TCR_Public/960228.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - February 28, 1996



  1. Jalate reports results for 1995 and 4th quarter
  2. VIP Global Capital Inc. announces Chapter 11 filing for subsidiary
  3. Host Marriott Services Corporation reports year-end results
  4. Foamex International Inc. reports results for Fourth Quarter and 1995
  5. Cerplex announces fourth quarter and year end results



JALATE REPORTS RESULTS FOR 1995 AND FOURTH QUARTER

        
            LOS ANGELES, Feb. 28, 1996 - Jalate, Ltd. (AMEX: JLT)
        today reported results for the year and fourth quarter ended
        December 31, 1995.
        


            For 1995, net sales rose 11 percent to a record $70.8 million
        from $63.9 million a year ago.  Jalate reported a net loss for the
        year of $2.9 million, equal to $.85 per share, compared with net
        earnings of $1.7 million, or $.53 per share, after a pro forma
        income tax adjustment in 1994.

        
            For the fourth quarter, Jalate reported net sales rose to $15.7
        million from $12.9 million a year ago.  The company reported a net
        loss of $2.9 million, or $.85 per share, compared with a net loss of
        $286,000, or $.08 per share, last year.
   

     
            Vinton W. Bacon, who joined Jalate as chief executive officer in
        December 1995, attributed the loss primarily to mark downs
        associated with weak economic conditions throughout the company's
        sector of the apparel industry, including an increase in the number
        of garments sold below cost, and to higher operating expenses and
        interest costs.  He said the sales increase reflected the success of
        greater marketing and promotional concentration on the company's
        core product lines and, to a lesser extent, to increased volume from
        discount chains and department stores.
      

  
            "We have launched a corporate restructuring that is enabling
        Jalate to more closely focus on those key product lines where we
        have a history of success," said Bacon.  "We will continue to build
        upon Jalate's strengths, continuing to refine our focus on the
        junior knit sportswear, dresses and private label businesses.  These
        are the areas in which Jalate has a proven track record.
        


            "During the fourth quarter, we continued to make meaningful
        reductions in operating expenses, while strengthening our management
        team with the addition of experienced executives in such key
        positions as manufacturing, management information systems and
        distribution.  We are confident these measures will provide tangible
        results as 1996 unfolds," added Bacon.
        


            Jalate, Ltd., designs, develops and markets junior knit
        sportswear and dresses at moderate prices, for the fashion-conscious
        young woman who desires to continually update her wardrobe.  Jalate
        develops basic styles that are fashionable and easy to produce,
        enabling the company to respond more quickly to fashion trends,
        reduce delivery time to the retailer and facilitate a consistently
        high-quality product. The company's products are found in more than
        10,000 stores across the nation, representing approximately 650
        accounts, including JC Penney, Sears, Montgomery Ward, Miller's
        Outpost, Wet Seal, The Federated Department Stores, The May
        Companies and Mervyn's.
        


                                   JALATE, LTD.
                             Statements of Operations
                                    (Unaudited)
        
                              Year Ended           Fourth Quarter Ended
                              December 31,              December 31,
                            1995        1994         1995           1994
        
           Gross sales      $78,539,000 $68,753,000  $18,196,000
        $14,222,000
        Returns, allowances
         and discounts    7,739,000   4,866,000    2,521,000     1,366,000
           Net sales         70,800,000  63,887,000   15,675,000
        12,856,000
         Cost of
          goods sold     56,211,000  46,872,000   14,518,000     9,640,000
           Gross profit      14,589,000  17,015,000    1,157,000
        3,216,000
         Operating
          expenses       16,977,000  14,071,000    4,191,000     3,588,000
           Earnings (loss)
        from operations (2,388,000)   2,944,000  (3,034,000)     (372,000)
           Other (income) expense:
         Factoring interest 891,000     355,000      218,000       113,000
         Equity in earnings
          of joint venture (75,000)          --     (70,000)            --
         Other interest       5,000       4,000        3,000         4,000
           Total other expense  821,000     359,000      151,000
        117,000
           Earnings (loss) before
        income taxes    (3,209,000)   2,585,000  (3,185,000)     (489,000)
           Income tax expense
        (benefit)         (313,000)     720,000    (303,000)     (203,000)
           Net earning (loss)(2,896,000)  1,865,000  (2,882,000)
        (286,000)
           Pro forma income
        tax adjustment           --     192,000           --            --
           Net earnings (loss)
        after pro forma income
        tax adjustment $(2,896,000)  $1,673,000 $(2,882,000)   $ (286,000)
           Net earnings (loss)
        per share after
        pro forma income
        tax adjustment       $(.85)        $.53      $(0.85)       $(0.08)
           Weighted average number
        of common and common
        equivalent shares
        outstanding during
        the period        3,390,000   3,149,000    3,391,000     3,378,000


