TCR_Public/960131.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Jackpot Enterprises, Inc. reports results
        for the second quarter of fiscal 1996 and announces cash dividend

         
            LAS VEGAS -- Jan. 31, 1996 -- Jackpot Enterprises,
        Inc.  (NYSE:J) reported results for the second quarter and six
        months ended December 31, 1995 and announced an $.08 per share
        quarterly cash dividend.  
        


            Net income for the second quarter ended December 31, 1995
        increased 13% to $1.9 million, from $1.7 million in the prior year
        comparable quarter.  Earnings per common share increased 11% to
        $0.20 compared to $0.18 for the prior year comparable quarter.  The
        increase in earnings per share represents the fifth consecutive
        positive quarterly earnings comparison and was achieved despite a
        decline in revenues which reflects continued progress in managing
        Jackpot's business and cost structure.  
        


            Revenues for the second quarter ended December 31, 1995
        decreased 6% to $22.4 million from $23.8 million.  The decrease of
        $1.4 million in revenues was attributable to a decline in gaming
        machine route operations revenues due primarily to the permanent
        closing of all three Phar-Mor,
Inc.
  stores located in Nevada as
        part of Phar-Mor's bankruptcy reorganization plan with creditors and
        the closing or loss, based on our commitment to maintain pricing
        discipline, of certain non-chain locations.  
        


            Net income for the six months ended December 31, 1995 increased
        19% to $3.7 million, from $3.1 million in the prior year comparable
        period.  Earnings per common share increased 15% to $0.39, compared
        to $0.34 for the prior year comparable period.  Revenues for the six
        months ended December 31, 1995 decreased 5.0% to $45.2 million from
        $47.4 million.  The decrease in revenues of $2.2 million was due
        primarily to a decrease of approximately $1.9 million in gaming
        machine route operations revenues for the same reasons described
        above.  
        


            Despite the decrease in revenues for the second quarter and six
        months ended December 31, 1995, income before income tax increased
        13% and 17%, respectively, to $2.8 million and $5.4 million, from
        $2.4 million and $4.6 million, principally due to decreases in
        general and administrative expenses.  

        
            Earnings before interest expense, income taxes, depreciation,
        amortization and other non-cash items ("EBITDA") remained relatively
        constant for the second quarter and six months ended December 31,
        1995 at $4.4 million and $8.8 million, respectively, compared to
        $4.5 million and $8.7 million, respectively, for the prior year
        comparable periods.  
   

     
            The company's financial condition remains strong.  At December
        31, 1995, the company had cash and cash equivalents of approximately
        $36.4 million (50% of total assets), an increase of approximately
        $3.5 million from June 30, 1995.  The company's working capital and
        current ratio also increased to approximately $35.1 million and 9.0-
        to-1, respectively, at December 31, 1995, from $31.6 million and 6.6-
        to-1, respectively, at June 30, 1995.  These increases are after the
        payments of quarterly cash dividends and debt of approximately $1.9
        million for the six months ended December 31, 1995.  
      

  
            Don R. Kornstein, Jackpot's president and chief executive
        officer stated, "I am very pleased with the second quarter earnings
        improvement, in light of the competitive environment, which reflects
        the impact of important strategic initiatives which I set in motion
        during fiscal 1995.  These actions were focused on attaining
        improved operating efficiencies by reducing costs in many facets of
        our business and avoiding customer relationships with unacceptable
        returns.  Looking to the future, we are also exploring opportunities
        to enhance the performance of our business.  Management is committed
        to making the necessary investments to ensure the long-term vitality
        of our business.  I am confident that the contributions of all our
        dedicated employees to the company's long-term strategy will
        maintain Jackpot as a leader in the Nevada gaming machine route
        business."  
        


            Mr.  Kornstein concluded, "Management is dedicated to enhancing
        Jackpot's market position and broadening the company's operations.
        The company's strong financial position and access to capital
        represent a competitive advantage which will enable management to
        continue to explore potential strategic business investments and
        acquisitions.  With the ultimate objective of building shareholder
        value, we are sensitive to the importance of pursuing investments
        and acquisition candidates with a value orientation and/or
        sustainable rates of growth.  Consequently, we appreciate the
        confidence of our stockholders in our judgment and discipline as we
        diligently investigate numerous potential transactions."  
        


            The company also announced today that its board of directors
        declared a quarterly cash dividend of $.08 per share to be
        distributed on or about February 23, 1996 to stockholders of record
        on February 9, 1996.  
        


            The company noted that Jackpot's outstanding warrants to
        purchase common stock will expire pursuant to their terms on January
        31, 1996. The elimination of the overhang of approximately 1.7
        million potentially dilutive shares, or 19% of current shares
        outstanding, will simplify Jackpot's capitalization and benefit the
        company's holders of common stock.  
        


            Jackpot presently operates one of the largest gaming machine
        route operations and four casinos, all in Nevada, aggregating
        approximately 4,700 gaming machines at approximately 450 locations.
        Gaming machine route operations include the operation of machines at
        retail stores (supermarkets, drug stores, merchandise stores and
        convenience stores), taverns and restaurants.  Jackpot, through its
        various subsidiary operating companies, has been continuously
        involved in the expanding gaming industry in Nevada for over three
        decades.

        
         
                     CONDENSED CONSOLIDATED STATEMENTS OF INCOME
               (Dollars and shares in thousands, except per share data)
                                     (Unaudited)
                                           
         
                                Three Months Ended          Six Months Ended
                                   December 31,               December 31,    
                                 1995         1994          1995         1994
        Revenues:
          Route operations         $20,448      $21,846       $41,055
        $42,922
          Casino operations          1,936        1,933         4,130
        4,480
          Totals                22,384       23,779        45,185       47,402
         
        Costs and expenses:
          Route operations          15,569       16,420        31,345
        32,280
          Casino operations          1,729        1,660         3,492
        4,065
          Depreciation and      
        amortization             1,600        1,994         3,406        3,989
          General and      
            administrative           1,043        1,420         2,232
        2,753    
           Totals               19,941       21,494        40,475       43,087
         
        Operating income             2,443        2,285         4,710
        4,315    
          
        Non-operating, net             309          155           692
        302    
          
        Income before income
          tax                        2,752        2,440         5,402
        4,617
         
        Federal income tax             881          784         1,729
        1,524
         
        Net income                 $ 1,871      $ 1,656       $ 3,673      $
        3,093    
          
        Earnings per common
          and common equivalent
          share                    $   .20      $   .18       $   .39      $
        .34    
           
        Cash dividends per share  
          of common stock          $   .08      $   .08       $   .16      $
        .16
         
        Weighted average number
          of common and common
          equivalent shares          9,303        9,220         9,302
        9,220
        
                       CONDENSED CONSOLIDATED BALANCE SHEETS
                              (Dollars in thousands)
                                    (Unaudited)
                                         
         
                                             December 31,    June 30,
                                                 1995          1995  
         
        Assets
        Cash and cash equivalents                   $36,425       $32,916
        Other current assets                          3,014         4,340
        Total current assets                     39,439        37,256
        Property and equipment, net                  15,137        15,051
        Other non-current assets                     17,855        19,652
        Totals                                  $72,431       $71,959
         
        Liabilities and Stockholders' Equity
        Current liabilities                         $ 4,370       $ 5,616
        Other liabilities                             5,631         6,127
        Total liabilities                        10,001        11,743
        Stockholders' equity                         62,430        60,216
        Totals                                  $72,431       $71,959


        CONTACT: Lauran M. Watson,
                 Director of Shareholder Relations,
                 (702) 263-5413
          

Catalytica Reports Fourth Quarter and Fiscal 1995 Results
        


            MOUNTAIN VIEW, Calif. -- Jan. 31, 1996 -- Catalytica, Inc.
(NASDAQ:CTAL), today reported financial results for the fourth quarter
of 1995.
        


            The company reported revenues of $4.9 million and a net loss of
        $1.9 million ($0.10 per share), compared to revenues of $2.5 million
        and a net loss of $2.6 million ($0.17 per share) in the fourth
        quarter of 1994.  For the year ended December 31, 1995, the company
        reported revenues of $13.6 million and a net loss of $8.7 million
        ($0.55 per share), compared to revenues of $12.2 million and a net
        loss of $9.1 million ($0.61 per share) last year.  
        


            Fourth quarter and fiscal 1995 revenues were higher than
        revenues in the comparable 1994 periods primarily as a result of
        sales of intermediates to pharmaceutical customers by the company's
        fine chemicals business.
        


