Bankruptcy News For - February 21, 1996

  4. Dauphin embarks upon diversification
  5. Forest Oil Corporation releases 1995 results...


            BRAINTREE, Mass., Feb. 21, 1996  - Consistent with its
        stated objectives of restoring the Company to profitability and
        regaining its position of prominence as a destination retailer
        specializing in high value apparel and home fashion, href="chap11.bradlees.html">Bradlees, Inc.
        (NYSE: BLE) today announced the closing of 12 underperforming store
        locations, to be completed by May of this year.

            Commenting on today's announcement, Bradlees' Chairman and Chief
        Executive Officer, Mark A. Cohen said, "Today's decision, while
        difficult, reflects our conclusion that these stores cannot be
        restructured to achieve reasonable profitability.  The closing of
        these stores is one of several steps we are taking to enhance our
        efficiency and improve our cost effectiveness.  This decision, in
        concert with last week's announcement of the restructuring of our
        store management organization, will help streamline Bradlees and
        permit our new management team to focus on bringing high value
        merchandise to Bradlees' customers in a neat, clean and friendly
        store environment."

            The Company will work with all affected employees from these 12
        locations to provide job transfers or other appropriate assistance.
        The 12 stores to be closed are:
        MAINE                 MASSACHUSETTS           CONNECTICUT
        North Windham         Westboro                East Haven
        Topsham                                       East Hartford
        Lewiston                                      Derby
        NEW YORK              NEW JERSEY
        Schenectady           West Caldwell
        Poughkeepsie          North Brunswick
            Bradlees, Inc., which currently operates 134 discount department
        stores in Maine, New Hampshire, Massachusetts, Connecticut, New
        York, New Jersey, Pennsylvania and Rhode Island, emphasizes a unique
        blend of fashionable, high quality apparel and home furnishings at
        outstanding value to its customers.  Bradlees' common stock is
        listed and traded on the New York Stock Exchange under the symbol

        CONTACT: Joele Frank of Abernathy MacGregor Scanlon, 212-371-5999


            CHARLOTTE, N.C., Feb. 21, 1996 - Broadway & Seymour
        (Nasdaq: BSIS) reported a net loss for the year ended December 31,
        1995 of $11,380 million, or $1.26 per share, on revenue of $114.7
        million. This compares with net income of $7,196 million, or $0.85
        per share, on revenue of $132.9 million for the year ended December
        31, 1994.  For the three months ended December 31, 1995, the Company
        reported a net loss of $16,702 million, or $1.84 per share, as
        compared with net income of $2,494 million, or $0.29 per share,
        reported for the year ended December 31, 1994.

            Executive Vice President and Chief Financial Officer David A.
        Finley commented, "While the results for the year were
        disappointing, the Company is now well underway in restructuring
        operations.  We have undergone extensive strategic and tactical
        planning during the fourth quarter of 1995 in an effort to:  assess
        the strength of our core businesses; determine the markets and
        products for concentrated focus; address weaknesses in project
        control processes; and to identify and eliminate inefficiencies and
        unnecessary costs."

            "We fully expect our 1996, and future year results, to
        demonstrate our commitment to healthy growth and profitability."

            Broadway & Seymour is an innovative information technology
        company providing integrated business solutions to the financial
        services and other selected markets worldwide.  It offers products,
        software development and support, and systems integration