        CONTACT:  Ina McGuinness or Roger Pondel of Pondel Parsons &
        Wilkinson, 310-207-9300


VIP Global Capital Inc. announces
Chapter 11 filing for subsidiary

        
            DENVER -- Feb. 28, 1996 -- VIP Global Capital Inc.
        (NASDAQ:VIPG) announced that one of its subsidiaries, href="chap11.print.html">PrintCrafters
        Inc.
("PrintCrafters"), filed today for protection under
Chapter 11
        of the United States Bankruptcy Code.
        


            The Chapter 11 filing relates only to PrintCrafters and its two
        operating divisions, Renaissance Publishing Inc. and Media
        Communications Inc., and does not affect the company or any of its
        other operating subsidiaries and divisions.

        
            Tim Vasko, the company's chief executive officer, stated that
        the purpose of the Chapter 11 filing for PrintCrafters was to
        finalize debt restructuring which began with the company's
        acquisition of PrintCrafters in June 1993.
        


            The company is hopeful that PrintCrafters' Chapter 11 filing
        will allow it to resolve its remaining debt issues and continue as
        an operating subsidiary of the company.
        


        CONTACT:  VIP Global Capital Inc., Denver,
                  Michael J. Schuchard, 303/371-8400
        



HOST MARRIOTT SERVICES CORPORATION REPORTS YEAR-END RESULTS

        
            BETHESDA, Md., Feb. 28, 1996 - Host Marriott Services
        Corporation (NYSE: HMS) today reported 1995 pro forma Earnings
        Before Interest Expense, Taxes, Depreciation, Amortization and other
        non-cash items (EBITDA) of $105 million, a $600 thousand increase
        over 1994.  The pro forma amounts assume that the company operated
        on a separate basis, independent of Host Marriott Corporation during
        1995 and 1994, since Host Marriott Services was part of Host
        Marriott Corporation prior to its spin-off in December 1995.  EBITDA
        for the fourth quarter on a pro forma basis was $26 million in 1995,
        a 12 percent increase over 1994.
        


            The company achieved its tenth consecutive year of revenue
        growth in 1995, reporting pro forma revenues of $1.16 billion, an
        increase of $40 million, or 4 percent over 1994.  Revenues for the
        fourth quarter increased 7 percent to $359 million in 1995 from pro
        forma revenues of $334 million in 1994.  Revenue growth in 1995
        primarily reflects the company's unit growth in airport concessions,
        both domestically and internationally, and traffic growth at its
        airport and tollroad venues.

        
            William W. McCarten, President and Chief Executive Officer,
        noted, "1995 was a year of tremendous accomplishments for Host
        Marriott Services - we established our capital structure by issuing
        $400 million in public debt in May 1995 and we successfully
        completed the spin-off of Host Marriott Services from Host Marriott
        Corporation on December 29, 1995.  We significantly expanded our
        presence internationally with the addition of a new contract at
        Amsterdam Airport Schiphol in The Netherlands.  Domestically, we had
        significant contract wins in Los Angeles and Atlanta and we were
        successful in securing our first food court shopping mall contract
        at the largest mall being built in 1996. We posted strong EBITDA of
        $105 million in 1995 and we believe that we have laid the foundation
        for significant improvement in earnings and cash flow in 1996."

        
            On a pro forma basis, Host Marriott Services' operating profit
        before corporate expenses and interest was $27 million in 1995
        compared to $79 million in 1994.  The company sustained an operating
        loss before corporate expenses and interest for the fourth quarter
        on a pro forma basis of $42 million in 1995 compared to an operating
        profit of $20 million in 1994.  Excluding the non-comparable effects
        of unusual items in 1995 and 1994, operating profit before corporate
        expenses and interest for the full year was $88 million in 1995
        compared to $87 million in 1994, and for the fourth quarter was $19
        million in 1995 compared to $20 million in 1994.  Unusual items for
        1995 included a $47 million write-down of long-lived assets
        (reflecting the adoption of a new accounting standard) and $15
        million of restructuring charges related to initiatives to improve
        future operating results.  The 1994 unusual items included a $12
        million contract write-off, partially offset by a $4 million one-
        time insurance reserve adjustment.

