TCR_Public/960214.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - February 14, 1996



  1. Catellus Announces Improved Operating Income
  2. Trimark Holdings Inc. reports second-quarter results
  3. Eltrax Systems, Inc. bid to acquire Applied Computing Devices assets denied
  4. WRT Energy Corp. files Chapter 11 petition
  5. Gibson Greetings, Inc. announces year-end results
  6. Dow Corning insurance coverage upheld
  7. Eagle-Picher industries announces fiscal 1995 results



Catellus Announces Improved Operating Income, Increased
Property Sales, Debt Reduction and Termination of the 1991 Mission Bay
Development Agreement Leading to Charge Against Earnings
        


            SAN FRANCISCO, Calif. -- Feb. 14, 1996 -- Catellus
        Development Corporation (NYSE:CDX) today reported 1995 operating
        income before depreciation of $65.6 million compared to $59.3
        million for 1994.  
        


            The Company also reported total asset sales of $65.4 million,
        including $50.4 million in the fourth quarter of 1995, putting it
        ahead of schedule in achieving its goal of $100 million of non-
        strategic land sales by December 31, 1996.  The related gain on
        asset sales for 1995 was $33.7 million versus $13.3 million for
        1994. The Company also announced that it is taking a non-cash, pre-
        tax $102.4 million charge against fourth quarter earnings, including
        $84.8 million resulting from the Company's decision to terminate the
        1991 Development Agreement for its Mission Bay project in San
        Francisco.  

        
            As a result of the above, Catellus is reporting a net loss of
        $33.0 million for 1995 compared to a loss of $2.4 million for 1994.
        After preferred dividends, the net loss to common stockholders was
        $56.8 million, or $.78 per share, compared to $26.3 million or $.36
        per share in 1994.  
   

     
            During 1995, the Company also reduced its total debt by a net
        $34.5 million.  This net reduction represents the difference between
        $68.5 million of principal reductions on existing borrowings and $34
        million of new borrowings which funded the development of pre-leased
        industrial and retail buildings.  It is expected that the debt
        service of the new borrowings will be covered by the cash flow from
        the completed buildings; therefore, the Company's future operations
        should be improved by the interest savings on the $68.5 million of
        principal reductions.  

        
        Operating Income
   

     
            The improvement in operating income before depreciation resulted
        from the overhead reduction program initiated at the end of 1994, as
        well as increased rental income.  
      

  
            In November 1994, the Company implemented significant staff
        reductions and reorganized to lower its cost structure.  These
        reductions, when combined with other cost-reduction measures,
        resulted in annual cost savings for 1995 of approximately $10.1
        million.  General and administrative costs declined by $3.7 million;
        overhead associated with operating the portfolio declined by $3.4
        million, and overhead associated with selling properties declined by
        $1.5 million.  In addition, the Company has benefited by a $1.5
        million reduction in overhead costs associated with the Company's
        development activities.  

        
            The Company's income producing property portfolio increased from
        13.6 million square feet at the end of 1994 to 14.1 million square
        feet at the end of 1995 and was 94.4% leased, compared to 95% at the
        end of 1994.  The contribution to operating income from these
        properties and from ground leases increased from $70.8 million in
        1994 to $73.5 million in 1995.  This increase was primarily due to
        the completion of the East Baybridge shopping center in late 1994
        and increased operating income from the industrial portfolio,
        partially offset by lower income for the Company's office portfolio.
        In addition, the 1994 results include $1.3 million relating to
        operating properties sold in 1994.  
   

     
            Equity in earnings of joint ventures decreased from $8.0 million
        in 1994 to $7.0 million in 1995; however, the cash distributions
        from these joint ventures increased from $7.1 million in 1994 to
        $9.9 million in 1995.  The increase in cash distributions was due to
        significantly improved earnings in 1994 and 1995 from one hotel
        joint venture for which partnership distributions were made in 1995.

        
        Property Sales
   

     
            In October 1995, the Company announced a goal of selling $100
        million of non-strategic land assets over a 15 month period ending
        December 31, 1996.  Sales totalling $47.1 million closed in the
        fourth quarter, and the Company had contracts for the sale of an
        additional $23.6 million at December 31, 1995.  According to Nelson
        C. Rising, President and Chief Executive Officer: "We are well ahead
        of target in achieving our sales goal for the 15 month period.  It
        is particularly encouraging that the sales prices achieved in 1995
        were equivalent to 129% of the December 31, 1994 current value for
        the properties sold."  
      

  
            Total asset sales in 1995 were $65.4 million consisting of $62.2
        million of non-strategic land assets and $3.2 million of developed
        industrial property.  In 1994 total asset sales were $53.8 million
        which included $21.5 million of income producing properties.  

        
            In addition to its non-strategic land assets, the Company had
        open contracts for the sale of $21.1 million of other properties at
        December 31, 1995.  
   

     
        Development Activities
      

  
            The Company significantly increased development activities in
        1995.  The Company commenced construction on 911,000 square feet of
        new development, compared to 381,000 in 1994.  In addition, at
        December 31, 1995, the Company had signed leases for new development
        totaling 648,000 square feet for which construction will begin in
        1996.  
        


            In addition to its major land development projects, the Company
        will retain sufficient land in Dallas, metropolitan Chicago, Phoenix
        and Northern and Southern California, which will in the aggregate
        accommodate over 20 million square feet of new industrial
        development.  The balance of the industrial land portfolio is
        included in the Company's land sale program.  

        
        Charge against earnings
   

     
            In 1991, Catellus and the City and County of San Francisco
        entered into a Development Agreement for Mission Bay.  The agreement
        provided for the development of 4.8 million square feet of office
        space, market rate and affordable housing, retail and industrial
        uses.  
      