                            BROADWAY & SEYMOUR, INC.
                           Consolidated Balance Sheet
                                 (In Thousands)
                                       Dec. 31,         Dec. 31,
                                         1995             1994
        Current assets:
        Cash and cash equivalents       $ 2,053         $ 1,639
        Receivables                      28,233          28,051
        Income tax refund receivable      2,100              --
        Inventories                         417             542
        Other current assets              6,135             725
        Total current assets             39,118          30,957
        Property & equipment, net         9,299           7,591
        Software costs                    9,865          12,169
        Intangible assets                24,578          24,244
        Other assets                        385             722
        Total                           $83,245         $75,683
        Liabilities and Stockholders' Equity
        Current liabilities:
        Notes payable and current
         portion of debt                $ 6,263         $   830
        Accounts payable, trade           6,408          10,989
        Accrued compensation              2,796           3,306
        Estimated liabilities
         for contract losses              5,246             415
        Other accrued liabilities         5,079           2,375
        Deferred revenue                 12,561          10,595
        Income taxes payable                275           2,854
        Total current liabilities        38,628          31,364
        Long-term debt                    1,327             935
        Deferred tax liability            7,096           8,100
        Other liabilities                 3,757             504
        Stockholders' equity:
        Common stock                         88              82
        Paid-in capital                  34,277          25,246
        Retained earnings (deficit)      (1,436)          9,944
        Total                            32,929          35,272
        Less -- Treasury stock at cost     (492)           (492)
        Total stockholders' equity       32,437          34,780
        Total                           $83,245         $75,683
                            BROADWAY & SEYMOUR, INC.
                        Consolidated Statement of Income
                     (in thousands, except per share data)
                                   Twelve months ended Dec. 31,
                                    1995                  1994
        Services                 $ 73,651    64.2%     $ 68,506    51.6%
        Software Licenses          32,445    28.3%       48,467    36.5%
        Hardware                    6,710     5.8%       13,274    10.0%
        Other                       1,030     0.9%        2,611     2.0%
        Sale of Services Contract     902     0.8%           --      --
        Total                     114,738   100.0%      132,858   100.0%
        Cost of revenue:
        Services                   76,619   104.0%       58,907    86.0%
        Software licenses           9,801    30.2%       19,248    39.7%
        Hardware                    5,438    81.0%       10,353    78.0%
        Other                         591    57.4%        1,012    38.8%
        Total                      92,449    80.6%       89,250    67.4%
        Operating expenses:
        Research and development    6,729     5.9%        4,389     3.3%
        Sales and marketing        16,918    14.7%       15,357    11.6%
        General and administrative 11,566    10.1%        9,717     7.3%
         Impairment Costs           2,921     2.5%           --      --
        Total                      38,134    33.2%       29,463    22.2%
        Operating Income          (15,845)  -13.8%       13,875    10.4%
        Interest income                93     0.1%           63      --
        Interest expense             (586)   -0.5%         (884)   -0.7%
        Income before
         income taxes             (16,338)  -14.2%       13,054     9.8%
        Provision for income
         taxes                     (4,958)   -4.3%        5,858     4.4%
        Net income               $(11,380)   -9.9%       $7,196     5.4%
        EPS on net income          ($1.26)     --         $0.85      --
        Weighted average shares     9,043      --         8,467      --

        CONTACT:  David A. Finley, Executive Vice President & Chief
        Financial Officer of Broadway & Seymour, 704-344-3010; or Cathleen
        Mayrose of Ludgate Communications, 212-688-5144


            WILMINGTON, Del. Feb. 21, 1996 - href="chap11.columbia.html">The Columbia Gas System,
(NYSE: CG) today announced two developments relating to its
        common stock:

            Columbia System Chairman and Chief Executive Officer Oliver G.
        (Rick) Richard III said the Board decided to declare the dividend
        because of the strong earnings and cash flow position following
        emergence from Chapter 11 and an anticipated improvement in first
        quarter earnings.  "Based on these factors and an improved financial
        outlook for 1996, the Board determined that the projected annual
        dividend rate of 60 cents per share is realistic and economically
        justifiable," he added.

            Purchasers of common stock in the offering will not be entitled
        to the dividend since the offering will be completed after the
        dividend record date of March 1.

            Richard said proceeds from the sale of the common stock will be
        used to pay down about half of the short-term debt the Corporation
        will incur later this month when it redeems $200 million of
        Preferred Stock and $200 million of Convertible Preferred Stock that
        were issued to creditors when the Corporation emerged from Chapter
        11 on November 28, 1995.  He said the remainder of the short-term
        debt and related interest will be repaid from cash being generated
        by the operating units, the proceeds from the soon to be completed
        sale of the southwest oil and gas company, and/or anticipated income
        tax refunds.

            A shelf registration statement was filed with the SEC in
        November 1995 for one billion dollars of common stock, preferred
        stock and debentures and has not as yet become effective.  A
        prospectus supplement covering the offering of common stock will be
        filed prior to the offering.  The securities covered by the
        registration statement may not be sold, nor may offers to buy be
        accepted prior to the time the registration statement becomes
        effective.  An offering may only be made pursuant to a prospectus,
        therefore, this news release shall not constitute an offer to sell
        or the solicitation of an offer to buy nor shall there be any sale
        of the securities in any state in which such an offer, solicitation
        or sale would be unlawful prior to registration or qualification
        under the securities laws of that state.