        
            The 1995 pro forma results were also affected by the company's
        establishment of a valuation allowance to reduce its net deferred
        tax asset by $25 million.  The provision for the valuation allowance
        offset the tax benefit of the 1995 loss included in 1995 earnings.
   

     
            Host Marriott Services' pro forma net loss for 1995 (reflecting
        the unusual items discussed above) was $63 million ($2.01 per share)
        compared to a pro forma net loss of $6 million ($0.20 per share) in
        1994.  Mr. McCarten stated, "Our pro forma net loss in 1995 was
        driven entirely by a number of unusual items, however, the year
        reflected positive growth in operating results and we expect those
        trends to continue in 1996."
      

  
            Host Marriott Services also reported 1995 pro forma results for
        its wholly owned subsidiary Host International, Inc. (formerly Host
        Marriott Travel Plazas, Inc.). Host International posted pro forma
        1995 EBITDA of $99 million compared with pro forma EBITDA of $98
        million in 1994. Revenues increased on a pro forma basis by $33
        million in 1995, or 3 percent over 1994.  Host International's
        operating profit before corporate expenses and interest was $53
        million in 1995 on a pro forma basis compared to $80 million in
        1994.  Excluding the non-comparable effects of unusual items in 1995
        and 1994, operating profit before corporate expenses and interest
        was $89 million in 1995 compared to $89 million in 1994.  Results
        for 1995 were impacted by a $22 million write-down of long-lived
        assets (reflecting the adoption of a new accounting standard) and
        $15 million of restructuring charges.  The 1994 operating profit
        reflects a $12 million contract write-off, partially offset by a $3
        million one-time insurance reserve adjustment.  Host International's
        pro forma net loss for 1995 after the unusual items was $37 million
        compared to $6 million in 1994.

        
            The pro forma information discussed above and as set forth in
        the following tables was derived from the company's historical
        operating results which are not materially different from the pro
        forma results.

        
            Host Marriott Services Corporation is the nation's leading
        provider of food, beverage and retail concessions with facilities at
        over 70 domestic and international airports, on 13 tollroads and
        highways and at sports and entertainment venues nationwide.  The
        company is traded on the NYSE under the symbol HMS.  Host Marriott
        Services serves millions of customers annually.
   

     
                       HOST MARRIOTT SERVICES CORPORATION
                         CONSOLIDATED OPERATING RESULTS
                                 Pro Forma Basis
        
                                        Fourth Quarter       Fiscal Year
                                         1995     1994     1995     1994
                            ($ in millions, except per share and ratio data)
        REVENUES
         Airport concessions            $256.2   $230.8   $796.3   $741.5
         Tollroad concessions             86.6     85.9    309.9    304.0
         Sports and entertainment
          concessions                     15.8     17.4     52.5     73.0
          Total Revenues                $358.6   $334.1 $1,158.7 $1,118.5
        
        OPERATING PROFIT
         Airport concessions             $16.1    $17.3    $65.2    $63.1
         Tollroad concessions              2.2      1.5     19.6     18.7
         Sports and entertainment
          concessions                      0.5      0.8      3.3      5.0
         Write-downs of long-lived
          assets                         (46.8)      --    (46.8)      --
         Restructuring and other
          special charges                (14.5)      --    (14.5)    (7.6)
        
        OPERATING PROFIT, before
         corporate expenses and interest (42.5)    19.6     26.8     79.2
        
        Corporate expenses               (14.5)   (15.8)   (48.0)   (48.2)
        Interest expense, net            (12.2)    12.0    (38.4)   (39.1)
        
        LOSS BEFORE INCOME TAXES AND
         EXTRAORDINARY ITEM              (69.2)    (8.2)   (59.6)    (8.1)
        (Provision) benefit
         for income taxes                  1.4      2.5     (3.9)     1.7
        
        LOSS BEFORE EXTRAORDINARY ITEM  ($67.8)   ($5.7)  ($63.5)   ($6.4)
        
