(DIME-BANCORP)(DME) Dime announces balance sheet downsizing, stock
        buy-back and 1995 results

            NEW YORK -- Jan. 26, 1996 -- Dime Bancorp, Inc.
        (NYSE), parent company of The Dime Savings Bank of New York, FSB,
        today announced it would downsize its balance sheet by selling
        approximately $1.1 billion of primarily mortgage-backed securities,
        following the transfer of $3.6 billion of securities to its
        "available for sale" securities portfolio.  

            The sales proceeds will be used to reduce borrowings.  Dime also
        announced a plan to buy-back up to 2% of its outstanding common

            The $24.1 million pre-tax loss associated with the planned
        securities sales, together with $9.8 million in restructuring and
        merger-related expense, adversely affected net income for the 1995
        fourth quarter and for the full year.  As a result, Dime reported
        net income of $2.3 million, or $0.02 per common share, for the
        fourth quarter and $62.2 million, or $0.57 per common share, for the
        year.  If the charges related to the fourth quarter securities sales
        and restructuring and merger-related expense were excluded, earnings
        per share for the fourth quarter and full year would have been $0.20
        and $0.74 per share, respectively.  

            Commenting on the 1995 results, James M.  Large, Jr., Chairman
        and Chief Executive Officer, said, "As the year progressed, a number
        of the benefits of the Dime-Anchor merger became increasingly
        evident.  Core pre-tax income (pre-tax income less the impact of
        restructuring and merger-related expense and non-recurring net gains
        (losses) on sales) grew steadily in 1995 from $31.6 million in the
        first quarter to $38.9 million in the fourth quarter.  The fourth
        quarter was also marked by a slight improvement in net interest
        income, which, despite the continued relatively flat yield curve,
        increased from the prior quarter's level for the first time this
        year.  In addition, we had 4% growth in fee income as compared to
        the third quarter.  Loan originations grew sharply over the course
        of the year as we strengthened our existing operations and expanded
        to new markets.  Our loan portfolio grew $266 million during the
        quarter to $9.8 billion at year-end 1995.  Deposit levels, exclusive
        of branch sales, grew during 1995 even as we consolidated the retail
        branch system and moved to a new computer system.  Importantly, we
        have nearly completed the full integration of our operations and, in
        1996, we fully expect to exceed the merger's annual cost savings
        goal of $50 million.  Finally, our asset quality continues to
        improve as we reduce the level of non-performing assets while adding
        high-quality loans to our portfolio."  

            Mr.  Large added, "The year-end actions announced today are
        consistent with Dime's plan to focus on its lending and consumer
        banking franchises and reduce its reliance on wholesale funds and
        investments.  The strategic reduction in our balance sheet takes
        advantage of a one-time accounting opportunity and allows us to
        reward stockholders through a stock buy-back program.  By selling a
        sizeable block of relatively lower-yielding, adjustable-rate
        mortgage-backed securities, we should--assuming a continuation of
        the current interest rate environment--increase our interest rate
        spread going forward and reduce future earnings volatility.
        Overall, in the current rate environment, these actions will be
        slightly accretive to earnings per share and will have a positive
        effect on our returns on equity and assets.  We also have greater
        flexibility in managing our investments and adjusting to varying
        rate environments.  Finally, we are also positioned for further
        downsizing, if that is deemed appropriate."  

         Stock Buy-Back

            Dime said that it will begin to repurchase up to 2% of its
        outstanding Common Stock, or approximately two million shares.  No
        time limit was set to complete the stock buy-back program.  The
        shares will be purchased at prevailing prices in the open market or
        in privately-negotiated transactions, will be placed in the
        corporate treasury and may be used in connection with the Company's
        employee stock purchase and stock option plans.  

         Balance Sheet Restructuring

            The restructuring of Dime's balance sheet involved increasing
        the amount of securities classified as "available for sale" to $4.1
        billion by redesignating $3.6 billion of securities previously
        designated as "held to maturity," as permitted by recently issued
        guidance from the Financial Accounting Standards Board regarding
        Statement of Financial Accounting Standards No.  115.  Dime said
        that it would, in the near term, sell approximately $1.1 billion of
        those reclassified securities, with the proceeds of the sales to be
        used to reduce wholesale funding.  

         Operating Results

            Net Interest Margin.  For the 1995 fourth quarter, the net
        interest margin averaged 2.02%, unchanged from the previous quarter,
        as the relatively flat yield curve and prepayments on mortgage-
        backed securities continued to cause downward pressure on the
        margin.  Dime noted that its exposure to accelerated premium
        amortization will be reduced in the future as a result of the
        planned securities sales but that its net interest margin could be
        restrained for as long as the current interest rate environment

            Mortgage Banking.  Residential loan production for the 1995
        fourth quarter was $747.9 million, as compared with $555.4 million
        in the immediately preceding quarter and $270.2 million in the 1994
        fourth quarter.  Dime said that the 1995 fourth quarter originations
        included approximately $240 million of loans generated by the two
        mortgage banking operations acquired by Dime in the fourth quarter.
        Dime noted that, in 1995, National Mortgage Investments, Inc.  of
        Griffin, GA ranked first in originations in the greater Atlanta
        area, while James Madison Mortgage of Fairfax, VA ranked second in
        the Washington, DC metropolitan area.  The two had combined loan
        originations of just over $1.1 billion for the year.  Loan servicing
        fees were $8.7 million for the three months ended December 31, 1995,
        and the residential loan servicing portfolio was approximately $15
        billion at year end, of which $9.4 billion was serviced for others.

            Non-Interest Expense.  For the fourth quarter of 1995, general
        and administrative expenses totaled $67.9 million, up from $64.0
        million in the immediately preceding quarter.  Substantially all of
        the increase in expense in the fourth quarter was due to the costs
        from the two recently acquired mortgage banking operations.  For the
        1995 fourth quarter, the ratio of general and administrative expense
        to total average assets was 1.31%, and the efficiency ratio was
        56.38%.  Dime said that the $9.8 million of restructuring and merger-
        related expense incurred in the fourth quarter was primarily
        attributable to additional real estate consolidation and severance
        expenses and should represent the last of such costs, aside from
        those associated with the conversion of the former Anchor branches
        to Dime's new retail banking software system in the first quarter of

            Asset Quality.  The level of non-performing assets, which
        consist of nonaccrual loans and other real estate owned, continued
        to improve during the 1995 fourth quarter, dropping to $315.8
        million, or 1.55% of total assets, at December 31, 1995, down $26.5
        million from the end of the 1995 third quarter, and down $100.1
        million, or 24.1%, from the $415.9 million reported at year-end
        1994.  At year-end 1995, the allowance for loan losses was $128.3
        million, or 50.29% of nonaccrual loans.  Owned real estate expense
        was $2.5 million in the three months ended December 31, 1995, down
        from $3.4 million in the 1995 third quarter.  

            Stockholders' Equity and Regulatory Capital.  At December 31,
        1995, stockholders' equity was $976.5 million.  At that date, the
        Bank's regulatory capital ratios met the levels required for "well-
        capitalized" regulatory status.  The Company cautioned that its
        larger portfolio of available for sale securities could increase the
        future volatility of stockholders' equity, but noted that such
        changes should not affect regulatory capital levels.  Dime also said
        that it would be continuing discussions regarding the Federal
        Deposit Insurance Corporation's warrant to purchase 8.4 million
        shares of Dime Common Stock.  

            Dime, at December 31, 1995, had $20.3 billion in assets and
        $12.6 billion of deposits.  The Bank operates 86 retail banking
        branches in the New York City/northern New Jersey metropolitan area
        and originates loans throughout the Mid-Atlantic and Southeast
        United States.

                                               Dec. 31,      Dec. 31,
        (unaudited)                                  1995          1994
        (In thousands)
         Cash and due from banks                     $216,532      $178,984
         Money market investments                      18,824        28,173
         Loans held for sale                          139,370        16,621
         Securities available for sale              4,070,865       530,714
         Securities held to maturity                5,085,736     8,609,897
         Federal Home Loan Bank of
           New York stock                             318,690       265,586
         Loans receivable, net:
        First mortgage loans                    7,820,680     7,368,960
        Cooperative apartment loans             1,217,030     1,176,252
        Consumer and business loans               792,603       806,410
        Allowance for loan losses                (128,295)     (170,383)
           Total loans receivable, net          9,702,018     9,181,239
         Other real estate owned, net                  60,681        74,002
         Accrued interest receivable                  118,811       105,529
         Premises and equipment, net                  112,757       119,099
         Capitalized excess servicing                  32,604        40,976
         Mortgage servicing rights                     65,583        62,541
         Deferred tax asset, net                      223,463       271,736
         Other assets                                 160,686       162,840
          Total assets                        $20,326,620   $19,647,937
         Deposits                                 $12,572,203   $12,811,269
         Federal Home Loan Bank of
           New York advances                        4,602,983     5,319,271
         Securities sold under agreements
           to repurchase                            1,632,453         9,741
         Senior notes                                 197,384       197,200
         Other borrowed funds                         181,732       232,522
         Other liabilities                            163,335       172,809
          Total liabilities                    19,350,090    18,742,812
        Stockholders' equity:
         Common stock                                     997           986
         Additional paid-in capital                   915,210       910,036
         Common stock deferred incentive shares             --        2,994
         Retained earnings                             65,981         3,796
         Net unrealized loss on
        securities available for sale,
        net of related income taxes                (5,468)      (12,612)
         Unearned compensation                           (190)          (75)
          Total stockholders' equity              976,530       905,125
          Total liabilities and
               stockholders' equity           $20,326,620   $19,647,937
        Note: Prior year amounts reflect reclassifications of in-substance
        foreclosed loans and related allowance for losses to loans
        and the allowance for loan losses, respectively, from other real
        estate owned, net, as a result of the adoption of Statement of
        Financial Accounting Standards No. 114, "Accounting by Creditors for
        Impairment of a Loan."  
        OF INCOME
                                               For the three months
        (unaudited)                                   ended Dec. 31,
        (In thousands except per share data)         1995        1994
        Interest income                            $342,657    $316,480
        Interest expense                            244,014     207,578
              Net interest income                98,643     108,902
        Provision for loan losses                     9,900      22,668
              Net interest income after
              provision for loan losses          88,743      86,234
        Non-interest income:
           Loan servicing fees, net               8,727       8,082
           Securities and insurance
             brokerage fees                       3,930       3,588
           Net (losses) gains on
             sales activities                   (22,921)      1,581
           Banking service fees and other         8,688       8,243
              Total non-interest income          (1,576)     21,494
        Non-interest expense:
          General and administrative expense:
          Compensation and
            employee benefits                    31,699      35,403
          Occupancy and equipment, net           14,436      15,759
          Federal deposit insurance premiums      2,700       8,088
          Other                                  19,071      19,780
              Total general and
              administrative expense             67,906      79,030
          Other real estate owned expense, net        2,475         903
          Amortization of mortgage servicing rights   2,982       2,889
          Restructuring and merger-related expense    9,775      55,928
              Total non-interest expense         83,138     138,750
        Minority interest-preferred stock
          dividend of subsidiary                         --       3,558
        Income (loss) before income tax
          provision (benefit)                         4,029     (34,580)
        Income tax provision (benefit)                1,696     (50,741)
        Net income                                   $2,333     $16,161
        Primary and fully diluted earnings
          per common share:
         Net income                               $0.02       $0.15
        Primary average common
         shares outstanding                         109,988     107,702
        Fully diluted average common
         shares outstanding                         110,115     107,702
        Note: Prior year amounts reflect the reclassification of the
        provision for losses on in-substance foreclosed loans from other
        estate owned expense, net, to the provision for loan losses as a
        result of the adoption of Statement of Financial Accounting
        No. 114, "Accounting by Creditors for Impairment of a Loan."  
                                                   For the    years
        (unaudited)                                    ended      Dec. 31,
        (In thousands except per share data)           1995       1994
        Interest income                            $1,352,757  $1,136,862
        Interest expense                              947,505     707,785
              Net interest income                 405,252     429,077
        Provision for loan losses                      39,650      55,799
              Net interest income after
              provision for loan losses           365,602     373,278
        Non-interest income:
           Loan servicing fees, net                34,826      28,213
           Securities and insurance
             brokerage fees                        15,532      16,885
           Net (losses) gains on sales activities (12,415)      2,925
           Banking service fees and other          32,598      31,244
              Total non-interest income            70,541      79,267
        Non-interest expense:
          General and administrative expense:
          Compensation and
            employee benefits                     131,721     136,786
          Occupancy and equipment, net             58,285      56,447
          Federal deposit insurance premiums       21,373      31,214
          Other                                    74,522      70,027
              Total general and
              administrative expense              285,901     294,474
          Other real estate owned expense, net         12,892      11,013
          Amortization of mortgage servicing rights    12,107       9,664
          Restructuring and merger-related expense     15,331      58,258
              Total non-interest expense          326,231     373,409
        Minority interest-preferred stock
          dividend of subsidiary                           --      11,433
        Income before income tax provision
          (benefit) and cumulative effect
          of a change in accounting principle         109,912      67,703
        Income tax provision (benefit)                 47,727     (53,138)
        Income before cumulative effect
          of a change in accounting principle          62,185     120,841
        Cumulative effect of a change in
          accounting principle for goodwill                 --    (92,887)
        Net income                                    $62,185     $27,954
        Primary and fully diluted earnings
          per common share:
         Income before cumulative effect
           of a change in accounting principle      $0.57       $1.12
         Cumulative effect of a change
           in accounting principle                      --      (0.86)
         Net income                                 $0.57       $0.26
        Primary average common
         shares outstanding                            109,742     107,668
        Fully diluted average common
         shares outstanding                            109,862     107,700
        Note: Prior year amounts reflect the reclassification of the
        provision for losses on in-substance foreclosed loans from other
        estate owned expense, net, to the provision for loan losses as a
        result of the adoption of Statement of Financial Accounting
        No. 114, "Accounting by Creditors for Impairment of a Loan."  
        (unaudited)                                   For the    three
        (Dollars in thousands                          ended        Dec. 31,
           except per share data)                       1995          1994
        Performance Ratios:  (1)
         Interest rate spread                           1.92%         2.19%
         Net interest margin                            2.02%         2.28%
         General and administrative expense
           as a percentage of average assets            1.31%         1.58%
         Return on average assets                       0.04%         0.32%
         Return on average stockholders' equity         0.95%         7.21%
        Average Balances:
         Interest-earning assets                  $20,069,899   $19,339,012
         Interest-bearing liabilities             $19,647,652   $18,933,606
         Total assets                             $20,785,866   $20,028,144
         Stockholders' equity                        $983,318      $897,007
                                                  For the        years
                                                   ended        Dec. 31,
                                                    1995          1994
        Performance Ratios:  (1)
         Interest rate spread                           1.96%         2.26%
         Net interest margin                            2.05%         2.36%
         General and administrative expense
           as a percentage of average assets            1.39%         1.56%
         Return on average assets                       0.30%         0.15%
         Return on average stockholders' equity         6.56%         3.25%
        Average Balances:
         Interest-earning assets                  $19,779,008   $18,209,849
         Interest-bearing liabilities             $19,398,380   $17,770,296
         Total assets                             $20,500,594   $18,828,059
         Stockholders' equity                        $948,113      $860,124
                                                     At            At
                                                  Dec. 31,      Dec. 31,
                                                   1995          1994
        Regulatory Capital Ratios:
         Tangible                                       5.16%         4.98%
         Leverage                                       5.16%         5.00%
         Risk-based                                    12.01%        11.41%
         Tier 1 risk-based                             10.76%        10.34%
        Book value per common share  (2)                $9.03         $8.43
        Asset Quality:
         Total non-accrual loans and other
           real estate owned, net                    $315,800      $415,866
         Non-accrual loans and other
           real estate owned, net, as a
           percentage of total assets                   1.55%         2.12%
         Allowance for loan losses as a
           percentage of non-accrual loans             50.29%        49.84%
        Financial Condition and Other Data:
         Interest-earning assets                  $19,463,798   $18,802,613
         Interest-bearing liabilities             $19,186,755   $18,570,003
         Loans serviced for others                 $9,514,560    $8,713,047
        (1) Ratios have been annualized.
        (2) Assumes the warrants issued to the Federal Deposit Insurance
        Corporation to acquire 8.4 million shares of Dime Bancorp, Inc.  
        common stock at $.01 per share were exercised.  
        Note: Prior year amounts reflect reclassifications of in-substance
        foreclosed loans and related allowance for losses to loans
        and the allowance for loan losses, respectively, from other real
        estate owned, net, as a result of the adoption of Statement of
        Financial Accounting Standards No. 114, "Accounting by Creditors for
        Impairment of a Loan."  