            The Columbia Gas System, Inc., is one of the nation's largest
        natural gas systems with assets in excess of $6 billion.  Its
        operating units are actively engaged in all phases of the natural
        gas business, provide marketing and fuel management services and
        generate electric power.  Columbia companies serve customers in 15
        states and the District of Columbia.

        CONTACT:  media, Bill Chaddock, 302-429-5261, or Bill McLaughlin,
        302-429-5443, or analysts, Tom Hughes, 302-429-5363, Ken Murphy,
        302-429-5471, all of Columbia Gas

Dauphin embarks upon diversification

            NORTHBROOK, Ill. -- Feb. 21, 1996 -- href="chap11.dauphin.html">Dauphin
        Technology Inc.
today announced that on Feb. 15, 1996, Dauphin
        its Second Amended Plan of Reorganization and its related Disclosure
        Statement with the United States Bankruptcy Court.

            On March 21, 1996, the Bankruptcy Court will conduct a hearing
        at which it will consider the adequacy of the Disclosure Statement.
        If the Court finds that the Disclosure Statement contains adequate
        information, Dauphin will be authorized to disseminate the Plan and
        Disclosure Statement to its creditors and shareholders and solicit
        acceptance of the Plan, which Dauphin hopes will lead to its
        emergence from its Chapter 11 Case.

            On Feb. 15, 1996, the Court also authorized Dauphin to enter
        into an Asset Acquisition and Employment Agreement with Interactive
        Controls Inc. ("Intercon") and its two shareholders, Victor Baron
        and Sal Burd.  Pursuant to the terms of this agreement, Dauphin has
        acquired the right to implement the business plan which Intercon
        developed for the design, manufacture and sale of interactive
        control devices and systems.  Baron and Burd have been employed by
        Dauphin to implement the new business plan and to assist Dauphin
        with its general business and reorganization process.  Baron has
        assumed the position of Dauphin's chief operating officer.  Baron
        will also act as the president of Dauphin's new "Intercon Division,"
        through which Dauphin will implement the new business plan.  Burd
        will assume the position of Dauphin's chief financial officer.
        Baron and Burd will join Dauphin's Chief Executive Officer and
        President, Andrew Kandalepas, to act as a three man executive
        committee, which will direct Dauphin's new business plan.

            Baron has 20 years of experience in product development,
        marketing and technical sales.  In addition, he has established a
        wide range of long-term relationships within the manufacturing
        industry.  Burd, a CPA and financial consultant, has held key fiscal
        management positions and has been an investment advisor with
        companies in the securities and investment business.

            Dauphin's acquisition and implementation of the new business
        plan was designed to expand Dauphin's current product lines.
        Dauphin's board of directors hopes that such product expansion will
        result in Dauphin's long term stability and increase its share of
        the ever expanding computer market.

            Dauphin is publicly traded and is listed on the NASDAQ Over the
        Counter Bulletin Board under the symbol DNTKQ.

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

Forest Oil Corporation releases 1995 results
and pro forma effects of ATCOR acquisition, equity offering

            DENVER, CO -- Feb. 21, 1996 -- Forest Oil Corporation
        announced today a net loss before preferred stock dividends of $3.5
        million or $.41 per common share for the fourth quarter of 1995 and
        a net loss before preferred dividends of $18.0 million or $2.72 per
        common share for the year ended December 31, 1995, compared to a net
        loss of $35.0 million or $6.30 per common share for the fourth
        quarter of 1994 and a net loss of $81.8 million or $14.95 per common
        share for the year ended December 31, 1994.  

            The 1994 loss included a ceiling test writedown of $58.0 million
        and a charge of $14.0 million to reflect the cumulative effects of a
        change in the company's method of accounting for oil and gas sales.
        The loss for the fourth quarter of 1995 includes $4.3 million of
        income associated with the resolution of a bankruptcy claim.  The
        reported 1995 results do not include the effects of recently
        announced Canadian acquisitions.  

            The company also released a December 31, 1995 pro forma balance
        sheet reflecting a 1996 event, the acquisition of ATCOR Resources
        Ltd. of Calgary, Alberta using proceeds from an offering of common
        stock.  On a pro forma basis, these transactions increase the
        company's net assets to $180.2 million compared to $6.1 million at
        December 31, 1994 and reduce its debt-to-capitalization percentage
        to 53% from 98% over the same period.  

