Bankruptcy News For - February 6, 1996

  1. CalPERS Announces Top Ten Target Companies
  3. Platinum Software Corporation announces second quarter fiscal 1996 results

CalPERS Announces Top Ten Target

            SACRAMENTO, Calif. -- Feb. 6, 1996 -- The
        California Public Employees' Retirement System (CalPERS) today
        released its top ten list of Corporate America's financial

            The targeted companies will serve as the focus of the System's
        corporate governance activism for the 1996 proxy season.  

            "The time has come to publicly identify the companies that have
        failed to make the financial grade, compared to their industry
        peers," said Dr. William D. Crist, President of the CalPERS Board of
        Administration.  "These companies will receive close scrutiny and be
        the subject of intense efforts on our part to enhance performance
        for the benefit of our beneficiaries and all shareholders."  

            The "Focus Ten" target companies include, in alphabetical order:
        Applied Bioscience of Arlington, Virginia; Bassett Furniture of
        Bassett, Virginia; Charming Shoppes of Bensalem, Pennsylvania;
        Edison Brothers Stores of St.
Louis, Missouri; Melville Corporation
        of Rye, New York; Oryx Energy Company of Dallas, Texas; Rollins
        Environmental Services of Wilmington, Delaware; Stride Rite
        Corporation of Cambridge, Massachusetts; United States Surgical of
        Norwalk, Connecticut; and Venture Stores of O'Fallon, Missouri.  Of
        these companies, Oryx Energy and Melville appear on the list for the
        second year in a row.  

            CalPERS' "Focus Ten" rank among the poorest long-term relative
        performers in the pension fund's domestic portfolio of more than
        1,500 companies.  Many of this year's companies are outside of the
        Fortune 200 family.  

            "Now that we've been successful with Fortune 200
        underperformers, we're moving further down the Corporate America
        food chain -- to the mid-size, less-than-household name companies,"
        said Crist.  "Smaller companies should take heed from Corporate
        America's giants who have turned their companies around through
        measures suggested by active investors.  They can no longer use the
        industry downturn as an excuse for their underperformance."  

            A Wilshire Associates study of the "CalPERS Effect" of corporate
        governance examined the performance of 53 companies targeted by the
        System over a five year period.  Results indicated that while the
        stock of these companies trailed the Standard & Poor's 500 Index by
        75.2 percent in the five year period before CalPERS acted, the same
        stock prices outperformed the index by 54.4 percent in the following
        five years, adding approximately $150 million annually in excess

            As in the past, CalPERS' strategy is to ask for a meeting with
        each company's independent directors to discuss issues of
        performance and shareholder value.  If these companies fail to
        cooperate, CalPERS is prepared to take more aggressive actions.  

            "If we need to engage in aggressive `Just Vote No' campaigns or
        utilize extensive proxy solicitations to support our proposals, we
        will do so," said Richard H. Koppes, Deputy Executive Officer and
        General Counsel of CalPERS.  

            During the 1996 proxy season, CalPERS will focus on eight issues
        that address components of board structure and performance of the
        "Focus Ten" companies.  The eight issues include:

            Thus far, CalPERS has met with independent directors of five
        companies (Applied Bioscience, Melville, Oryx Energy, Stride Rite,
        and U.S. Surgical) and a meeting has been scheduled with Charming

            CalPERS has filed shareholder proposals at Oryx Energy, Stride
        Rite, U.S. Surgical and Venture Stores.  The Oryx Energy, Stride
        Rite and Venture Stores proposals seek to de-stagger board terms.
        The U.S. Surgical proposal calls for the board's chairperson to be
        an independent director, separate from the current CEO/Chair Leon C.
        Hirsch.  U.S. Surgical's Board was recently named one of the five
        worst boards among 200 large public companies by Chief Executive

            Due to the recent Chapter 11 bankruptcy action filed by Edison
        Brothers Stores, CalPERS has joined other investors to urge the
        bankruptcy court to appoint a committee of equity security holders.
        CalPERS hopes that such a committee will be a vehicle to influence
        and change the direction of management once Edison emerges from

            CalPERS is currently scheduling meetings with Bassett Furniture,
        Venture Stores and Rollins Environmental Services.  On January 26,
        CalPERS voted against the re-election of Rollins' board of
        directors. CalPERS is the nation's largest public pension fund with
        assets of more than $95 billion.  The System provides retirement and
        health benefits to more than one million current and retired public

        CONTACT:  California Public Employees' Retirement System
                  Brad Pacheco/Pat Macht, 916/326-3991


            CHICAGO, Feb. 6, 1996 - The Quaker Oats Company (NYSE:
        OAT) today reported a net loss for the quarter ended December 31,
        1995, as indicated in its December 21 news release.  The loss
        totaled $47.8 million, or a negative 36 cents per share, for the
        December quarter. Net income for the quarter ended December 31, 1994
        was $34.4 million, or 25 cents per share.

            The loss reflects a $40.8 million pre-tax restructuring charge
        to reconfigure the Snapple manufacturing network and to realign the
        Company's European beverages and Pacific foods businesses. The loss
        also reflects a write-off of excess Snapple inventories and a
        decline in Snapple sales of approximately 9 percent for the quarter,
        compared to the prior year.

            December-quarter sales of $1.18 billion were 22 percent below
        last year's $1.51 billion. Last year's sales included $427.1 million
        from divested businesses.  Excluding divested businesses, sales for
        the quarter were up 9 percent.