  
            The Company's new management team has completed an analysis of
        the implications of the 1991 Development Agreement in light of
        current and anticipated market conditions and projected construction
        costs and has concluded that the financial obligations imposed by
        the 1991 Development Agreement render the project uneconomic.  

        
            Management therefore elected to terminate the 1991 Development
        Agreement and seek approval of a revised entitlement package which
        would include: more housing and retail and less office space; a
        phased development approach which would require less upfront
        investment and the use of tax increment financing, as provided by
        redevelopment law to finance a significant portion of the public
        infrastructure.  
   

     
            The $84.8 million charge for Mission Bay represented the write-
        off of certain previously capitalized interest and pre-development
        costs associated with the 1991 Development Agreement. The revised
        carrying value of Mission Bay represents management's best estimate
        of its fair value, assuming the Company is successful in re-
        entitling the property, and approximates the amount included in the
        Company's current value reporting for December 31, 1994, less the
        anticipated costs of obtaining new entitlements.  

        
            According to Rising: "Mission Bay remains an attractive
        development opportunity.  It is an extraordinary property and the
        economic conditions in San Francisco continue to improve.  However,
        the 1991 Development Agreement was entered into in a different era
        and the entitlements and the financial obligations cannot be
        economically justified in light of current and projected economic
        conditions.  We believe that an alternative approach can satisfy
        both a market need and the community's interests and enable the
        Company to achieve its economic objectives.  Termination of the 1991
        Development Agreement is a necessary step to achieve this result."
   

     
            In the future, the Company will not capitalize interest and
        property taxes relating to Mission Bay until it has received revised
        entitlements and commences development.  As a result, the allocated
        amount of interest to Mission Bay ($16.3 million for 1995), which
        historically has been capitalized, will be expensed.  

        
            The Company has taken an additional charge against earnings of
        $17.6 million relating to other property where the carrying costs
        exceed what management expects to recover through the anticipated
        sale of such property.  
   

     
        Other Non-Recurring Items
      

  
            In addition to the charge against earnings discussed above, the
        1995 results included income of $6.5 million for the favorable
        reversal of a litigation award and a $7.4 million charge to
        environmental expense as a result of management's reassessment of
        potential environmental exposures.  The 1994 results included a $3.1
        million restructuring charge and a $24.1 million property write-off.
        


        Current Value of Company's Assets
        


            The Company also announced its decision to discontinue the
        practice of providing a supplemental current value balance sheet.
        In the past, this disclosure was an attempt to address the
        difference between the low historical cost of the Company's assets
        and their current value.  However, the current value process is
        expensive and has significant limitations.  In particular, short-
        term values can fluctuate resulting from changes in interest rates,
        capitalization rates and development assumptions that are not
        necessarily indicative of the long term value of the Company's
        portfolio.  Management believes that, over time, a more relevant
        measure of long-term value of the Company is its growth in cash
        flow.  

        
            For 1995, the Company will provide supplemental current value
        information on its land assets and joint venture investments (along
        with an appraiser's opinion) and will provide expanded financial
        data so that investors can better evaluate the performance of its
        income producing assets.  In future years, the Company expects to
        discontinue current value reporting altogether.  
   

     
            As of December 31, 1995, the Company's land portfolio and joint
        venture portfolio had a current value of $1.039 billion compared to
        $1.037 billion for the same assets in 1994.  Although the total
        value was relatively unchanged, the Company experienced increased
        values for its joint venture investments and portions of its
        industrial development portfolio.  These increases were partially
        offset by reductions in certain of the Company's larger land
        parcels.  
      

  
        Fourth Quarter Results
        


            For the fourth quarter, Catellus reported operating income
        before depreciation of $16.5 million compared to $14.2 million in
        the fourth quarter of 1994.  The $2.3 million increase primarily
        resulted from the overhead reduction program initiated at the end of
        1994 and increased rental revenue.  
        


            Fourth quarter 1995 and 1994 results included the property write-
        downs, litigation awards and restructuring charges described
        earlier.  The 1995 fourth quarter reflects a $5.2 million charge to
        environmental expense, as a result of management's reassessment of
        potential environmental exposures.  As a result, Catellus is
        reporting a net loss of $44.3 million compared to a loss of $15.5
        million in 1994.  After preferred dividends, the net loss to common
        stockholders was $50.2 million, or $.69 per share, compared to a
        loss to common stockholders of $21.5 million, or $.29 per share, in
        1994.
        


        1995 -- A year of major changes for Catellus
        


            Mr. Rising concluded: "We are very pleased with the progress of
        the Company in 1995.  We have increased our operating income,
        reduced debt and expanded our capabilities to position Catellus for
        further growth.  The land sales program is ahead of schedule and we
        continue to work towards our goal of eliminating the Company's
        operating deficits by the fourth quarter of 1996.  While the
        termination of the 1991 Development Agreement resulted in a
        significant charge against earnings, we believe this was an
        essential step in order to realize the value of this asset over
        time.  

        
            "One of the most significant accomplishments for 1995 was our
        ability to attract several outstanding new people to our management
        team.  In order to successfully implement our new Strategic Plan,
        the Company needs to expand its core competencies and attract,
        motivate and retain the best possible employees."  
   

     
            Recognizing this, the Board has approved a new compensation plan
        which features relatively modest base salaries and significant cash
        incentives tied to the achievement of specific goals which increase
        stockholder value.  The long term incentives include substantial
        stock options with a price vesting feature which is geared to
        increasing stock price.  
      