            On a pro forma basis after the ATCOR acquisition, Forest's
        estimated proved reserves increased 34% to 330.2 BCF of natural gas
        compared to 247.0 BCF reported at December 31, 1994.  Pro forma
        reserves for liquids increased 176% to 20.8 million barrels compared
        to 7.5 million barrels at December 31, 1994.  

            Forest had previously announced the acquisition of a 56%
        economic (49% voting) interest in Saxon Petroleum Inc., also of
        Calgary, the exchange of 1.68 million shares of common stock for
        $22.4 million face amount of debt ($5.7 million book value) and a 5-
        to-1 reverse stock split.  These transactions were given effect in
        the company's financial statements at December 31, 1995.  

            William L. Dorn, chairman of Forest, stated:  "The completion of
        several significant transactions in December 1995 and January 1996
        have increased the company's asset base and strengthened its balance
        sheet considerably.  The recent acquisitions and enhanced balance
        sheet will enable Forest Oil to execute a growth strategy in 1996.
        Including the effects of the Saxon and ATCOR acquisitions, the
        company's estimated proved reserves on a pro forma basis at December
        31, 1995 increased by 56% from December 31, 1994."  

            For 1995, Forest reported that its oil and gas sales decreased
        to $82.3 million from $114.5 million, or by approximately 28%
        compared to 1994.  Production volumes decreased to 33.3 BCF of
        natural gas and 1,173,000 barrels of oil in 1995 compared to 48.0
        BCF and 1,543,000 barrels in 1994, representing decreases of 31% and
        24%, respectively. These decreases result primarily from limited
        capital expenditures in 1994 and 1995 that did not allow the company
        to replace existing production through acquisitions and drilling.
        Forest expects this trend to reverse in 1996 as a result of the
        Saxon and ATCOR acquisitions coupled with planned increases in its
        domestic capital investment program.  

            Oil and gas production expense was relatively flat at $22.4
        million in both 1995 and 1994.  On a per-unit basis, using a
        conversion ratio of one barrel of oil to six thousand cubic feet of
        natural gas, production expense increased 43% to $.56 per MCFE in
        1995 compared to $.39 per MCFE in 1994.  The increased cost per MCFE
        is directly attributable to fixed components of oil and gas
        production expense being allocated over a smaller production base.
        The company expects production expense to decrease in 1996, on a per
        unit basis, as a result of the Saxon and ATCOR acquisitions and
        increased levels of capital investment.  

            Total overhead costs, including capitalized amounts related to
        exploration and development activities, decreased 15% to $15.9
        million in 1995 from $18.7 million in 1994.  The decrease in total
        overhead costs is due primarily to a reduction in the size of the
        company's workforce on March 1, 1995.  

            Depreciation and depletion expense decreased 33% to $43.6
        million in 1995 from $65.5 million in 1994 due primarily to
        decreased production and a decrease in the depletion rate per unit
        of production.  The depletion rate decreased 5% to $1.08 per MCFE in
        1995 compared to $1.14 in 1994 due to the writedown of oil and gas
        properties in 1994.  

            Forest Oil Corporation is engaged in the acquisition,
        exploration, development, production and marketing of natural gas
        and crude oil in North America.  Forest's principal reserves and
        producing properties are located in the Gulf of Mexico, Texas,
        Oklahoma and Canada.  The company's common and preferred stocks are
        traded on the Nasdaq National Market system under the FOIL and FOILO
        symbols, respectively.