        CONTACT: Dime Bancorp Inc.,
                 Franklin L. Wright, (212) 326-6170;
                 McDonough & Associates,
                 (212) 334-0033


            CLEVELAND, Jan. 26, 1996 -- The
LTV Corporation
(NYSE:LTV) today announced net income for 1995 of
$184.8 million ($1.71 per share), an improvement of $57.7 million, or
45%, over the net income of $127.1 million ($1.29 per share) for 1994.  
Sales totaled $4.28 billion for 1995, an increase of 1% from 1994,
reflecting higher average selling prices on shipment volumes that
approximated the previous year.

            LTV had net income of $34.8 million ($0.32 per share) for the
        fourth quarter of 1995.  This compares with 1994 fourth quarter net
        income of $40.2 million ($0.37 per share).  Sales in the fourth
        quarter of 1995 decreased to $1.04 billion, an 8% change from the
        1994 quarter on shipments totaling 2.0 million tons, down by 96,000
        tons from the fourth quarter of 1994.

            LTV's Chairman and Chief Executive Officer, David H. Hoag, said,
        "We are pleased with the significant improvement in our 1995 annual
        results; however, the 1995 fourth quarter earnings were less than
        the year-ago period due to lower prices in the spot market and
        reduced shipments. The market softness during the second half of
        1995 was influenced by decreased orders from service centers, as
        they reduced inventories, and slightly slower economic growth as
        manifested in reduced shipments to auto, appliance and other
        consumer durable goods manufacturers.  While our mix of products
        sold in the fourth quarter of 1995 improved over the third quarter
        of 1995, it was less favorable versus the year-ago period because of
        increased shipments of hot rolled steel to export markets and
        decreased shipments of value-added products to our durable goods

            Mr. Hoag went on to say, "We have been experiencing strong rates
        of incoming orders for first quarter 1996 delivery, and based on
        current expectations, we believe steel demand for the year will
        approximate that of 1995 with LTV facilities operating at high
        levels of utilization.  As a result, steel prices have recently
        stabilized after decreasing in the second half of 1995.  On January
        3, 1996, we announced a spot market steel price increase of
        approximately 3% effective for new orders placed for shipment
        February 4, 1996 and after.  Without further price improvements in
        1996, prices will not return to 1995 levels, which will adversely
        impact our results compared to 1995.  The effect of the price
        increase will provide little benefit to the first quarter but should
        improve second quarter results as the price increases are realized
        in spot market business.  Other efforts to improve the Company's
        profit margins will continue, with emphasis on achieving higher
        levels of quality and productivity while continuing to pursue
        aggressively all opportunities to reduce costs throughout the

            Income before income taxes and discontinued operations for 1995
        was $310.8 million, an increase of $108.1 million, or 53%, over
        1994.  The benefits of higher average selling prices and improved
        interest income were partially offset by additional 1995 costs
        related to the June 1994 labor agreement and higher purchased
        material prices.  During 1995, the Company fully utilized its
        primary steelmaking capacity with raw steel production of 8.46
        million tons increasing by 209,000 tons over 1994 levels.

            Income before income taxes and discontinued operations totaled
        $53.3 million for the 1995 fourth quarter, a decrease of $12.8
        million, or 19%, below the same period in 1994.  The reduction in
        operating results in the 1995 fourth quarter versus the year-ago
        period was caused by lower spot market steel prices and lower
        shipments, partially offset by lower per-unit production costs.  The
        1995 fourth quarter was positively impacted by pretax gains of $4.2
        million related to a liquidation of LIFO inventories and $3.8
        million of net favorable cost adjustments, offset by a $4.5 million
        charge for the reorganization of sales and marketing functions, and
        costs of $3.7 million related to a blast furnace repair outage.

            During the fourth quarter of 1995, the Company fully utilized
        its primary steelmaking capacity with raw steel production of 2.12
        million tons increasing by 38,000 tons compared with the same
        quarter of 1994. During October 1995, the Company began a routine
        scheduled repair outage of a blast furnace at the Cleveland Works,
        which was completed in less than four weeks.  Production in the 1994
        fourth quarter was impacted by a scheduled blast furnace repair
        outage at the Indiana Harbor Works that began in early September and
        was completed in early November.

        Financial Position and Liquidity
            Cash totaled $265.9 million and marketable securities were
        $457.2 million at December 31, 1995.  Also, approximately $264
        million was available for borrowings under the Company's credit
        facilities at year-end.  During 1995, cash provided by operating
        activities totaled $756 million, or $95 per ton.  Major uses of cash
        during 1995 included contributions to the Company's pension plans,
        capital expenditures, investments in the Trico Steel Company joint
        venture and payments on long-term debt.

            "During the fourth quarter, the Company continued its
        significant reduction of pension liabilities by making contributions
        totaling $280 million, which primarily represents prepayments of
        funding amounts due in 1996.  For all of 1995, the Company's
        restored pension plan contributions totaled $473 million, and an
        additional $37 million prepayment was made on January 2, 1996.
        These contributions, along with $41 million of 1995 long-term debt
        repayments, further enhance our capital structure.  The Company's
        pension plan assets were 71% of projected benefit obligations at
        December 31, 1995," said Mr. Hoag.

        Business Process Reengineering

    The Company is continuing its comprehensive redesign of critical
        business processes to strengthen customer service, increase
        productivity and reduce costs.  As part of such effort, during
        October 1995, LTV announced and began a reorganization and
        centralization of certain sales and marketing functions.  A pretax
        charge of $4.5 million in the 1995 fourth quarter represents the
        costs associated with the sales and marketing reorganization.  Also,
        in September, LTV reached a long-term agreement with a large
        technology service organization to manage LTV's information systems
        and data processing functions.  A pretax charge of $5 million for
        one-time transitional and personnel costs related to this action was
        made in the third quarter of 1995.

        The LTV Corporation
        (dollars in millions, except per share data)
                                    Three Months Ended      Year Ended
                                        December 31,        December 31,
                                      1995       1994     1995      1994
        Sales                       $1,044.9  $1,130.4  $4,283.2  $4,233.3
        Costs and expenses:
          Cost of products sold        898.8     981.8   3,620.9   3,668.6
          Depreciation and
            amortization                62.5      59.0     251.9     241.8
          Selling, general and
            administrative              39.7      31.7     142.2     133.2
          Net interest and other
            income                      (9.4)     (8.2)    (42.6)    (13.0)
            Total                      991.6   1,064.3   3,972.4   4,030.6
          Income before income taxes
            and discontinued
            operations                  53.3      66.1     310.8     202.7
        Income tax provision(A):
          Taxes payable (refundable)     0.1       0.6       2.0      (1.5)
          Taxes not payable in cash     18.4      24.9     115.3      74.7
            Total                       18.5      25.5     117.3      73.2
        Income from continuing
          operations                    34.8      40.6     193.5     129.5
        Discontinued operations(B)        --      (0.4)     (8.7)     (2.4)
        Net income                     $34.8     $40.2    $184.8    $127.1
        Earnings per share
            Continuing operations      $0.32     $0.37     $1.79     $1.31
            Discontinued operations       --        --     (0.08)    (0.02)
              Net income               $0.32     $0.37     $1.71     $1.29
          Fully diluted:
            Continuing operations      $0.32     $0.36     $1.76     $1.29
            Discontinued operations       --        --     (0.08)    (0.02)
              Net income               $0.32     $0.36     $1.68     $1.27
        Average number of common
          shares used in per share
          calculation (thousands):
          Primary                    108,303   109,213   108,298    98,706
          Fully diluted              113,432   114,341   113,431   103,837
        Raw steel production (millions
          of tons)                     2.124     2.086     8.462     8.253
        Steel plant operating rate       102%      100%      102%       99%
        Steel shipments (millions
          of tons)                     2.004     2.100     7.961     7.969
        Active employees                  --        --    14,400    15,300
            (A) The Company is required to record income tax expense at
        statutory rates.  However, it is able to use its significant income
        tax loss carryforwards to minimize its actual income tax payments.
            (B) On August 1, 1995, LTV completed the sale of its energy
        products segment, Continental Emsco Company, which is reflected as a
        discontinued operation in LTV's financial statements for all periods
        The LTV Corporation
        (in millions)                                     December 31,
                                                       1995         1994
        Current assets
          Cash and cash equivalents                   $265.9       $335.4
          Marketable securities                        457.2        357.5
            Total                                      723.1        692.9
          Receivables                                  396.1        464.5
          Inventories                                  742.5        751.6
          Other                                          8.7        118.5
            Total                                    1,870.4      2,027.5
        Investments and other noncurrent assets        369.5        308.6
        Property, plant and equipment                3,140.2      3,189.0
          Total                                     $5,380.1     $5,525.1
        Current liabilities
          Accounts payable                            $255.0       $267.2
          Other current liabilities                    591.7        569.9
            Total                                      846.7        837.1
        Noncurrent liabilities
          Long-term debt                               150.4        183.1
          Postemployment health care and other
            insurance benefits                       1,598.4      1,633.4
          Pension benefits                             988.7      1,138.7
          Other                                        420.7        450.0
        Shareholders' equity                         1,375.2      1,282.8
            Total                                   $5,380.1     $5,525.1
        (in millions)                                       Year Ended
                                                           December 31,
                                                         1995       1994
        Operating activities
          Income from continuing operations             $193.5     $129.5
          Adjustments to reconcile income to net cash
            provided by operating activities:
            Proceeds from antitrust litigation              --      171.0
            Depreciation and amortization                251.9      241.8
            Income tax provision not payable in cash     115.3       74.7
            Defined benefit pension expense              124.0      119.8
            Postemployment benefit payments (more)
              less than related expense                   (7.6)      18.5
            Contribution to a VEBA Trust                 (19.1)        --
            Changes in assets and liabilities and other   98.2      (39.2)
              Net cash provided by operating activities  756.2      716.1
        Investing activities
          Capital expenditures                          (204.8)    (234.0)
          Investment in Trico Steel Company              (89.2)      (0.9)
          Net purchases of marketable securities         (99.7)    (357.5)
          Proceeds from dispositions of discontinued
            operations, businesses and properties         94.4      184.2
          Other                                           (9.5)     (13.6)
            Net cash used in investing activities       (308.8)    (421.8)
        Financing activities
          Issuance of common stock                          --      257.2
          Pension funding to restored plans             (472.6)    (642.2)
          Payments on long-term debt                     (41.1)      (2.5)
          Other                                           (3.2)      22.3
            Net cash used in financing activities       (516.9)    (365.2)
        Net decrease in cash and cash equivalents       $(69.5)    $(70.9)
        Net increase in cash, cash
          equivalents and marketable securities          $30.2     $286.6

        CONTACT:  Media Contact:  Mark R. Tomasch, 216-622-4635; Analyst
        Contact:  John C. Skurek, 216-622-4600 or Joel L. Hawthorne,
        216-622-4645, all of LTV/


            BLUE BELL, Pa., Jan. 26, 1996 --  Unisys Corporation (NYSE:
        UIS) today reported a net loss for the fourth quarter ended December
        31, 1995, of $676.8 million, or $4.12 per share.  Included is a
        restructuring charge of $581.9 million, or $3.39 per share, covering
        the one-time cost of eliminating more than 7,900 positions, future
        consolidation of office facilities and manufacturing capacity, and
        the discontinuance of certain products and programs.  Also included
        is a charge of $88.6 million, or 51 cents per share, covering loss
        provisions for certain services contracts.  The restructuring
        actions are now expected to generate annualized savings in excess of
        $500 million by the end of 1996 and $600 million by the end of 1997.
        In announcing its restructuring in October, the company said it
        expected savings to be in excess of $400 million.

            Revenue in the quarter grew five percent to $1.84 billion
        compared to $1.75 billion a year ago.  The company said its revenue
        growth was led by strong, double-digit growth in the U.S. market.

