilities of
        $166.8 million and net earnings of $3.2 million, or 9 cents per
        share. In the last quarter of 1994, Seagull's revenues were $100.4
        million and its operating profit was $6.6 million, but it recorded a
        net loss of $6.0 million, or 16 cents per share.

            Results for 1995 include a pre-tax gain of $82 million from the
        sale of certain gas gathering and gas processing assets, $8 million
        in pre- tax charges for severance and relocation costs incurred in a
        restructuring program and a non-cash, pre-tax charge of $44.4
        million related to the company's adoption of a provision regarding
        accounting for the impairment of long-lived assets.  Ignoring that
        gain and both of the charges, Seagull would have recorded a 1995 net
        loss of $18.9 million, or about 52 cents per share.

            Results for 1994 included a pre-tax charge of $2.0 million for
        costs incurred to obtain authority to issue a new class of Seagull
        common stock targeted to the company's utility operations in Alaska.
        The stock has not been issued, nor are there current plans to do so.

            Seagull Chairman Barry J. Galt attributed the disappointing
        results for 1995 principally to weak natural gas prices and
        resulting voluntary production curtailments.  "Although prices did
        strengthen in November and December, full-year average realizations
        were well below '94, so throughout much of the year we were
        continuing our long-standing practice of curtailing gas production
        when prices are unsatisfactory," he explained.

            For all of 1995, Seagull produced an average of 273.3 million
        cubic feet of natural gas per day (MMcf/d) in the United States at
        an average price of $1.64 per thousand cubic feet (Mcf), and 60.5
        MMcf/d in Canada at an average price of $1.02 per Mcf.  For 1995's
        fourth quarter, U.S. gas production averaged 270.2 MMcf/d at an
        average realization of $1.80 per Mcf and Canadian production
        averaged 64.2 MMcf/d at an average price of $1.15 per Mcf.

            In the previous year, Seagull produced an average of 301.1
        MMcf/d of natural gas in the United States at an average price of
        $1.88 per Mcf, and 54.1 MMcf/d in Canada at a price of $1.55 per
        Mcf.  In 1994's fourth quarter, U.S. production averaged 281.5
        MMcf/d at an average realization of $1.59 per Mcf and Canadian
        production averaged 59.2 MMcf/d at an average price of $1.33 per

            "While industry-wide factors caused results for 1995 to fall
        short of our expectations, it was a year that saw us make
        significant progress in strengthening our balance sheet and lowering
        interest and operating costs," Galt added.  "That progress, together
        with our previously announced plans to significantly step up our
        exploration, exploitation and acquisition activities this year and
        today's somewhat better natural gas price environment, give us
        reason to be optimistic about improving our performance in 1996."

            Houston-based Seagull is engaged in natural gas and oil
        exploration and production and the transportation, distribution and
        marketing of natural gas, liquids products and petrochemicals.