                         FOREST OIL CORPORATION
                      Consolidated Balance Sheets
                                     Pro Forma         December 31,
                                  December 31, 1995  1995        1994
                                             (In Thousands)
        Current assets:
          Cash and cash equivalents        $ 3,287        3,287      2,869
          Accounts receivable               35,763       17,395     20,418
          Other current assets               4,612        2,557      2,231
        Total current assets            43,662       23,239     25,518
        Property and equipment, at cost:
          Oil and gas properties - full
        cost accounting method        1,360,487   1,216,027  1,171,887
          Buildings, transportation and
        other equipment                  18,027      10,502     12,649
                                      1,378,514   1,226,529  1,184,536
          Less accumulated depreciation,
        depletion and valuation
        allowance                      948,930      948,930    907,927
           Net property and equipment      429,584      277,599    276,609
        Investment in affiliate             11,301       11,301     11,652
        Other assets                        33,443        8,904     11,053
                                      $517,990      321,043    324,832
        Current liabilities:
          Cash overdraft                    $2,055        2,055      4,445
          Current portion of long-term debt  2,263        2,263      1,636
          Current portion of gas balancing
        liability                        4,700        4,700      5,735
          Accounts payable                  37,561       17,456     26,557
          Accrued interest                   4,219        4,029      4,318
          Other current liabilities          1,917        1,917      4,927
          Total current liabilities     52,715       32,420     47,618
        Long-term debt                     192,848      193,879    207,054
        Gas balancing liability              3,841        3,841      8,525
        Other liabilities                   25,824       23,298     19,641
        Deferred revenue                    15,137       15,137     35,908
        Deferred income taxes               38,502            -          -
        Minority interest in Saxon
          Petroleum Inc.                     8,882        8,171          -
        Shareholders' equity:
          Preferred stock                   24,359       24,359     15,845
          Common stock                       2,280        1,066        566
          Capital surplus                  366,431      241,241    192,337
          Common shares to be issued in
        debt restructuring               6,073        6,073          -
          Accumulated deficit             (217,495)    (217,495)  (199,499)
          Foreign currency translation      (1,407)      (1,407)    (1,337)
          Treasury stock, at cost                -       (9,540)    (1,826)
          Total shareholders' equity   180,241       44,297      6,086
                                      $517,990      321,043    324,832
                           FOREST OIL CORPORATION
             Consolidated Statements of Production and Operations
                                   Three Months Ended    Years Ended
                                      December 31,       December 31,
                                    1995       1994      1995     1994
                                     (In Thousands Except Production
                                          and Per Share Amounts)
          Gas (MMCF)                    7,598      9,616     33,342   48,048
        Oil and condensate (thousand
          barrels)                        247        391      1,173    1,543
          Oil and gas sales:
         Gas                      $18,206     16,986     63,347   91,309
         Oil and condensate         3,838      6,049     18,602   22,874
         Products and other            77         78        326      358
                                   22,121     23,113     82,275  114,541
          Miscellaneous, net             (193)      (893)       181    1,406
         Total revenue             21,928     22,220     82,456  115,947
          Oil and gas production        5,887      5,737     22,463   22,384
          General and administrative    3,320      3,613      9,081   11,166
          Interest                      6,223      6,696     25,323   26,773
          Depreciation and depletion    9,961     13,145     43,592   65,468
          Provision for impairment of
        oil and gas properties          -     28,000          -   58,000
         Total expenses            25,391     57,191    100,459  183,791
        Loss before income taxes and
          cumulative effect of
          change in accounting
          principle                    (3,463)   (34,971)   (18,003)
        Income tax expense (benefit):
          Current                           -        (20)        (7)       9
          Deferred                          -          -          -        -
                                        -        (20)        (7)       9
        Loss before cumulative effect
          of change in
          accounting principle         (3,463)   (34,951)   (17,996)
        Cumulative effect of change
          in method of accounting
          for oil and gas sales
        -          -          -  (13,990)
        Net loss                      $(3,463)   (34,951)   (17,996)
        Weighted average number
          of common shares
          outstanding                   9,822      5,635      7,421    5,619
        Net loss attributable to
          common stock                $(4,003)   (35,491)   (20,156)
        Primary and fully diluted
          loss per share:
        Loss before cumulative
          effect of change in
          accounting principle    $  (.41)     (6.30)     (2.72)  (12.46)
          Net loss attributable to
        common stock              $  (.41)     (6.30)     (2.72)  (14.95)

        CONTACT:  Forest Oil Corporation, Denver
                  Zack Hager, 303/812-1610


            MARIETTA, Ga., Feb. 21 1996 - HEALTHDYNE INFORMATION
        ENTERPRISES, INC. (OTC Bulletin Board: HDIE) ("HIE" or the
        "Company") today announced fourth quarter and 1995 year-end results.