            Increased expenses in fiscal 1995 reflect the cost of sales of
        fine chemical products coupled with increased marketing and sales
        expenses, partially offset by reduced research activities.  Last
        year's expenses also included a one-time charge of $0.5 million
        related to a restructuring of the company s operations as it moves
        from a research and development organization to a technology-based
        commercial business.  
        


            Catalytica's Chief Executive Officer, Ricardo B. Levy, stated:
        "We are very pleased with the progress Catalytica made in 1995,
        particularly our performance in the last quarter which showed a
        significant improvement over the same period in 1994.  We continue
        to show quarter over quarter performance improvement in our bottom
        line while making progress in each of our businesses.  The fine
        chemicals business increased their sales in 1995 by 52% over 1994,
        much of that being achieved in the fourth quarter.  
        


            "We sold over 130 tons of products to major pharmaceutical
        companies during 1995, introduced four new processes into our
        facility in the fourth quarter, and developed a number of new
        processes for additional products for a number of additional
        products, which we expect to manufacture sell in 1996."  
        


            In the fourth quarter, the company completed a public offering
        of 4 million shares of its common stock.  The net proceeds of
        approximately $14.7 million are planned to be utilized by the
        company to expand its fine chemicals business and to continue the
        development of its XONON system for gas turbines.  
        


            Catalytica is developing catalytic processes and is
        manufacturing products that are designed to provide economic and
        environmental benefits by lowering manufacturing costs and reducing
        hazardous by-products.

        
                                Catalytica, Inc.
                    Consolidated Statements of Operations
                  (in thousands, except per share amounts)
        
                            December 31,
                         Three Months Ended            Calendar Year   
                          1995        1994           1995        1994
        Revenues
         Product sales       $3,943      $1,714         $ 8,858   $ 5,800
         Research revenues      988         807           4,766     6,395
                         ------      ------         -------   -------
                         $4,931      $2,521         $13,624   $12,195
        
        Costs and expenses    6,904       5,265          22,649    22,114
        Operating loss       (1,973)     (2,744)         (9,025)   (9,919)
        Interest, net           122         164             338       774
        Net loss             (1,851)     (2,580)         (8,687)   (9,145)
        Shares used in   
         computing net
         loss per share      17,826      15,038           15,785   15,070
        Net loss per share   $(0.10)     $(0.17)          $(0.55)  $(0.61)
        
                                 Catalytica, Inc.
                      Condensed Consolidated Balance Sheet
                                 (in thousands)
        
                                  December 31, 1995   December 31, 1994
        Assets:
        Current assets                    $25,756              $16,586
         Property and equipment, net        5,383                5,449
         Other long-term assets               100                  151
        
                                      -------              -------
                                      $31,239              $22,186
        
        Liabilities and Stockholders' Equity:
        
        Current liabilities                $7,654               $4,713
        Other long-term liabilities         1,556                1,694
        Stockholders' equity               22,029               15,779      
                                      -------              -------
                                      $31,239              $22,186
        
        
        CONTACT: Catalytica,
                 Lawrence W. Briscoe, 415/940-6370
        

NVF COMPANY SOLD
        


            YORKLYN, Del., Jan. 31, 1996 - NVF
Company
("NVF")
        announced the filing of its Disclosure Statement to Accompany the
        Joint Plan of Reorganization of NVF Company and the Official
        Committee of Unsecured Creditors Under Chapter 11 of the Bankruptcy
        Code with the Bankruptcy Court for the District of Delaware (the
        "Bankruptcy Court").
        


            Pursuant to the Plan, which is subject to Bankruptcy Court
        approval, NVF's common stock will be extinguished and NVF will be
        sold to First Security and Investment Corporation ("First
        Security").  Upon confirmation, assuming that the sale to First
        security closes, it is estimated that general unsecured creditors
        will receive a cash distribution of approximately forty-seven cents
        on the dollar.  The Plan also provides for a recapitalization
        alternative in the event that the sale to First Security is not
        consummated.  NVF's common stock will be extinguished pursuant to
        the Plan and NVF stockholders will not receive any distribution.
        


            Both the Disclosure Statement and Plan must be approved by the
        Bankruptcy Court in a two step process.  Once the Disclosure
        Statement is approved by the Bankruptcy Court, it will be
        disseminated among creditors who will have an opportunity to vote on
        the Plan.  A hearing on approval of the Disclosure Statement is
        scheduled for March 4, 1996. There is no assurance that Bankruptcy
        Court approval will be obtained.
        


        CONTACT:  John  J. McNaboe, chief operating officer, NVF Company,
        302-239-5281, or Ali M. M. Mojdehi, Baker & McKenzie, Counsel for
        NVF Company, 619-235-7780



Kimberly-Clark reports fourth-quarter and full-year 1995 results
        


            DALLAS, TX -- Jan.  31, 1996 -- Kimberly-Clark
        Corporation, which merged with Scott Paper Company in December,
        today reported higher sales and earnings for the combined company
        for the fourth quarter and full year 1995, excluding a previously
        announced fourth-quarter, one-time charge of $1.4 billion for
        restructuring and other unusual items.  The merger has been
        accounted for as a pooling of interests and, accordingly, results
        for 1994 and 1995 have been restated to include Scott.  
        


            For the full year, and before the effects of the 1995 one-time
        pretax charge and other nonoperating items, sales were up 15.1
        percent to $13.8 billion, operating profit rose 29.4 percent to $1.7
        billion, income from operations climbed 50.7 percent to $1.1
        billion, and earnings per share from operations increased 49.0
        percent to $3.86 versus $2.59.  Including unusual items, operating
        profit was $213.0 million, and net income was $33.2 million or 12
        cents per share.  

        
            Compared with the fourth quarter of 1994, and before the effects
        of the 1995 one-time charge and other nonoperating items, quarterly
        sales increased 9.0 percent to $3.4 billion, operating profit rose
        2.7 percent to $352.1 million, income from operations was up 32.3
        percent to $254.9 million, and earnings per share from operations
        increased 31.9 percent to 91 cents per share versus 69 cents.  The
        company's 1995 fourth-quarter results, including unusual items, were
        an operating loss of $1.1 billion and a net loss of $841.7 million
        or $3.01 per share.  
   

     
            Commenting on full-year and quarterly results, Wayne R.
        Sanders, chairman of the board and chief executive officer, said:
        "As expected, results from operations were on target with analysts'
        estimates for Kimberly-Clark on a stand-alone basis.  Growth in
        fourth-quarter sales and earnings for the combined company, however,
        was limited by activities and operating costs related to the merger.
        During December, shipments in the U.S.  of Scott tissue products
        declined as retailers sold existing stock to reduce inventories.  In
        addition, we took downtime at three former Scott mills at the end of
        December to adjust inventory levels and to perform maintenance
        originally planned for January of this year.  

        
            "These one-time integration costs are now behind us, and January
        orders for these tissue products are returning to pre-December
        levels,"  Mr.  Sanders said.  "We are on track with our integration
        plans, and I am enthusiastic about the growth prospects for the
        combined company."  
   

     
            Income from operations in both the 1995 and 1994 fourth quarters
        included the following nonoperating items.  Results for the most
        recent quarter reflected an after-tax charge of $18.1 million or six
        cents per share from the translation of U.S.  dollar-denominated
        liabilities into pesos at Kimberly-Clark de Mexico, S.A.  de C.V.
        and a charge of $7.6 million or three cents per share for fees and
        expenses related to the spin-off of tobacco-related businesses in
        the U.S.  and France.  In the 1994 fourth quarter, the company
        recorded an after-tax charge of $39.2 million or 14 cents per share
        related to the peso devaluation and gains from asset sales of $70.3
        million or 25 cents per share.  

        
            Higher worldwide selling prices for tissue, pulp and newsprint,
        together with improved product mix, were responsible for most of the
        increase in net sales in the 1995 fourth quarter.  Partially
        offsetting declines in sales volumes for Scott U.S.  tissue products
        were increased sales volumes for tissue businesses outside the U.S.
        and for personal care products in Europe and Asia.  
   

     
            The increase in operating profit was attributable to the higher
        selling prices and improved product mix.  Partially offsetting these
        factors were substantially higher fiber costs and increased
        marketing expenses in support of the national rollout of Viva Ultra
        household towels and improved versions of Cottonelle bathroom tissue
        in the U.S., the restaging of Scott Clean value towels in the U.S.
        and the expansion of Huggies diapers in Europe.  
      