        LOSS PER COMMON SHARE:
         Loss before extraordinary item ($2.13)  ($0.18)  ($2.01)  ($0.20)
        
        Weighted average shares
         outstanding                      31.9     30.7     31.7     30.3
        
        EBITDA                           $26.5    $23.7   $105.4   $104.8
        
        RATIO DATA
         EBITDA to revenues               7.4%     7.1%     9.1%     9.4%
         EBITDA to cash interest expense   2.2      2.0      2.7      2.7
         Corporate expenses to revenues   4.0%     4.7%     4.1%     4.3%
        
                                 HOST INTERNATIONAL, INC.
                             CONSOLIDATED OPERATING RESULTS
                                     Pro Forma Basis
        
                                         Fiscal Year
                                         1995     1994
                              ($ in millions, except ratio data)
        REVENUES
         Airport concessions            $796.3   $741.5
         Tollroad concessions            165.9    168.1
         Sports and entertainment
          concessions                     51.3     71.0
         Management fees                  14.3     14.5
          Total Revenues              $1,027.8   $995.1
        
        OPERATING PROFIT
         Airport concessions             $65.2    $63.1
         Tollroad concessions              7.7      8.7
         Sports and entertainment
          concessions                      2.1      3.0
         Management fees                  14.3     14.5
         Write-downs of long-lived
          assets                         (22.0)      --
         Restructuring and other
          special charges                (14.5)    (9.0)
        
        OPERATING PROFIT, before
         corporate expenses and interest  52.8     80.3
        
        Corporate expenses               (48.0)   (48.2)
        Interest expense, net            (38.4)   (39.1)
        
        LOSS BEFORE INCOME TAXES AND
         EXTRAORDINARY ITEM              (33.6)    (7.0)
        (Provision) benefit for
         income taxes                     (3.9)     1.3
        
        LOSS BEFORE EXTRAORDINARY ITEM  ($37.5)   ($5.7)
        EBITDA                           $99.0    $98.2
        
        RATIO DATA
         EBITDA to revenues               9.6%     9.9%
         EBITDA to cash interest expense   2.5      2.6
         Corporate expenses to revenues   4.7%     4.8%

        CONTACT:  Lori Cramp, V.P. & Treasurer, 301-380-4840, or Wendy
        Watkins, Director of Public Relations, 301-380-7903, both of Host
        Marriott Services


Foamex International Inc. reports results for Fourth Quarter
and 1995
        


        LINWOOD, Pa. -- Feb. 28, 1996 -- Foamex International Inc.  
(NASDAQ: FMXI) today announced results for the fourth quarter and
year-ended December 31, 1995.  
        


            The Company's results include one-time pre-tax charges totaling
        approximately $62.7 million ($52.3 million after-tax, or $1.98 per
        share for 1995) in the fourth quarter, primarily for the operational
        plan announced in November 1995.  
        


            For the fourth quarter, net sales were $309.2 million, as
        compared to $321.3 million in the fourth quarter of 1994, a 3.8%
        decrease.  The Company reported a net loss of $62.5 million,
        including the one-time pre-tax charges, versus net income in the
        fourth quarter of 1994 of $6.4 million.  Excluding the one-time
        charges, Foamex reported a net loss for the fourth quarter of $10.2
        million.  

        
            The loss per share was $2.40 for the fourth quarter versus
        earnings of $0.24 per share for the comparable 1994 period.  The
        loss per share for the quarter, excluding the one-time charges, was
        $0.39.
   

     
            In addition to the one-time charges, the Company cited several
        reasons for the loss in the fourth quarter, including: raw material
        cost pressures; continued delays in the introductions of new
        automotive platforms; and weak demand for carpet cushion, resulting
        from weak retail demand for carpet.  Foamex added that the Company
        faced a price increase for TDI, a principal raw material, effective
        October 1, 1995.  
      

  
            The one-time pre-tax charges taken in the fourth quarter consist
        of: (i) Restructuring and other related charges of $44.4 million
        associated principally with the plan to improve the Company's core
        foam operations, including the announced closure of 13 foam
        production, fabrication and branch facilities.  The cash portion of
        the restructuring charge is approximately $15.0 million.  
        