            James A. Unruh, Unisys chairman and chief executive officer,
        said, "Sweeping changes and revamping of our resources involve much
        more than a downsizing.  On January 2, our three new business units
        - Information Services, Computer Systems and Customer Services
        - began operating in the marketplace after several months of careful
        planning.  Each unit now has its own salesforce and the
        responsibility and accountability to drive its business.  The
        changes which involved very difficult decisions that affected our
        employees, are the result of a tremendous worldwide effort by all
        Unisys employees guided by 22 transition teams.  Actions resulted
        from a stringent review of programs and processes, and are designed
        to drive revenue and profit growth as we unleash the potential of
        each of these businesses, to grow new business, maintain the synergy
        between units that the majority of our client base depends on, and
        significantly reduce our cost base.  Our plan is for a return to
        profitability in 1996 despite potential disruptions from
        restructuring actions, particularly in the first quarter."

            The company said that on a pre-tax basis the restructuring
        charge was $717.6 million including $436.6 million for employee
        reductions, $218.6 million for consolidation of office facilities
        and manufacturing capacity, and $62.4 million for product and
        program discontinuances. Cash requirements for these charges are
        expected to be about $400 million in 1996 and about $150 million in
        1997. However, depending on the timing of implementation, cash
        savings will partially offset the 1996 cash requirement and more
        than offset the 1997 amount.

            The pre-tax charge for certain services contracts was $129.0
        million. It was primarily related to a few large multi-year, fixed
        price, systems integration projects.

            Unisys said cash flow from operations in the quarter exceeded
        $300 million.  Cash and marketable securities at year-end were
        approximately $1.1 billion.  Unisys announced that its bank
        syndicate had waived the covenants in its revolving credit facility
        impacted by the fourth quarter restructuring charge.  The company
        said that borrowings under the facility, which runs until May 1996,
        are subject to approval by the bank group.  The company has never
        utilized the facility and does not expect to do so.

            Unruh said, "Although we were disappointed in our financial
        results in 1995, we were encouraged by continued strong revenue
        growth in information services.  Services grew 21 percent in the
        quarter and 25 percent for the year and now provides 35 percent of
        total revenue compared to 23 percent two years ago.  But as our
        results indicate, margins have been under pressure.  This is being
        aggressively addressed by a new information services management

            Unisys said that total orders in the quarter showed good growth.
        Strong, double-digit growth was experienced in the U.S. market while
        international orders were flat.  Products and services registering
        the strongest order gains in the quarter were information services,
        software and personal computers.

            For the twelve months ended December 31, 1995, the loss per
        share was $4.35 compared to a loss per share of 11 cents a year
        earlier. Revenue was $6.20 billion in 1995 compared to $5.98 billion
        in 1994. The company said that it finalized the purchase price
        adjustment process in connection with the sale of its defense
        business to Loral Corporation in the fourth quarter and recorded a
        net loss of $9.8 million, or 6 cents per share, on the transaction.

            Unruh emphasized that the new simplified three businesses/one
        company structure replaces a more complex, higher-cost matrixed
        organization. The old organizational structure served the company
        well as Unisys began to move beyond its traditional niche as a
        supplier of mainframe technology, he said.  Unisys built significant
        new capabilities over the past several years in information services
        and open systems that are critical in providing total information
        management solutions for rapidly emerging networked computing
        environments.  "Since 1992, Unisys business segments growing revenue
        at double-digit rates have moved from 15% to 42% of total revenue,"
        Unruh said.  "Going forward, we must accelerate a profitable
        portfolio transition into higher growth business segments serving an
        expanding market of traditional and new customers.  This requires a
        simpler, less costly, more flexible business structure.

            "Each of our businesses are now better structured and equipped
        to develop "best of class" new products and services in their core
        areas. That will benefit our installed base where more than 80% of
        our customers deal with two of the three Unisys businesses and more
        than 50% deal with all three.  And that capability will be the key
        to a significant increase in new business, a Unisys priority.

            "Overall, we will benefit from the increasingly crucial role
        information technology plays with our clients in achieving
        competitive advantage in support of their overall business
        strategy." Unruh said, "There is growing willingness in the ranks of
        management to recognize information for what it is - an asset, a
        store of value to be tapped, turned over and realized for the
        benefit of customers, clients, shareholders and, in the case of
        government entities, taxpayers too. There are only a very few
        companies with the services, technology and global support to help
        clients with an integrated approach to change the way they use
        information for competitive advantage and to better serve their
        customers.  Our new structure will put us in a very competitive
        position in this market."

                              UNISYS CORPORATION
                         (Millions, except per share data)
                                       Three Months          Year
                                     Ended December 31  Ended December 31
                                     1995      1994      1995    1994
          Sales                   $  766.7  $  806.9  $2,646.3  $2,877.1
          Services                   716.4     594.3   2,198.1   1,759.4
          Equipment maintenance      355.6     347.8   1,357.9   1,341.7
                                   1,838.7   1,749.0   6,202.3   5,978.2
        Costs and expenses
          Cost of sales              537.3     458.6   1,611.0   1,568.7
          Cost of services           848.0     477.1   2,030.4   1,374.0
          Cost of equipment
            maintenance              333.6     261.1     965.7     872.7
          Selling, general and
            administrative           772.6     485.6   1,883.8   1,544.8
          Research and development   139.2     125.5     409.5     463.6
                                   2,630.7   1,807.9   6,900.4   5,823.8
        Operating income (loss)     (792.0)    (58.9)   (698.1)    154.4
        Interest expense              51.0      50.6     202.1     203.7
        Other income, net              1.7       2.5     119.1      63.9
        Income (loss) from
         continuing operations
         before income taxes        (841.3)   (107.0)   (781.1)     14.6
        Estimated income taxes
          (benefit)                 (174.3)    (31.0)   (153.8)      2.5
        Income (loss) from
         continuing operations
         before extraordinary item  (667.0)    (76.0)   (627.3)     12.1
        Income from discontinued
         operations                   (9.8)     23.7       2.7      96.1
        Extraordinary item             ---       ---       ---      (7.7)
        Net income (loss)           (676.8)    (52.3)   (624.6)    100.5
        Dividends on preferred
         shares                       30.2      30.0     120.3     120.1
        (Loss) on  common shares  $ (707.0)   $(82.3)  $(744.9)   $(19.6)
        (Loss) per common share
         Continuing Operations      $(4.06)    $(.62)    $(4.37)   $(.63)
         Discontinued Operations      (.06)      .14        .02      .56
         Extraordinary Item            ---       ---        ---     (.04)
            Total                   $(4.12)    $(.48)    $(4.35)   $(.11)
        Fully diluted
         Continuing Operations      $(4.06)    $(.62)    $(4.37)   $(.63)
         Discontinued Operations      (.06)      .14        .02      .56
         Extraordinary Item            ---       ---        ---     (.04)
            Total                   $(4.12)    $(.48)    $(4.35)   $(.11)
        Shares used in the per share
          computations (thousands):
            Primary                171,400   170,934   171,238    170,752
            Fully diluted          171,400   170,934   171,238    170,752

        CONTACT:  J. Peter Hynes of Unisys, 215-986-6948

Banyan Systems announces fourth quarter and 1995 results

            WESTBORO, Mass. -- Jan. 26, 1996 -- Banyan Systems
        Inc.  (NASDAQ:BNYN) today reported its financial results for the
        fourth quarter and full year ended December 31, 1995.  

            In conjunction with this announcement, the company also reported
        that it will incur additional costs related to a previously
        announced reorganization of its operations, which resulted in the
        creation of two divisions: Enterprise Networking and Internet
        Products.  On November 8, 1995, the company announced a one-time pre-
        tax restructuring charge to provide for facility consolidations,
        severance costs related to a ten percent reduction of the company's
        workforce and other associated costs related to the reorganization.
        As a result of a consolidation of distribution activities and a
        simplification in product configurations, packaging and related
        asset write-offs, the company will record an additional pretax non-
        recurring charge of approximately $8.0 million in the fourth quarter
        ended December 31, 1995.  This brings the company's total charges
        for the fourth quarter of 1995 to $15.8 million.  

             Banyan's revenues for the fourth quarter ended December 31,
        1995 were $28.0 million, compared with $41.1 million in the same
        period of 1994.  Banyan's net loss for the quarter was $17,308,000,
        or $1.03 per share, compared with net income of $4,658,000, or $0.26
        per share, for the fourth quarter of 1994.  The company's net loss
        for the fourth quarter of 1995 reflects total after-tax charges of
        $11,061,000, or $0.66 per share.  

             For the year ended December 31, 1995, Banyan reported revenue
        of $129.7 million, compared with $150.1 million in 1994.  The net
        loss for the year was $21,360,000, or $1.27 per share, compared with
        net income of $4,987,000, or $0.27 per share in 1994.  Results for
        1995 reflect total after-tax charges of $11,061,000, or $0.66 per
        share.  Excluding these charges, Banyan's net loss would have been
        $10,299,000, or $0.61 per share.  Results for 1994 include the
        impact of a one-time charge of $10,916,000 after taxes due to the
        acquisition of Beyond Incorporated in the first quarter of 1994.  

             Banyan's software revenues in 1995 were $105.2 million,
        compared with $118.9 million in 1994.  These results reflect lower
        software sales, primarily of the company's current VINES+ and ENS+
        offerings, as well as delays in the release and localization of some
        products.  As a result of the decline in revenue, gross margins in
        1995 were 77 percent, compared with 80 percent in 1994.  Banyan's
        international sales were $29.7 million, compared with $29.0 million
        one year ago.  Revenue in the Asia/Pacific region expanded to $8.9
        million in 1995 from $5.2 million in 1994, aided by several key
        partnerships, including joint ventures with NTT and Marubeni, both
        of which purchased minority interests in Banyan's Japanese

             Commenting on Banyan's financial results, David C. Mahoney,
        chairman and chief executive officer, said, "We are clearly
        disappointed with our performance in 1995.  During the past several
        months, we have taken actions, including a significant corporate
        restructuring, to address the issues which began affecting our
        results in 1995.  The realignment and consolidation of our
        distribution activities will enable us to increase the efficiency of
        our distribution and allow for the updating of our product
        configurations.  Banyan is in the process of simplifying and
        consolidating software packaging to accelerate our customers'
        transition to CD-ROM configurations and electronic-based product
        delivery.  We believe that these actions should contribute to the
        improvement of our overall effectiveness and to the reduction of
        costs while also allowing us to take advantage of the latest
        production and delivery technologies."  

             "During the quarter, we made progress toward strengthening our
        sales and marketing efforts as well as broadening our product
        offerings,"  Mahoney continued.  "With our transition to a district-
        centric sales structure, we are fortifying our relationships with
        our premier resellers and network integrators.  In fact, Banyan's
        channel partners reported increased customer `sell through' in the
        fourth quarter and reduced levels of channel inventory compared with
        the third quarter.  In addition, during the quarter we expanded our
        partnership with Attachmate+ Corporation to enhance our host and
        Internet connectivity solutions to include EXTRA!+ Personal Client
        for Windows, Windows 95 and Windows NT and RLN+ remote access
        products.  Capitalizing on the global demand for electronic mail
        applications, we completed the roll out of our BeyondMail+ offerings
        to our entire sales force, which should help expand our business
        with both new and existing customers.  Responding to our
        international customers' needs, we delivered Enterprise Network
        Services offerings for leading regional computing platforms as well
        as shipped localized versions of BeyondMail in French, Spanish,
        German, Japanese and Korean."  

             Mahoney concluded, "We believe that Banyan's new divisional
        structure will better position the company to bring our REDWOOD
        vision to the commercial marketplace.  During the quarter, we took
        strides toward this goal with the delivery of BeyondMail SMTP which
        provides for access to the World Wide Web and Collabra Share+
        version 2.0.In addition to developing new Internet-related products,
        our 1996 product development initiatives also include enhancing
        VINES, continued partnership programs with Universal StreetTalk, as
        well as extending our directory and messaging offerings into the NT
        environment.  We will continue to invest in delivering our products
        to allow customers to expand their enterprise networks to include
        remote employees, business partners and suppliers."  

            The company noted that each of the above forward-looking
        statements were subject to change based on various important
        factors, including without limitation competitive actions in the
        marketplace buying trends by business.  Further information on
        potential factors which could affect the company's financial results
        are included in the company's Form 10-Q for its third fiscal quarter
        ended September, 1995, filed with the SEC, and the company's Form 10-
        K for the 1995 fiscal year, which is anticipated to be filed with
        the SEC at the end of March, 1996.  

            The consolidated statements of operations and condensed balance
        sheets follow.    

        About Banyan Systems Incorporated:

            Banyan Systems (NASDAQ:BNYN) is a pioneer and leader in
        enterprise network services.  These products make it easy to find,
        share and manage information and resources within enterprise
        networks.  Founded in 1983 and headquartered in Westboro, Mass.,
        USA, the company markets products worldwide through authorized
        network integrators, resellers and international distributors.
        Banyan can be reached on the World Wide Web at href="">

            StreetTalk+ is a product of Banyan Systems Incorporated and not
        a product of McCarthy, Crisanti & Maffei, Inc.  

                     Banyan Systems Incorporated      
                  Consolidated Statements of Operations        
                (in thousands, except per share amounts)        
                           Three months ended        Years ended  
                              December 31,           December 31,  
                             1995       1994         1995     1994
         Software              $22,149   $32,374       $105,160  $118,899
         Hardware                  540     3,298          3,464    10,770
         Support and training    5,288     5,410         21,059    20,444
          Total revenues        27,977    41,082        129,683   150,113
        Cost of related
           revenues              7,622     7,572         29,562    29,659
        Gross margin            20,355    33,510        100,121   120,454  
          %                        73%        82%            77%       80%
        Operating expenses:           
         Sales and marketing    20,488    17,891         80,810    64,395  
         Product development     6,730     5,393         24,502    20,507  
         General and
        administrative       3,560     3,567         13,208    12,405  
         Restructuring and
        other charges       15,802(a)    -           15,802*        -
         Purchased research
        and development       -          -              -      17,606(b)
          Total operating
        expenses            46,580    26,851        134,322   114,913  
        (Loss)/income from
        operations         (26,225)    6,659        (34,201)    5,541  
        Other income, net        2,377       302          3,686     1,521  
        (Loss)/income before
        income taxes       (23,848)     6,961       (30,515)    7,062  
        for income taxes    (6,540)(a)  2,303        (9,155)(a) 2,075(b)
        Net (loss)/income     ($17,308)    $4,658      ($21,360)   $4,987  
        Net (loss)/income
        per common share    ($1.03)     $0.26        ($1.27)    $0.27  
        Weighted average number
        of common and dilutive
        common equivalent
        shares outstanding  16,758     18,091        16,797    18,195  

                  Condensed Consolidated Balance Sheets        
                            ( in thousands)           
                                       December 31,   December 31,  
                                           1995          1994
         Cash and marketable securities      $31,263       $50,695  
         Accounts receivable, net             24,288        33,482  
         Income tax receivable                 6,042          -   
         Other current assets                 10,454         8,694  
         Property, equipment and other assets 21,896        22,801  
         Deferred tax asset                   12,366         9,288(b)
           Total assets                     $106,309      $124,960  
         Current liabilities                  $36,378      $28,419  
         Deferred revenue                      22,323       21,463  
         Other liabilities                      3,266        1,199
         Stockholders' equity                  44,342       73,879
         Total liabilities and
           stockholders' equity              $106,309     $124,960
        (a) In the fourth quarter of 1995, the company took a one time
        charge of $15,802, resulting in an after tax  charge of $11,061
        related to the restructuring of the company.   