            The Company reported an operating loss in the quarter of $43.1
        million versus operating income of $98.2 million a year ago.  Last
        year's results included $28.4 million of operating income from
        businesses divested later in the fiscal 1995 year.  Snapple reported
        an $80.5 million total operating loss, reflecting a $24.4 million
        pre-tax restructuring charge to eliminate inefficient capacity in
        its supply chain system and a $19 million write-off of excess

            In addition, Quaker took restructuring charges totaling $16.4
        million for the realignment of the European beverages and Pacific
        foods businesses, in order to focus on the most attractive growth
        areas and significantly improve the profitability of both
        businesses.  All restructuring actions are expected to result in
        combined annual savings of about $15 million per year.

            William D. Smithburg, Chairman, President and Chief Executive
        Officer, said, "We have passed through the greatest transition
        period in Quaker's history.  These changes, by design, were made to
        strengthen Quaker's portfolio.  While 1995 results do not reflect
        this potential, we are better positioned to aggressively pursue
        profitable growth in fiscal 1996.

            "Our first year with Snapple was disappointing.  We have
        assessed what we need to improve and have taken aggressive actions
        such as realigning its manufacturing configuration.  In addition, we
        have energized our distributor network, enhanced merchandising, and
        innovated with new advertising, labels, packaging and flavors.
        We're ready to compete in the 1996 beverage season with our two
        powerhouse brands - Gatorade thirst quencher and Snapple."

            Gatorade and U.S. Foods, which combined represent about 65
        percent of Quaker's sales, performed well in the December quarter.
        Gatorade, hot cereals, rice/grain cakes, and Latin American foods
        and beverages reported strong volume growth for both the quarter and
        the six-month period.  "We do not expect earnings growth for the
        March quarter, compared to a year ago, because of the impact of
        divested businesses and increased seasonality of the overall
        portfolio.  However, we are confident that our key businesses
        provide Quaker with a strong base for improved performance in 1996,"
        Smithburg said.

        Six Month Results

           The six months ended December 31, 1995 represent a transition
        period to align Quaker's fiscal year with the calendar year
        beginning January 1, 1996.

            For the six months ended December 31, 1995, net income was $13.7
        million, or nine cents per share, compared to $91.7 million, or 67
        cents per share for the same period in 1994, which included a charge
        of 3 cents per share for the cumulative effect of an accounting
        change and a provision of 8 cents per share for litigation costs
        related to a 1984 trademark case.  Excluding the restructuring
        charge, six-month earnings per share would have been 27 cents.
        Sales of $2.73 billion were 13 percent below last year's $3.14
        billion, which included $822.5 million from divested businesses.
        Excluding sales from divested businesses, sales increased 18 percent
        over the prior year.  Operating income of $105.7 million compares to
        $241.0 million in the prior year, which included $47.7 million of
        income from divested businesses.  This operating income decline of
        56 percent primarily reflects the loss related to the Snapple
        business, which totaled $85.2 million in the six- month period.

        U.S. and Canadian Grocery Products

           Sales in the December quarter for U.S. and Canadian Grocery
        Products of $884.7 million were 13 percent below sales of $1.02
        billion a year ago.  Divested businesses contributed $178.5 million
        to the prior-year quarter.  Excluding divested businesses, sales
        were up 6 percent from the prior year.

            Overall volume increased approximately 1 percent, excluding
        divested businesses and the recently acquired Snapple volume.
        Businesses recording volume gains included Gatorade thirst quencher,
        hot cereals, rice/grain cakes, corn goods and Quaker Canada.  North
        American Gatorade posted a 7 percent volume gain in the quarter,
        enabling the business to reach the milestone mark of more than $1
        billion in sales for the full calendar 1995 year.  Snapple sales
        were 9 percent below the prior-year's December quarter and also down
        9 percent for the 1995 calendar year.

            An operating loss of $11.1 million was reported for the December
        quarter, compared to operating income of $72.8 million last year.
        This reflects a restructuring charge of $24.4 million and an
        inventory write- off of $19 million related to the Snapple business
        which, excluding these charges, posted an operating loss for the
        quarter due to lower volumes.

            Excluding the loss from Snapple and operating income from
        businesses divested, operating income in the quarter improved
        modestly for the remaining U.S. and Canadian Grocery Products
        business.  This reflects improved performance in ready-to-eat and
        hot cereals, frozen foods, Quaker Canada and the Aunt Jemima
        businesses, partly offset by a decline in Food Service.

        International Grocery Products

           Sales in the December quarter for International Grocery Products
        of $294.8 million were 40 percent below the prior year's $492.2
        million, due largely to the divestitures of the European pet food
        and Mexican chocolate businesses. Excluding divested businesses
        sales were up 21 percent from the prior year.  Businesses recording
        volume gains in the quarter were Latin American foods and beverages,
        Asian beverages and Pacific foods.

            International Grocery Products recorded a $32.0 million
        operating loss in the quarter including a restructuring charge of
        $16.4 million to realign European beverages and Pacific foods.  This
        compares to operating income of $25.4 million a year ago.  The
        decline is due to the restructuring charge, the absence of operating
        income from divested businesses, and underwriting costs incurred for
        international expansion of grain-based foods and beverages.

            The average number of shares outstanding in the quarter was
        134.5 million, compared to 133.6 million a year ago.

            The Quaker Oats Company is an international marketer of grain-
        based foods and beverages.