            (ii) Other write-offs of approximately $18.3 million, primarily
        related to refocusing the Company's core foam operations, including:
        (a) customer credits and price rollbacks resulting from customer
        deductions and pricing disputes related to the Company's attempt to
        pass-through certain raw materials price increases; (b) inventory
        write-downs; and (c) employee benefit accruals.  

        
            The operational plan and other actions are expected to result in
        estimated annualized savings in excess of $50 million, with expected
        savings in 1996 in excess of $30 million.  
   

     
            For the year ended December 31, 1995, net sales rose to $1.269
        billion, as compared to $1.088 billion in 1994, a 16.6% increase,
        primarily the result of the June 1994 acquisition of JPS Automotive.
        The Company reported a net loss for the year of $53.1 million,
        including the one-time pre-tax charges, versus net income in 1994 of
        $26.1 million.  Excluding the one-time charges, Foamex reported a
        net loss for 1995 of $0.8 million.  
      

  
            The loss per share was $2.01 for 1995 versus earnings of $0.98
        per share for 1994.  Excluding the one-time charges, the loss per
        share for the year was $0.03.  

        
            The Company added that pressure on margins during the year,
        primarily from raw material costs, negatively affected operating
        earnings for 1995 by approximately $25.0 million.  
   

     
            Interest and debt issuance expense for the year was $81.5
        million, compared to $61.6 million for 1994.  The increase results
        primarily from financing costs associated with JPS Automotive.  
      



            Foamex also said today that the plan announced in November 1995
        and other actions to improve its core operations, which are expected
        to result in estimated annualized savings in excess of $50 million,
        with expected savings in 1996 in excess of $30 million, are
        proceeding on schedule.  

        
            Marshall S. Cogan, Foamex's Chairman and Chief Executive
        Officer, said, "We are well into implementing the initiatives
        announced last quarter to improve the profitability of our foam
        operations, improve manufacturing processes and reduce expenses."  

        
            He noted that, under the direction of Sam Bonanno, Executive
        Vice President of Manufacturing, Foamex has closed four foam,
        fabrication and branch locations and initiated the closure of nine
        others, realigned the management structure of the foam operations
        and created an Office of Quality and Productivity to oversee the
        implementation of a continuous improvement program and related
        employee training.  
   

     
            Mr. Cogan added that the Company has also completed the closure
        of two of its Perfect Fit Industries facilities in Rock Hill, South
        Carolina and Sparks, Nevada.  
      

  
            Mr. Cogan said, "We expect these steps to lower our cost
        structure and believe that their impact, coupled with stronger
        consumer demand for home-related products and continued interest in
        Foamex's technical products, will favorably effect 1996
        performance." He noted that, based on the current pace of business
        and the Company's outlook for sales and profitability for the first
        quarter 1996, Foamex expects earnings per share for the quarter will
        be in the mid-twenty cent range.  

        
            The Company added, however, that certain events could have a
        negative impact on first quarter 1996 earnings, including further
        raw materials price increases or a sharp decline in automotive
        production.  
   

     
            Mr. Cogan also reiterated that the Company is continuing to
        pursue the sale of its JPS Automotive businesses and Perfect Fit
        Industries in order to achieve its goal to reduce debt to
        approximately $400 million by the end of 1996.  He said that the
        Company is no longer considering a sale to the public of a minority
        interest in its technical foams business.  
      

  
            Separately, Foamex announced today the election of two new
        Directors: Salvatore J.  (Sam) Bonanno, Foamex's Executive Vice
        President of Manufacturing and President of Foamex, L.P.; and Mr.
        Andrea Farace, President of Trace International Holdings, Inc.  

        
            The Company also said that it had repurchased 981,700 shares of
        its common stock under the terms of two 1995 share repurchase
        programs authorizing repurchase of up to two million shares.  It
        added that its Board had approved a third program to repurchase up
        to an additional one million shares.  The Company may repurchase
        common stock from time to time, depending on market conditions.
        Together, the approximately 2.0 million remaining shares authorized
        to be repurchased under the three programs represents up to
        approximately eight percent of Foamex's total outstanding shares of
        25,786,260 as of December 31, 1995.  
   