        (b) In the first quarter of 1994, the company took a one time charge
        of $17,606 with an associated deferred tax benefit of $6,690
        resulting in an after tax charge of $10,916 related to the
        acquisition of Beyond.           

        CONTACT:  Banyan Systems Inc.,
                  Jeffrey D. Glidden
                  Richard M. Spaulding,

Clothestime clarifies information relating to
payments to executives

            ANAHEIM, Calif. -- Jan. 26, 1996 -- href="chap11.clothestime.html">The Clothestime Inc.Friday clarified
information relating to payments made to executive officers which was
reported in a local newspaper.

            Contrary to the published report, The Clothestime Inc.
        terminated two employee benefit plans in September of 1994 and
        distributions under the plans occurred in September and October of
        that year.  These payments were made over fifteen months prior to
        the company's filing for protection under Chapter 11 of the United
        States Bankruptcy Code, in contrast to the report that executive
        officers received payments up to the day prior to the filing.

            Under the plans, which began in 1991, executives could elect to
        defer up to a certain percentage of their compensation and the
        company would make a supplemental contribution.  All decisions to
        make contributions were made by the company's Compensation
        Committee, which was and is comprised of all independent directors
        of the company.

            The amounts which were deferred under the plan, as well as the
        company's contributions, were disclosed in the annual proxy
        statement filed with the U.S. Securities and Exchange Commission and
        delivered to the company's stockholders in connection with the
        annual meeting.  One of the effects of a termination of the plans
        was a decrease in cash compensation to be paid to the key employees
        because of the automatic matching provision of the plan.

            On Dec. 8, 1995, The Clothestime Inc. and certain of its
        subsidiaries filed voluntary petitions for relief under Chapter 11
        of the United States Bankruptcy Code.  Prior to the filing, the
        Anaheim-based retailer operated 528 stores and is now in the process
        of closing 137 of them.

        CONTACT:  Clothestime,
                  Bob Mathews, 714/779-5881, ext. 2212


            BRAINTREE, Mass., Jan. 26, 1996 --
Bradlees, Inc. (NYSE:BLE)
announced today the appointment of Judy Dunning to the position
        of Vice President - Strategic Planning.  In her new position, Ms.
        Dunning will be responsible for merchandise plan development,
        merchandise forecasting and, among her other duties, will
        participate in the development of merchandise systems.  She will
        report to Mark A. Cohen, Chairman and Chief Executive Officer.

            Previously, Ms. Dunning was Vice President - Merchandise
        Planning for Rich's/Lazarus/Goldsmiths Department Stores, a division
        of Federated Department Stores, Inc.  She began her retail career as
        a Buyer for Shillitos Department Stores in 1972 and went on to hold
        the positions of Corporate Area Researcher and Merchandise Planner
        for Federated Department Stores, Inc. from 1978 to 1984.  In 1985,
        Ms. Dunning joined the merchandise planning area of Woodward &
        Lothrop Department Stores and in 1988, she assumed the position of
        Vice President - Merchandise Planning for Lazarus Department Stores.
        Ms. Dunning is a graduate of Ursuline College.  She and her husband,
        Tom, are the parents of two boys, Matt and Will.

            Commenting on her appointment, Mark Cohen said, "Ms. Dunning has
        broad based experience in merchandise plan development and
        administration.  She was a critical player in the successful
        turnaround that took place at Lazarus Department Stores, and we are
        delighted at the opportunity to have Judy join our team."

            Mr. Cohen went on to say, "This appointment signals the
        completion of a comprehensive year long overhaul of Bradlees
        executive ranks. Though some positions remain to be established, we
        have essentially reorganized virtually all senior management and
        middle management in our company as a reflection of our need to
        fundamentally re-engineer our business.  This effort began well
        before we were forced to file for Chapter 11, and has taken on even
        greater importance since that time. We have assembled a team of
        executives who understand the challenge of turnarounds and are
        committed to Bradlees' revival."

            Bradlees, Inc. operates 134 discount department stores in Maine,
        New Hampshire, Massachusetts, Connecticut, New York, New Jersey,
        Pennsylvania and Rhode Island.  Bradlees' common stock is listed and
        traded on the New York Stock Exchange under the symbol "BLE".  For
        additional Bradlees press releases, please call 1-800-758-5804,
        extension 105750

        CONTACT: Coleman Nee of Bradlees, 617-380-8354

Software Professionals announces restructuring and related one-time
charges; Company Projects Pre-Tax Loss Ranging From $1.8 - $2.0 million
for 1995

            SAN MATEO, Calif. -- January 26, 1996 --In an
        effort to counter disappointing sales and profitability trends,
        Software Professionals, Inc.  (NASDAQ: SFTW) announced today the
        implementation of a corporate restructuring involving a 12%
        reduction in its work force (eight employees) and the write-down of
        certain software technology for the Tandem computer marketplace.
        The Company also announced that under mutual agreement, its Vice
        President, Sales and Services will step down and leave the Company
        following a transition period.  

            Based on decisions made in a business review completed late in
        1995, Software Professionals will record a one-time charge of
        approximately $1.0 - $1.2 million in the fourth quarter of 1995
        relating to the technology write-down.  The charge is primarily
        related to Tandem technology acquired in previous years that has
        been, or will be, replaced by newer technology or phased out of the
        product line in The Company's unaudited pre-tax loss for 1995,
        inclusive of the one-time charges, will be approximately $1.8
        million to $2.0 million on revenues of approximately $6.6 million.  

            Under the restructuring the Company's work force was reduced by
        12% or 8 persons.  Staffs in marketing and finance/administration
        were reduced by two people, and the Tandem product publications and
        documentation staff of three was eliminated.  Future publications
        requirements will be outsourced.  In addition, three Tandem products
        R&D personnel were affected by the work force reduction due to the
        streamlining in the Tandem product area.  

            Commenting on the restructuring, Peter J. McDonald, Chief
        Executive Officer of Software Professionals, stated, "In our Tandem
        business unit we have eliminated unprofitable products, outsourced
        non-strategic product lines and functions and focused our resources
        on our most promising technologies.  We have also written down older
        generation technology and reduced our corporate overhead, improving
        our balance sheet and reducing future amortization expense.  Leading
        our cost reduction efforts by example, I have elected to reduce my
        1996 compensation package by 31%.  These decisive, proactive steps
        are intended to improve our Company's prospects for near- and longer-
        term success."  

            Software Professionals is in the process of reviewing candidates
        to direct the Company's sales and marketing efforts for its UNIX and
        Tandem product lines.  The Company has retained the services of a
        technology industry executive recruiting firm to assist in and
        expedite the process.  

            Mr. McDonald commented on the outlook for the Company's systems
        administration products for the UNIX marketplace, "We continue to
        receive significant interest as well as notable endorsements of our
        ENlighten product suite for the UNIX marketplace.  These include
        SunIntegration Services' (a unit of Sun Microsystems Ltd.) decision
        to become an ENlighten systems integrator in Europe and SCO World
        Magazine's recent cover story selecting ENlighten/ SYS ADMIN as a
        "Hot Product"  for 1996.  Based on this interest and the
        enthusiastic market reception to the additional features in release
        2.0 of these products, expected to be shipped in the second quarter
        of 1996, we continue to believe our product strategy is going to be
        successful.  ENlighten's attractive pricing and broad range of
        functionality make it a very attractive product solution for
        heterogeneous systems administration in the rapidly growing UNIX
        marketplace.  Under the guidance of a new head of sales and
        marketing with experience in the UNIX marketplace, we are confident
        that our UNIX products should be able to establish sales momentum."

            Founded in 1986, Software Professionals, Inc.  is a supplier of
        automated systems software solutions for the UNIX-based open systems
        market and Tandem computers.  The Company's ENlighten product suite
        provides systems administration solutions for heterogeneous UNIX
        systems including Sun Microsystems, IBM, Hewlett-Packard and SCO.
        In the Tandem market, Software Professionals has a leadership
        position, providing a range of automated systems management products
        to a client base of over 425 companies in 34 countries.  

        CONTACT: Software Professionals Inc.,
                 Michael A. Morgan, 415/578-0700 or;
                 Jaffoni & Collins Incorporated,
                 David C. Collins, Joseph N. Jaffoni,
                 212/505-3015 or


            HARRISBURG, Pa., Jan. 26, 1996 --  The Office of Attorney
        General has filed formal objections to the first legal fee petitions
        filed by two law firms involved in the bankruptcy of the href="chap11.newera.html">Foundation for New Era Philanthropy.

            Pennsylvania Attorney General Tom Corbett said the objections
        filed this week in U.S. Bankruptcy Court by Chief Deputy Attorney
        General Janice L. Anderson ask the court to reduce the fee requests
        filed by Buchanan Ingersoll and by Ciardi, Maschmeyer & Karalis.

            Buchanan Ingersoll, which is serving as personal counsel to
        permanent New Era trustee Arlin M. Adams, has asked for $222,455 in
        legal fees and $38,372 in expenses.

            Ciardi, Maschmeyer & Karalis represented John T. Carroll III,
        the interim trustee who handled the New Era bankruptcy from its
        filing last May 15 until July, when Adams was confirmed as the
        permanent trustee. Ciardi, Maschmeyer & Karalis is seeking $207,064
        in fees and $17,176 in expenses.

            In its objections to the law firms' applications, the Attorney
        General's office claims that the applications:


        The objections do not cite specifics.
            Corbett noted that the U.S. Trustee's Office also has filed
        similar objections to the fee requests.

            The Foundation for New Era Philanthropy, formerly based in
        Radnor, filed for bankruptcy last May, owing millions of dollars to
        individuals and nonprofit groups.

            The Pennsylvania Attorney General's office is working with the
        U.S. Attorney's Office for the Eastern District of Pennsylvania in a
        criminal investigation of New Era and its president, John G. Bennett

        CONTACT:  Jack Lewis, Press Secretary of the Office of Attorney
        General, 717-787-5211


             BURNABY, B.C., Jan. 26, 1996 --  Loewen Group today confirmed
        that the company is negotiating with U.S. and Canadian financial
        institutions to finance the $625 million bond required to appeal a
        $500 million judgement against the company in Mississippi.

             ``We have three options, post the bond and appeal, reach a
        reasonable out of court settlement or file for Chapter 11
        protection,'' said Raymond Loewen, Chairman and Chief Executive
        Officer, The Loewen Group.  ``We believe strongly in the merits of
        our case and we are confident of a successful appeal.  We are also
        optimistic that we will be able to meet the financing requirements
        for the $625 million bond.''

             ``The magnitude of this injustice and the scope of the
        financial and moral challenge has strengthened us as a company and
        as individuals,'' commented Loewen.  ``Shareholders, industry
        friends and financial institutions who know the integrity of our
        company, the dedication of our employees and the strength of our
        operations are showing their support for us during this difficult
        period and we are very grateful.''

             ``We believe that Loewen Group will continue to be seen as the
        company of choice for independent funeral operators in the process
        of quality succession planning and we will continue to lead the
        industry in providing service with care and sensitivity.'' said

             The Loewen Group is the second largest funeral service
        corporation in North America.  The Company employs approximately
        10,000 people and owns and operates 814 funeral homes and 179
        cemeteries in The United States and Canada.  Approximately 90 per
        cent of the company's total revenue is derived from locations in the
        United States.

        For further information:  Peter Hyndman, VP Law, Corporate
        Secretary, Loewen Group (604) 299-9321


            SAN CARLOS, Calif., Jan. 26, 1996  -- href="chap11.escagenetics.html">ESCAgenetics
(ESNG), a San Carlos, CA based company, and its
wholly owned subsidiary TPS Products Co., a Delaware Corporation, and
  its majority-owned subsidiary, PHYTOpharmaceuticals, Inc., a California
        corporation, announced today that they filed voluntary Chapter 11
        bankruptcy petitions on January 26, 1996.

            ESCA, PPI and TPS have filed a joint plan of reorganization
        which provides that the three corporations will be consolidated,
        their assets will be liquidated  and the proceeds will be
        distributed to creditors in accordance with the priorities
        established by the Bankruptcy Code.

            ESCA, PPI and TPS anticipate that their bankruptcy cases will be
        completed within three months.

        CONTACT:  William J. Koenig, President & CEO of ESCAgenetics
        Corporation, 415-595-5335


            HOUSTON, Jan. 26, 1996  -- First Banks America, Inc.,
        announced today that during the fourth quarter of 1995 it completed
        certain actions which strengthened the company's balance sheet and
        are expected to contribute to future operating results.  James F.
        Dierberg, chairman and president of FBA observed, "We have been
        working during the latter part of 1994 and throughout 1995 to
        completely reengineer a company which has had financial difficulties
        for many years.  While we have had many successes in this process,
        particularly in the reduction of noninterest expenses, more needs to
        be done.  In looking at the company's operations, it was clear that
        its net interest income was below average for banks, and would
        probably not increase significantly for an extended period in the
        future, unless further adjustments were made.  Consequently, we
        decided to accelerate the remaining restructuring process by
        substantially changing the securities portfolio, thereby triggering
        the realization of related derivative losses.  While this had an
        immediate negative impact on current earnings, it strengthened the
        company's capital position and it will eliminate a significant
        limitation on future profitability."