            For its first full year of operations in 1995, HIE reported
        revenue of $8.7 million and a net loss of $4.6 million, or $(.30)
        per share, excluding nonrecurring charges and $10.0 million, or
        $(.64) per share, including nonrecurring charges.  The Company had
        revenue of $153,000 and a net loss of $1.3 million, or $(.08) per
        share for its partial prior year of operations from June 15, 1994
        (date of incorporation) to December 31, 1994.

            Revenue for the fourth quarter of 1995 reached $2.9 million, an
        increase of $2.8 million over the comparable prior year quarter and
        an increase of $800,000 over the third quarter of 1995.  The net
        loss for the fourth quarter of 1995 was $1.5 million, or $(.10) per
        share, excluding nonrecurring charges and $6.9 million, or $(.43)
        per share, including nonrecurring charges.  The Company had a net
        loss of $852,000, or $(.05) per share, for the fourth quarter of

            Nonrecurring charges incurred in the fourth quarter of 1995
        totaled $5.3 million.  Approximately $3.5 million of these
        nonrecurring charges were attributable to the previously announced
        purchased in-process R&D expense resulting from the Company's
        increase of its ownership interest in Healthcare Communications,
        Inc. of Dallas, Texas, an international provider of system
        integration software tools, from 57% to 100% during December 1995.
        Most of the remaining nonrecurring charges were attributable to
        certain write-offs, including a $1.4 million goodwill impairment
        expense, related to the Company's 61% ownership interest in DataView
        Imaging International, Inc. ("DataView") of Norcross, Ga., an
        international provider of clinical image management tools and
        products. While HIE intends to continue using DataView's technology,
        HIE and DataView are presently exploring alternatives to restructure
        their relationship to provide DataView with an alternative source of
        capital. These 1995 nonrecurring charges will result in reduced
        amortization expense of intangible costs in future years.

            Darrell Young, HIE's President and Chief Executive Officer,
        stated that, "HIE's rapid revenue growth reflects the strong demand
        for HIE's services and software tools.  We have made several
        significant organizational, operational and financial decisions and
        changes during the fourth quarter of 1995 to enhance both future
        operating results and operational cash flow.  HIE is now well
        positioned for 1996 and beyond."

            HIE is an international provider of healthcare clinical
        information solutions and services to integrated healthcare delivery
        networks and other healthcare providers in the United States,
        Canada, United Kingdom, Germany and Australia.

        Select condensed financial information follows:

                 Consolidated Condensed Financial Statements
               For the Quarter and Year Ended December 31, 1995
                Consolidated Condensed Statements of Operations
                                                       For the Quarter Ended
                                                        12/31/95   12/31/94
        Revenue                                         $  2,870  $    80
        Cost of sales                                        847       36
        Gross margin                                       2,023       44
            Operating expenses:
        Sales & marketing                                  1,011      113
        Research & development                               555      125
        General & administrative                           1,436      656
        Nonrecurring charges                               5,335      ---
        Operating loss                                    (6,314)    (850)
        Other income (expense)                              (542)      (2)
        Loss before income tax expense (benefit)          (6,856)    (852)
        Income tax expense (benefit)                          27      ---
        Net loss                                        $ (6,883) $  (852)
        Net loss per share                              $  (0.43) $ (0.05)
        Weighted average shares outstanding               16,105   15,500
                                                           For the Period
                                        For the Year     From June 15, 1994
                                           Ended        (Incorporation Date)
                                          12/31/95        to Dec. 31, 1994
        Revenue                          $  8,700             $   153
        Cost of sales                       2,618                  65
        Gross margin                        6,082                  88
            Operating expenses:
        Sales & Marketing                   3,435                 186
        Research & development              1,928                 192
        General & administrative            4,337                 980
        Nonrecurring charges                5,335                 ---
        Operating loss                     (8,953)             (1,270)
        Other income (expense)             (1,170)                  5
        Loss before income tax expense
         (benefit)                        (10,123)             (1,265)
        Income tax expense (benefit)         (140)                ---
        Net loss                         $ (9,983)            $(1,265)
        Net loss per share               $  (0.64)            $ (0.08)
        Weighted average shares
         outstanding                       15,653              15,500
                  Consolidated Condensed Financial Statements
                For the Quarter and Year Ended December 31, 1995
                     Consolidated Condensed Balance Sheets
                                                      As of December 31,
                                                        1995      1994
        Cash                                        $  4,013    $     41
        Other current assets, net                      3,986         140
        Total current assets                           7,999         181
        Intangibles, net                              12,056       8,697
        Other assets                                   1,579       1,096
        Total assets                                $ 21,634    $  9,974
        Short-term debt                             $  2,675    $    ---
        Other current liabilities                      2,481         237
        Total current liabilities                      5,156         237
        Long-term obligations                          5,549         ---
        Stockholders' equity                          10,929       9,737
        Total liabilities & stockholders' equity    $ 21,634    $  9,974