  
            Kimberly-Clark's share of net income from equity companies
        improved $27.4 million quarter-to-quarter principally because of the
        previously mentioned lower charge in the 1995 quarter from the
        translation of U.S.  dollar-denominated liabilities into pesos.  The
        remainder of the improvement was due to higher earnings at both
        Scott's and Kimberly- Clark's Mexican affiliates.  
        


            For the quarter, and excluding the 1995 one-time charge, the
        company's effective income tax rate declined to 25.7 percent from
        40.4 percent a year ago.  The lower rate was primarily attributable
        to tax credits and higher earnings in Spain where net operating loss
        carryforwards were realized and tax law changes in the Netherlands
        that caused certain deferred tax assets to be recognized.  In
        addition, a decline in the U.S.  portion of the former Scott's
        fourth-quarter taxable income caused a reduction in its U.S.  income
        tax liability.  For the full year and excluding the charge, the
        company's effective tax rate declined to 33.2 percent from 40.5
        percent because of the European tax credits and tax law changes
        discussed above.  For 1996, the company forecasts an effective tax
        rate of approximately 36 percent.  

        
            Kimberly-Clark, a Fortune 100 company, is a leading manufacturer
        of personal care, consumer tissue and away-from-home products.  The
        company's well-known personal care brands include Huggies, Pull-Ups,
        GoodNites, Kotex, New Freedom, Poise and Depend.  Consumer tissue
        products are marketed under the trademarks Kleenex, Scott,
        Cottonelle, Viva and Job Squad.  

        
            For industrial, hotel and institutional uses, the company makes
        away- from-home tissue and nonwoven products with such brand names
        as Scott, Surpass, Kimwipes and Wypall.  Kimberly-Clark also is a
        major producer of professional health care products, newsprint and
        premium business, correspondence and technical papers.  Worldwide,
        the company has operations in 33 countries and its products are sold
        in 150 countries.  
   

     
            NOTE: 1995 quarter-by-quarter results for Kimberly-Clark and
        Scott on a consolidated and a stand-alone basis are presented in the
        accompanying table titled 1995 Earnings Summary.  Results for the
        consolidated company reflect accounting adjustments and
        reclassifications to conform the accounting practices of Scott to
        those of Kimberly-Clark.  Accordingly, the results for the
        consolidated company do not equal the sum of the separate companies'
        results.  Nonoperating items by quarter are shown in order to
        compare results from continuing operations.


                             KIMBERLY-CLARK CORPORATION
                          FOURTH QUARTER ENDED DECEMBER 31
                         (Millions except per share amounts)
        
                                         1995        1994     Change
                                       ---------   ---------   -------
        Net Sales                          $ 3,442.9   $ 3,158.6   +  9.0%
         Cost of products sold               2,207.8     2,071.5   +  6.6%
                                       ---------   ---------
        Gross Profit                         1,235.1     1,087.1   + 13.6%
         Advertising, promotion and selling
          expenses                             665.1       548.4   + 21.3%
         Research expense                       57.9        56.1   +  3.2%
         General expense                       160.0       139.9   + 14.4%
         Restructuring and other unusual
          charges                             1,440.0           -      N.M.
                                         ---------   ---------
        Operating Profit (Loss)              (1,087.9)      342.7      N.M.
         Interest expense                       (58.7)      (73.1)  - 19.7%
         Other income (expense), net             (1.7)      121.0      N.M.
                                         ---------   ---------
        Income (Loss) Before Income Taxes    (1,148.3)      390.6      N.M.
         Provision (Benefit) for income taxes  (285.1)      157.8      N.M.
                                         ---------   ---------
        Income (Loss) Before Equity Interests  (863.2)      232.8      N.M.
         Share of net income (loss) of
          equity companies                       25.2        (2.2)     N.M.
         Minority owners' share of
          subsidiaries' net income               (3.7)       (6.9)  - 46.4%
                                          ---------   ---------
        Income (Loss) from Continuing Operations
         Before Extraordinary Loss             (841.7)      223.7      N.M.
         Income from discontinued
          operation, net of income taxes            -        53.4      N.M.
                                          ---------   ---------
        Income (Loss) Before Extraordinary
         Loss                                  (841.7)      277.1      N.M.
         Extraordinary loss, net of
          income taxes                              -       (61.1)     N.M.
                                          ---------   ---------
        Net Income (Loss)                   $  (841.7)  $   216.0      N.M.
                                             
        Per Share Data:
         Income (Loss) from continuing operations
          before extraordinary loss         $   (3.01)  $     .80      N.M.
         Income from discontinued
          operation                                 -         .19      N.M.
         Extraordinary loss                         -        (.22)     N.M.
                                         ---------   ---------
         Net Income (Loss)                  $   (3.01)  $     .77      N.M.
                                             
        
        See Notes to Financial Summaries
        Unaudited
        
        KIMBERLY-CLARK CORPORATION
                           TWELVE MONTHS ENDED DECEMBER 31
                         (Millions except per share amounts)
        
                                        1995        1994       Change
                                      ---------   ---------   -------
        Net Sales                         $13,788.6   $11,979.2   + 15.1%
        Cost of products sold               8,828.1     7,793.7   + 13.3%
                                      ---------   ---------
        Gross Profit                        4,960.5     4,185.5   + 18.5%
        Advertising, promotion and selling
         expenses                           2,496.5     2,144.0   + 16.4%
        Research expense                      207.2       208.8   -  0.8%
        General expense                       603.8       555.6   +  8.7%
        Restructuring and other unusual
         charges                            1,440.0           -      N.M.
                                       ---------   ---------
        Operating Profit                      213.0     1,277.1   - 83.3%
         Interest expense                   (245.5)     (270.5)  -  9.2%
         Other income (expense), net          136.9       141.3   -  3.1%
                                       ---------   ---------
        Income Before Income Taxes            104.4     1,147.9   - 90.9%
         Provision for income taxes           153.5       464.9   - 67.0%
                                       ---------   ---------
        Income (Loss) Before Equity Interests(49.1)      683.0      N.M.
         Share of net income of equity
          companies                           113.3       110.5   +  2.5%
         Minority owners' share of
          subsidiaries' net income           (31.0)      (27.0)  + 14.8%
                                       ---------   ---------
        Income from Continuing Operations
         Before Extraordinary Loss             33.2       766.5   - 95.7%
         Income from discontinued
          operation, net of income taxes          -        48.4      N.M.
                                        ---------   ---------
        Income Before Extraordinary Loss       33.2       814.9   - 95.9%
         Extraordinary loss, net of
          income taxes                            -       (61.1)     N.M.
                                         ---------   ---------
        Net Income                         $    33.2   $   753.8   - 95.6%
                                            
        Per Share Data:
         Income from continuing operations
          before extraordinary loss        $     .12   $    2.76   - 95.7%
         Income from discontinued
          operation                                -         .17      N.M.
         Extraordinary loss                        -        (.22)     N.M.
                                         ---------   ---------
        Net Income                         $     .12   $    2.71   - 95.6%
                                            
        
        See Notes to Financial Summaries
        Unaudited
        
        KIMBERLY-CLARK CORPORATION
                            TWELVE MONTHS ENDED DECEMBER 31
                          (Millions except per share amounts)
        
                                         1995       1994      Change
                                       ---------   ---------   -------
        TWELVE MONTHS ENDED DECEMBER 31
        
        Cash Dividends Paid Per Share        $ 1.24      $ 1.23    +  .8%
        Capital Spending                      817.6       857.3    - 4.6%
        
        TWELVE MONTHS ENDED DECEMBER 31
        
        Net Income Return on Average
         Stockholders' Equity                 28.4% (a)   19.0%
        Operating Profit Return on Average
         Assets                               14.2% (a)   10.4%
        
           (a) Excluding restructuring and other unusual charges.
        
           See Notes to Financial Summaries
           Unaudited

        
                              KIMBERLY-CLARK CORPORATION
                             NOTES TO FINANCIAL SUMMARIES
        
            (1) On December 12, 1995, Kimberly-Clark Corporation ("Kimberly-
        Clark"  or the "Corporation") entered into a merger with Scott Paper
        Company ("Scott"), a worldwide producer of sanitary tissue products,
        whereby the Corporation issued .78 of a share of its common stock
        for each share of Scott common stock.  The $9.4 billion transaction
        qualified as a tax-free reorganization for income tax purposes and
        has been accounted for as a pooling of interests for financial
        reporting.  A worldwide plan has been put in place to integrate the
        operations of Scott into those of Kimberly-Clark.  
        