     
            Foamex is the largest manufacturer and marketer of flexible
        polyurethane foam and foam products in North America.  Foamex's
        quality foams are utilized primarily in four end-markets: carpet
        cushion and other carpet products; cushioning foams for furniture,
        bedding, packaging and health care; automotive trim and accessories;
        and industrial and consumer technical foams, including those for
        filtration.  The Company also supplies the most complete line of
        automotive textile products through its JPS Automotive L.P.
        subsidiary, and through its Perfect Fit Industries subsidiary is a
        leading domestic manufacturer and marketer of home comfort and
        furnishings products such as mattress pads, bed pillows, decorative
        bedding and draperies.

        
                  Foamex International Inc. and Subsidiaries
                     Consolidated Statement of Operations
                     ($ Thousands, except per share data)
        
                      4th Quarter Comparative    Fiscal Year Comparative
                      1995             1994(a)   1995             1994(a)
         
        Net Sales       $309,155         $ 321,273  $1,268,560
        $1,087,834
        
        Cost of Goods
         Sold            290,557           264,154   1,098,401
        894,962
        
        Gross Profit      18,598            57,119     170,159
        192,872
        
        Selling, General
         & Administrative
          Expenses        34,114            25,810     108,338
        88,696
        
        Restructuring and
          Other Charges   44,393              --        44,393            --
        
        Income (Loss) from
          Operations     (59,909)           31,309      17,428
        104,176
        
        Interest and Debt
          Issuance Expense 20,259           19,618      81,453
        61,594
        
        Other Income, Net   (564)              342         348
        1,020
        
        Income (Loss)
         Before Provision
          (Benefit) for
           Income Taxes  (80,732)           12,033     (63,677)
        43,602
        
        Provision (Benefit)
         for Income Taxes (18,203)           5,598     (10,557)
        17,472
        
        Net Income (Loss) (62,529)           6,435     (53,120)
        26,130
        
        Earnings (Loss)
         Per Share         $(2.40)           $0.24      $(2.01)
        $0.98
        ________________________________________________________________________
        EBDAIT (b)         11,899           40,252      117,939
        134,861
        
         
        (a) Includes the post-acquisition results of JPS Automotive, which
        was acquired in June 1994.  
           
        (b) EBDAIT consists of earnings before depreciation, amortization,
        interest, income taxes, minority interest and other non-cash or
        non-recurring expenses.  EBDAIT is not intended to represent cash
        flow for the period.  EBDAIT for the quarter and fiscal year 1995
        includes $44.4 million of restructuring and other related charges
        and $18.3 million of other write-offs.  
        
                   Foamex International Inc. and Subsidiaries
                    Selective Comparative Financial Data
                                 ($ Thousands)
        
                     4th Quarter Comparative   Fiscal Year Comparative
                     Actual    Actual         Actual     Actual   Pro Forma(a)
                      1995      1994           1995       1994      1994
        
        Net Sales      $309,155   $321,273      $1,268,560  $1,087,834
        $1,264,090
        
        Income (Loss)
         from Operations(59,909)    31,309          17,428     104,176
        117,808
        
        % of Sales         ---        9.7%            1.4%        9.6%
        9.3%
        
        EBDAIT (b)        11,899    40,252           117,939   134,861
        155,046
        
        % of Sales          3.8%      12.5%            9.3%       12.4%
        12.3%
        
        (a) Pro forma financial data has been prepared to reflect the JPS
        Automotive acquisition and other 1994 transactions as if they had
        occurred at the beginning of the 1994 fiscal year.  The pro forma
        financial information above is not necessarily indicative of the
        Company's results of operations that would have occurred had the
        acquisition been completed at the beginning of the periods
        indicated, nor is it necessarily indicative of future results of
operations. EBDAIT consists of earnings before depreciation,
amortization, interest, income taxes, minority interest and other
non-cash or non-recurring expenses.
        (b) EBDAIT is not intended to represent cash flow for the period.  
        EBDAIT for the quarter and fiscal year 1995 includes $44.4 million
        of restructuring and other related charges and $18.3 million of
other write-offs.  
        