            FBA reported that during the fourth quarter of 1995 it
        accelerated the repositioning of its investments portfolio through
        sales of $48.9 million of securities, accompanied by the termination
        of the futures contracts which had been used to hedge that
        portfolio.  This resulted in the recognition of a non recurring
        after-tax loss of $2.1 million. Approximately $22.8 million of the
        proceeds from this sale were reinvested in short-term U.S.
        Government agency obligations.  The remainder is being held in
        overnight investments to provide funds for anticipated loan growth
        and/or the reduction of higher interest rate liabilities which will
        be maturing during the first and second quarter of 1996.

            As a result, FBA reported a net loss of $1.54 million, or $0.38
        per share, for the fourth quarter of 1995, compared to a net loss of
        $269,000, or $0.07 per share for the same period in 1994.  The net
        loss for the year ended Dec. 31, 1995, was $3.82 million, or $0.93
        per share, compared to a loss of $905,000, or $0.22 per share, for
        the same period in 1994.  Dierberg observed "Although FBA incurred a
        net loss for the fourth quarter of 1995, it actually experienced an
        increase in stockholders' equity per share, from $9.05 per share at
        Sept. 30, 1995 to $9.22 per share at Dec. 31, 1995.  This reflects
        the actions taken with respect to the investments portfolio during
        the quarter, as well as the continued acquisition of the company's
        stock under the Stock Repurchase Program announced previously."

            The loss reported for the year ended Dec. 31, 1995 also reflects
        a sharply higher provision for loan losses compared to the preceding
        year. The provision for loan losses was $5.83 million for 1995,
        compared to $1.26 million in 1994.  This is largely the result of
        the special provision taken during the third quarter of 1995.  The
        provision for the fourth quarter of 1995 was $301,000, compared with
        $653,000 for the same period in 1994.  The allowance for loan losses
        was $5.23 million, or 2.71 percent of total loans, as of Dec. 31,
        1995, compared to $2.76 million, or 1.36 percent of total loans, as
        of Dec. 31, 1994.  Loans which were either 90 days or more past due
        and still accruing or on non- accrual status totaled $1.1 million at
        Dec. 31, 1995, representing a relatively modest 0.55 percent of
        total loans at that date.  However, loans which were between 30 and
        89 days past due were $6.65 million, or 3.45 percent of total loans
        at Dec. 31, 1995.  Loan charge-offs for the year ended Dec. 31, 1995
        were $4.07 million, compared with $2.26 million for the same period
        in 1994.  Because of these losses, FBA conducted an extensive
        internal review of the reasons for the losses and the quality of the
        loan portfolio, which led to more aggressive loan collection
        procedures and tightening of certain consumer loan underwriting
        procedures.  Dierberg stated that "Because of the strength of the
        allowance for loan losses, FBA is well-positioned to deal
        effectively with any loan problems which may surface without
        adversely affecting the company's financial condition."

            Net interest income was $11.2 million, or 3.89 percent of
        average earning assets, for the year ended Dec. 31, 1995 compared to
        $11.58 million, or 3.46 percent of average earning assets for the
        same period in 1994.  FBA reported net interest income of $2.55
        million, or 3.80 percent of average earning assets for the fourth
        quarter of 1995, compared to $3.13 million, or 4.15 percent for the
        same period in 1994. Dierberg commented that "While net interest
        income remained reasonably constant in a period in which noninterest
        expense decreased substantially, the level of net interest income
        remained below average. One significant reason for this was the
        underperforming investments portfolio.  In order to achieve the
        earnings performance our stockholders should expect of FBA, we
        needed to transfer funds out of lower-yielding assets, while
        continuing to control the cost of those funds.  This was the impetus
        for our decision to restructure the investments portfolio."

            Operating expenses have continued to continued to decrease
        throughout 1995, the product of various steps which were taken
        during the last half of 1994 and throughout 1995.  Total noninterest
        expenses decreased to $11.01 million for the year ended Dec. 31,
        1995, compared to $16.17 million for the same period in 1994, a
        decrease of 32 percent. For the three months ended Dec. 31, 1995
        total noninterest expenses were $2.55 million, compared to $3.56
        million for the same period in 1994. Expenses for 1994 include
        several substantial nonrecurring expenses relating to reductions in
        staff and termination of certain benefit programs.  In comparison to
        1995, these nonrecurring expenses were partially offset by
        additional severance costs, expenses in connection with the data
        processing conversion, the lease termination cost on the
        headquarters space, legal expenses in connection with certain
        ongoing litigation and various other nonrecurring expenses.
        Consequently, the total noninterest expenses for 1995 are not
        necessarily representative of the ongoing costs which will be
        incurred in future years.

            FBA had consolidated total assets at Dec. 31, 1995 of $297
        million, a decrease of $35 million from total assets at Dec. 31,
        1994 of $332 million.  This decrease was principally related to
        sales and maturities of securities which had been funded primarily
        by non-deposit liabilities.  FBA began the process in 1994 of
        reducing assets, and the related liability incurred to fund them,
        which produced little, if any, contribution to the company's net
        income.  This is the reason that the assets can be reduced in this
        manner without significant reduction of net interest income.

            Dierberg added that, "FBA has experienced substantial
        fundamental change in the last 18 months which should bring rewards
        to the company and its shareholders in the near future."

                             FIRST BANKS AMERICA, INC.
                                 FINANCIAL SUMMARY
                   (In thousands, except net income/loss per share)
                                   Three Months Ended   Twelve Months Ended
        Condensed Consolidated         December 31,          December 31,
         Statements of Income        1995        1994      1995       1994
        Net Interest Income         $ 2,545    $ 3,129    $11,209   $11,576
        Provision for loan losses       301        653      5,826     1,258
        Net income (loss)            (1,539)      (269)     3,820       905
        Net income (loss) per share    (.38)     (0.07)      (.93)    (0.22)
        Weighted average common
         shares and common share
         equivalents outstanding      4,044      4,106      4,091     4,098
        Issued and outstanding shares:
        Common stock                  1,338      1,369      1,370     1,338
         Class B common stock         2,500      2,500      2,500     2,500
        Condensed Consolidated Balance Sheet
        Information                            12-31-95         12-31-94
        Assets                                 $296,712         $331,790
        Deposits                                249,263          241,570
        Loans                                   192,573          203,314
        Allowance for loan losses                 5,228            2,756
        Stockholders' equity                     35,258           39,714
        Nonperforming assets                      1,562            1,553

        CONTACT: David F. Weaver, executive vice president,
713-954-2402, or Allen H. Blake, chief financial officer, 314-854-4600,
both of First Banks America, Inc.


            ATLANTA, Jan. 26, 1996 -- Ross Systems, Inc. (Nasdaq:
        ROSS) today announced the results for its second quarter of fiscal
        1996 ended December 31, 1995.  Revenues for the quarter declined 10%
        to $16.5 million from $18.4 million in the prior year.  Operating
        expenses for the quarter declined 16% to $16.3 million from  $19.3
        million in the prior year, resulting in operating earnings of
        $173,000, compared to an operating loss of $840,000 in the prior
        year.  For the quarter, the Company  reported a net loss of
        $202,000, or $0.01 per share, compared to a net loss of $1.2
        million, or $0.11 per share, in the prior year.

            Revenues for the six-month period ended December 31, 1995
        declined to $30.7 million from $36.4 million for the same period of
        the prior year.  Operating expenses decreased to $33.8 million from
        $37.6 million for the same period of the prior year.  For the six
        month period, the Company reported a net loss of $3.8 million or
        $0.26 per share, compared to a prior year net loss of $1.1 million,
        or $0.11 per share. Results for the prior year included a gain of
        $755,000 associated with the sale of certain assets and a credit of
        $345,000 related to a prior restructuring charge.  Excluding the
        results of its PRO/FIT Division, which the Company sold in September
        1994, total revenues for the six month period declined 12%.

            "Achieving a minor operating profit in the quarter is a major
        stride in the Company's turn around, particularly in light of the
        fact that we incurred $300,000 of non-recurring charges in the
        quarter associated with lowering expense levels, " said Dennis Vohs,
        Chairman and CEO of Ross Systems.  "We had expected to achieve a net
        profit for the quarter, but concerns over the Company's balance
        sheet caused some customers to defer signing software license
        agreements.  We did complete a previously announced equity financing
        of $6.0 million on January 2, 1996, which we had originally expected
        to finalize in November."

            Sequentially, business operations improved despite the weak
        balance sheet.  During the quarter, revenues from software product
        licenses increased 20%, consulting revenues increased 32%,
        maintenance revenues increased 3%, and total revenues increased 16%,
        while operating expenses declined 7%.

            Following its first fiscal quarter, the Company announced, that
        in addition to raising capital, it would create greater focus on
        certain target markets and eliminate the pursuit of others.  Having
        initiated these strategies during the quarter, virtually all new
        sales in the quarter were derived from these target markets.  As a
        result of these strategies, the Company has initiated programs that
        will increase investment and staffing in these target markets while
        further decreasing staffing and expenses overall.

            Key sales in the quarter include manufacturers, Tembec, Canadian
        Forest Products, American Chrome & Chemical and Dupont; and
        pharmaceutical companies UCB Pharma and Astra Pharmaceuticals.  In
        the government sector, key agreements were concluded with the UK
        Home Office, RSZ (the Belgian Ministry of Social Security) and the
        County of Bernalillo, in New Mexico.  Major sales in the health care
        sector were completed with the UK Ministry of Defense Hospitals, the
        Dallas County Mental Health and Mental Retardation Center and
        Franklin Physicians Services.

            Consulting revenues grew by 32% over the previous quarter. The
        Company's largest customers for these services in the quarter were
        Eli Lilly, the Ministry of Agriculture in the Netherlands (LNV),
        AT&T Istel, Firmenich, Hoechst-Roussel, Alcoa, Rapid Forms, the City
        of Albuquerque, Dell Computer, Bahamas Telecom and France Printemps.

            "During the quarter, we began shipping a new version of our
        Renaissance CS Product Series, Release 3.1," said Mr. Vohs.
        "Besides providing major functional enhancements, we believe the 3.1
        release significantly improves product reliability, performance and
        quality. Early customer response to the new release has been very
        positive." Functional enhancements include an improved user
        interface, streamlined business processes, a new bid tracking
        capability, full fund accounting, new EDI capabilities, a new
        comprehensive allocation process, and full featured maintenance
        management facilities.

            The Company's DSO for the quarter was 109 days compared to 122
        days in the same quarter last year.  Operations were cash flow
        positive in the quarter, with no cash received during the quarter
        from the recently completed equity financing.

            Ross Systems, Inc. develops and markets a broad range of
        client/server business solutions, including financials,
        manufacturing, maintenance, materials management, and human
        resources applications, as well as comprehensive application
        development products.  Ross Systems products are available for the
        following open systems environments: Hewlett-Packard's MPE/iX and HP-
        UX; IBM's RS/6000; and Digital's Alpha architecture, OpenVMS and
        Digital UNIX.  More than 2,700 companies around the world use
        business solutions from Ross Systems to run their operations.

            Ross Systems employs 465 professionals in 16 offices worldwide
        to serve its customers.  Corporate headquarters are located at 555
        Twin Dolphin Drive, Redwood City, Calif., 94065.

                  (In thousands, except per share data)
                                  Three months ended  Six months ended
                                     December 31,       December 31,
                                   1995     1994       1995     1994
        Software product
         licenses               $  5,109  $  6,034  $  9,369  $ 12,014
        Consulting and other
         services                  5,276     6,069     9,277    11,519
        Maintenance                6,111     6,321    12,066    12,826
        Total                     16,496    18,424    30,712    36,359
           Operating expenses:
        Costs of consulting,
         maintenance and other
         services                  5,963     6,930    12,640    13,447
        Software product license
         sales and marketing       5,410     6,703    11,160    13,323
        Product development        3,046     3,179     6,136     6,096
        General and administrative 1,727     2,252     3,524     4,425
        Provision for doubtful
         accounts and returns         79       (48)      161       159
        Amortization of other
         sets                         98       248       194       521
        Restructuring charge         ---       ---       ---      (345)
        Total                     16,323    19,264    33,815    37,626
        Operating earnings
         (loss)                      173      (840)   (3,103)   (1,267)
        Other income (expense),
         net                        (368)     (285)     (671)      235
        Loss before income taxes    (195)   (1,125)   (3,774)   (1,032)
        Income tax expense             7        38        19        73
        Net loss               $    (202) $ (1,163) $ (3,793) $ (1,105)
        Net loss per common
         share                 $   (0.01) $  (0.11) $  (0.26) $  (0.11)
        Common shares used in
         computing loss per
         common share             14,336    10,453    14,322    10,379
                         CONSOLIDATED BALANCE SHEETS
                               (In thousands)
                                            December 31,   June 30,
                                                1995         1995
            Current assets:
        Cash and cash equivalents            $   1,757    $  3,628
        Accounts receivable, net                19,898      22,812
        Notes receivable                           ---         220
        Prepaids and other current assets        2,004       2,157
        Income taxes recoverable                   885       1,071
        Total current assets                    24,544      29,888
        Property and equipment                   4,517       5,073
        Computer software costs                 19,018      17,528
        Other assets                             3,190       2,572
        Total                                 $ 51,269    $ 55,061
           Liabilities and Shareholders' Equity
           Current liabilities:
        Current installments of debt          $  9,752    $  4,998
        Accounts payable                         8,613       7,452
        Accrued expenses                        10,969      16,694
        Deferred revenues                       14,106      15,841
        Total current liabilities               43,440      44,985
        Long-term debt, less current
         installments                               54         228
        Total liabilities                       43,494      45,213
           Shareholders' equity:
        Common stock                            57,658      55,854
        Accumulated deficit                    (49,313)    (45,520)
        Cumulative translation adjustment         (570)       (486)
        Total shareholders' equity               7,775       9,848
        Total                                  $51,269    $ 55,061

        CONTACT:  Dennis Vohs or Don Campbell, Ross System,


            PLYMOUTH, Minn., Jan. 26, 1996 - Kelly Russell Studios,
        Inc. (Nasdaq: KRSI) today announced its preliminary financial
        results for 1995 which are subject to final audit.  The company
        expects to report sales of approximately $2.8 million and a net loss
        of $1.4 million which includes a charge to earnings in the fourth
        quarter of approximately $750,000 for asset writedowns.  The
        significant asset writedowns relate to (i) obsolete and discontinued
        inventories and other year-end adjustments to inventories, (ii)
        adjustments to reserves for sales returns and allowances and bad
        debt, and (iii) adjustments to prepaid license fees to net
        realizable value reflecting the lower than expected sales
        performance of the Company in 1995.