            (2) In conjunction with the worldwide integration plan, the
        Corporation recorded a one-time pretax charge of $1,440.0 million to
        cover the estimated costs of the merger with Scott, for
        restructuring the combined operations, and for other unusual items.
        The pretax cost of the 1995 one-time charge has been recorded in
        operating profit.  The income tax benefit of the 1995 one-time
        charge is estimated at $360.0 million.  The 1995 one-time charge,
        net of applicable income taxes and minority interests, reduced 1995
        net income by $1,070.9 million, or $3.83 per share.  
        
            (3) Other income (expense), net and net income (loss) for the
        twelve months ended December 31, 1995, include a pretax gain of
        $61.4 million ($40.0 million after-tax or $.14 per share) related to
        the sale of 80 percent of Midwest Express Holdings, Inc.  
        
            (4) Other income (expense), net and net income (loss) for the
        fourth quarter and twelve months ended December 31, 1994, include a
        pretax gain of $99.2 million ($62.5 million after-tax or $.22 per
        share) related to the sales of the Mobile, Ala.  energy and recovery
        complex assets and Scott Health Care.  
        
            (5) Share of net income (loss) of equity companies and net
        income (loss) for the fourth quarter and twelve months ended
        December 31, 1995, include nonoperating charges of $18.1 million, or
        $.06 per share and $38.5 million, or $.14 per share, respectively.
        For the fourth quarter and twelve months ended December 31, 1994,
        the charge was $39.2 million, or $.14 per share.  These effects are
        related to the translation of U.S.  dollar denominated liabilities
        into pesos at the Company's Mexican affiliate which have been
        incurred as a result of fluctuations in the value of the Mexican
        peso.  
        
            (6) The average number of common shares outstanding for the
        twelve months ended December 31, 1995 and 1994 was 279.5 million and
        278.2 million, respectively.  
        
        Unaudited
        
                               1995 EARNINGS SUMMARY
                         (Millions except per share amounts)
        
                           First Quarter                 Second Quarter
                   ----------------------------  -----------------------
                   Historical Results            Historical Results
                   ------------------            ------------------
                                    Consoli-                     Consoli-
                 K-C      Scott     dated      K-C      Scott    dated
              --------   -------  --------  --------  --------  --------
        1995 Results:
        -------------
        Net Sales $2,014.6  $1,003.3  $3,255.3  $2,152.0  $1,057.5  $3,483.6
        Operating
          Profit     223.3     159.1     368.9     257.5     217.9     435.7
        Net Income   108.7      96.9     199.6     163.3     145.5     307.4
        
        Net Income
         Per Share    $.68      $.64      $.71     $1.02      $.96     $1.10
        
        Adjusted for
        Nonoperating
        Items:
        -------------
        Effect of
         Mexican
           peso        .17                 .10      (.05)
        (.03)
         Asset
           disposals
           and other                                  .02      (.16)
        (.08)
               --------   -------  --------  --------  --------  --------
        Income Per
         Share From
         Operations    $.85      $.64      $.81      $.99      $.80
        $.99
                          
        
                         Third Quarter                 Fourth Quarter
                   ----------------------------  ----------------------
                   Historical Results            Historical Results
                  ------------------            ------------------
                                  Consoli-                     Consoli-
                 K-C      Scott     dated      K-C      Scott    dated
              --------   -------  --------  --------  --------  --------
        1995 Results:
        -------------
        Net Sales $2,212.3  $1,093.4  $3,606.8  $2,115.7  $  977.4  $3,442.9
        Operating
        Profit
          (Loss)    280.4     224.5     496.3    (453.0)   (656.6) (1,087.9)
        Net Income
          (Loss)    208.6     155.4     367.9    (381.7)   (468.3)   (841.7)
        
        Net Income
         (Loss) Per
         Share      $1.30     $1.02     $1.32    $(2.38)   $(3.08)   $(3.01)
        
        Adjusted for
        Nonoperating
        items:
        --------------
        One-time
         charge                                     3.29      3.57      3.83
              --------   -------  --------  --------  --------  --------
        Income before
         one-time
         charge       1.30      1.02      1.32       .91       .49       .82
              --------   -------  --------  --------  --------  --------
        Other unusual
         items:
        Effect of
         Mexican
           peso        .01                 .01       .11                 .06
         Midwest
          Express
          IPO        (.25)               (.14)
         Asset
          disposals
          and other            (.07)     (.04)      .05                 .03
               --------   -------  --------  --------  --------  --------
        Income Per
        Share From
        Operations   $1.06      $.95     $1.15     $1.07      $.49      $.91
                         
        
                     Full Year
                   -----------------------------
                   Historical Results
                   ------------------
                                        Consoli-
                      K-C      Scott     dated
                   --------  --------  ---------
           1995 Results:
           -------------
         Net Sales $8,494.6  $4,131.6  $13,788.6
         Operating
          Profit
           (Loss)     308.2     (55.1)     213.0
         Net Income
          (Loss)       98.9     (70.5)      33.2
        
         Net Income
          (Loss) Per
           Share       $.62     $(.46)      $.12
        
           Adjusted for
        Nonoperating
         Items:
           -------------
         One-time
          charge       3.29      3.57       3.83
                   --------  --------  ---------
         Income before
          one-time
           charge      3.91      3.11       3.95
                   --------  --------  ---------
         Other Unusual
          items:
            Effect of
             Mexican
              peso      .24                  .14
            Midwest
             Express
              IPO      (.25)                (.14)
            Asset
             disposals
              and
               other    .07      (.23)      (.09)
                   --------  --------  ---------
           Income Per
        Share From
         Operations   $3.97     $2.88      $3.86

                       
        Notes:
      

  
        Historical Results

        
            Presents the separate Net Sales, Operating Profit, Net Income
        and Net Income Per Share of both Kimberly-Clark and Scott.  Data for
        the first three quarters were derived from the Form 10-Qs filed by
        each company.  The fourth quarter and full year separate company
        financial data have been prepared on a "stand-alone"  basis for both
        Kimberly-Clark and Scott in a manner consistent with the first three
        quarters.  
   

     
        Consolidated

        
            Presents the consolidated Net Sales, Operating Profit, Net
        Income and Net Income Per Share of the merged companies based on
        pooling of interests accounting and includes appropriate
        reclassification entries and accounting adjustments to conform the
        accounting practices of Scott to those of Kimberly-Clark.
        Accordingly, the sum of the separate companies' results does not
        equal the Consolidated column.  
   

     
        Nonoperating Items

        
            Presents the after-tax effects of major unusual income statement
        items on a per share basis utilizing the average shares of the
        respective companies that were outstanding during the period.  The
        Consolidated column presents this data on a per share basis
        utilizing the average shares of the merged company that were
        outstanding during the period.  

        
        Income Per Share From Operations

        
            Presents the after-tax income from normal operations of the
        separate companies and the consolidated entity on a per share basis
        utilizing the average shares of the respective companies that were
        outstanding during the period.  The Consolidated column presents
        this data on a per share basis utilizing the average shares of the
        merged company that were outstanding during the period.  
   

     
        Unaudited
      


        CONTACT: Tina S. Barry, Kimberly-Clark Corporation, 214/281-1484



Bankruptcy court approves Dauphin agreements

        
            NORTHBROOK, Ill. -- Jan. 31, 1996 -- href="chap11.dauphin.html">Dauphin Technology Inc. today announced that
the United States Bankruptcy court has entered two orders approving a
series of business agreements.
        


            These agreements conclude Dauphin's relationship with Cormark
        and former Dauphin directors Kevin E. Koy, John Prinz, and John
        Russell Felker.  Previously, the board of directors had removed Koy
        and Felker from their positions as chief executive officer and
        president, respectively, and elected Andrew Kandalepas to assume
        leadership of the company as chief executive officer, president, and
        chairman of the board.  Additionally, on Jan. 18, the company filed
        an amended Plan of Reorganization.  Currently, Dauphin is preparing
        its disclosure statement for filing with the United States
        Bankruptcy Court.

        
            Immediately after the court's acceptance of the agreements,
        Dauphin's board of directors convened to approve and implement the
        company's new strategic plan as set forth by CEO Kandalepas.
        Kandalepas expressed confidence in Dauphin's ability to conclude
        bankruptcy proceedings in the near future and become a viable force
        in current technological development via product diversification and
        strategic partnerships.
   

     
            Dauphin is publicly traded through the National Quotation Bureau
        Pink Sheets under the symbol DNTKQ.
      