  
            The statements contained herein which are not historical facts
        are forward-looking statements based on economic forecasts,
        strategic plans and other factors which, by their nature, involve
        risk and uncertainties.  In particular, among the factors that could
        cause actual results to differ materially are the following:
        business conditions and general economy; competitive factors;
        political decisions affecting land use permits, interest rates and
        other risks inherent in the real estate business.  For further
        information on factors which could impact the Company and the
        statements, reference is made to the Company's filings with the
        Securities and Exchange Commission.  
        


            Catellus Development Corporation is a full service real estate
        company that owns, manages and develops real estate for its own
        account and others.  The Company's portfolio includes 14.1 million
        square feet of income producing property, 5,300 acres of land
        leases, interests in nine joint ventures and 855,000 acres of land
        at December 31, 1995.


        
         
                          CATELLUS DEVELOPMENT CORPORATION
                         CONSOLIDATED STATEMENTS OF INCOME
                       (In thousands, except per share data)
         
         
                                   Year ended          Three month ended
                                  December 31,            December 31,
                                1995         1994       1995        1994
                                                           (Unaudited)      
         
        Rental revenues           $ 108,068  $ 104,432    $ 27,158  $ 26,152
        Property operating costs     39,576     39,749      11,190    10,220
        
        Gain on sales of property    33,742     13,307      24,840       943
        
        Other income (expense)
         
         Equity in earnings of
          joint ventures              7,035      7,982       2,118     1,219
         Management and development
          fee income.                 1,924      2,151         352       704
         General and administrative
          expense                   (11,841)   (15,550)     (1,922)
        (3,611)
         Interest expense, net      (21,988)   (20,932)     (5,338)
        (5,642)
         Depreciation and
          amortization              (27,990)   (28,577)     (7,361)
        (7,089)
         Adjustment to carrying
          value of property        (102,400)   (24,100)   (102,400)
        (24,100)
         Other, net                  (1,494)    (2,770)        342
        (4,057)
                                -------     ------     -------    ------
                               (156,754)   (81,796)   (114,209)  (42,576)
        
        Loss before taxes           (54,520)    (3,806)    (73,401)
        (25,701)
        Income taxes (benefit)      (21,518)    (1,359)    (29,142)
        (10,152)
                                          
        Net loss                    (33,002)    (2,447)    (44,259)
        (15,549)
              
        Preferred stock dividends    23,813     23,813       5,954     5,954
        Net loss applicable
         to common stockholders   $ (56,815) $ (26,260) $ (50,213) $
        (21,503)
         
        Net loss per share of
         common stock               $ (0.78)   $ (0.36)    $ (.69)    $
        (.29)
          
        Average number of
         common shares               72,967     72,967     72,967     72,967
        
                         CATELLUS DEVELOPMENT CORPORATION
                            CONSOLIDATED BALANCE SHEETS
                         (In thousands, except share data)
        
                                                 December 31,         
                                             1995           1994     
        Assets
        Properties                          $ 1,191,679      $ 1,248,398
         Less accumulated depreciation         (184,228)        (161,279)   
                                          1,007,451        1,087,119
         
        Other assets and deferred charges        44,530           49,584
        Notes receivable                          7,550            7,961
        Accounts receivable, less allowances     12,985           10,712
        Short-term investments                       --           32,645
        Restricted cash and investments              --            2,422
        Cash and cash equivalents                27,743           16,920
             Total                      $ 1,100,259      $ 1,207,363
         
        Liabilities and stockholders' equity
        Mortgage and other debt               $ 496,180        $ 530,641
        Accounts payable and
         accrued expenses                        36,568           38,876
        Deferred credits and
         other liabilities                       34,367           25,495
        Deferred income taxes                    90,270          112,662
        Stockholders' equity
          Preferred stock-$0.01 par value;
           50,000,000 shares authorized;
        3,449,999 $3.75 Series A
         cumulative convertible shares
          and 3,000,000 $3.625 Series B
           cumulative convertible
            exchangeable shares issued at
             December 31, 1995 and 1994     322,500          322,500
         
          Common stock-$0.01 par value;
           150,000,000 shares authorized;
        72,967,236 shares issued at
         December 31, 1995 and 1994             730              730
           Paid-in capital                      196,525          220,338
         
          Accumulated deficit                   (76,881)         (43,879)   
          Total stockholders' equity            442,874          499,689
        Total                               $ 1,100,259      $ 1,207,363
        
         
                          CATELLUS DEVELOPMENT CORPORATION
                               ADDITIONAL INFORMATION
                      (In thousands, except square feet data)
         
         
                                     Year ended          Quarter ended
                                    December 31,          December 31,        
                                 1995        1994       1995      1994
                                                          (Unaudited)      
        Operating Income Before Depreciation
         
        Rental revenues          $ 108,068    $ 104,432   $ 27,158  $ 26,152
        Property operating
         costs                     (39,576)     (39,749)   (11,190)
        (10,220)
        Equity in earnings of
         joint ventures              7,035        7,982      2,118     1,219
        Management and development
         fee income                  1,924        2,151        352       704
        
        General and
         administrative expense    (11,841)     (15,550)    (1,922)
        (3,611)
                                ------       ------      -----    ------
                              $ 65,610     $ 59,266   $ 16,516  $ 14,244
         
        Interest costs and preferred stock dividends
         
        Interest Costs
        Total interest costs      $ 49,316     $ 48,720   $ 12,454  $ 12,333
        Interest capitalized       (23,559)     (24,049)    (6,251)
        (5,665)
        Interest expensed         $ 25,757     $ 24,671   $  6,203  $  6,668
        