                                        Three Months Ended   12 Months Ended
                                            December 31,        December 31,
                                            1995     1994       1995    1994
        (In Thousands of Dollars)
        Operating Profit (Loss):
         Exploration and Production      7,007    (5,443)  (46,756)   28,266
         Pipeline and Marketing            654     2,273     9,165    11,936
         Alaska Transmission
          and Distribution               9,306     9,744    23,141    21,865
        Depreciation, Depletion and
          Exploration and Production    26,487    30,956   115,110   132,047
          Pipeline and Marketing           226     1,257     1,883     4,898
          Alaska Transmission and
           Distribution                  1,860     1,934     7,797     7,752
        Exploration and Production
         Net Daily U.S. Production:
          Natural Gas (MMcf)             270.2     281.5     273.3     301.1
          Oil and Condensate (Bbl)       2,318     2,887     2,488     3,298
          Natural Gas Liquids (Bbl)      1,058       539       688       595
         Average U.S. Sales Prices:
          Natural Gas ($ per Mcf)         1.80      1.59      1.64      1.88
          Oil and Condensate ($ per Bbl) 16.82     16.73     17.07     15.98
          Natural Gas Liquids ($ per Bbl) 8.98     10.28      9.48      9.45
         Net Daily Canadian Production:
          Natural Gas (MMcf)              64.2      59.2      60.5      54.1
          Oil and Condensate (Bbl)         683     1,065       794       888
          Natural Gas Liquids (Bbl)        212       275       298       282
         Average Canadian Sales Prices:
          Natural Gas (U.S. $ per Mcf)    1.15      1.33      1.02      1.55
          Oil and Condensate
           (U.S. $ per Bbl)              14.54     12.24     14.79     12.67
          Natural Gas Liquids
           (U.S. $ per Bbl)              15.34     10.34      8.29      8.12
        Pipeline & Marketing (a)
        Average Daily Pipeline
         Volumes (MMcf):
          Gas Gathering                    N/A       259       200(b)    277
          Gas Marketing                    606       521       560       552
          Partnership Systems (net)        N/A       112       104(b)    112
        Gas Processing:
          Average Daily Inlet
           Volumes (MMcf)                  N/A       274       255(b)    278
          Average Daily Net
           Production (Bbl)                N/A     4,856     2,982(b)  4,140
          Average NGL Sales Price
           (cents per gallon)              N/A      24.8      23.1(b)   23.6
           Alaska Transmission and
         Degree Days                     3,580     3,978     9,997    10,291
         Volume of Gas Delivered (MMcf) 13,406    13,987    44,340    44,084
        (a)  Gas gathering and processing operations sold in September 1995.
        (b)  Operating data represents activity from Jan. 1, 1995 through
             Sept. 25, 1995, the date of the sale of gas gathering and gas
             processing operations
                  (Dollars in Thousands Except Per Share Amounts)
                                   Three Months Ended       12 Months Ended
                                       December 31,           December 31,
                                    1995        1994        1995        1994
         Exploration and
          production            $ 57,240  $   54,321  $  209,328  $  262,543
         Pipeline and marketing    3,044       9,979      29,175      39,963
         Alaska transmission and
          distribution            31,565      36,138      97,770     105,598
         Total                    91,849     100,438     336,273     408,104
        Costs of Operations:
         Alaska transmission and
          distribution cost of gas
           sold                   15,061      19,058      46,328      54,465
         Operations and
          maintenance             23,445      31,167     105,674     119,987
         Exploration charges       7,803       9,492      29,555      26,888
         Depreciation, depletion
          and amortization        28,573      34,147     124,790     144,697
         Impairment of gas and
          oil properties              --          --      44,376          --
         Total                    74,882      93,864     350,723     346,037
         Operating Profit (Loss)  16,967       6,574     (14,450)     62,067
         Other (Income) Expense:
          General and
           administrative          3,790       1,498      19,167      10,252
          Interest expense        11,315      13,760      52,814      51,550
         Gain on sale of property,
          plant and equipment     (1,226)        (53)    (83,591)      (413)
         Interest income and other  (972)        762      (1,160)      (254)
         Total                    12,907      15,967     (12,770)     61,135
         Earnings (Loss) Before
          Income Taxes             4,060      (9,393)     (1,680)        932
         Income Tax Benefit        (697)     (3,434)     (2,312)     (2,314)
         Net Earnings (Loss) $    4,757  $   (5,959) $      632  $    3,246
         Earnings (Loss)
          Per Share          $     0.13  $    (0.16) $     0.02  $     0.09
         Weighted Average Number
          of Common Shares
          (in thousands)      36,819,730  36,928,290  36,717,188  36,904,482
                           CONSOLIDATED BALANCE SHEETS
                              (Dollars in Thousands)
                                                           December 31,
                                                         1995        1994
         Current Assets:
          Cash and cash equivalents                  $   11,205   $    6,432
          Accounts receivable, net                      119,898      101,346
          Inventories                                     4,947        4,530
          Prepaid expenses and other                     11,331        7,055
          Total Current Assets                          147,381      119,363
        Property, Plant and Equipment - at cost
         (successful efforts method for gas and
          oil properties)                             1,581,002    1,592,152
        Accumulated Depreciation, Depletion
         and Amortization                               569,587      467,845
        Total                                         1,011,415    1,124,307
        Other Assets                                     40,000       55,880
        Total Assets                                 $1,198,796   $1,299,550
         Current Liabilities:
          Accounts payable                           $   83,111   $   97,315
          Accrued expenses                               33,080       31,598
          Prepaid gas and oil sales                          --        2,732
          Current maturities of long-term debt            1,214        1,549
          Total Current Liabilities                     117,405      133,194
        Long-Term Debt                                  545,343      620,805
        Other Noncurrent Liabilities                     52,276       57,737
        Deferred Income Taxes                            36,104       46,713
        Shareholders' Equity:
         Common Stock, $.10 par value; authorized
          100,000,000 shares; issued 36,561,290
          (1995) and 36,432,514 shares (1994)             3,656        3,643
         Additional paid-in capital                     326,918      324,820
         Retained earnings                              124,591      123,959
         Foreign currency translation adjustment            389      (2,684)
         Less - note receivable from employee stock
          ownership plan                                 (4,922)     (5,502)
         Less - 308,812 shares (1995) and
          326,812 shares (1994) of Common Stock
           held in Treasury, at cost                     (2,964)     (3,135)
          Total Shareholders' Equity                    447,668      441,101
        Commitments and Contingencies
        Total Liabilities and Shareholders'
         Equity                                      $1,198,796   $1,299,550
                              (Dollars in Thousands)
                                                     Year Ended December 31,
                                                         1995       1994
        Operating Activities
         Net earnings                                    $    632   $  3,246
         Adjustments to reconcile net earnings to net
          cash provided by operating activities:
            Depreciation, depletion and amortization      129,141    147,713
            Impairment of gas and oil properties           44,376         --
            Amortization of deferred financing costs        3,429      3,841
            Deferred income taxes                         (12,355)   (5,689)
            Dry hole expense                               16,147     15,931
            Gain on sale of property, plant and
             equipment, net                               (83,591)     (413)
            Other                                            (395)     2,136
         Total                                             97,384    166,765
        Changes in operating assets and liabilities,
         net of acquisitions:
            Decrease (Increase) in accounts receivable    (19,094)     8,204
            Increase in inventories, prepaid
             expenses and other                             2,104      5,217
            Increase (Decrease) in accounts payable       (13,399)     5,360
            Decrease in prepaid gas and oil sales          (2,732)   (7,591)
            Decrease in accrued expenses and other           (980)   (7,030)
               Net Cash Provided by Operating Activities   63,283    170,925
           Investing Activities
        Capital expenditures                              (85,347) (150,252)
        Acquisitions, net of cash acquired                     --  (193,859)
        Proceeds from sales of property,
         plant and equipment                              107,514       762
               Net Cash Provided by (Used In)
                Investing Activities                       22,167  (343,349)
        Financing Activities
        Proceeds from revolving lines of credit and
         other borrowings                                  610,373   753,138
        Principal payments on revolving lines of
         credit and other borrowings                      (733,812)(582,827)
        Proceeds from monetary production
         payment liability                                  46,242        --
        Principal payments of monetary production
         payment liability                                  (2,386)       --
        Fees paid to acquire financing                        (273)     (52)
        Proceeds from sales of common stock                  1,583       473
        Other                                               (2,356)      911
               Net Cash Provided by (Used In)
                Financing Activities                       (80,629)  171,643
        Effect of exchange rate changes on cash                (48)    1,641
               Increase in Cash and Cash Equivalents         4,773       860
        Cash and Cash Equivalents at Beginning of Period      6,432    5,572
        Cash and Cash Equivalents at End of Period        $  11,205  $ 6,432