                  Condensed Consolidated Statements of Income
                            and Reinvested Earnings
             (Unaudited--Dollars in Millions Except Per Share Data)
        Three Months Ended Dec. 31          1995               1994
        Net Sales                       $1,179.5           $1,507.9
        Cost of goods sold                 704.3              791.2
        Gross profit                       475.2              716.7
        Selling, general and
          administrative expenses          485.6              628.9
        Restructuring charges               40.8               ---
        Interest expense                    29.2               25.9
        Interest (Income)                   (2.3)              (1.9)
        Foreign exchange loss - net          3.3                0.9
        (Loss) income before income taxes
          and cumulative effect of
          accounting change                (81.4)              62.9
        Provision for income taxes         (33.6)              28.5
        (Loss) income before cumulative
         effect of accounting change       (47.8)              34.4
        Cumulative effect of accounting
          changes - net of tax              ---                ---
        Net (loss) income                  (47.8)              34.4
        Preferred dividends - net of tax     1.0                1.0
        Net (loss) income Available
          for Common                    $  (48.8)          $   33.4
        Per Common Share:
          (Loss) income before cumulative effect
           of accounting change        $    (0.36)          $   0.25
          Cumulative effect of accounting
           change                              --                 --
        Net (loss) income               $   (0.36)          $   0.25
          Dividends declared            $   0.285           $  0.285
        Average Number of Common
          Shares Outstanding
          (in thousands)                  134,457            133,569
        Reinvested Earnings:
          Balance beginning of period    $1,521.0           $1,291.9
          Net (loss) income                 (47.8)              34.4
          Dividends                         (38.4)             (39.1)
          Common stock issued for stock
           purchase and incentive plans      (1.2)               0.4
        Two-for-one-stock split-up             --             (420.0)
        Balance end of period            $1,433.6            $ 867.6
        Six Months Ended Dec. 31            1995               1994
        Net Sales                       $2,733.1           $3,144.3
        Cost of goods sold               1,529.3            1,616.4
        Gross profit                     1,203.8            1,527.9
        Selling, general and
          administrative expenses        1,078.1            1,322.5
        Restructuring charges               40.8               ---
        Interest expense                    57.9               43.3
        Interest (Income)                   (3.7)              (3.8)
        Foreign exchange loss - net          5.1                0.9
        (Loss) income before income taxes
          and cumulative effect of
          accounting change                 25.6              165.0
        Provision for income taxes          11.9               69.2
        (Loss) income before cumulative
         effect of accounting change        13.7               95.8
        Cumulative effect of accounting
          changes - net of tax              ---                (4.1)
        Net (loss) income                   13.7               91.7
        Preferred dividends - net of tax     2.0                2.0
        Net (loss) income Available
          for Common                    $   11.7           $   89.7
        Per Common Share:
          (Loss) income before cumulative effect
           of accounting change        $     0.09          $    0.70
          Cumulative effect of accounting
           change                            ---              (0.03)
        Net (loss) income               $    0.09           $   0.67
          Dividends declared            $    0.57           $   0.57
        Average Number of Common
          Shares Outstanding
          (in thousands)                  134,355            133,567
        Reinvested Earnings:
          Balance beginning of period   $1,499.3           $1,273.6
          Net (loss) income                 13.7               91.7
          Dividends                        (77.7)             (77.7)
          Common stock issued for stock
           purchase and incentive plans     (1.7)               ---
        Two-for-one-stock split-up           ---             (420.0)
        Balance end of period            $1,433.6           $ 867.6
        (Dollars in Millions)
        Net Sales
        Three Months                                   Percent
        Ended                                         Increase
        Dec. 31                      1995       1994  (Decrease)
        U.S. & Canadian
           Grocery Products       $  884.7    $1,015.7   (12.9)%
        International Grocery
           Products                  294.8       492.2   (40.1)%
        Total Sales               $1,179.5    $1,507.9   (21.8)%
        Operating Income
        Three Months                                      Percent
         Ended                                           Increase
         Dec. 31                      1995       1994   (Decrease)
        U.S. & Canadian
           Grocery Products       $  (11.1)   $   72.8    (115.2)%
        International Grocery
           Products                  (32.0)       25.4    (226.0)%
        Total Operating
          (Loss) Income           $  (43.1)   $   98.2    (143.9)%
        Less: General corporate
              expenses                 8.1        10.4
              Interest expense-net    26.9        24.0
              Foreign exchange
               loss - net              3.3         0.9
        (Loss) income before income taxes
           and cumulative effect
           of accounting changes  $  (81.4)   $   62.9
        (Dollars in Millions)
        Net Sales
        Six Months                                      Percent
         Ended                                         Increase
         Dec. 31                      1995       1994  (Decrease)
        U.S. & Canadian
           Grocery Products       $2,165.6    $2,202.7    (1.7)%
        International Grocery
           Products                  567.5       941.6   (39.7)%
        Total Sales               $2,733.1    $3,144.3   (13.1)%
        Operating Income
        Six Months                                       Percent
         Ended                                           Increase
         Dec. 31                      1995       1994   (Decrease)
        U.S. & Canadian
           Grocery Products       $  145.6   $   208.1     (30.0)%
        International Grocery
           Products                  (39.9)       32.9    (221.3)%
        Total Operating Income    $  105.7   $   241.0     (56.1)%
        Less: General corporate
              expenses                20.8        35.6
              Interest expense-net    54.2        39.5
              Foreign exchange
               loss - net              5.1         0.9
        Income before income taxes
           and cumulative effect
           of accounting changes  $   25.6   $   165.0

        CONTACT: Ronald G. Bottrell, Director-Public Relations of The
        Quaker Oats Company, 312-222-7388

Platinum Software Corporation announces second quarter fiscal 1996 results

            IRVINE, Calif. -- Feb. 6, 1996 -- Platinum Software
        Corp. (NASDAQ:PSQL), Tuesday reported its financial results for the
        second quarter of fiscal 1996.