            The Company initiated a major reorganization in the fourth
        quarter of 1994 which resulted in significant changes in management,
        production, product distribution and operations.  George Vrabeck,
        the Company's President, said, "While we are disappointed in the
        Company's financial results in 1995, we continue to believe that
        this reorganization will prove successful."

            Vrabeck continued, "Due to the Company's 1995 results, the
        Company may need to raise additional equity financing in 1996 to
        improve its financial position.  The Company does not anticipate a
        sales turnaround in the first quarter of 1996.  On the positive
        side, we continue to get very good reception from key retail
        accounts.  There is a strong market for high quality sports and
        entertainment collectibles, and Kelly Russell products fit this
        niche.  We also have agreements with well- known entertainment
        personalities, and some developing international opportunities.
        Expenses have been reduced dramatically.  There is a great deal of
        work to be done, but we remain optimistic about the future of Kelly

            Kelly Russell Studios, Inc. manufactures and markets
        entertainment- related art for the collectible market.  The Company
        commissions original artwork and has license agreements with major
        national sports franchises and their related player's associations
        that allow it to produce limited edition lithographs of both teams
        and individual players.  The Company is currently expanding its
        licensing agreements for the movie, music and television product
        line.  The Company distributes its products through mass
        merchandisers, specialty retailers and department store chains in
        the U.S. and Canada.  The common stock of the company is traded in
        the Nasdaq SmallCap Market under the Nasdaq symbol "KRSI."

        CONTACT:  George Vrabeck, President of Kelly Russell Studios,


            SALT LAKE CITY, Jan. 29, 1996 - Smith's Food & Drug
        Centers, Inc. (NYSE: SFD) made the following announcements today:


            Smith's has entered into a definitive merger agreement with
        Smitty's Supermarkets, Inc.  Smitty's, which operates 28
        supermarkets in the Phoenix and Tucson areas, is controlled by The
        Yucaipa Companies, a private investment company.  Smitty's sales
        totaled approximately $590 million in 1995.  Under the merger
        agreement, Smith's will issue 3,038,888 shares of its Class B Common
        Stock in exchange for all of Smitty's outstanding common stock and
        it will assume or refinance approximately $148 million of Smitty's


           Smith's also said it will commence a self tender offer to
        purchase 50% of its Class A and Class B Common Stock for $36 per
        share, excluding shares to be issued in connection with the Smitty's
        merger. Consummation of the tender offer will be subject to the
        tender of at least 50% of Smith's outstanding common stock, the
        receipt of financing and various other conditions.  Consummation of
        the Smitty's merger will be conditioned on Smith's purchase of
        shares pursuant to the self tender offer, receipt of financing,
        regulatory approvals, approval by Smith's stockholders and various
        other conditions.  Smith's has received commitment letters and
        highly confident letters from several financial institutions with
        respect to all of the financing necessary to consummate the Smitty's
        merger and the self tender offer.

            The tender offer is expected to commence around April 1, 1996
        and be consummated around May 1, 1996.  The Smitty's merger is
        expected to be consummated concurrently with the closing of the
        tender offer.

            Upon consummation of the Smitty's merger and the self tender
        offer, the Smith family will continue to be Smith's largest
        stockholder with approximately 24% of the outstanding common stock
        and over 40% of the vote.  The Yucaipa Companies and its affiliates
        will own approximately 14% of Smith's outstanding common stock and
        the other Smitty's stockholders will own approximately 6%.  The
        Yucaipa Companies will enter into a 10 year standstill agreement
        with Smith's.


            Upon consummation of the Smitty's merger and the self tender
        offer, Smith's will enter into a five year management services
        agreement with The Yucaipa Companies under which Yucaipa will
        provide various management services to Smith's.  As part of that
        arrangement, Ronald W. Burkle, managing partner of The Yucaipa
        Companies, will be appointed as Chief Executive Officer of Smith's
        upon consummation of the Smitty's merger and the self tender offer.
        In addition, at that time Smith's board of directors will be
        reconstituted to consist of two representatives of Yucaipa, two
        representatives of the Smith family, one senior member of
        management, and two independent directors.

            The Yucaipa Companies is a private investment company which in
        addition to Smitty's also controls Ralphs Grocery Company, the
        largest supermarket company in Southern California, operating stores
        under the Ralphs and Food 4 Less names, which also operates stores
        in Northern California under the Cala and Bell names and in the
        midwest under the Falley's and Food 4 Less names; and Dominick's
        Finer Foods, Inc., a leading Chicago area supermarket company,
        operating stores under the Dominick's and Omni names.

            In addition, Smith's announced that it has hired Allen R.
        Rowland as President and Chief Operating Officer of Smith's.  Mr.
        Rowland spent 25 years at Albertson's Inc., holding various senior
        executive positions at that company.

            Jeffrey P. Smith, Chairman and CEO of Smith's, said: "I am very
        excited about the transactions we are announcing today.  The
        Smitty's merger will significantly enhance the combined companies'
        position in the Arizona market.  The self tender offer will give all
        of Smith's stockholders the opportunity to receive substantial cash
        proceeds while permitting them at the same time to participate in
        Smith's future growth.  Additionally, our management arrangements
        with Yucaipa will permit Smith's to benefit from Yucaipa's extensive
        management experience in the supermarket industry.  I am
        particularly pleased about our good fortune in hiring Rowland.  He
        is one of the most accomplished senior executives in the supermarket
        industry and I believe Smith's will benefit greatly from his

            Ron Burkle said:  "We look forward to consummating this exciting
        merger.  I have admired Jeff Smith and his company and we are
        delighted at the prospect of the combination of Smitty's and
        Smith's.  I am committed to continuing the expansion of the combined
        company to benefit its shareholders, employees and customers."

        FISCAL 1995 RESULTS

            Smith's sales for the year ended December 30, 1995 of $3.08
        billion were up 3% over the $2.98 billion reported a year ago.
        Income before restructuring charges was $43.5 million compared to
        last year's $48.8 million, a decrease of 11%.  Income per common
        share before restructuring charges decreased from $1.73 to $1.72,
        down 1% over last year.  In January, the Company announced the sale
        and closure of its Southern California Region.  Consequently,
        restructuring charges of $84 million ($3.34 per common share) after
        tax were recorded which resulted in a net loss of $40.5 million for
        1995 compared to net income of $48.8 million last year.  The pretax
        LIFO charge was $4.0 million for 1995 compared to $2.5 million last
        year.  Sales in comparable stores decreased 3.4% for the year.


            Smith's sales for the fourth quarter ended December 30, 1995,
        totaled $798 million compared to $754 million for the same quarter
        last year, an increase of 6%.  Income per common share before
        restructuring charges totaled $.55 compared to $.53 earned last
        year, an increase of 4%.  Income before restructuring charges was
        $13.9 million compared to $14.2 million reported last year, a
        decrease of 2%.  The pretax LIFO charge was $1.0 million for the
        fourth quarter compared to a credit of $1.25 million last year.
        Sales in comparable stores decreased 2.9% for the quarter.

            The weakness in sales can be attributed to a significant number
        of competitive store openings in most marketing areas, in addition
        to aggressive price competition in the Company's Southern California
        Region.  Earnings were affected by the weakness in sales, putting
        pressure on expense ratios.


            In January, the Company announced the sale and anticipated
        closure of its Southern California Region.  Smith's has entered into
        agreements to sell or lease 18 stores to various supermarket
        companies.  The remaining 16 stores will be closed in the near
        future and it is anticipated they will be sold or leased to other
        retail companies.  A large distribution center located in Riverside,
        California was recently subleased to Ralphs Grocery Company.  These
        34 stores had sales of approximately $675 million for the year ended
        December 30, 1995. Restructuring charges of $84 million after tax
        were charged against earnings for the year ended December 30, 1995.

            The continuing recession in Southern California and a very
        difficult competitive environment made it impossible for Smith's to
        earn an adequate return on its investment there.  Jeff Smith,
        Chairman and CEO, stated that "Company and shareholder interests
        would be better served by redeploying assets to further develop
        Smith's other profitable regions." Smith's has established
        profitable operating areas in Utah, Arizona, Nevada, New Mexico,
        Idaho, Wyoming and Texas.


            During the year, the Company opened 15 combination food and drug
        centers in Phoenix, Gilbert, Glendale, Peoria, and two in Mesa,
        Arizona; Vista and Yucca Valley, California; Albuquerque, Gallup and
        Hobbs, New Mexico; Gardnerville, Elko and Las Vegas, Nevada; and
        Kimball Junction, Utah.  Two smaller superstores were closed in Las

            The Company also opened four retail warehouse stores in Las
        Vegas. These new "price-impact" stores operate under the PriceRite
        Grocery Warehouse name.

            Smith's is a leading regional supermarket chain operating 154
        stores at the end of the year (including the 34 stores in
        California) in eight western states.  Of these stores, 138 are large
        combination food and drug centers.

                       SMITH'S FOOD & DRUG CENTERS, INC.
                  Condensed Consolidated Statements of Income
                 (Amounts in thousands, except per share data)
                                    13 Weeks Ended         52 Weeks Ended
                                   Dec 30,   Dec 31,     Dec 30,   Dec 31,
                                     1995      1994        1995      1994
           Net sales                  $798,324  $753,891  $3,083,737
           Cost of goods sold          617,657   581,621   2,392,723
                                   180,667   172,270     691,014    663,232
         Operating, selling and
           administrative          117,604   111,781     461,401    440,844
         Depreciation and
           amortization             26,253    23,385      98,947     88,592
         Interest                   15,194    14,305      60,478     53,715
         Restructuring charges     140,000               140,000
                                   299,051   149,471     760,826    583,151
            INCOME (LOSS) BEFORE
                    INCOME TAXES (118,384)    22,799    (69,812)     80,081
           Income taxes               (48,300)     8,600    (29,300)
               NET INCOME (LOSS) $(70,084)  $ 14,199 $  (40,512) $   48,781
           Per common share:
         Income before
           restructuring charges $    .55  $    .53   $     1.72 $     1.73
         Net income (loss)          (2.79)      .53        (1.62)      1.73
           Average common
         shares outstanding         25,071    26,407      25,031     28,177
                       SMITH'S FOOD & DRUG CENTERS, INC.
                          Consolidated Balance Sheets
                             (Amounts in thousands)
                                                  Dec 30,        Dec 31,
                                                   1995           1994
         Cash                                  $   16,079     $   14,188
         Receivables                               23,802         25,596
         Inventories                              394,982        389,564
         Assets held for sale                     125,000
         Other current assets                      45,155         17,258
           TOTAL CURRENT ASSETS                       605,018        446,606
         Land                                     276,626        303,701
         Buildings                                610,049        619,056
         Leasehold improvements                    55,830         42,369
         Fixtures and equipment                   509,524        589,480
                                                1,452,029      1,554,606
         Less allowances                          390,933        364,741
                                                1,061,096      1,189,865
           OTHER ASSETS                                20,066         16,996
                                               $1,686,180     $1,653,467
         Trade accounts payable                $  214,152     $  235,843
         Accrued taxes                             50,749         44,379
         Other accrued liabilities                 97,455         84,083
         Current maturities                        21,940         20,028
         Restructuring reserves                    58,000
           TOTAL CURRENT LIABILITIES                  442,296        384,333
           LONG-TERM DEBT                             725,253        699,882
           RESTRUCTURING RESERVES                      40,000
           DEFERRED INCOME TAXES                       58,600         89,500
           REDEEMABLE PREFERRED STOCK                   3,311          4,410
           COMMON STOCKHOLDERS' EQUITY                416,720        475,342
                                               $1,686,180     $1,653,467
                       SMITH'S FOOD & DRUG CENTERS, INC.
                Condensed Consolidated Statements of Cash Flows
                                 (In thousands)
                                                      52 Weeks    52 Weeks
                                                         Ended       Ended
                                                       Dec 30,     Dec 31,
                                                          1995        1994
         Net income (loss)                           $(40,512)   $ 48,781
         Adjustments to reconcile net income (loss)
           to net cash provided by operating
             Depreciation and amortization            104,963      94,491
             Deferred income taxes                    (53,400)     10,500
             Restructuring charges                    140,000
             Other                                        568         635
                                                      151,619     154,407
             Changes in operating assets and
                 Receivables                            1,794      (4,758)
                 Inventories                           (5,418)    (11,625)
                 Other current assets                  (5,397)     (1,324)
                 Trade accounts payable               (21,691)     50,618
                 Accrued taxes                          6,370       5,616
                 Other accrued liabilities             13,372      10,616
         Additions to property and equipment         (149,035)   (146,676)
         Sale/leaseback arrangements and other
           property sales                               5,841      20,949
         Other                                         (3,070)     (1,649)
           CASH USED IN INVESTING ACTIVITIES             (146,264)
         Additions to long-term debt                   45,978      27,000
         Payments on long-term debt                   (18,686)    (33,594)
         Redemptions of Redeemable
           Preferred Stock                             (1,108)     (1,042)
         Purchases of Treasury Stock                   (9,039)   (109,239)
         Proceeds from sale of Treasury Stock           5,278       7,693
         Payment of dividends                         (14,917)    (14,725)
           NET INCREASE (DECREASE) IN CASH                  1,891
           Cash balance at beginning of year               14,188
           CASH BALANCE AT END OF YEAR                   $ 16,079    $

        CONTACT:  Robert D. Bolinder or Matthew G. Tezak of Smith's
        Food & Drug Centers, 801-974-1400; or Darius Anderson of Smitty's at

Chart House posts fourth-quarter results

            SOLANA BEACH, Calif. -- Jan. 29, 1996--Chart
        House Enterprises Inc. (NYSE:CHT) announced a $1.51 million loss, or
        a loss of 18 cents per share, for the fourth quarter ended Dec. 31,
        1995, on revenues of $42.5 million.

            Net income for the fourth quarter of 1994 was $501,000, or 6
        cents per share, on revenues of $43.3 million.