        /CONTACT:  Alan Payne, Seagull Energy, 713-951-4700/


            STERLING, Va., Jan. 23, 1996 -- At 2:00 p.m. on
        22, 1996, Saab Aircraft of America, Inc., Fairbrook Leasing, Inc.
        and Saab Aircraft Credit AB (the "Saab Entities") filed an
        Involuntary Petition in the United States Bankruptcy Court for the
        District of New Hampshire placing href="chap11.busexp.html">Business Express, Inc. into
        Chapter 11 bankruptcy proceedings. After several years of operating
        losses by Business Express, accompanied by large debts and unpaid
        rentals, the Saab Entities were left with no practical alternative
        but to seek the relief afforded by the Bankruptcy Court.

            The Saab Entities believe that Business Express has a going
        concern value which is why they elected to pursue Chapter 11 in
        order to assist the airline in protecting all the jobs it provides
        and its code-sharing agreements with Delta Air Lines and Northwest
        Airlines, the two major carriers with whom Business Express shares

            Daniel W. Sklar, of Peabody & Brown in Manchester, New
        Hampshire, counsel to the Saab Entities, stated, "The automatic stay
        provisions of the Bankruptcy Code provide the management of Business
        Express the opportunity to continue the airline's safe and
        dependable operations while formulating and implementing a permanent
        financial plan on a reasonable schedule."

        /CONTACT:  Ron Sherman of Saab Aircraft of America, 703-406-7226/

Maxtor reports third quarter fiscal `96

            SAN JOSE, Calif.--Jan. 23, 1996--Maxtor Corp.
        today announced revenues of $356.7 million and a net loss of $24.6
        million or $0.46 loss per share for the third quarter of fiscal 1996
        ended Dec. 30, 1995.  

            Third quarter revenues were up 26.8 percent from $281.4 million
        reported in the second quarter ended September 30, 1995, and up 49.8
        percent from revenues of $238.2 million in the third quarter of
        fiscal 1995.  This compares with the net loss of $44.5 million or
        $0.84 loss per share for the second quarter of fiscal 1996 and a net
        loss of $16.4 million or $0.32 loss per share for the third quarter
        of fiscal 1995.  

            The third quarter results for fiscal 1996, include a one-time
        charge of $4.5 million related to transaction costs with respect to
        the Hyundai Electronics America (HEA) acquisition of Maxtor
        Corporation which was completed on Jan. 11, 1996.  

            Revenues for the first nine months of fiscal 1996 totaled $954.0
        million, an increase of 51.2 percent from revenues of $630.9 million
        for the same period of the prior year.  Net loss for the nine month
        period ended Dec. 30, 1995 totaled $82.9 million or $1.57 loss per
        share, compared to a net loss of $83.3 million or $1.66 loss per
        share in the same period of fiscal 1995.  

            In December, Maxtor established a $100 million bridge financing
        facility with HEA to finance its working capital requirements.
        Maxtor intends to replace this bridge loan with long-term financing
        this year.  

            The bridge loan, in conjunction with MaxtorUs existing $100
        million unsecured revolving credit facility, provides the company
        with $200 million of credit facilities, of which $99 million was
        utilized at the end of the December quarter.  

            The HEA acquisition of Maxtor Corporation was completed Jan. 11,
        and Maxtor's stock was delisted from NASDAQ, effective Jan. 12.
        Maxtor's 5.75 percent convertible debentures, due 2012 were not
        included in the tender offer.  The bonds will remain outstanding and
        will continue to be listed on NASDAQ under the symbol MXTRG.
        Therefore, Maxtor will continue financial reporting as required by
        the Securities and Exchange Commission.  

            Maxtor Corp. develops, manufactures and markets hard disk drives
        for desktop and mobile computer systems and had sales of $906.8
        million in the fiscal year ended March 1995.  A wholly owned,
        independently operated subsidiary of Hyundai Electronics America,

            Maxtor has headquarters in San Jose and employs approximately
        8,300 people worldwide.