  
        CONTACT:  Dauphin Technology Inc., Northbrook;
                  Nina L. O'Connor, 847/559-8443 ext. 206
        



Healthcare America names new officers and files
        Chapter 11 bankruptcy; elects two to lead it through reorganization;
        individual hospital units not to be affected
        


            AUSTIN, Texas -- Jan. 31, 1996 -- href="chap11.healthcare.html">Healthcare
        America, Inc.
today announced that John P. Harcourt, Jr. has been
        elected president and chief executive officer and Michael C.
        Piercey, M.D., executive vice president and medical director of the
        company.
        


            Harcourt replaces Kevin P. Sheehan, who resigned the post last
        week (January 22).
        


            Harcourt also announced that Healthcare America filed a Chapter
        11 bankruptcy petition that includes a pre-arranged reorganization
        plan supported by all of the company' senior lenders.  The voluntary
        petition was filed today in U.S. Bankruptcy Court in Austin, Texas.
        According to the bankruptcy plan, no creditors other than the
        company's senior lenders will be impaired.

        
            "The bankruptcy will involve only the parent corporation, so no
        impact should be felt by patients, referring agencies, employees,
        medical staff, or vendors at our individual facilities," said
        Harcourt.
   

     
            "Moreover, this action will give the company a firm financial
        footing by eliminating much of our debt.  We will then be in a
        position to go forward and grow, thus protecting the quality of our
        care, our relationships with referral sources, the integrity of our
        medical and clinical services, the jobs of our staff, and the
        interests of our vendors," Harcourt said.
      

  
            Austin-based Healthcare America operates 10 psychiatric
        healthcare systems, two rehabilitation hospitals, and two acute care
        hospitals.  The company is active in seven states.
        


            Harcourt said the reorganization plan is included in a
        definitive agreement which anticipates that a portion of the
        proceeds from the future sale of any facility would be allocated to
        Healthcare America's approximately 1,300 shareholders, whose
        interests otherwise will be extinguished in the bankruptcy
        reorganization.  Under the agreement, shareholders as a group could
        receive up to $2.5 million in the aggregate.
        


            Harcourt and Piercey are experienced managers of psychiatric
        medical facilities.  They operate Rock Creek Center, an Illinois
        psychiatric healthcare system, and they previously served together
        as senior officers of another multi-hospital company that included
        the nation's first psychiatric managed care operation.
        


            Healthcare America was created at the end of 1993 through the
        combination of Healthcare International, Inc., a hospital management
        company, and HealthVest, a real estate investment trust.
        


            Healthcare America is a healthcare management company that owns
        and operates acute care, long-term rehabilitation, psychiatric
        hospitals, community living programs, and a full array of partial
        hospital and outpatient services in Texas, California, Colorado,
        Florida, Oklahoma, Tennessee and Virginia.  Healthcare America is
        traded over-the-counter through the National Daily Quotation System
        "Pink Sheets" published by the National Quotation Bureau, Inc.
        


        CONTACT:   Healthcare America, Inc., Austin
                   John P. Harcourt, Jr., 512/464-0200, x6208



        PENNZOIL REPORTS 1995 RESULTS

        
            HOUSTON, Jan. 31, 1996 - Pennzoil Co. (NYSE: PZL)
        reported a net loss of $305 million ($6.60 per share) for 1995,
        reflecting $297 million in one-time, after-tax charges for adoption
        of a new accounting standard and other nonrecurring items.
        


            This compares with a net loss of $289 million ($6.27 per share)
        for 1994, after $317 million of after-tax nonrecurring charges,
        including charges associated with the resolution of Pennzoil's tax
        dispute with the IRS.

        
            Excluding nonrecurring charges, Pennzoil's 1995 adjusted loss
        was $8 million (17 cents per share), compared to 1994 adjusted
        earnings of $28 million (61 cents per share).
   

     
            For the fourth quarter of 1995, Pennzoil reported a net loss of
        $28 million (60 cents per share), primarily resulting from severance
        charges associated with a previously announced cost-reduction
        program and a refinery fire.
      

  
            Excluding $37 million in after-tax, nonrecurring charges, fourth
        quarter 1995 adjusted earnings were $9 million (18 cents per share).
        


            This compares to an adjusted loss of $7 million (15 cents per
        share) for the 1994 fourth quarter.
        


            Pennzoil's annual revenues amounted to $2.5 billion for 1995,
        versus $2.6 billion in 1994.  Fourth quarter revenues were $608
        million in 1995, versus $657 in 1994.
        


            James L. Pate, chairman and chief executive officer, said that
        Pennzoil's 1995 results were severely impacted by the collapse of
        natural gas prices and the nonrecurring charges relating primarily
        to a mandatory accounting change.
        


           "Although natural gas prices spiked at the end of 1995," Pate
        said, "prices reached a seven-year low last summer.  Consequently,
        Pennzoil's average realized price for gas in 1995 was $1.46, or 33
        cents below 1994.  The gas price decline cost the company
        approximately $78 million in pretax operating income, or more than
        $1 per share of net income."
        


            Early adoption in the third quarter of the provisions of a
        mandated accounting rule governing long-lived asset realization
        resulted in a $400 million pretax ($265 million after tax) charge.
        Pate noted that as a result of this charge, Pennzoil's annual
        depreciation, depletion and amortization (DD&A) expenses will be
        reduced by about $42 million for the next several years.
        


            Other pretax nonrecurring charges in 1995 included:  employee
        severance charges primarily related to the general and
        administrative cost-reduction program, $20 million; fire loss at the
        Rouseville, Pa. refinery, $20 million; and other net nonrecurring
        charges of $9 million.
        


            The cost-reduction program was initiated by Pennzoil in October
        to reduce general and administrative expenses by a targeted $75
        million annually.  According to Pate, that effort continues and will
        be completed on schedule.
        


        1995 Operational Results


           Oil and gas segment earnings declined in 1995 primarily due to
        depressed natural gas prices.  While gas prices were lower, liquids
        prices improved 57 cents a barrel over the prior year average.
   

     
            Pennzoil estimates it replaced approximately 126 percent of its
        production in 1995.  Production costs were down from $5.32 to $5.09
        per barrel of oil equivalent, and finding and development costs were
        reduced to approximately $4 per barrel of oil equivalent - a
        significant improvement over 1994.

        
            The oil and gas segment is implementing additional operating
        cost improvements in 1996, anticipating lowering expenses to $4.25
        per barrel equivalent by year's end.
   

     
            Oil and gas 1995 operating income, adjusted to exclude
        nonrecurring items, totaled $91 million, versus $126 million in
        1994.
      

  
            Motor oil and refined products operating income was down sharply
        for the year primarily due to nonrecurring charges, lower fuel and
        other products margins and higher manufacturing expenses.
        


            Included in the nonrecurring charges for the year were losses
        associated with the shutdown of the company's Eureka crude pipeline
        in West Virginia, refinery fire loss in Pennsylvania and
        restructuring costs for international marketing operations.  These
        were partially offset by higher domestic motor oil margins.
        


            Pennzoil motor oil remained the nation's best selling brand for
        the tenth consecutive year, with 21 percent share of the market,
        seven points above its nearest competitor.
        


            The motor oil and refined products segment 1995 operating
        income, excluding nonrecurring charges, totaled $69 million, versus
        $87 million for 1994.
        


            Franchise operations reported strong earnings performance, with
        increases in Jiffy Lube sales volumes, car counts and ticket prices,
        while overhead costs remained essentially flat.
        


            Franchise operations had 1995 operating income, excluding
        nonrecurring items, of $19 million, versus $11 million in 1994.
        


        The following are the unaudited results of operations for
        the quarter and twelve months ended December 31, 1995
        compared with the same periods in 1994.
       