          
        Preferred stock
         dividends                $ 23,813     $ 23,813   $   5,954 $  5,954
        
         
        Development
         
        Construction and completion (square feet)
         
        Under construction,
         beginning of period       337,136     576,000      319,600  114,000
        
        Construction starts        910,818     381,136      440,500  337,136
        Completion                (605,854)   (620,000)
        (118,000)(114,000)
        Under construction,
         end of period             642,100     337,136      642,100  337,136
        
         
        Development under
         contract, not started
          (square feet)            647,845     150,718
         
        Sales Program
         
        Closed sales
         
        Non-strategic land        $ 62,199    $ 32,298     $ 47,126  $ 2,810
        Development properties       3,224          --        3,224
        --
        Buildings                       --      21,330
        --       --  
        Ground leases                   --         142           --       --
           Total                  $ 65,423    $ 53,770     $ 50,350  $ 2,810
        
         
        Backlog - sales under contract (at year-end)
         
        Non-strategic land        $ 23,585    $ 22,547
        Developed properties        13,600          --
        Ground leases                7,500          --         
           Total                  $ 44,685    $ 22,547
                                      
         
                                    Year ended          Quarter ended
                                   December 31,          December 31,        
                                  1995      1994       1995       1994
                                                         (Unaudited)      
        Property Operations
        Net operating income by Property Type
         
        Income producing properties
         Industrial buildings      $ 39,704  $ 38,813    $ 9,425    $ 9,295
         Office buildings            16,483    18,399      3,882      4,532
         Retail buildings             8,423     5,024      1,966      1,314
         Land development             2,755     2,213        234        661
         Ground leases                6,174     6,377      1,663      1,589
                                 ------    ------     ------     ------
                                 73,539    70,826     17,170     17,391
        Land holdings costs
         Developable properties     $(2,094)  $(2,084)     $(591)     $(641)
        
         Natural resources             (936)   (1,463)       (77)      (352)
         Properties held for sale    (2,017)   (2,596)      (534)      (466)
                                 (5,047)    (6143)     (1202)     (1459)    
           Total                   $ 68,492  $ 64,683   $ 15,968   $ 15,932
         
        Buildings owned and leasing statistics (at year-end)
        (square feet in thousands)
         
        Industrial buildings
         Square feet owned           11,424    10,985
         Square feet leased          10,845    10,432
         Percent leased                 94.9%     95.0%
        Office buildings
         Square feet owned            1,687     1,687
         Square feet leased           1,553     1,618
         Percent leased                 92.1%     95.9%
        Retail buildings                
         Square feet owned              840       837
         Square feet leased             766       777
         Percent leased                  91.2%     92.8%
        Land development
         Square feet owned              100       100
         Square feet leased             100       100
         Percent leased                 100.0%    100.0%
        Total  (a)
         Square feet owned           14,051    13,609
         Square feet leased          13,264    12,927
         Percent leased                  94.4%     95.0%


        Note (a) Square feet owned and occupied, as well as net operating
        income, excludes approximately 1.4 million square feet of existing
        buildings, primarily at Mission Bay.  These buildings will be razed
        as development proceeds.  


        CONTACT:  Catellus Development Corporation; Stephen P. Wallace,
415/974-4666
        



Trimark Holdings Inc. reports second-quarter results
; as previously announced project writedowns and
        corporate restructuring result in $4.49 million loss


            LOS ANGELES -- Feb. 14, 1996 -- Trimark Holdings
        Inc. (NASDAQ/NNM:TMRK) Wednesday reported net revenues for its
        second quarter of fiscal 1996 ended Dec. 31, 1995, of $16,844,000, a
        decrease of $2,780,000, or 14 percent from $19,624,000 in the prior
        year period.
        


            The company reported a net loss of $4,490,000, or $1.02 per
        share for the quarter, compared with net earnings of $255,000, or 6
        cents per share, for the quarter ended Dec. 31, 1994.
        


            The decrease in net revenues was primarily due to decreases in
        revenues from domestic home video which were partially offset by
        increased revenues from Trimark Interactive.  Net income was
        affected by writedowns associated with the poor performance of the
        video acquisitions ``Kids'' and ``Death Machine,'' a significant
        reserve taken for the company's interactive CD-ROM game ``The
        Hive,'' and certain restructuring charges.

        
            For the six-month period ended Dec. 31, 1995, the company
        reported net revenues of $32,911,000, a decrease of $8,831,000, or
        21 percent from the $41,742,000 reported for the comparable prior
        year period.  The company reported a net loss of $4,408,000, or $1
        per share, compared with net earnings of $708,000, or 16 cents per
        share in the prior year.  The company reported a loss for the six-
        month period primarily as a result of the writedowns taken in the
        second quarter.
   

     
            ``Trimark is restructuring operations to address the rapidly
        changing realities of the entertainment industry,'' stated Chairman
        Mark Amin.  ``The company is adapting its production and acquisition
        strategies to distribute an increasing number of theatrical and
        specialized films.  We hope this strategy will mitigate the
        difficulties which the video industry faces from product competition
        and technological change.''

        
            The company plans to continue to invest approximately $40
        million in the acquisition and production of new motion picture
        product annually.  Trimark Pictures' current slate of motion
        pictures includes the science fiction family film ``The Warrior of
        Waverly Street,'' ``Crossworlds,'' ``The Dentist'' and ``The
        Pinocchio Syndrome.''
   