                            MAXTOR CORPORATION
                 (In Thousands, Except per Share Amounts)
                                  Three Months Ended         
                          Dec. 30, 1995   Sept. 30, 1995   Dec. 24, 1994
        Revenue               $   356,740      $   281,406      $   238,174
        Cost of revenue           326,000          281,359          216,846
        Gross margin               30,740               47           21,328
        Research and development   24,778           21,847           15,791
        Selling, general           22,070           19,486           20,078
         & administrative
         Other                      4,529
        --               --   
        Loss from operations      (20,637)         (41,286)         (14,541)
        Interest expense           (3,320)          (2,404)          (1,294)
        Loss before income tax    (23,957)         (43,690)         (15,835)
        Provision for income taxes    676              798              600
        Net loss              $   (24,633)     $   (44,488)     $   (16,435)
        Net loss per share    $     (0.46)     $     (0.84)     $     (0.32)
        Shares used in computing
        net loss per share         53,110           52,866           50,668
                            MAXTOR CORPORATION
                              (In Thousands)
                        Dec. 30, 1995   Sept. 30, 1995   March 25, 1995
                          (Unaudited)     (Unaudited)     (Unaudited)(a)
        Cash and short-term
         investments           $   41,366      $   19,377       $   108,516
        Accounts receivable,
         net                      125,920         141,436           111,530
        Inventories               131,139         143,157            89,680
        Other current assets       13,147          13,409             8,695
           Total current assets   311,572         317,379           318,421
        Property, plant and
         equipment, net            78,172          74,751            56,144
        Other assets                7,508           5,627             7,282
           Total assets        $  397,252     $   397,757       $   381,847
        Short-term borrowings  $   99,000      $   72,000       $   30,000
        Accounts payable          152,376         161,419          136,746
        Accrued compensation,
         expenses & warranty       68,075          62,542           58,832
        Accrued special
         and restructuring            220             295              635
        Current portion
         long-term debt             2,491           2,778            2,957
        Income taxes payable        7,683           7,287            6,807
         Total current
          liabilities             329,845         306,321          235,977
        Long-term debt            100,219         100,664          101,967
        Stockholders' equity
         (deficit)                (32,812)         (9,228)          43,903
           Total liabilities and stockholders'
        equity (deficit)   $  397,252      $  397,757       $  381,847
        (a) Amounts have been derived from the Company's audited fiscal year
        financial statements.
                            MAXTOR CORPORATION
                 (In Thousands, Except per Share Amounts)
                                         Nine Months Ended
                                   Dec. 30, 1995         Dec. 24, 1994      
        Revenue                        $   954,040           $   630,852
        Cost of revenue                    893,392               602,196   
        Gross margin                        60,648                28,656
        Research and development            69,416                44,416
        Selling, general & administrative   60,532                62,560   
        Other                                4,529                   --   
        Loss from operations               (73,829)              (78,320)
        Interest expense                    (6,992)               (3,221)
        Loss before income taxes           (80,821)              (81,541)
        Provision for income taxes           2,127                 1,800   
        Net loss                       $   (82,948)          $   (83,341)
        Net loss per share             $     (1.57)          $     (1.66)   
        Shares used in computing
         net loss per share               52,687                  50,283   

        CONTACT:  Maxtor Corp., San Jose;
                  Carol Cassara, 408/432-4567;              
                  Rosanne Ramirez, 408/432-4483;

        (BUSINESS-EXPRESS) Business Express placed
into Chapter 11
        bankruptcy proceedings

            PORTSMOUTH, N.H.--Jan. 23, 1996--href="chap11.busexp.html">Business
learned today that Saab Aircraft of America, and two
        affiliated companies yesterday filed an Involuntary Petition in the
        United States Bankruptcy Court for the District of New Hampshire
        placing Business Express Inc. into Chapter 11 bankruptcy

            Business Express is continuing regular operations and is working
        cooperatively with all interested parties.  The airline's two
        marketing partners Delta Air Lines and Northwest Airlines have
        expressed their support for the Business Express code-sharing

            Robert E. Martens, chairman and CEO, stated, "We are very
        pleased that our partners have indicated their support of their code-
        sharing relationship with Business Express.  It is our intention to
        fully justify their confidence by continuing to provide the highest
        level of service to the traveling public."  Martens went on to say,
        "All BEX employees join in that service commitment.  Travel agents
        and the general public can continue to book travel on Business
        Express without concern."

            Business Express operates over 400 daily departures to thirty-
        two cities in the Northeast and Canada from its hubs at Boston's
        Logan International Airport and New York's John F. Kennedy and
        Laguardia Airports.  The airline operates a fleet of pure jet and
        prop-jet equipment including 37 Saab 340s, 2 Avro RJ-70s and 16
        Beech 1900s.  The carrier employs approximately 1500 associates and
        is headquartered in Portsmouth, N.H.

        CONTACT: Business Express,
                 Warren R. Wilkinson, 603/334-4022