                                                Three Months Ended
                                                   December 31
                                                ------------------
                                                1995          1994
                                                ----          ----
                     (Expressed in thousands except per share amounts)
        
        REVENUES
        Oil and Gas                       $     174,637 $     237,884
        Motor Oil & Refined Products            379,549       358,761
        Franchise Operations                     72,432        65,345
        Sulphur                                       -        23,056
        Other                                    16,324        15,929
        Intersegment sales                      -34,921       -43,571
                                          ------------- -------------
           Total revenues                 $     608,021 $     657,404
                                           
        OPERATING INCOME (LOSS)
        Oil and Gas (1)                   $      27,036 $       6,244
        Motor Oil & Refined Products            -27,506        15,402
        Franchise Operations                      2,874         3,371
        Sulphur                                       -         1,249
        Other                                    15,635        16,220
                                          ------------- -------------
           Total operating income                18,039        42,486
        Corporate administrative expenses        25,302        13,468
        Interest charges, net (2)                49,780        52,862
                                          ------------- -------------
        Loss before income tax                  -57,043       -23,844
        Income tax benefit (3)                  -29,234       -12,359
                                          ------------- -------------
        LOSS BEFORE CUMULATIVE EFFECT OF
        CHANGE IN ACCOUNTING PRINCIPLE          -27,809       -11,485
        
        Cumulative effect of change in
        accounting principle                          -             -
                                          ------------- -------------
        NET LOSS                          $     -27,809 $     -11,485
                                           
        LOSS PER SHARE
        Loss before cumulative effect of
        change in accounting principle    $        -.60 $        -.25
        Cumulative effect of change in
        accounting principle                          -             -
                                          ------------- -------------
        TOTAL                             $        -.60 $        -.25
                                           
        AVERAGE SHARES OUTSTANDING               46,332        46,094
                                           
        NUMBER OF SHARES OUTSTANDING             46,370        46,127
                                           
        
                                              Twelve Months Ended
                                                   December 31
                                              -------------------
                                                1995          1994
                                                ----          ----
                  (Expressed in thousands except per share amounts)
        
        REVENUES
        Oil and Gas                       $     732,356 $     833,938
        Motor Oil & Refined Products          1,539,351     1,509,694
        Franchise Operations                    289,222       258,102
        Sulphur                                       -        71,902
        Other                                    87,133        59,673
        Intersegment sales                     -158,076      -170,366
                                          ------------- -------------
        Total revenues                    $   2,489,986 $   2,562,943
                                           
        OPERATING INCOME (LOSS)
        Oil and Gas (1)                   $      91,967 $      -4,901
        Motor Oil & Refined Products             12,044        41,767
        Franchise Operations                     13,188         2,814
        Sulphur                                       -       -57,407
        Impairment of Long-Lived Assets        -399,830             -
        Other                                    74,024        55,598
                                          ------------- -------------
        Total operating income (loss)          -208,607        37,871
        
        Corporate administrative expenses        74,720        66,324
        Interest charges, net (2)               194,348       476,641
                                          ------------- -------------
        Loss before income tax                 -477,675      -505,094
        Income tax benefit (3)                 -172,533      -221,355
                                          ------------- -------------
        LOSS BEFORE CUMULATIVE EFFECT OF
        CHANGE IN ACCOUNTING PRINCIPLE         -305,142      -283,739
        
        Cumulative effect of change in
         accounting principle                         -        -4,948
                                          ------------- -------------
        NET LOSS                          $    -305,142 $    -288,687
                                           
        LOSS PER SHARE
        Loss before cumulative effect of
        change in accounting principle    $       -6.60 $       -6.16
        Cumulative effect of change in
        accounting principle                          -         -0.11
                                          ------------- -------------
        TOTAL                             $       -6.60 $       -6.27
                                           
        AVERAGE SHARES OUTSTANDING               46,245        46,014
                                           
        NUMBER OF SHARES OUTSTANDING             46,370        46,127
                                           
        
        (1) 1994 twelve month totals include $93,875 in charges
            associated with the IRS settlement.
        (2) 1994 twelve month totals include $294,312 in charges
            associated with the IRS settlement.
        (3) 1994 twelve month totals include $177,762 in
            tax benefits associated with the IRS settlement.
        
                            OPERATING HIGHLIGHTS
                                (Unaudited)
        
                                                Three Months Ended
                                                   December 31
                                                ------------------
                                                1995          1994
                                                ----          ----
        OPERATING DATA
        --------------
        OIL AND GAS
        Net production
        Crude oil, condensate and natural
        gas liquids (barrels per day)            61,220        73,156
        Natural gas produced for sale
        (Mcf per day)                           586,486       753,872
        
        Weighted average prices
        Crude oil, condensate and natural
        gas liquids (per barrel)          $       13.81 $       13.99
        Natural gas (per Mcf)             $        1.68 $        1.45
        
        MOTOR OIL & REFINED PRODUCTS
        Sales (barrels per day)
        Gasoline and naphtha                     21,954        20,816
        Distillates and gas oils                 24,314        28,402
        Lubricating oil and other specialty
        products                                 21,576        22,328
        Residual fuel oils                        2,571         3,330
                                          ------------- -------------
        Total sales (barrels per day)            70,415        74,876
                                           
        Raw materials processed
        (barrels per day)                        31,572        57,739
        Refining capacity
        (barrels per day)                        62,700        62,700
        
        FRANCHISE OPERATIONS
        Domestic systemwide
        sales (in thousands)              $     164,755 $     158,563
        Same center sales (in thousands)  $     156,436 $     156,633
        Centers open (U.S.)                       1,198         1,132
        
                                OPERATING HIGHLIGHTS
                                (Unaudited)
        
                                              Twelve Months Ended
                                                    December 31
                                              -------------------
                                                1995          1994
                                                ----          ----
        OPERATING DATA
        --------------
        OIL AND GAS
        Net production
        Crude oil, condensate and natural
        gas liquids (barrels per day)            67,143        68,709
        Natural gas produced for sale
        (Mcf per day)                           662,311       716,962
        
        Weighted average prices
        Crude oil, condensate and natural
        gas liquids (per barrel)          $       14.31 $       13.74
        Natural gas (per Mcf)             $        1.46 $        1.79
        
        MOTOR OIL & REFINED PRODUCTS
        Sales (barrels per day)
        Gasoline and naphtha                     20,618        24,168
        Distillates and gas oils                 26,434        29,978
        Lubricating oil and other specialty
        products                                 22,966        23,079
        Residual fuel oils                        3,381         3,361
                                          ------------- -------------
        Total sales (barrels per day)            73,399        80,586
                                           
        Raw materials processed
        (barrels per day)                        47,966        58,703
        Refining capacity
        (barrels per day)                        62,700        62,700
        
        FRANCHISE OPERATIONS
        Domestic systemwide
        sales (in thousands)              $     656,594 $     607,467
        Same center sales (in thousands)  $     622,961 $     599,426
        Centers open (U.S.)                       1,198         1,132


        CONTACT: Robert G. Harper, Pennzoil Co., 713-546-8536


        FRAMINGHAM FATHER AND SON PLEAD GUILTY TO ILLEGAL GAMBLING; FATHER
        ALSO PLEADS TO MONEY LAUNDERING AND FRAUD CHARGES, SAYS U.S.
        ATTORNEY

        
            BOSTON, Jan. 31, 1996 - Two Framingham, Massachusetts
        men, a father and son, pleaded guilty today to illegal gambling.
        The father also pleaded guilty to money laundering and extortion.
        In a separate case, the father also pleaded guilty to making false
        statements to banks in order to obtain credit cards, and to
        concealing assets in his bankruptcy to defraud his creditors.
        


            United States Attorney Donald K. Stern stated that JOHN J.
        SNELL, SR., age 52, of 80 Hartford Street, Framingham,
        Massachusetts, pleaded to conducting an illegal gambling business,
        two counts of extortion and four counts of money laundering.  In
        addition, JOHN J. SNELL, JR., age 27, of 3 Nipmuc Terrace,
        Framingham, Massachusetts pleaded guilty to conducting an illegal
        gambling business.
        


            At a hearing today before U.S. District Judge Nancy Gertner, a
        federal prosecutor stated that SNELL, SR., ran an illegal gambling
        business, extended and collected an extortionate loan
        (loansharking), and laundered the proceeds of those illegal
        activities.  According to the prosecutor, SNELL, JR. also ran an
        illegal gambling business.
        


            The defendants face a maximum sentence of twenty years on each
        of the money laundering and extortion counts and five years on the
        illegal gambling counts.  In addition, each faces a maximum fine of
        $250,000 on each count.
        


            The investigation was conducted by the Federal Bureau of
        Investigation, with the assistance and cooperation of the Internal
        Revenue Service, the Massachusetts State Police, and the Framingham
        Police Department.  The illegal gambling and money laundering case
        is being prosecuted by Assistant U.S. Attorney Jeffrey Auerhahn of
        Stern's Strike Force Unit.
        


            In a separate case, JOHN J. SNELL, SR. pleaded guilty to three
        counts of obtaining credit cards by providing false information as
        to his employment, his income, and his social security number.  A
        government attorney informed the Court that, at the time he filed
        for bankruptcy in October, 1991, SNELL, SR. owed banks about $20,000
        on those cards.  SNELL, SR. also pleaded guilty to two counts of
        bankruptcy fraud for concealing from his creditors that he owned
        about $36,000 worth of jewelry, and had $16,000 in a bank account in
        someone else's name, and for using a false social security number.
        