     
            Trimark Pictures is a division of Trimark Holdings, a broad-
        based entertainment company which acquires, produces and distributes
        motion pictures domestically and internationally under the Trimark
        Pictures banner; licenses to the broadcast industry under the
        Trimark Television moniker; to the domestic home video market under
        the Vidmark Entertainment label; and to the interactive market under
        the Trimark Interactive banner.


        
                     Trimark Holdings Inc. and Subsidiaries
                     (In thousands, except per-share data)
                                 (Unaudited)
        
                                Six Months Ended      Three Months Ended
                                    Dec. 31,                Dec. 31,     
                                1995       1994         1995       1994
        
        Net revenues:  
        Domestic home video       $17,659    $27,834      $ 9,443    $12,934
        
        Theatrical distribution       178         62          178          7
        
        Television distribution     1,984      1,216          999        514
        Foreign all media          10,989     11,771        4,133      5,317
        
        Interactive all media       2,101        859        2,091        852
         Net revenues             $32,911    $41,742      $16,844    $19,624
        
        Film costs and
         distribution expenses     33,525     34,719       20,901     16,158
        
        Gross (loss) profit          (614)     7,023       (4,057)     3,466
        
        Expenses (income):
        Selling                     3,119      2,504        1,676      1,345
        
        General and administrative  2,926      2,665        1,586      1,397
        Bad debt                      (85)       297         (397)        82
        
                                5,960      5,466        2,865      2,824
        Operating (loss) earnings  (6,574)     1,557       (6,922)       642
        
        Other (income) expenses:
        Interest income and
         expense, net                 460        558          211        318
        
        Minority interest             (38)      (161)          (1)
        (93)
                                  422        397          210        225
        (Loss) earnings before
         income taxes              (6,996)     1,160       (7,132)       417
        
        Income taxes               (2,588)       452       (2,642)       162
        
        Net (loss) earnings       $(4,408)   $   708      $(4,490)   $   255
        
        Net (loss) earnings per
         common share             $ (1.00)  16 cents      $ (1.02)   6 cents
        
        Average common and common
         equivalent shares
         outstanding                4,420      4,508        4,399     4,505


        CONTACT:  Trimark Pictures, Santa Monica, Calif.;
                  Douglas L. Lowell, 310/314-2000
        

Eltrax Systems, Inc. bid to acquire Applied Computing Devices
assets denied


            ST. PAUL, Minn. -- Feb. 14, 1996 -- Eltrax Systems,
        Inc. today announced that its bid to acquire substantially all of
        the assets of Applied Computing
Devices
(ACD) of Terre Haute,
        Indiana, was not approved by the Bankruptcy Court.
        


            Mack Traynor, Eltrax President and CEO, stated, "We are
        disappointed that the bidding process for the ACD assets reached a
        level at which we were unwilling to go.  These assets represented a
        marvelous opportunity for Eltrax, but only at the right price.  The
        Company will continue its efforts to acquire other companies and we
        are confident the right deal will come along."

        
            Eltrax Systems, Inc., headquartered in St. Paul, markets its
        products nationwide.  The Company went public in December, 1992 and
        its shares are trade on the Nasdaq Smallcap Market under the symbol
        ELTX.
   


        CONTACT: Eltrax Systems, Inc.;
                 Mack V. Traynor, III, 612/633-8373



WRT Energy Corp. files Chapter 11 petition


            THE WOODLANDS, Texas -- Feb. 14, 1996 -- href="chap11.wrt.html">WRT Energy
        Corp.
(NASDAQ/NMS:WRTE, WRTEP) Wednesday announced that it has
        commenced proceedings in Chapter 11 Reorganization in the United
        States Bankruptcy Court for the Western District of Louisiana in
        Opelousas.
        


            Raymond P. Landry, chairman of the board said, "While the
        company's board of directors, management and employees regret that
        this action has become necessary, every alternative for the future
        conduct of the company's operations has been carefully evaluated,
        and the board has concluded that Chapter 11 proceedings offer the
        best prospects for all affected constituencies.
        


            "We appreciate the genuine support which many shareholders,
        bondholders and other creditors have exhibited toward the company in
        these difficult recent months as we have worked to avoid this
        action."

        
            Under court protection, the company will continue to operate as
        a debtor-in-possession and will be afforded an exclusive period
        during which management intends to formulate and file a plan of
        reorganization with the court.  While operating in Chapter 11,
        proceedings involving claims against the company will automatically
        be stayed, and the company will continue to operate as in the past.
   

     
            Landry also added that Jefferies & Co. Inc. has been retained as
        financial adviser to the company in connection with formulation of a
        plan of reorganization.
      


        CONTACT:  WRT Energy Corp., The Woodlands;
                  Investor Relations, 713/362-5000
        



GIBSON GREETINGS, INC. ANNOUNCES YEAR-END RESULTS;

        
            CINCINNATI, Feb. 14, 1996 - Gibson Greetings, Inc.
        (Nasdaq: GIBG) today reported a strong improvement in operating
        income in the fourth quarter and fiscal year ended December 31,
        1995.  These results reflect the impact of the previously announced
        sale of Cleo Inc. (Cleo), the Company's wholly-owned gift wrap
        subsidiary, to CSS Industries, Inc., which was completed in November
        1995.
        


            On a pro forma basis excluding Cleo, Gibson had operating income
        of $11.3 million on revenues of $119.2 million for the fourth
        quarter of 1995, compared with an operating loss of $18.9 million on
        revenues of $93.7 million in the same period a year ago.  The
        Company's pro forma net income for the fourth quarter 1995 was $4.8
        million, or $0.29 per share, compared with a net income of $3.3
        million, or $0.20 per share, in the 1994 fourth quarter.
        