            The fourth quarter loss reflected $4.85 million in pre-tax
        restructuring charges related to management's plan to dispose of
        five restaurant properties and to reduce overhead costs.  Partially
        offsetting the restructuring charges were a $1.86 million pre-tax
        gain on the sale of the company's Paradise Bakery subsidiary and a
        $1.0 million credit to reduce the provision for income taxes
        resulting from larger than anticipated tax benefits from FICA tip
        tax credits.

            Net income for the year ended Dec. 31, 1995, was $2.66 million,
        or 32 cents per share, on revenues of $179.2 million, compared with
        1994 net income of $4.29 million, or 52 cents per share, on revenues
        of $174.9 million.  

            During the fourth quarter, the company opened three Islands
        restaurants, in Woodland Hills and Montclair, Calif., and Mesa,
        Ariz, closed one Chart House restaurant in Idyllwild, Calif. and
        completed the sale of Paradise Bakery.

            "Cutting through the fog of the non-recurring restructuring
        charges and gain on sale of Paradise Bakery, our earnings
        performance for 1995 was about the same as the prior year," said
        John Creed, chairman and CEO.  "We have set a new strategic course
        and believe that management's focus on revitalizing our Chart House
        restaurants will provide improved returns to our shareholders."

            Chart House Enterprises operates 82 restaurants, including 64
        Chart Houses, 17 Islands and one Peohe's.  In addition, the company
        has exclusive rights to develop and operate Islands restaurants
        under a license granted by the owner of the Islands concept and
        manages 15 Islands restaurants owned by the licensor.

                        CHART HOUSE ENTERPRISES INC.
                       SUMMARY RESULTS OF OPERATIONS
                   (In thousands, except per-share data)
                                                   Fourth Quarter Ended
                                                          Dec. 31,
                                                      1995       1994
        Revenues                                        $42,488    $43,284
        Restaurant expenses                              38,065     37,050
        Restructuring charges                             4,853        ---
        Income (loss) from restaurant operations        $  (430)   $ 6,234
        Selling, general and administrative expenses      3,861      4,212
        Interest expense                                  1,193      1,248
        Other income -- gain on sale of subsidiary       (1,855)       ---
        Income (loss) before income taxes               $(3,629)   $   774
        Provision (benefit) for income taxes             (2,120)       273
        Net income (loss)                               $(1,509)   $   501
        Net (loss) income per common share            (18 cents)   6 cents
        Weighted average shares outstanding               8,273      8,295
                                                        Year Ended
                                                         Dec. 31,
                                                      1995       1994
        Revenues                                       $179,155   $174,940
        Restaurant operating expenses                   153,638    147,743
        Restructuring charges                             4,853        ---
        Income from restaurant operations              $ 20,664   $ 27,197
        Selling, general and administrative expenses     15,286     16,072
        Interest expense                                  4,811      4,527
        Other income -- gain on sale of subsidiary       (1,855)       ---
        Income before income taxes                     $  2,422   $  6,598
        Provision (benefit) for income taxes               (241)     2,312
        Net income                                     $  2,663   $  4,286
        Net income per common share                    32 cents   52 cents
        Weighted average shares outstanding               8,277      8,292

        CONTACT:  Chart House Enterprises Inc., Solana Beach
                  Harold E. Gaubert Jr., 619/755-8281
                  Booke and Co., New York
                  Stephen B. Booke, 212/490-9095


             BURNABY, B.C., Jan. 29, 1996 - The Loewen Group announced
        that over the weekend it reached a structured settlement in the
        O'Keefe, Gulf National et al. vs. The Loewen Group Inc. case in

             Last week The Loewen Group announced that the Mississippi
        Supreme Court had ordered the interim stay lifted on January 31,
        effectively requiring the Company to reach a settlement, post a $625
        million appeal bond by January 31, 1996, or place the Company under
        bankruptcy protection.

             ``We continue to believe strongly in the merits of our case and
        in the injustice of the disproportionate award. We were confident of
        a successful appeal, but it would have meant several years of
        continued uncertainty at significant financial cost to the Company
        and we had to consider what would be in the best interests of our
        shareholders and employees,'' said Ray Loewen, chairman and CEO, The
        Loewen Group. ``After analyzing the financial and other impacts of
        the various alternatives we determined that, at this time, a
        settlement is in the best interests of the Company and its

             The structured settlement, which the Company estimates has a
        net present value on an after-tax basis of $85 million, includes the
        payment of $50 million on January 31, 1996, the issuance of 1.5
        million shares of Loewen's Common stock by February 15, 1996,
        subject to customary Canadian stock exchange approvals, and a
        promissory note providing for annual payments of $4 million per year
        for each of the next 20 years without interest. The shares will be
        subject to a two-year voting agreement and a right of first refusal
        in favor of the Company. If the market price of Loewen's Common
        stock is not at least $30 approximately one year after the issuance
        of the shares, the Company has agreed to make certain additional
        payments to the plaintiffs in cash or stock at the Company's
        election. The settlement costs to the Company will be recorded as a
        prior period adjustment.

             ``We want to thank our many shareholders, industry friends and
        the financial community who, knowing the integrity of our Company,
        the dedication of our employees and the strength of our operations,
        supported us during this very difficult period,'' Loewen said.

             ``We believe that The Loewen Group will continue to be seen as
        the company of choice for independent funeral home operators in the
        process of quality succession planning and we will continue to lead
        the industry in providing service with care and sensitivity,''
        Loewen said.

             The Loewen Group Inc. is the second largest funeral service
        corporation in North America with close to 10,000 employees, 814
        funeral homes and 179 cemeteries across the United States and
        Canada. Approximately 90% of the Company's total revenue is derived
        from United States locations.

        For further information: Peter Hyndman, Vice-President, Law and
        Corporate Secretary, The Loewen Group Inc., (604) 299-9321/


            PHOENIX, Jan. 29, 1996 - America
West Airlines, Inc.,

        today reported 1995 operating income of $165.2 million and pre-tax
        income of $118.9 million, excluding a $10.5 million pre-tax
        nonrecurring restructuring charge.  Both the operating and pre-tax
        earnings are Company records, even after accounting for the
        restructuring charge.

            The Company reported net income for the year, excluding the
        nonrecurring charge, of $60.3 million, or $1.29 per common share
        fully diluted.  Because of the recapitalization of the airline upon
        emergence from Chapter 11 protection on August 25, 1994, full year
        1995 and 1994 per share data cannot be meaningfully compared.

            Net income for the quarter ended December 31, 1995, excluding
        the nonrecurring restructuring charge, was $12.5 million, or $0.26
        per common share fully diluted, up from $6.6 million, or $0.16 per
        common share fully diluted, in the same period last year.

            Earnings for the fourth quarter and for the year include a one-
        time pre-tax restructuring charge of $10.5 million related to the
        outsourcing of the Company's heavy maintenance operations which is
        expected to result in savings of $35 million over the next five
        years.  Including this nonrecurring charge, full year net income was
        $53.8 million, or $1.15 per common share fully diluted, and fourth
        quarter net income was $6.0 million, or $0.12 per common share fully

            These record operating and pre-tax profits reflect the
        continuing success of our business plan," said W. A. Franke,
        chairman and chief executive officer.  "This quarter was the
        Company's 12th consecutive quarter of profitability.  Furthermore,
        our annual operating margin of 10.0 percent was the highest among
        major full-service U.S. airlines, even after accounting for the
        $10.5 million restructuring charge."

            Fourth quarter revenues rose 15.7 percent to $396.3 million.
        Passenger revenue per available seat mile (RASM) increased 8.7
        percent to 7.51 cents in 1995 from 6.91 cents in 1994.  Load factor
        increased 4.4 points to 66.6 percent this quarter from 62.2 percent
        in 1994 while revenue per revenue passenger mile (yield) also
        improved, up 1.4 percent to 11.27 cents in the 1995 quarter from
        11.11 cents in 1994.

            Operating cost per available seat mile (CASM) increased 12.6
        percent from 6.75 cents per ASM in the fourth quarter 1994 to 7.60
        cents per ASM in the 1995 quarter.  Excluding the restructuring
        charge, CASM was 7.38 cents, or 9.3 percent higher than the same
        quarter in 1994.  The increase in unit cost was driven by a 4.3 cent
        per gallon fuel tax effective October 1, 1995, an $8 million
        provision for the Company's profit-sharing plan (AWArd Pay)
        initiated in 1995 and the decrease in ASMs caused by the Company's
        decision to install First Class cabins on all aircraft.  Excluding
        these factors and the restructuring charge, CASM for the fourth
        quarter 1995 would have been 7.10 cents.

            For the full year 1995, operating revenues increased 10.1
        percent to $1.6 billion.  RASM increased 2.3 percent to 7.48 cents
        in 1995 from 7.31 cents in 1994.  Load factor increased 0.8 points
        to a record 68.5 percent this year from 67.7 percent in 1994 while
        yield also improved, up 1.1 percent to 10.91 cents in 1995 from
        10.79 cents in 1994.

            Unit operating cost increased 2.9 percent to 7.19 cents per ASM
        in 1995 from 6.99 cents per ASM in 1994.  Excluding the
        restructuring charge, CASM was 7.13 cents, or 2.0 percent higher
        than 1994.  Further adjusting for the fuel tax, provision for AWArd
        Pay and the First Class implementation, CASM for the year would have
        been 7.01 cents.

            Cash and cash equivalents increased to $224.4 million at
        December 31, 1995, up 22.9 percent from $182.6 million on December
        31, 1994.  In addition, long term debt less current maturities was
        reduced 19.7 percent over the same period from $465.6 million to
        $373.9 million.

            "Our healthy performance in 1995 and strengthened balance sheet
        provide an excellent platform for our growth plan which commenced
        earlier this month," said Franke.  "1996 should be an exciting year
        for America West as we work to create additional value for our
        shareholders through profitable expansion of the airline."

            America West previously announced that it will expand
        substantially over the next two years, pursuing significant growth
        opportunities at its Phoenix and Las Vegas hubs.  The expansion
        plan, when fully implemented, will increase available seat miles by
        29 percent as well as add at least eight new cities to the carrier's
        route network, including Detroit, Cleveland, Miami and San Antonio.

            Separately, America West announced today that certain of its
        shareholders intend to offer 6,100,000 shares of the Company's Class
        B Common Stock in an underwritten public offering.

            The following tables outline the full year and fourth quarter
        1995 and 1994 financial and statistical results for the reorganized
        and predecessor companies.

                            Condensed Balance Sheets
                           (in thousands of dollars)
                                         Dec. 31, 1995    Dec. 31, 1994
        Cash and cash equivalents            $224,367        $182,581
        Other current assets, net             141,052         110,937
        Total current assets                  365,419         293,518
        PROPERTY AND EQUIPMENT, NET           602,063         554,538
        Restricted cash                        31,694          28,578
        Reorganization value in excess of
         amounts allocable to identifiable
         assets, net                          573,745         645,703
        Other assets, net                      25,799          22,755
        TOTAL ASSETS                       $1,598,709      $1,545,092
        Current maturities of long-term
         debt and capital leases              $54,157         $65,198
        Other liabilities                     391,678         276,247
        Total current liabilities             445,835         341,445
         CURRENT MATURITIES                   373,964         465,598
         NONCURRENT LIABILITIES               129,438         142,603
        STOCKHOLDERS' EQUITY                  649,472         595,446
         STOCKHOLDERS' EQUITY              $1,598,709      $1,545,092
                       Condensed Statements of Operations
                (Dollars in thousands except per share amounts)
                                     3 Months      3 Months
                                  Ended Dec. 31,  Ended Dec. 31,  Percent
                                       1995           1994        Change
        Operating revenues:
         Passenger                   $369,403        $319,183      15.7
         Cargo                         11,812          12,390      (4.7)
         Other                         15,094          10,878      38.8
        Total operating revenues      396,309         342,451      15.7
        Operating expenses:
        Salaries and related costs     98,162          84,515      16.1
        Rentals and landing fees       71,631          64,999      10.2
        Aircraft fuel                  47,531          42,471      11.9
        Agency commissions             30,998          26,757      15.9
        Aircraft maintenance
         materials and repairs         21,190          12,466      70.0
        Depreciation and amortization  20,393          20,340       0.3
        Restructuring charge           10,500             ---       ---
        Other                          73,184          60,368      21.2
        Total operating expenses      373,589         311,916      19.8
        Operating income               22,720          30,535     (25.6)
        Nonoperating income
        Interest income                 3,932           2,751      42.9
        Interest expense              (13,137)        (16,278)    (19.3)
        Loss on disposition
         of property and equipment       (220)           (345)    (36.2)
        Other, net                       (195)             30    (750.0)
        Total nonoperating
         expenses, net                  9,620          13,842     (30.5)
        Income before income taxes     13,100          16,693     (21.5)
        Income taxes                    7,112          10,065     (29.3)
        Net Income                     $5,988           6,628      (9.7)
        Earnings per share:
        Primary:                        $0.13           $0.15     (13.3)
        Fully diluted:                   0.12..           0.16     (18.8)
        Shares used for computation:
        Primary                    48,722,000      45,127,000       7.9
        Fully diluted              48,722,000      45,127,000       7.9 ..
        .. $0.26 per share excluding one-time restructuring charge.
                       Condensed Statements of Operations
                (Dollars in thousands except per share amounts)
                               Reorganized                    Predecessor
                                  Company                       Company
                          12 Months  Period from Aug. 26  Period from Jan. 1
                       Ended Dec. 31,   to Dec. 31,          to Aug. 25,
                            1995           1994                  1994
        Operating revenues:
        Passenger        $1,452,261      $437,775             $882,140
        Cargo                44,425        16,648               27,645
        Other                53,956        15,343               29,243
        Total operating
         revenues         1,550,642       469,766              939,028
        Operating expenses:
        Salaries and
         related costs      382,031       117,562              213,722
        Rentals and landing
         fees               281,834        90,822              173,710
        Aircraft fuel       174,195        58,165              100,646
        Agency commissions  124,145        37,265               78,988
         maintenance materials
         and repairs         65,925        17,590               28,109
        Depreciation and
         amortization        81,041        26,684               56,694
         charges             10,500           ---                  ---
        Other               276,239        82,807              179,653
        Total operating
         expenses         1,395,910       430,895              831,522
        Operating income    154,732        38,871              107,506
        Nonoperating income (expenses):
        Interest income      15,046         3,834                  470
        Interest expense    (58,598)      (22,636)             (33,998)
        Loss on disposition
         of property and
         equipment           (2,735)         (398)              (1,659)
         expense, net           ---           ---             (273,659)
        Other, net              (67)           65                  131
        Total nonoperating
         expenses, net       46,354        19,135              308,715
        Income (loss) before
         income taxes and
         items              108,378        19,736             (201,209)
        Income taxes         53,608        11,890                2,059
        Income (loss)
         items               54,770         7,846             (203,268)
        Extraordinary items    (984)          ---              257,660
        Net Income          $53,786        $7,846              $54,392
                       Condensed Statements of Operations
                (Dollars in thousands except per share amounts)
                                     Reorganized               Predecessor
                                       Company                    Company
                          12 Months  Period from Aug. 26 Period from Jan. 1
                        Ended Dec. 31,   to Dec. 31,         to Aug. 25,
                            1995             1994                1994
        Earnings (loss) per share:
        Income before
         extraordinary items   $1.18         0.17                 N.M.
        Extraordinary items    (0.02)         ---                 N.M.
        Net income             $1.16         0.17                 N.M.
        Fully diluted:
        Income before
         extraordinary items   $1.17         0.17                 N.M.
        Extraordinary items    (0.02)         ---                 N.M.
        Net income             $1.15..        0.17                 N.M.
        Shares used for computation:
        Primary           47,675,000   45,127,000          28,549,929
        Fully diluted     48,372,000   45,127,000          40,452,383
            N.M.  Historical per share data for the predecessor company is
        not meaningful since the carrier has been recapitalized and has
        adopted fresh start reporting
        .. $1.29 per share excluding one-time restructuring charge.
                                   3 Months      3 Months
                                Ended Dec. 31,  Ended Dec. 31,   Percent
                                     1995           1994         Change
        Operating Statistics:
        Number of Aircraft at
         End of Period                 93            87            6.9
        Passenger Enplanements  4,195,454     3,742,283           12.1
        Available Seat
         Miles (000)            4,918,765     4,621,310            6.4
        Revenue Passenger
         Miles (000)            3,277,245     2,872,280           14.1
        Load Factor (%)              66.6          62.2            7.1
        Average Passenger
         Revenue Per Passenger
         Mile (Cents)               11.27         11.11            1.4
        Passenger Revenue Per
         Available Seat Mile (Cents) 7.51          6.91            8.7
        Total Operating Revenue Per
         Available Seat Mile (Cents) 8.06          7.41            8.8
        Operating Cost Per Available
         Seat Mile (Cents)           7.60          6.75           12.6
        Average Fuel Cost per
         Gallon (Cents)             59.38         57.10            4.0
        Full-Time Equivalent
         Employees at End of Period 8,712        10,715          (18.7)
                                 12 Months        12 Months
                              Ended Dec. 31,   Ended Dec. 31,  Percent
                                   1995             1994        Change
        Operating Statistics:
        Number of Aircraft at
         End of Period                 93              87             6.9
        Passenger Enplanements 16,848,329      15,668,793             7.5
        Available Seat Miles
         (000)                 19,421,451      18,060,431             7.5
        Revenue Passenger Miles
         (000)                 13,312,742      12,232,916             8.8
        Load Factor (%)              68.5            67.7             0.8
        Average Passenger
         Revenue Per Passenger
         Mile (Cents)               10.91           10.79             1.1
        Passenger Revenue Per
         Available Seat Mile (Cents) 7.48            7.31             2.3
        Total Operating Revenue Per
         Available Seat Mile (Cents) 7.98            7.80             2.3
        Operating Cost Per
         Available Seat Mile (Cents) 7.19            6.99             2.9
        Average Fuel Cost per
         Gallon (Cents)             55.82           54.89             1.7
        Full-Time Equivalent
         Employees at End of Period 8,712          10,715           (18.7)