            In the fraud case, SNELL, SR. faces a maximum penalty of twenty
        years' imprisonment and a $1 million fine on two of the false
        statement counts, two years' imprisonment and a $250,000 fine on the
        third false statement count, and five years' imprisonment and a
        $250,000 fine on each of the two bankruptcy fraud counts.
        


            The fraud case was investigated by agents of the Federal Bureau
        of Investigation, referred by the U.S. Trustee's Office in Boston,
        and is being prosecuted by Assistant U.S. Attorney Mark J.
        Balthazard of Stern's Economic Crimes Unit.
        


            Judge Gertner set the sentencing of JOHN J. SNELL, SR. for April
        9, 1996 and for JOHN J. SNELL, JR. for March 14, 1996.
        


        /CONTACT: Joy Fallon and Anne-Marie Kent of the US Attorney's
        Office, 617-223-9445/



        FIDELITY FEDERAL BANK ISSUES FOURTH-QUARTER, YEAR-END RESULTS

        
            GLENDALE, Calif., Feb. 1, 1996 - Fidelity Federal Bank,
        FSB ("Fidelity" or the "Bank") today announced its financial results
        for the fourth quarter of 1995, during which it successfully
        completed its previously announced recapitalization, raising a net
        aggregate total of approximately $134 million in new equity.  In the
        fourth quarter the Bank recorded a $45 million loan portfolio charge
        in connection with the adoption of its previously announced
        accelerated asset resolution plan. Fidelity will continue to explore
        various alternatives for resolving those multifamily loans and
        assets which are identified for inclusion in the resolution plan
        pool.
        


            Richard M. Greenwood, President and Chief Executive Officer,
        said: "As a result of the capital infusion Fidelity is now a `well-
        capitalized' institution.  With the recapitalization behind us we
        are now well positioned to continue to resolve our problem assets
        and to improve our financial efficiency.

        
            "Loan delinquencies fell again this quarter and are at their
        lowest levels since 1991, and nonperforming loan levels also
        declined.  We have continued to reduce our operating expense base
        and we expect to achieve further cost-reduction in future quarters."
   

     
        Fourth-Quarter 1995 Operating Results
      


        The Bank recorded a net loss for the quarter ended December 31,
        1995, of $50.4 million ($1.08 per common share based on weighted
        average shares outstanding of 46.8 million), primarily reflecting
        the $45 million charge for the accelerated asset resolution plan.
        For the comparable period in 1994 a net loss of $14.8 million ($0.57
        per common share based on weighted average shares outstanding of
        26.0 million) was recorded.

        
            For the full year, the Bank reported a net loss of $69.0 million
        ($2.21 per common share based on weighted average shares outstanding
        of 31.2 million), compared to a net loss of $128.4 million ($9.77
        per common share based on weighted average shares outstanding of
        13.1 million) for full-year 1994.
   

     
            Fourth-quarter 1995 net interest income of $18.7 million
        increased $0.6 million, or 3.6%, from the third quarter and
        decreased $0.8 million, or 4.1%, from the 1994 fourth quarter.
        Fidelity's net yield on interest-earning assets for the quarter was
        2.27%, compared to 2.17% in the third quarter and 2.15% for the 1994
        fourth quarter.
      

  
            The 1995 fourth-quarter provision for estimated loan losses of
        $45.8 million increased $37.0 million from the 1995 third quarter
        and $23.9 million from the same period in 1994 principally as a
        result of the adoption of the accelerated asset resolution plan in
        the fourth quarter, as contemplated in the Bank's recapitalization
        plan.
        


            At year-end, total delinquent loans decreased to $71.9 million,
        or 2.4% of total loans, from $80.7 million, or 2.7% of total loans,
        at September 30, 1995, and $106.8 million, or  3.3% of total loans,
        at December 31, 1994, with delinquencies falling in all categories.
        Of the total, delinquencies in the 90-days-and-over category were
        $51.9 million at December 31, 1995, compared to $55.1 million at
        September 30, 1995.
        


            During the 1995 fourth quarter, nonperforming assets fell to
        $71.4 million, or 2.2% of total assets, from $92.7 million, or 2.7%
        of total assets, at September 30, 1995 and $85.7 million, or 2.3% of
        total assets, at December 31, 1994, primarily as a result of sales
        of real estate owned acquired by the Bank through foreclosure.
        Included in nonperforming assets at December 31, 1995 were
        nonaccruing delinquent loans of $51.9 million and real estate owned
        of $19.5 million, compared to $55.1 million and $37.6 million at
        September 30, 1995, respectively.
        


            Operating expenses, net of a $4.3 million charge relating to the
        reserving of previously capitalized costs (associated with the
        modification and implementation of certain purchased software),
        decreased $1.5 million, or 7.3%, from third-quarter levels.
        Operating efficiency (operating expenses divided by net interest
        income and noninterest income, excluding non recurring items) was
        85.7% in the fourth quarter, compared to 92.3% in the third quarter.
        At the end of the fourth quarter, staffing levels were approximately
        7% below September 1995 levels and 25% below December 1994 levels.
        


        Capital Position


            As of December 31, 1995, the Bank's tangible, core and risk-
        based capital ratios were 6.91%, 6.92% and 12.43%, respectively,
        exceeding the minimum regulatory capital requirements for a "well-
        capitalized" institution.  These ratios do not take into account the
        proposed one- time assessment for SAIF insured institutions
        currently under consideration by Congress.  While the outcome of the
        pending congressional legislation cannot be predicted with
        certainty, it is likely that Fidelity would continue to maintain
        capital ratio levels necessary to be considered a "well-capitalized"
        institution after such an assessment, if implemented in its
        currently proposed form.

        
            Stockholders equity totaled $229 million at December 31, 1995
        with a book value per common share outstanding at year-end of $2.43.
   

     
        Reverse Stock Split
        


     Fidelity also announced that it has proposed a 1 for 4 reverse
        stock split of its shares of Class A Common Stock and is seeking
        shareholder approval for the split at a special meeting to be held
        in early February.  The Bank anticipates applying for listing on the
        Nasdaq National Market.  Fidelity's common stock shares are
        currently quoted on the Nasdaq OTC Bulletin Board under the symbol
        FDFBA.

        
            Fidelity Federal Bank, FSB offers a broad range of consumer
        financial services, including demand and term deposits and mortgage
        loans.  In addition, through Gateway Investment Services, Inc., a
        NASD- registered broker/dealer, Fidelity provides customers of the
        Bank with investment products, including mutual finds, annuities and
        unit investment trusts.  Fidelity operates through 33 branches, all
        of which are located in Southern California, principally in Los
        Angeles and Orange counties.
   

     
         FIDELITY FEDERAL BANK, A FEDERAL SAVINGS BANK AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                (Dollars in thousands, except per share amounts)
        
                                                 December 31 December 31
                                                    1995       1994
         Assets:                                      (Unaudited)
         Cash and due from banks                   $94,444    $74,065
         Investment securities
           available for sale, at fair
           value                                    94,655     24,158
         Investment securities held to
           maturity, at amortized cost             125,233
         Mortgage-backed securities
           available for sale, at fair
           value                                    31,733     46,028
         Loans held for sale, at lower
           of cost or market                           ---     48,315
         Loans receivable, net of
           allowances                            2,935,116  3,239,988
         Interest receivable                        20,162     20,256
         Investment in FHLB stock                   49,425     47,017
         Real estate owned, net                     19,521     14,115
         Premises and equipment, net                34,333     50,039
         Other assets                               20,055     20,624
             Total Assets                       $3,299,444 $3,709,838
         Liabilities and Stockholders' Equity:
         Liabilities:
           Deposits                             $2,600,869 $2,697,272
           FHLB Advances                           292,700    332,700
           Commercial paper                         50,000    400,000
           Mortgage-backed notes                   100,000    100,000
           Other liabilities                        26,832     23,319
             Total Liabilities                   3,070,401  3,553,291
         Stockholders' Equity:
         Serial preferred stock, no par value;
           2,070,000 shares outstanding at December
           31, 1995; liquidation preference $25.00
           per share                                51,750        ---
         Common Stock:
         Class A common stock, par
           value $.01 per share; 71,062,717 and
           19,860,474 shares outstanding at            711        199
           at December 31, 1995 and
           December 31, 1994, respectively
         Class B common stock, par
           value $.01 per share; no shares
           authorized or outstanding at
           December 31, 1995 and 4,202,243
           shares outstanding at December 31, 1994     ---         42
         Class C common stock, par
           value $.01 per share;
           1,907,143 shares outstanding at              19         19
           December 31, 1995 and 1994
         Paid-in capital                           261,603    179,431
         Unrealized gains (losses) on securities       788     (3,482)
         Minimum pension liability
           adjustment                                  ---     (2,813)
         Retained deficit                          (85,828)   (16,849)
             Total Stockholders' Equity            229,043    156,547
             Total Liabilities Stockholders'
               Equity                           $3,299,444 $3,709,838
        