        CONTACT:  Joe Bleser, CFO, Healthdyne Information Enterprises,


            CAMBRIDGE, Mass., Feb. 21, 1996 - Repligen Corporation
        (Nasdaq: RGEN) today reported revenues of $2,104,000, expenses of
        $4,406,000 and a loss of $2,302,000 or $0.15 per share, for the
        third quarter of fiscal 1996, ended December 31, 1995.  This
        compares to revenues of $3,579,000, expenses of $9,411,000 and a
        loss of $5,832,000 or $0.38 per share, for the third quarter of
        fiscal 1995, ended December 31, 1994.

            For the nine months ended December 31, 1995, revenues were
        $9,960,000, expenses were $15,835,000 and a loss of $5,875,000 or
        $0.38 per share.  This compares to revenues of $11,825,000, expenses
        of $30,550,000 and a loss of $18,725,000 or $1.22 per share for the
        nine month period of fiscal 1995, ended December 31, 1994.

            The reduction in expenses of 53% and 48% in the comparable
        three- month and nine-month periods, respectively, reflect Repligens
        planned strategy to reduce costs and focus its resources on research
        and product technologies.  These financial results are in line with
        corporate expectations.

            Research and development revenues for the third quarter of
        fiscal 1996 decreasedby $753,000 from the comparable prior-year
        quarter.  The decrease in revenue reflects an anticipated reduction
        in funding for Repligens anti-inflammation and recombinant platelet
        factor-4 (rPF4) development programs.  The decline in revenues is
        due to a decreased need for process development, preclinical and
        manufacturing activities as both programs are in phase I/II clinical

            "We continue to streamline our operations and have significantly
        reduced our costs, thereby enabling us to focus on core research and
        product technologies, said Sandford D. Smith, president and chief
        executive officer.  "Earlier this month, we announced an agreement
        with biotech leader Genzyme for the purchase of the Allegro
        Biologics business unit, finalization of which will further reduce
        the Company's operating costs."

            Repligen Corporation is a biopharmaceutical company focused
        primarily on the cardiovascular, cancer and acute inflammation
        areas. The Company has product candidates in clinical trials as well
        as a research platform aimed at developingdrugs that address unmet
        medical needs.  The Company is headquartered in Cambridge,

                            Operating Statement Data:
                              Three Months Ended         Nine Months Ended
        12/31/95  12/31/94     12/31/95     12/31/94 Revenues:
             R&D            $1,675,000 $2,428,000     $7,535,000
        $8,420,000 Product           169,000    538,000      1,543,000
        1,813,000 Investment        161,000    513,000        624,000
        1,105,000 Other              99,000    100,000        258,000
        487,000 Total           2,104,000  3,579,000      9,960,000
         Costs & Expenses:
             R&D             2,864,000  7,529,000     10,195,000
        23,732,000 S,G&A           1,426,000  1,549,000      4,470,000
         Cost of
              goods sold       114,000    270,000      1,103,000
        1,034,000 Interest            2,000     63,000         67,000
        248,000 Restructuring
              charge               --        --            --       975,000
        Total           4,406,000  9,411,000     15,835,000    30,550,000
         Net loss      $(2,302,000)$(5,832,000)  $(5,875,000) $(18,725,000)
         Net loss
          per common
              share outstanding $(0.15)     $(0.38)       $(0.38)
        $(1.22) Weighted average
          common shares
          outstanding   15,358,938  15,357,030     15,358,555   15,355,844
         Balance Sheet Data:
         (Unaudited)                     12/31/95        03/31/95
         Cash and investments          $10,075,000    $15,302,000
         Total assets                 $18,106,,000    $31,330,000
         Stockholders' equity          $10,120,000    $15,576,000

         CONTACT:  Avery Catlin, Vice President, Finance and CFO,
         617-225-6030, or Jayme Maniatis, Corporate Communications, 617-225-
         6013, both of Repligen