            Revenues for the second quarter of fiscal 1996, ended Dec. 31,
        1995, were $10.2 million as compared to revenues of $13.3 million
        for the second quarter of fiscal 1995.  A net loss of $11.0 million
        or 82 cents per share was reported for the quarter, as compared to a
        loss of $2.8 million or 22 cents per share for the same quarter a
        year ago.

            During the quarter, the company recorded a restructuring charge
        of $5.6 million related to the elimination of the direct sales force
        and the decision to no longer market the version of the company's
        Platinum(R) SQL Enterprise product, that ran on the Sybase database
        and UNIX operating system.

            The company's balance sheet at Dec. 31, 1995, showed cash of
        approximately $15.0 million, accounts receivable of $12.6 million,
        as well as deferred revenue of $7.4 million.

            The company continues to strengthen its lead in technology for
        the burgeoning middle market with its Platinum(R) SQL NT financial
        software optimized for Microsoft's SQL Server 6.0 and Windows NT,
        but sales through its new evolving NT VAR channel have been slower
        than anticipated.  In addition, the company recently released for
        general availability the final core accounting modules for its
        Platinum(R) for Windows product line and hopes to see new sales as
        well as upgrade revenue for this product in upcoming quarters.

            The company also announced that, in an effort to further reduce
        expenses in light of current revenue levels, it has eliminated
        approximately 60 positions or almost 15% of its work force, as of
        today.  Areas that were affected were finance, administration,
        sales, marketing, development and consulting.  This reduction in
        force will result in an additional restructuring charge which will
        be recorded in the third quarter of fiscal 1996.

            In July 1995, at the time the company was required to make its
        first principal payment, the company elected to pay the entire $15.0
        million principal amount debenture issued in settlement of class
        action securities litigation by issuing shares of common stock.
        Today, the company announced that it is engaged in discussions with
        the attorneys for the plaintiff class regarding rescinding the July
        1995 election and reinstating the debenture.  While the discussions
        have not concluded, the company believes that the probable outcome
        of these discussions will result in the reinstatement of the
        debenture.  As a result, the company has recognized, and included in
        the December quarter loss, a charge of $500,000 for accrued interest
        on the debenture for the period from August through December of 1995
        and included the debenture on its balance sheet.

            Platinum Software Corp., the financial software company,
        develops and markets client/server financial software products for
        corporations worldwide.  The company's products enable organizations
        to scale their technology investments to meet the changing needs of
        their business environments.  Founded in 1984, Platinum Software has
        headquarters in Irvine, Calif.

                           PLATINUM SOFTWARE CORP.
                 (in thousands, except per share amounts)
                                Three Months Ended      Six Months Ended
                                     Dec. 31,              Dec. 31,
                                1995        1994       1995         1994
          License fees             $4,201     $8,685    $10,977      $17,344
          Consulting and
        services                2,872      2,397      6,101        6,330
          Support services          2,786      2,106      5,211        3,951
          Royalty income              297        139        505          282
                               10,156     13,327     22,794       27,907
        Cost of revenues            5,042      5,202     10,550       10,022
        Gross profit            5,114      8,125     12,244       17,885
        Operating expenses:
          Sales and marketing       4,513      4,706     10,694        8,769
          General and
        administrative          1,722      1,726      3,287        3,003
          Software development      3,932      4,568      8,145        9,025
          Charge for
        restructuring           5,600        --       5,600          --
                               15,767     11,000     27,726       20,797
        Loss from operations  (10,653)    (2,875)   (15,482)      (2,912)
        Other income (expense),
          net                        (306)        39         40          128
        Loss before provision
          for income taxes    (10,959)    (2,836)   (15,442)      (2,784)
        Provision for income taxes    --          11        --            12
        Net loss             $(10,959)   $(2,847)  $(15,442)     $(2,796)
        Net loss per share         $(0.82)    $(0.22)    $(1.13)
        Shares used in computing net
          loss per share           13,353     12,811     13,682       12,705

                           PLATINUM SOFTWARE CORP.
                               (in thousands)
        ASSETS                                 Dec. 31,       June 30,
                                             1995           1995
        Current assets:
         Cash and cash equivalents            $ 14,952       $ 26,276
         Restricted cash                          -               476
         Accounts receivable, net               12,643         14,205
         Notes receivable from
          divestitures, net                        903            957
         Inventories                               575            672
         Prepaid expenses and other              1,963          1,785
           Total current assets                 31,036         44,371
        Property and equipment, net             11,385         11,961
        Notes receivable from
         divestitures, net                       2,787          3,534
        Software development costs, net          2,661          3,000
        Acquired intangible assets, net          1,853          2,403
        Other assets                               490            564
                                          $ 50,212       $ 65,833
        Current liabilities:
         Current portion of class action                             
          settlement                          $  8,208       $    -
         Accounts payable                        3,236          3,920
         Accrued expenses                        5,366          5,964
         Accrued restructuring costs             2,253          1,192
         Deferred revenue                        7,381          8,980
          Total current liabilities             26,444         20,056
        Long-term portion of class action
         settlement                              8,209         15,812
        Stockholders' equity:
         Preferred stock                        31,996         31,996
         Common stock                               13             13
         Additional paid-in capital             81,472         80,391
         Accumulated foreign currency
          translation adjustments                  259            304
         Accumulated deficit                   (98,181)       (82,739)
          Total stockholders' equity            15,559         29,965
                                          $ 50,212       $ 65,833