                                      Quarter Ended         Year ended
                                       December 31,         December 31,
                                     1995       1994      1995       1994
                                                   (Unaudited)
         Interest Income:
         Loans                     $57,192    $55,476   $227,710   $226,949
         Mortgage-backed securities    489        553      3,535      2,868
         Investment securities and
          other                      4,005      3,352     15,232     11,648
         Total interest income      61,686     59,381    246,477    241,465
        
         Interest Expense:
         Deposits                   33,446     26,790    128,242    108,310
         FHLB Advances               4,126      5,099     17,411     17,663
         Other borrowings            5,380      7,954     29,183     25,526
         Subordinated notes              -          -          -      4,329
         Total interest expense     42,952     39,843    174,836    155,828
        
         Net Interest Income        18,734     19,538     71,641     85,637
         Provision for estimated
           loan losses              45,800     21,947     69,724     65,559
         Net Interest Income after
           Provision for Estimated
           Loan Losses             (27,066)    (2,409)     1,917     20,078
        
         Noninterest Income (Expense):
         Loan fee income               396      1,390      3,606      4,518
         Gains (losses) on loan
           sales, net                 (139)      (197)       522     (3,963)
         Fee income from sale of
           uninsured investment
           products                    875        868      4,117      3,419
         Fee income on deposits
           and other                   816      1,318      3,260      4,522
         Gains (losses) on securities
           activities, net               -      2,063      4,098      1,130
         Gain on sale of servicing     106          -      4,604          -
                                     2,054      5,442     20,207      9,626
         Provision for estimated real
           estate losses              (593)      (942)    (3,366)    (8,768)
         Direct costs of real estate
           operations, net          (1,515)      (460)    (5,779)    (8,651)
                                    (2,108)    (1,402)    (9,145)   (17,419)
         Total noninterest
           income (expense)            (54)     4,040     11,062     (7,793)
        
         Operating Expense:
         Personnel  and benefits     8,163      8,842     34,859     44,368
         Occupancy                   3,005      3,051     12,337     13,707
         FDIC insurance              2,043      2,079      8,205      9,340
         Professional services       2,610      2,118     10,601     10,208
         Office-related expenses     1,221      1,586      4,611      6,647
         Marketing                      60        459      1,562      2,281
         General insurance             486        466      1,914      1,697
         Bank clearing                 462        372      1,660      2,033
         Other                       5,252        682      6,205      1,578
                                    23,302     19,655     81,954     91,859
         Restructuring and
           Recapitalization charges,
           net                           -     (2,722)         -     65,394
         Total operating expense    23,302     16,933     81,954    157,253
        
         Loss Before Income Taxes  (50,422)   (15,302)   (68,975)  (144,968)
         Income tax expense (benefit)    -       (467)         4    (16,524)
        
         Net Loss                 ($50,422)  ($14,835)  ($68,979) ($128,444)
        
         Net Loss Per Common Share  ($1.08)    ($0.57)    ($2.21)    ($9.77)
         Weighted Average Common
           Shares Outstanding   46,834,115 25,969,860 31,228,806 13,147,839
        
                                      At or for the        At or for the
                                      quarter ended          year ended
                                       December 31,          December 31,
                                     1995      1994        1995       1994
                                                  (Unaudited)
         Financial Data for the Period:
         Real estate loans funded   $1,897    $35,042    $19,396   $521,580
         (Decrease) increase in
          deposits                ($64,722)   $43,858   ($96,403) ($671,392)
         Operating expenses to
           average assets (1)         2.21%      2.07%      2.28%      2.27%
         Operating efficiency
           ratio (1) (2)             85.73%     85.77%     89.81%     97.58%
         Financial Data at end of the Period:
         Total assets                                 $3,299,444 $3,709,838
         Total loans and mortgage-
           backed securities                          $2,966,849 $3,334,331
         GVA to NPAs                                       71.71%     58.89%
         Deposits                                     $2,600,869 $2,697,272
         Borrowings                                     $442,700   $832,700
         Stockholders' equity                           $229,043   $156,547
         Stockholders' equity per common share             $2.43      $6.03
         Common shares outstanding                    72,969,860 25,969,860
         Full-time equivalent
          employees                    554        724        544        724
         Headcount                     654        835        636        805
        
         Regulatory Capital Ratios:
         Core capital to adjusted total assets              6.92%      4.29%
         Core capital to risk-weighted assets              11.16%      7.01%
         Total capital to risk-weighted assets             12.43%      8.28%
        
         Weighted Average Yield for the Period:
         Loans                        7.46%      6.51%      7.12%      6.36%
         Mortgage-backed securities   6.18%      5.32%      6.37%      5.37%
         Investments                  6.17%      5.40%      6.10%      5.09%
         Combined interest-earning
           assets                     7.35%      6.43%      7.04%      6.27%
        
         Weighted Average Cost for the Period:
         Deposits                     5.04%      4.00%      4.79%      3.64%
         Borrowings                   6.54%      5.70%      6.51%      5.35%
         Combined interest-bearing
           liabilities                5.31%      4.43%      5.15%      4.03%
         Interest Rate Spread for
           the Period                 2.04%      2.00%      1.89%      2.24%
        
         Net Yield on Interest-earning
          Assets for the Period       2.27%      2.15%      2.05%      2.22%
        
                                           Dec. 31   Sept. 30    Dec. 31
                                              1995       1995       1994
         Nonperforming Assets ("NPAs"):
         Nonaccruing loans                 $51,910    $55,114    $71,614
         Foreclosed real estate            $19,520    $37,550    $14,115
         Total NPAs                        $71,430    $92,664    $85,729
         NPAs to total assets                 2.16%      2.74%      2.31%
        
         NPAs and Troubled Debt
          Restructurings ("TDRs"):
         NPAs                              $71,430    $92,664    $85,729
         TDRs                               25,790     47,340     52,144
         Total NPAs and TDRs               $97,220   $140,004   $137,873
         NPAs and TDRs to total assets        2.95%      4.14%      3.72%
        
         Classified Assets:
         NPAs                              $71,430    $92,664    $85,729
         Performing classified loans       147,647     88,337     55,807
         Total classified assets          $219,077   $181,001   $141,536
         Classified assets to total assets    6.64%      5.35%      3.82%
        
         Loan Delinquencies by Property Type:
         Single Family:
         30 to 59 days                      $4,283     $4,451     $4,413
         60 to 89 days                         924      1,720      1,016
         90 days and over                    7,226      8,966      7,775
                                           $12,433    $15,137    $13,204
         Multifamily (2 to 4 units):
         30 to 59 days                      $1,748     $2,873     $4,281
         60 to 89 days                         282      2,609        904
         90 days and over                    6,671      5,414      6,590
                                            $8,701    $10,896    $11,775
         Multifamily (5 to 36 units):
         30 to 59 days                      $5,434     $7,444    $15,438
         60 to 89 days                       5,801      3,746      5,247
         90 days and over                   14,312     15,228     23,112
                                           $25,547    $26,418    $43,797
         Multifamily (37 units and over):
         30 to 59 days                        $304     $1,533          -
         60 to 89 days                           -        304      2,272
         90 days and over                    3,190          -      7,088
                                            $3,494     $1,837     $9,360
         Commercial & Industrial:
         30 to 59 days                        $958     $1,662       $264
         60 to 89 days                         213          -      1,385
         90 days and over (3)               20,511     24,705     27,049
                                           $21,682    $26,367    $28,698
         Total Loan Delinquencies, net     $71,857    $80,655   $106,834
         As a % of Total Net Loan Portfolio   2.41%      2.66%      3.25%
        
            (1) Excludes the impact of net Restructuring and
        Recapitalization charges in 1994.
        
            (2)  The efficiency ratio is computed by dividing total
        operating expense by net interest income and noninterest income,
        excluding nonrecurring items, provisions for estimated loan and real
        estate losses, direct costs of real estate operations and
        gains/losses on sale of securities.
        
            (3)  Includes one hotel loan with a balance of $15.9 million for
        all reported periods.


        /CONTACT:  Neil L. Osborne, Senior Vice President, Fidelity Federal
        Bank, FSB, 818-551-2512; or Roy Winnick of Kekst and Company,
        212-593-2655./