        CONTACT:  Michael Mitchell, Manager of Corporate Communications of
        America West, 602-693-5732


            PHOENIX, Jan. 29, 1996 -- America
West Airlines, Inc.,

        (NYSE: AWA) announced today that certain stockholders who hold
        shares of Class B Common Stock covered by the Company's shelf
        registration statement intend to offer 6,100,000 of such shares
        pursuant to an underwritten public offering.  The selling
        stockholders are affiliates of Texas Pacific Group and Mesa Air
        Group, Continental Airlines, Inc., and Lehman Brothers Holdings Inc.
        The shares offered were purchased by the selling stockholders in
        connection with America West's emergence from Chapter 11 protection
        in August 1994.

            Affiliates of Texas Pacific Group, an investment firm and fund
        manager, which collectively are the largest holders of shares of the
        Company's Common Stock, intend to offer 2.5 million of the shares of
        Class B Common Stock to be included in the offering.  Upon
        completion of the offering, those affiliates of Texas Pacific Group
        would hold approximately 5.2 million of the Company's shares and
        warrants.  The other selling stockholders will also retain positions
        in the Company's equity.  The managing underwriters for the offering
        are Merrill Lynch & Co., Donaldson, Lufkin & Jenrette Securities
        Corporation and Lehman Brothers.

            Continental and Mesa are expected to offer the underwriters an
        option to purchase up to an additional 610,000 shares to cover over-
        allotments, if any.  America West will not receive any proceeds from
        the offering.

            "Having just completed a year in which the Company posted record
        operating and pre-tax earnings, America West welcomes the
        opportunity to broaden its base of institutional investors and
        increase liquidity in its common stock," said W.A. Franke, chairman
        and chief executive officer.  "We also appreciate the confidence in
        the future performance of the airline demonstrated by the selling
        shareholders' decision to retain significant positions in the

            Copies of the prospectus may be obtained by contacting Merrill
        Lynch & Co., New York.

        /CONTACT:  C.A. Howlett of America West Airlines, 602-693-5519;
        Owen Blicksilver of Principal Communications, 212-303-7603/

Caldor appoints John G. Reen executive vice
        president and chief financial officer; Promotes three others to
        executive vice president positions

            NORWALK, Conn. -- January 29, 1996 -- href="chap11.caldor.html">The Caldor
(NYSE: CLD) announced today that it has appointed
        G. Reen as Executive Vice President, Chief Financial Officer, and a
        member of the board of directors.  Mr. Reen, age 46, is a former
        executive vice president, chief financial officer, and member of the
        board of directors of Hills Stores Company.  

            Don R. Clarke, Chairman and Chief Executive Officer of Caldor,
        said, "By adding Jack Reen to our management team, we gain a highly
        skilled, experienced executive who has a successful track record of
        accomplishing the very tasks that lie ahead for Caldor.  While at
        Hills Stores, Mr. Reen played a key role in that company's
        successful emergence from bankruptcy in 1993.  He helped to
        formulate its bankruptcy reorganization plan and led its financial
        reorganization.  We are happy to welcome him to Caldor.  He will be
        a major contributor to Caldor's reorganization and its future

            Mr. Reen joined Hills Stores Company in 1976.  Prior to that
        time, he held positions at Coopers & Lybrand and Bank of Boston.  He
        earned a bachelor's degree from Northeastern University, and an MBA
        in Finance from Suffolk University.  He is married and has three

            Mr. Reen will succeed Robert S. Schauman, who currently serves
        as Senior Vice President and Chief Financial Officer.  Mr. Schauman
        plans to return to the St. Louis-area, where he had previously lived
        and worked before joining Caldor in [1989].  Mr. Clarke said, "I
        want to thank Bob for the many contributions he has made to Caldor
        over the years.  We wish him and his family all the best for their
        return to St. Louis."  

            Caldor also announced today the promotion of three Senior Vice
        Presidents to the positions of Executive Vice President: Dennis M.
        Lee, now Executive Vice President - Human Resources and Merchandise
        Distribution and Replenishment; Elliott J. Kerbis, Executive Vice
        President - General Merchandise Manager - Hardlines; and Kevin
        Freeman, Executive Vice President - Stores.  Caldor recently
        announced that the U.S. Bankruptcy Court has extended its
        exclusivity period through the end of July.  

            The Caldor Corporation is the fourth largest discount department
        store chain in the U.S., with annual sales of approximately $2.8
        billion.  It operates 166 stores in ten East Coast states.  With a
        strong consumer franchise in high density/suburban markets, Caldor
        offers a diverse merchandise selection, including both softline and
        hardline products.  

        CONTACT:  Media:
                  Wendi Kopsick/Jim Fingeroth
                  Kekst and Company
                  (212) 593-2655
                  Investor Relations:
                  Dave Peterson, (203) 849-2334

IntelliCorp Announces Second Quarter Results

            MOUNTAIN VIEW, Calif. -- Jan. 29, 1996--
        IntelliCorp Inc. (NASDAQ:INAI), a leading provider of "live"  object-
        oriented modeling software for enterprise applications, today
        reported revenues of $2,505,000 for the second fiscal quarter ended
        Dec. 31, 1995.  

            This compares to revenues of $4,243,000 for the comparable
        quarter a year ago.  The second quarter net loss was $721,000 or
        $0.06 per share, compared to a net loss of $697,000 or $0.06 per
        share, for the same period a year earlier.  

        Cash balances as of Dec. 31, 1995, were approximately $4,036,000.  

            Ken Haas, IntelliCorp's president, stated: "Total revenues for
        the second fiscal quarter of 1996 were 41% lower than the comparable
        quarter a year ago.  This decline is largely a consequence of the
        GTE development agreement termination last September, which in turn
        resulted in loss of both the anticipated GTE revenue stream and the
        related sales momentum.  The business restructuring and reduction-in-
        force that ensued further impacted our ability to retain overall
        revenues at historical levels.  

            "Nevertheless, we have been able to manage operations and
        expense levels so as to minimize the effect of the revenue shortfall
        during the first half of the fiscal year.  For the six months ended
        Dec. 31, 1995, total revenues, at $6,764,000 were down 8% from the
        comparable period of fiscal 1995, while operating expenses, at
        $7,988,000 (including the first quarter restructuring charge of
        $414,000), were 17% lower.  

            "Last October, we outlined a new corporate strategy for
        IntelliCorp directed at providing `live' business modeling tools
        for:  best-of-breed packaged applications systems such as SAP's R/3;
        popular object-oriented and/or distributed deployment platforms such
        as TCSI's OSP and the C++ language; and knowledge-based or complex
        logic applications.  I am pleased that we are making several
        additional announcements today that begin to validate and show the
        initial results of this strategy.  

            "First, we are announcing the ModelWorks family of products,
        which includes evolutions of existing products as well as new
        offerings.  LiveModel 2.0 (formerly OMW) and PowerModel 3.2
        (formerly Kappa) are now in beta test release, with general
        availability scheduled for late March.  LiveModel 2.0 offers
        significant new multideveloper support features, enhanced business
        rules and new diagramming capabilities, while PowerModel 3.2 offers
        enhanced performance and other features that will enable us to
        target the high-tech manufacturing/engineering sector.  

            "Second, a series of new ModelBridge solutions are now available
        to facilitate the delivery of LiveModel-designed applications across
        a variety of deployment platforms, such as PowerModel, OSP and C++.
        Other ModelBridges enable connections to databases and to legacy
        systems, and can re-target applications for deployment in Windows.  

            "Third, we are announcing LiveModel for R/3, a new modeling
        solution for users of SAP's R/3 that accelerates R/3 system
        implementation by allowing implementation teams to understand their
        designs more completely and thereby make business engineering
        decisions more effectively.  

            "In addition, we are delighted to announce that Colin I. Bodell,
        who brings with him more than 12 years of software industry
        experience, has joined IntelliCorp as Vice President, Product
        Development.  Colin most recently served as Vice President for
        Enterprise Client/Server Solutions at Micro Focus Inc., where he
        managed a team of more than 100 developers, support engineers and
        consultants.  I am extremely pleased that IntelliCorp continues to
        attract individuals of Colin's quality, background and expertise and
        look forward to working with him to extend our new product family
        and build our future.  

            "Finally, we are actively engaged in a search for a new senior
        sales executive to replace Paul Sutton, who has stepped down as Vice
        President, Worldwide Sales.  In the interim, I and other company
        executives are working more directly with our talented group of
        regional sales directors, account managers and technical support
        engineers to build our pipeline and revenue base around a promising
        mix of enhanced products and new offerings."  

            IntelliCorp develops, markets and supports the ModelWorks
        product family.  LiveModel enables business analysts, developers and
        end users to design information processing systems based on live
        models of their operations to enhance their organization's
        performance.  PowerModel is widely used to build complex
        applications by providing facilities for creating models and
        reasoning about these models.  

            IntelliCorp delivers solutions to help its customers through a
        combination of products, expert consulting services and a support
        program.  Headquartered in Mountain View, IntelliCorp has offices
        across the United States and in Europe, and distributors in Asia.
        IntelliCorp's World Wide Web page is " target=_new>">

                              IntelliCorp Inc.
                Consolidated Condensed Statements of Operations
                    (In thousands, except per share amounts)
                                        Quarter Ended   
                                          Dec. 31,           
                                       1995      1994     
        Revenues                         $2,505    $4,243   
        Cost of revenues                  1,073     1,601     
        Research and development            826     1,009     
        Marketing, general and
         administrative                   1,355     2,285     
        Loss from operations               (749)     (652)   
        Interest income                      28        29       
        Loss before taxes                  (721)     (623)   
        Provision for taxes                  --       (74)     
        Net loss                          $(721)    $(697)  
        Net loss per common share        $(0.06)   $(0.06)   
        Shares used in per share
         computations                    12,195    12,028    
                              IntelliCorp Inc.
                    Consolidated Condensed Balance Sheets
                           (Dollars in thousands)
                                          Dec. 31,            June 30,
                                           1995                 1995
        Cash, cash equivalents and
         short-term investments               $4,036               $2,493
        Receivables                            1,261                4,414
        Other current assets                     179                  153
        Property and equipment (net)             384                  519
        Capitalized software (net)                --                   50
        Other assets                             339                  471
        TOTAL                                 $6,199               $8,100
        Accounts payable                        $784               $1,010
        Deferred revenues                        732                1,332
        Other current liabilities              2,468                2,446
        Common stock                          42,019               41,923
        Accumulated deficit                  (39,804)             (38,611)
        TOTAL                                 $6,199               $8,100
        CONTACT:  IntelliCorp Inc., Mountain View,
                  Nancy Hilker, 415/965-5507