                           Foamex Intenational Inc. and Subsidiaries
                                 Net Sales by Product Category
                                         ($ Million)
        
                        4th Quarter Comparative   Fiscal Year Comparative
                           Actual     Actual      Actual  Actual  Pro Forma(a)
                            1995       1994       1995     1994      1994
        
        Carpet Cushion Foams $  63.5    $  72.1     $ 271.0  $ 292.5   $
        292.5
        
        Cushioning Foams        74.1       70.5       305.7    286.5
        287.1
        
        Automotive Foams        57.2       58.0       219.2    198.1
        198.6
        
        Automotive Carpet,
         Trim and Textiles      74.9       80.8       312.1    161.2
        336.4
        
        Technical Foams         14.1       13.4        62.0     54.1
        54.1
        
        Home Comfort Products   25.4       26.5        98.5     95.4
        95.4
        
        Total                 $309.2     $321.3    $1,268.5 $1,087.8
        $1,264.1
        
        (a) Pro forma financial data has been prepared to reflect the JPS
        Automotive acquisition and other 1994 transactions as if they had
        occurred at the beginning of the 1994 fiscal year.  The pro forma
        financial information above is not necessarily indicative of the
        Company's results of operations that would have occurred had the
        acquisition been completed at the beginning of the periods indicated,
        nor is it necessarily indicative of future results of operations.  

        
                                      Foamex L.P.
                          Selective Comparative Financial Data
                                   ($ Thousands)
        
                      4th Quarter Comparative  Fiscal Year Comparative
                         Actual     Actual      Actual     Actual
                          1995       1994       1995        1994
        
        Net Sales           $231,540   $238,297   $946,243    $921,498
        
        Income (Loss)
          from Operations    (62,311)    22,676     (4,869)     89,513
        
        % of Sales                          9.5%                   9.7%
        
        EBDAIT (a)             4,400     28,343      80,797    113,660
             
        % of Sales               1.9%      11.9%        8.5%      12.3%
        
        (a) EBDAIT consists of earnings before depreciation, amortization,
        interest, income taxes, minority interest and other non-cash
        or non-recurring expenses.  EBDAIT is not intended to represent
        cash flow for the period.  EBDAIT for the quarter and fiscal
        year 1995 includes $42.0 million of restructuring and other
        related charges and $18.3 million of other write-offs.  
        
                              JPS Automotive L.P.
                      Selective Comparative Financial Data
                                 ($ Thousands)
        
                      4th Quarter Comparative  Fiscal Year Comparative
                          Actual    Actual      Actual   Pro Forma(a)
                           1995      1994        1995       1994
        
        Net Sales            $74,864    $80,782    $312,096   $336,398
        
        Income from
         Operations            5,342      9,774      31,068     33,714
        
        % of Sales               7.1%      12.1%       10.0%      10.0%
        
        EBDAIT (b)             8,408     12,467      43,804     45,866
        
        % of Sales              11.2%      15.4%       14.0%      13.6%
        
        (i)  Pro forma financial information has been prepared to reflect
         the acquisition of JPS Automotive as if it had occurred at the
         beginning of the 1994 fiscal year.  The pro forma financial
         information is not necessarily indicative of JPS Automotive's results
         of operations that would have occurred had the acquisition been
         completed at the beginning of the period indicated, nor is it
         necessarily indicative of future results of operations.  
        
        (ii) EBDAIT consists of earnings before depreciation, amortization,
         interest, income taxes, minority interest and other non-cash
         or non-recurring expenses.  EBDAIT is not intended to represent
         cash flow for the period.  


        CONTACT: Kenneth R. Fuette      Trina Hardiman
                 David E. Bright        McDonough & Associates
                 Foamex InternationaL   212/334-0033
                 212/230-0488   

        

        
Cerplex announces fourth quarter and
year end results

        
            TUSTIN, Calif. -- Feb. 28, 1996 -- The Cerplex
        Group, Inc.  (Nasdaq:CPLX) today announced its financial results for
        the fourth quarter and year ended December 31, 1995.  
        


            Net sales from continuing operations for the fourth quarter and
        year ended December 31, 1995 were $42.5 million and $144.3 million,
        respectively, compared to $33.2 million and $94.0 million in the
        comparable periods of the prior year.  
        


            For the quarter ended December 31, 1995, Cerplex reported a net
        loss from continuing operations of $13.6 million, or $1.03 per
        share, compared to net income of $1.6 million, or $.11 per share, in
        the quarter ended December 31, 1994.  The net loss from discontinued
        operations for the fourth quarter ended December 31, 1995 was $1.9
        million, or $.15 per share, compared to a net loss from discontinued
        operations of $4.1 million, or $.29 per share, in the quarter ended
        December 31, 1994.  