            Gibson's Board of Directors also announced that it has decided
        to terminate the previously announced process of exploring possible
        expressions of interest in the Company as it had not received an
        appropriate offer.  The Board believes that Gibson is well
        positioned to move forward as an independent company in view of the
        successful efforts to control costs and improve the profitability of
        the greeting card business in 1995, as well as the Company's healthy
        year-end financial position, due in part to the sale of Cleo, and
        that the conclusion of the process will eliminate any uncertainties
        on the part of our customers and associates.
        


            In addition, the Board determined that this was an appropriate
        time to seek new management direction for the Company and announced
        the severance of Benjamin J. Sottile as Chairman of the Board and
        Chief Executive Officer.  A search will commence immediately both
        within and outside the Company for a new Chief Executive.  In the
        interim, the Board has established an office of the Chairman with
        Mr. Albert R. Pezzillo, current Chairman of the Executive Committee,
        serving as Chairman and Chief Executive and Board members Frank
        Stanton and C. Anthony Wainwright serving as members of the
        Chairman's office.
        


            For the full year of 1995 on a pro forma basis excluding Cleo,
        Gibson had operating income of $38.4 million on revenues of $388.9
        million, compared with an operating loss of $11.8 million on
        revenues of $359.4 million in the same period last year.  The
        Company's pro forma net income for the full year, excluding Cleo,
        was $16.3 million, or $1.00 per share, compared with a net loss of
        $9.7 million, or $0.60 per share in 1994.
        


            The Company's increase in revenues for the full year, excluding
        Cleo, reflected higher domestic and international greeting card
        revenues, as well as higher revenues from The Paper Factory of
        Wisconsin, Inc. (The Paper Factory).  Additionally, the increase in
        operating income for the year reflects the positive impact of an
        improved gross margin for greeting cards, as well as cost reduction
        efforts which resulted in lower selling and marketing expenses.

        
            For the fourth quarter of 1995, including Cleo, Gibson reported
        net income of $7.8 million, or $0.49 per share, on revenues of
        $198.7 million, compared with a net loss of $1.2 million, or $0.07
        per share, on revenues of $211.7 million in the same period a year
        ago.  The 1995 fourth quarter results include Cleo's operations
        through November 14, 1995.
   

     
            For the year ended December 31, 1995, including Cleo, Gibson
        reported a net loss of $46.5 million, or $2.86 per share, on
        revenues of $540.8 million, compared with a net loss of $28.6
        million, or $1.77 per share, on revenues of $548.8 million in the
        same period a year ago.  The 1995 results include a loss from Cleo's
        operations through November 14, 1995 and a charge of $54.5 million,
        or $3.35 per share, after-tax, for the disposition of Cleo.  The
        1994 results included a $1.6 million gain, net of taxes, associated
        with derivative transactions, significant charges for inventory
        obsolescence and sales returns and allowances at Cleo, a pretax
        charge of $16.2 million from write-offs associated with the Chapter
        11 bankruptcy filing of F & M Distributors, Inc., and a $1.7 million
        pretax charge for severance costs.
      

  
            The Paper Factory recorded a modest profit for the year.
        Gibson's operations in the United Kingdom experienced a modest loss
        and continued to grow as a result of increased distribution which,
        coupled with cost reduction efforts, resulted in a narrower loss
        than a year earlier.  In view of the continuing poor economic
        conditions and devaluation of the peso in Mexico, the Company
        recorded a full reserve against its Mexican subsidiary.
        


            Stockholders' equity at year-end was $230.2 million, while the
        ratio of long-term debt to total capitalization was 17.4 percent.
        Book value per share was $14.31.

        
            Long-term debt was $48.5 million at December 31, 1995, down from
        $63.2 million at December 31, 1994, due to the sale of Cleo.  Debt
        due within one year decreased $90.2 million to $26.9 million at year-
        end compared to the same period in 1994, reflecting in part proceeds
        from the sale of Cleo.  At December 31, 1995, the Company's cash and
        equivalents totaled $15.6 million.  In January 1996, Gibson received
        the proceeds of a note from the sale of Cleo which, coupled with
        holiday collections, brought the Company's short-term marketable
        securities to $41.4 million at January 31, 1996.

        
            Gibson Greetings, Inc. is the world's second largest publicly
        owned manufacturer and distributor of everyday and seasonal greeting
        cards, gift wrap and related social expression products.   


     
                             Gibson Greetings, Inc.
            Pro Forma Condensed Consolidated Statements of Operations
           (Amounts in thousands except per share amounts - Unaudited)
        
                                  Three Months            Year
                                Ended December 31,   Ended December 31,
                                 1995      1994        1995        1994
        
        REVENUES              $119,151    $93,673    $388,884    $359,408
        COSTS AND EXPENSES:
        Operating Expenses:
        Cost of products sold   48,149     47,283     148,534     149,619
        Selling, distribution
        and administrative
          expenses              59,678     65,250     201,914     221,606
        Total operating
          expenses             107,827    112,533     350,448     371,225
        Operating income
          (loss) before
          financing and
          derivative
          transaction
          expenses              11,324    (18,860)     38,436     (11,817)
        Financing and
          derivative
          transaction
          expenses:
          Interest expense,
            net                  1,918      2,126       8,572       6,441
        Gain on derivative
          transactions, net          -    (14,888)          -      (1,641)
        Total financing and
          derivative
          transaction expenses,
          net                    1,918    (12,762)      8,572       4,800
        INCOME (LOSS) BEFORE
          INCOME TAXES           9,406     (6,098)     29,864     (16,617)
        Income taxes/benefit     4,589     (9,399)     13,588      (6,937)
        NET INCOME (LOSS)       $4,817     $3,301     $16,276    $ (9,680)
        NET INCOME (LOSS)
          PER SHARE             $ 0.29     $ 0.20      $ 1.00     $ (0.60)
        Average common
          shares and
          equivalents
          outstanding           16,306     16,111      16,243      16,130
        