        CONTACT:  Platinum Software Corp., Irvine
                  Geri L. Schanz, APR, 714/450-4578


            SARASOTA, Fla., Feb. 6, 1996 - Elcotel, Inc. (Nasdaq:
        ECTL), a company that develops, manufactures and markets smart
        payphone products and software for both domestic and international
        telephone networks, announced results of operations for the third
        fiscal quarter and nine months ended December 31, 1995.

            In the third fiscal quarter ended December 31, 1995, net
        revenues totaled $5,069,000, compared with $6,788,000 a year
        earlier.  Net loss after taxes was $332,000, or $0.04 per share,
        down from a net profit of $793,000, or $0.10 per share a year
        earlier.  Average shares outstanding totaled 8,280,000, up from
        7,760,000 a year ago.

            For the nine months ended December 31, 1995, net revenues
        totaled $16,373,000, compared with $18,956,000 a year earlier.  Net
        profit after taxes was $124,000, or $0.02 per share, down from
        $2,158,000, or $0.28 per share a year earlier.  Average shares
        outstanding totaled 8,239,000, up from 7,778,000 a year ago.

            C. Shelton James, Chief Executive Officer of Elcotel, commented,
        "We have seen some positive results in the past few weeks in those
        factors that have depressed our domestic sales for the past three
        quarters. Another positive development is the passage of the
        telecommunications reform legislation which will result in
        significant near term and long term financial benefits to the
        private payphone operators.  These improvements bode well for the
        future, however, they do not alter our view of this fiscal year as
        one of transition.  We continue to focus on our international
        programs and initiatives with AT&T on both the international
        opportunities and domestic regulated markets."

            Mr. James continued, "In regard to the situation with Amtel, our
        current position and evaluation of the potential impact of the Amtel
        Chapter 11 Bankruptcy proceeding is unclear.  Elcotel previously
        sold to Amtel 3,500 payphones, for which Amtel owes Elcotel
        approximately $3.2 million.  This obligation is collateralized by a
        security interest in payphones and an assignment of agreements
        between Amtel and the site owners of certain locations.  On October
        10, 1995, Elcotel filed a motion seeking relief from the automatic
        stay provisions of the Bankruptcy Code.  Following the motion,
        Elcotel and Amtel entered into an agreement providing for adequate
        protection of Elcotel's asserted security interests and deferring a
        hearing on the motion, which agreement is subject to bankruptcy
        court approval.  Under the adequate protection agreement, Amtel will
        be required to insure, and provide proof of insurance covering, the
        Elcotel secured equipment, to provide a monthly accounting of all
        Elcotel equipment, to provide revenue and expense accountings for
        those sites covered by the security agreements, not to move or
        deinstall any Elcotel equipment and to return to Elcotel custody of
        unused inventory.  At this time even though the agreement is not
        binding pending court approval, Elcotel has warehoused and is the
        custodian of approximately 1,350 payphones and miscellaneous
        pedestals and enclosures."

            Mr. James added, "Amtel has been granted an extension to March
        20, 1996, to file a reorganization plan with the Bankruptcy Court.
        Elcotel is unable to predict the details of any such plan that may
        be filed and consequently has no basis to determine the treatment
        that may be proposed in any plan for Elcotel's $3.2 million

            Mr. James concluded, "Elcotel recognizes the potential for
        impairment of its secured obligation but is unable at this time to
        place a value on that eventuality.  Reserves for impairment may have
        to be taken, perhaps before the end of this fiscal year, March 31,
        1996. Events scheduled over the next two months in the bankruptcy
        proceeding may clarify options available to Elcotel and the
        potential for recovery or loss of some portion of the $3.2 million
        claim.  In the meantime, we are working with Amtel's new management
        to protect our assets and realize on our claims."

                                 ELCOTEL, INC.
                               Operating Results
        (In thousands, except per share amount)
                                  Third Quarter Ended     Nine Months Ended
                                      December 31,           December 31,
                                   1995         1994       1995       1994
        Net Revenues             $ 5,069      $ 6,788    $16,373    $18,956
        Net Profit/(Loss) before
         Inc. Taxes              $  (511)     $   900    $   191    $ 2,616
        Income Tax (Benefit)/
         Provision               $  (179)     $   107    $    67    $   458
        Net Profit/(Loss)        $  (332)     $   793    $   124    $ 2,158
        Net Profit/(Loss) per
         common share             $(0.04)       $0.10      $0.02      $0.28
        Weighted Avg. number of
         common and common
         equivalent shares
         outstanding               8,280        7,760      8,239      7,778

        CONTACT:  Tracey L. Gray, President & COO of Elcotel, Inc.,
        941-758-0389; or Tom Ennis of Cameron Associates, 212-644-9560