                               Gibson Greetings, Inc.
                   Condensed Consolidated Statements of Operations
             (Amounts in thousands except per share amounts - Unaudited)
        
                                Three Months               Year
                              Ended December 31,     Ended December 31,
                               1995        1994        1995       1994
        
        REVENUES             $198,741    $211,692    $540,821    $548,795
        COSTS AND EXPENSES:
        Operating Expenses:
        Cost of products
          sold                109,494     143,993     268,702     310,039
        Selling,
         distribution
         and administrative
         expenses              70,205      90,359     239,922     276,147
        Loss on sale of
          Cleo, Inc.              254           -      83,012           -
        Total operating
          expenses            179,953     234,352     591,636     586,186
        Operating income
          (loss) before
          financing and
          derivative
          transaction
          expenses             18,788    (22,660)    (50,815)    (37,391)
        
        Financing and
          derivative
          transaction
          expenses:
        Interest expense, net   3,091      3,800      12,263       9,834
        
        Gain on derivative
          transactions, net         -    (14,888)          -      (1,641)
        
        Total financing and
          derivative
          transaction expenses,
          net                   3,091    (11,088)      12,263      8,193
        
        INCOME (LOSS) BEFORE
          INCOME TAXES         15,697    (11,572)     (63,078)   (45,584)
        
        Income taxes/benefit    7,890    (10,386)     (16,589)   (16,981)
        
        NET INCOME (LOSS)      $7,807    $(1,186)    $(46,489)  $(28,603)
        
        NET INCOME (LOSS)
          PER SHARE            $ 0.49    $ (0.07)    $  (2.86)  $  (1.77)
        
        Average common
          shares and
          equivalents
          outstanding          16,306     16,111       16,243     16,130
        
                           SELECTED BALANCE SHEET DATA
        
                                       December 31,  December 31,
                                           1995         1994
        
        Current Assets                   $204,117      $381,753
        Current Liabilities               $95,833      $230,625
        Long-Term Debt                    $48,533       $63,233
        Equity                           $230,242      $277,500


        CONTACT:  W. L. Flaherty, Vice President - Finance, 513-841-6675,
        or Karen Durand, Director - Investor Relations, 513-841-6986, both
        of Gibson Greetings


DOW CORNING INSURANCE COVERAGE UPHELD

        
            MIDLAND, Mich., Feb. 14, 1996 - A Wayne County Circuit
        Court jury today found approximately 30 insurance companies liable
        for coverage including costs of defense and settlement of href="chap11.dow.html">Dow
        Corning Corporation
's silicone breast implant claims and
lawsuits in
        the United States and overseas.  This decision ends a three-month
        trial presided over by Judge Robert J. Colombo. Jr.  This verdict
        leads the way to resolution of one of Dow Corning's largest assets
        - access to more than $400 million in product liability insurance
        coverage.
        


            "This decision marks a major positive milestone for Dow Corning
        and will help us move through the Chapter 11 process, as we prepare
        our financial reorganization plan," said Richard A. Hazleton, Dow
        Corning chairman and chief executive officer.  "Once again, we see
        science - and now the legal system - reinforcing the fact that
        silicone breast implants do not cause disease."
        


            Local counsel for Dow Corning, Robert A. Marsac, commending the
        jury for its conduct during the lengthy and complex case, commented,
        "We're very satisfied with the verdict the jury has reached.  The
        result of this favorable verdict vindicates Dow Corning legally,
        with respect to its products, and upholds the integrity of Dow
        Corning's people."
        


            "The case was long and complex and the jurors did an outstanding
        job of comprehending, remaining attentive and ultimately deciding
        the case. This action will allow Judge Colombo to move swiftly in
        determining the last remaining issues - damages and defense costs
        for which Dow Corning is entitled to be reimbursed," Marsac
        concluded.

        
            In addition to this decision, Dow Corning previously has settled
        with several other insurers for approximately $545 million and
        agreed coverage-in-place limits of approximately $630 million.
   


        CONTACT:  Barbara J. Muessig, 517-496-8841, or Michael Jackson,
        517-496-6443, both of Dow Corning; or Moira M. Horne, of PR
        Associates, 313-963-3396



EAGLE-PICHER INDUSTRIES ANNOUNCES FISCAL 1995 RESULTS

        
            CINCINNATI, Feb. 14, 1996 - Eagle-Picher Industries (OTC:
        EPIHQ.U) today announced that for the fiscal year ended November 30,
        1995, sales increased to $848.5 million from $756.7 million, a gain
        of 12 percent.  Operating income increased to $63.1 million from
        $58.3 million, a gain of 8 percent.
        


            During the third quarter of 1995, the Company filed a motion
        with the United States Bankruptcy Court asking the Court to estimate
        the Company's liability for present and future asbestos-related
        personal injury claims for the purpose of determining the
        appropriate distributions to creditor and shareholder classes under
        a plan of reorganization.  In December 1995, the Bankruptcy Court
        rendered its decision (the Estimation Ruling) and ruled that the
        Company's estimated liability for such claims is in the aggregate
        amount of $2,502,511,000. Because the Bankruptcy Court's
        determination was larger than the $1.5 billion previously agreed to
        for settlement purposes, the Company recorded a provision in the
        fourth quarter of 1995 of $1.0 billion to increase the asbestos
        liability subject to compromise to $2.5 billion. The increase in
        this provision produced the large net loss in 1995.  The Company
        indicated that the provision is merely an accounting entry and will
        in no way adversely affect the Company's operations, its cash flow
        or its ability to fund investment opportunities required to serve
        its customers.