            WESTBOROUGH, Mass., Feb. 6, 1996 - Alden Electronics,
        Inc., (Nasdaq: ADNEA; BSN: ADN) announced worldwide consolidated
        revenues for the quarter ended December 31, 1995 of $2,914,414
        compared to $4,629,292 for same quarter in the prior year.  A net
        loss of $1,990,859 ($0.91 per share) was posted for the quarter
        compared to a net loss of $1,862,896 ($0.85 per share) for the same
        quarter in the prior year.  Consolidated revenues for the nine
        months ended December 31, 1995 were $10,202,884 compared to
        $13,296,098 for the same period in the prior year.  A net loss of
        $2,382,184 ($1.09 per share) was posted for the nine month period
        compared to a net loss of $2,194,479 ($1.00 per share) for the same
        period in the prior year.  Losses for the quarter and nine months
        included the effects of the Company recording a one time charge to
        operations amounting to $766,886 ($0.35 per share) to reflect the
        write down of certain equipment used in the distribution of weather
        data to reflect impaired value over their estimated useful lives.

            Decreased revenues for the quarter and nine months reflect
        continuing reductions in paper and part sales on older weather
        recorders, the discontinuation of certain low margin products
        initiated during the fourth quarter of the prior fiscal year
        including the Company's SP1600 SATPHONE satellite telephone and
        office products and papers.  The Company also experienced a decrease
        in revenues from the sales of the ALDENSART (search and rescue
        transponder) and MarineFax recorders.  These revenue declines were
        partially offset by increased shipments of meteorological display
        terminals introduced in the prior fiscal year, including the Alden
        WAFS (World Area Forecast System) and WeatherWorks terminals.  For
        the nine months ended December 31, 1995 revenues were also adversely
        affected by a decline in large order sales of the Company's 9315CTP
        printer.  There was an increase in the number of customers who
        purchased the 9315CTP printer and a reorganization of the network of
        representatives who sell the printer.  Additional international
        marketing efforts have also been initiated.  Revenues for the
        quarter ended December 31, 1994 also included sales of satellite
        receiver systems related to improvements in the Company's broadcast
        system implemented during that quarter.

            Decreases in gross profits for the quarter and nine months
        reflect reduced revenues, reduced margins on new products during
        their introductory phase, a charge to reflect estimated warranty
        obligations not previously recorded and charges to reflect the write-
        down of certain inventories to their estimated net realizable value.
        Expenses were incurred relating to the consolidation of the Alfax
        paper operation to the Company's UK facilities as well as severance
        costs associated with that consolidation and other workforce
        reductions undertaken during the quarter and nine month periods.  In
        the third quarter of the prior year, the Company recorded a charge
        to earnings to reflect the expected costs of a recall of its SATFIND-
        406 SURVIVAL(TM) EPIRB to repair a potential defect in a component
        manufactured by one of its suppliers.  A partial recovery of this
        amount was recorded in the quarter ended June 30, 1995 to reflect
        settlements with the supplier and designer of the component.

            Operating costs for the quarter and nine months were reduced
        during the period as a result of cost reduction measures implemented
        during the year and the effects of reduced revenues on certain
        direct selling expenses.

            As of February 6, 1996 the Company employed 73 people worldwide,
        compared to 105 at June 30, 1995.

            The Company also announced that it is in negotiations with
        several parties for the possible sale of certain assets,
        manufacturing and marketing rights relating to its line of marine
        electronics products. These discussions are preliminary in nature
        and their outcome cannot be determined at this time.  The Company is
        also actively marketing its real estate holdings in Westborough,
        Massachusetts in an effort to lease or sell excess space.

            Alden is a premier provider of weather data and weather
        information systems as well as highly reliable marine electronics,
        and imaging products.  Alden continues its 50 year tradition of
        providing its customers in over 120 countries with innovative, top
        quality products. Additional information about Alden and its
        products can be obtained through access to Alden Electronics' World
        Wide Web Home Page at href="" target=_new>http://www/"> send E-mail to

                             ALDEN ELECTRONICS, INC.
                              Results of Operations
                               Quarter Ended            Nine Months Ended
                                December 31               December 31
                               1995         1994        1995        1994
        Revenues            $2,914,414  $4,629,292  $10,202,884 $13,296,098
        Income (Loss before
         income taxes)      (1,943,826) (1,881,109)  (2,309,280) (2,195,787)
        Net income (Loss)   (1,990,859) (1,862,896)  (2,382,184) (2,194,479)
        Income (Loss) per share $(0.91)     $(0.85)      ($1.09)     $(1.00)
                               Condensed Balance Sheet
                                              December 31,        March 31,
                                                  1995              1995
        Current assets                        $4,911,944         $6,455,280
        Property, plant & equipment-net        3,283,768          4,171,009
        Other assets                              15,015             53,874
        Total assets                          $8,210,727        $10,680,163
        Current liabilities                   $3,306,547         $3,519,080
        Long term debt                           257,732            330,290
        Deferred income taxes                    103,000            103,000
        Other long term obligations              200,000                ---
        Stockholders' equity                   4,343,448          6,727,793
        Total liabilities and
         stockholders' equity                 $8,210,727        $10,680,163

        CONTACT: Robert J. Wentworth of Alden Electronics, 508-366-8851


            DAVIS, Calif., Feb. 6, 1996 - Calgene, Inc. (Nasdaq:
        CGNE) announced a net loss of $5,730,000 ($.19 per share) on
        revenues of $11,979,000 for the second quarter ended December 31,
        1995.  This compares with a net loss of $5,648,000 ($.19 per share)
        on revenues of $13,290,000 during the same period last year.  The
        revenue decrease in the second quarter reflects a non-recurring
        $3,750,000 technology license sale that occurred in the prior year.
        Product sales in the second quarter increased by $2,278,000 largely
        due to higher tomato sales at Calgene Fresh.  Cotton seed sales
        normally occur primarily in the third and fourth fiscal quarters.