        
            Thomas E. Petry, Eagle-Picher Chairman, said that, "the
        operating performance for 1995 was particularly noteworthy when
        compared with 1994 results as fiscal 1994 was a very successful year
        for the Company.  On the operating front, the Industrial Group and
        the Machinery Group experienced increases in sales and operating
        income over 1994 results, while the Automotive Group experienced
        higher sales volume but lower operating income.  Generally, all
        operations in the Industrial Group reported higher levels of sales
        and operating income.  As reported previously, due in part to the
        diverse nature of the operations in the Industrial Group, it tends
        not to experience cyclical swings as it serves a range of consumer
        nondurable markets such as the food and beverage industries, and the
        commercial aerospace, construction, and recreational markets.  The
        Machinery Group enjoyed significant increases in sales and operating
        income.  The major reason for this success was the continuing
        improvement by operations manufacturing earth moving and materials
        handling equipment.  The major reasons for the lower level of
        operating income in the Automotive Group were intense pressure by
        major customers demanding price concessions, the resistance by
        customers to accept cost increases on a timely basis, and start-up
        costs associated with new business.

        
            "Under the reorganization plan filed in the Company's pending
        chapter 11 case in February 1995, (the Plan) all present and future
        asbestos and lead-related personal injury claims were to be
        channeled to and satisfied from the assets of an independently
        administered trust (the PI Trust).  Excluding claims entitled to
        priority in payment under the Bankruptcy Code and "convenience
        claims" (claims of unsecured creditors which are, or are reduced to,
        $500 or less) all other pre-petition unsecured creditors and the PI
        Trust were to receive under the Plan their ratable share of certain
        distributions of cash, debt securities, and common stock of
        reorganized Eagle-Picher (collectively, the Plan Consideration).
        These ratable shares were to be proportionate to their share of the
        aggregate amount of the pre-petition liabilities of the Company,
        which was estimated by the Company at that time to be approximately
        $1.657 billion.  Of this amount, $1.5 billion (approximately 91
        percent) represented the liability attributable to all claims to be
        channeled to the PI Trust and that amount was utilized in the Plan
        to determine the PI Trust's ratable share of the Plan Consideration.
        The balance of $157 million (approximately 9 percent) represented
        the anticipated allowed amount of environmental and the other pre-
        petition unsecured claims sharing in the Plan Consideration.

        
            "In terms of the reorganization effort, based on the Bankruptcy
        Court's Estimation Ruling, the Company intends to file with the
        Bankruptcy Court as soon as practicable an amended plan of
        reorganization (the Amended Plan) and an accompanying proposed
        amended disclosure statement.  It is anticipated that the Amended
        Plan essentially will modify the Plan filed in February 1995 so as
        to reflect in the allocation of the distributions of Plan
        Consideration the effect of the Estimation Ruling.  More
        specifically, based upon an aggregate amount of allowed pre-petition
        unsecured claims to share in the Plan Consideration of approximately
        $2.663 billion, it is anticipated that under the Amended Plan the PI
        Trust would receive approximately 94 percent of the Plan
        Consideration and the other unsecured creditors the balance.
   

     
            "The Company is hopeful that it can move forward expeditiously
        with the filing, confirmation and consummation of the Amended Plan.
        In view of the contested nature of the proceedings, however,
        including the current attempts to appeal the Estimation Ruling, it
        is not possible to predict when a reorganization plan will be
        confirmed and when the Company will emerge from chapter 11.

        
            "As noted earlier, the Company has completed an outstanding
        year. Capital expenditures were at a high level as a result of an
        abundance of new business opportunities, all of which were financed
        from internally generated funds.  The Company's liquidity at the end
        of 1995 was exceptionally strong and healthy.  There are indications
        that 1996 North American automotive production could equal that of
        1995.  A reduction in schedules for certain capital goods items is
        anticipated. Based upon forecasts from the operations, a modest
        increase in sales is expected with continuing pressure on profit
        margins as the economy approaches the peak of the business cycle."
   

     
        The figures follow:
      


  
        EAGLE-PICHER INDUSTRIES, INC.
        (Data in thousands except per share)
        
        Three Months Ended November 30                 1995         1994
        
        Net sales                                    $214,844     $195,802
        Operating income                               14,805       12,737
        Provision for asbestos litigation          (1,005,511)          --
        Other non-operating items                      (1,245)        (280)
        Reorganization items                           (1,337)        (442)
        Income (loss) before taxes                   (993,288)      12,015
        Net income (loss)                            (997,373)      11,308
        Net income (loss) per share                    (90.33)        1.03
        Average shares                                 11,041       11,041
        
        Year Ended November 30 (audited)               1995         1994
        
        Net sales                                    $848,548     $756,741
        Operating income                               63,087       58,281
        Provision for asbestos litigation          (1,005,511)          --
        Gain on sale of investment                     11,505           --
        Other non-operating items                      (1,727)      (1,106)
        Reorganization items                           (2,225)      (3,426)
        Income (loss) before taxes                   (934,871)      53,749
        Net income (loss)                            (944,171)      48,749
        Net income (loss) per share                    (85.51)        4.42
        Average shares                                 11,041       11,041


        CONTACT:  J. Rodman Nall of Eagle-Picher Industries, 513-721-7010