            For the six months ended December 31, 1995 Calgene reported a
        net loss of $16,104,000 ($.53 per share) on revenues of $21,467,000
        compared to a net loss of $15,186,000 ($.53 per share) on revenues
        of $20,140,000 during the same period of the previous year.

            Calgene's second quarter fiscal 1996 losses were essentially
        unchanged from the prior year.  Although losses from Calgene's
        tomato operations were $2,616,000 lower and research and product
        development expenses decreased $1,413,000 largely due to the
        Company's third quarter fiscal 1995 implementation of a program to
        reduce research expenses, these improvements were offset by the non-
        recurring technology license sale that occurred in the prior year.
        Most of the early FLAVR SAVR(TM) tomato varieties that Calgene had
        available for production did not have acceptable yield and disease
        resistance performance.  Consequently, Calgene plans to temporarily
        limit its tomato growing operations beginning in the Spring of 1996
        until it is able to complete its development of FLAVR SAVR varieties
        that have enhanced commercial agronomic qualities.  Roger Salquist,
        Calgene's Chairman and CEO said, "Completion of the transaction with
        Monsanto and the resulting contribution of Gargiulo LP will not only
        provide Calgene with a major fresh market tomato growing, production
        and distribution company, but also provide tomato germplasm and
        tomato breeding expertise that will significantly improve our
        ability to develop FLAVR SAVR tomatoes with commercial agronomic
        qualities and superior taste."

            As previously announced, Calgene and Monsanto received a request
        for additional information as part of the United States Department
        of Justice's review under the Hart Scott Rodino Antitrust
        Improvements Act of the transaction between Calgene and Monsanto
        Company.  Both Monsanto and Calgene have provided significant
        documentary and other information to the Antitrust Division in
        response to these requests.  Both companies expect to be in
        substantial compliance with the requests they received in the near
        future.  The parties are continuing to work with the Antitrust
        Division to resolve any remaining issues and believe they will
        ultimately resolve the Antitrust Division questions, if any, in a
        manner which will permit the reorganization to proceed.  The Company
        has scheduled the shareholder meeting to approve the Monsanto
        transaction for Monday, March 25.  Subject to stockholder approval
        and resolution of Antitrust Division's questions, the closing would
        occur on or about March 25.  The Company expects to mail the proxy
        to shareholders the week of February 12.

            As announced on February 2, 1996, Judge Joseph J. Farnan, of the
        United States District Court for the District of Delaware, released
        his decision in Enzo Biochem, Inc.'s suit against Calgene.  Judge
        Farnan rejected Enzo's claim that Calgene infringed Enzo's antisense
        patents, and invalidated Enzo's patents because the disclosures in
        the patents did not enable others to practice the claimed invention.
        Judge Farnan also rejected Enzo's attack on Calgene's patent, and
        held that Calgene's patent was valid.

            Calgene is an agricultural biotechnology company that is
        developing improved plant varieties and plant products for the fresh
        tomato, cotton seed and specialty industrial and edible plant oils

                                  CALGENE, INC.
                 Condensed Consolidated Statements of Operations
                   ($ in thousands, except per share amounts)
                                     Three Months           Six Months
                                   Ended December 31     Ended December 31
                                    1995       1994       1995       1994
         Product sales, net      $ 11,128   $  8,850   $ 19,940   $ 15,113
         Product development
          revenues                    550      4,166        850      4,433
         Interest income              179        242        430        540
         Other income, net            122         32        247         54
                                   11,979     13,290     21,467     20,140
        Costs and expenses:
         Cost of goods sold         9,958     10,336     22,099     19,055
         Research and development   3,290      4,703      6,513      8,509
         Selling, general and
          administrative            3,630      3,702      7,522      7,342
         Interest expense             752        173      1,265        357
                                   17,630     18,914     37,399     35,263
        Minority interest share of net
         (income) loss                (13)        (4)         9         26
        Equity in net loss
         of affiliate                  --        (11)        (4)       (65)
        Gain (loss) on disposition
         of assets                    (45)         8       (141)         9
        Loss from operations before
         income taxes              (5,709)    (5,631)   (16,068)   (15,153)
        Provision for income taxes     21         17         36         33
        Net loss                 $ (5,730)  $ (5,648)  $(16,104)  $(15,186)
        Net loss per share       $  (0.19)  $  (0.19)  $  (0.53)  $  (0.53)
        Shares used in per share
         calculations           30,264,159 29,683,717 30,256,875 28,650,108

        CONTACT:  Carolyn Hayworth of Calgene, Inc., 916-753-6313


            EVANSVILLE, Ind., Feb. 6, 1996 - Shoe Carnival, Inc.
        (Nasdaq: SCVL) today announced it will record a $3.6-$3.8 million
        charge, after income taxes, against its fourth quarter earnings.
        This charge includes the establishment of a reserve for expected
        costs to be incurred in closing eight stores in 1996 and a reserve
        against the cost of inventory for anticipated losses to be incurred
        in the liquidation of clearance product in both the stores that will
        close and those that will remain open.

            Including this charge, the Company expects to record a loss of
        between $0.64 and $0.67 per share in the fourth quarter and between
        $0.52 and $0.55 per share for the year ended February 3, 1996.  The
        Company anticipates announcing audited fourth quarter and year-end
        results in mid-March.

            Wayne Weaver, Chairman, commented, "We began this year with a
        very heavy inventory position and we established certain initiatives
        for the reduction and reshaping of that inventory in 1995.  During
        the year, we reduced overall inventories by over $6 million even
        though we added nine new stores.  This equates to a 17% per-store
        reduction.  Additionally, despite the loss recorded for the year, we
        have generated approximately $7 million from operating activities
        mainly through our inventory reduction efforts and have reduced long-
        term debt by $3.5 million from the end of January, 1995.

            "We did not anticipate, however, that the retail climate would
        turn out to be as weak and promotion driven as it was, particularly
        in the last half of the year.  Our efforts to reduce inventories so
        significantly, and to do so profitability, were severely hampered by
        this promotional environment.

            "We believe we are being realistic in expecting 1996 to be
        another weak year in the apparel retail industry.  That assumption
        is the basis for our 1996 plans, which include the restructuring of
        our company through the closing of eight unprofitable stores and the
        reduction of certain selling and administrative expenses.  The cost
        reductions include the elimination of approximately 10% of our
        administrative staff.  The charges we are taking in the fourth
        quarter are in anticipation of effecting this restructuring early in

            Management indicated that it will open five new stores in 1996.
        All of the new stores will incorporate updated store design features
        which were successfully tested in its Macon, GA store in the latter
        part of 1995.  Additionally, capital expenditure plans for 1996
        include the remodeling of eight higher-volume stores with the new
        store design, updating approximately half of its remaining stores
        with new design graphics and implementing certain technological
        enhancements designed to lower costs and improve the profitability
        of its stores.

            Weaver concluded, "Despite these fourth quarter charges, our
        balance sheet remains very strong.  Our long-term debt is less than
        25% of total capital and we have approximately $13 million of unused
        availability under our cash credit line.  We feel that by closing
        these stores and operating with a lower, faster-turning inventory,
        we will be able to compete effectively in the footwear and apparel
        retail industry in future years."

            Shoe Carnival is a chain of 95 footwear stores located in the
        Midwest and Midsouth.  Combining "value pricing" (guaranteed lowest
        prices) with carnival-like entertainment, Shoe Carnival is a leading
        retailer of name brand and private label footwear for the entire
        family. Headquartered in Evansville, IN, Shoe Carnival trades on the
        NASDAQ Stock Market under the symbol SCVL.

        CONTACT:  Mark L. Lemond, Executive Vice President, Chief Operating
        Officer and Chief Financial Officer of Shoe Carnival, Inc.,


            ALBANY, N.Y., Feb. 6, 1996 - Trans World Entertainment
        Corporation (Nasdaq: TWMC) today announced that as part of its plan
        to return the Company to historical levels of profitability, it will
        close approximately 150 underperforming stores over the next two
        years.  These closings are in addition to the 180 stores closed in
        1995.  After the closings the Company will operate approximately 400

            "Trans World has a core of strong, profitable locations.  We
        expect this continued focus on our best stores to build on the
        improvements demonstrated by our holiday performance and maximize
        our profitability within the framework of today's competitive retail
        environment," said Trans World Chairman and Chief Executive Officer
        Robert J. Higgins. "This strategic move will position the Company
        with the most productive stores, allowing us to better serve our
        customers and maintain our position as an industry leader."

            "One year ago we began implementing a plan to improve the
        Company's performance which included some new merchandising
        initiatives, a renewed focus on customer service and the elimination
        of some underperforming locations," added Higgins.  "We have learned
        from experience that focusing on our strongest markets and most
        profitable locations has a significant impact, and will be a key to
        building on the progress made last year.  We will minimize the
        impact of the store closings on our employees through normal
        attrition and by placing the majority of our associates in other
        stores within the Company."

            As a result of the store closings, the Company will take a
        restructuring charge of $35 million in the fourth quarter of the
        fiscal year ended February 3, 1996.  Approximately $17 million of
        the charge is a non-cash write off of related store assets.  The
        Company currently forecasts net income for the fourth quarter of
        fiscal 1995, before the impact of the restructuring charge, of $1.25
        to $1.40 per share.  The $35 million restructuring charge, after
        income taxes, will reduce the fourth quarter profit by approximately
        $23 million, or $2.38 per share. The Company expects to report a net
        loss for the quarter after the restructuring charge of $.98 to
        $1.13.  The Company will realize significant benefits from the
        elimination of the operating losses associated with these stores as
        scheduled closings are completed, as well as generate significant
        working capital which will be used to reduce debt and to explore
        future business opportunities.

            As a result of the restructuring charge, the Company is in
        technical default of certain financial covenants contained in its
        senior credit facilities.  The Company has received waivers for the
        defaults from its lenders and is working with its bank and
        noteholder groups to restructure the applicable credit facilities.

            Trans World Entertainment Corporation is one of the nation's
        largest specialty retailers of prerecorded music and video products,
        operating 542 stores under several names, including Record Town,
        Tape World, For Your Entertainment, Saturday Matinee and Coconuts
        Music & Movies.

        CONTACT:  Michael W. Kempner, E-mail:, or Carreen
        Winters, E-mail:, both of MWW/Strategic
        Communications, Inc. - Public Relations, 201-507-9500