        
            The net loss from continuing operations for the fourth quarter
        included $4.2 million in pre-tax reserves and write-off's related to
        three customers of the Company, including href="chap11.spectra.html">SpectraVision which is
        operating under protection of Chapter 11 of the Bankruptcy Code.  In
        addition, the fourth quarter operating results included losses
        related to certain of the Company's domestic operations where
        declining sales volumes and inventory adjustments have adversely
        affected operating results.  
   

     
            For the year ended December 31, 1995, Cerplex reported a net
        loss from continuing operations of $22.0 million, or $1.68 per
        share, compared to net income of $1.2 million, or $.09 per share,
        for the year ended December 31, 1994.  The net loss from
        discontinued operations for the year ended December 31, 1995 was
        $17.3 million, or $1.33 per share, compared to net income from
        discontinued operations of $1.5 million, or $.11 per share, for the
        year ended December 31, 1994.  During the year ended December 31,
        1994, Cerplex also reported an extraordinary loss of $2.0 million,
        or $.15 per share related to early extinguishment of debt.  

        
            The net loss for the year ended December 31, 1995, including
        discontinued operations and extraordinary items, was $39.4 million,
        or $3.01 per share, compared to net income of $.7 million, or $.05
        per share in the prior year.  The financial results during 1995
        included the Company's third quarter decision to discontinue its end-
        of-life programs, a segment of the Company's business.  The net loss
        during 1995 related to end-of-life programs was $17.3 million, which
        included an additional $1.9 million during the fourth quarter from
        revision of its estimated loss during the phase-out period.  Net
        losses during 1995 also included $10.4 million in pre-tax reserves
        and write-off's related to three customers of the Company, including
        SpectraVision which is operating under protection of Chapter 11 of
        the Bankruptcy Code.  
   

     
            As a result of the losses incurred during the fourth quarter of
        1995, Cerplex announced that it was in violation of certain
        financial covenants under its senior credit agreement and
        subordinated note agreement, which constitutes an event of default
        under such agreements.  Cerplex is currently negotiating amendments
        to these agreements.  

        
            The Cerplex Group is a leading independent provider of
        electronic parts repair and logistics services worldwide.  The
        Company has developed extensive capabilities in the repair,
        refurbishment, upgrade, testing, training and support of a wide
        range of electronic equipment for computer and peripheral,
        telecommunications and office automation markets.  Cerplex key
        service offerings are depot repair, logistic services, technical
        help desk, training, remanufacturing and remarketing, and spare
        parts services.


        
                              THE CERPLEX GROUP, INC.
                                 and Subsidiaries
        
                       CONSOLIDATED STATEMENTS OF OPERATIONS
                       (in thousands, except per share data)
        
                               Three Months Ended      Years Ended   
                                   December 31         December 31
                                 1995      1994      1995      1994  
        
        Net sales                $  42,458 $  33,196 $ 144,328 $  94,006
        
        Cost of sales               40,766    25,862   127,817    76,967
        
         Gross profit            1,692     7,334    16,511    17,039
        
        Selling, general and
         administrative expenses    11,480     4,784    33,819    11,850
        
         Operating income
          (loss)                (9,788)    2,550   (17,308)    5,189
        
        Equity in earnings from
         joint venture                 919       666     2,425       666
        
        Interest expense             1,335       879     5,075     4,118
        
         Income (loss) from
          continuing operations
          before taxes         (10,204)    2,337   (19,958)    1,737
        Income taxes                 3,370       764     2,089       542
        
         Income (loss) from
          continuing operations before
          extraordinary item       (13,574)    1,574   (22,047)    1,195
        Discontinued operations,
         net of income taxes:
        
         Income (loss) from
          operations                          (4,133)   (1,966)    1,500
         Estimated loss from
          liquidation of
          discontinued operations   (1,935)            (15,381)   
        
         Income (loss) from
          discontinued operations   (1,935)   (4,133)  (17,347)    1,500
        
        Income (loss) before
         extraordinary item        (15,509)   (2,559)  (39,394)    2,695
        
        Extraordinary item, net of
         taxes of $1,457                                          (2,011)
        
         Net income (loss)    $(15,509) $ (2,559) $(39,394)     $684
        Net income (loss) per share:
        
         Continuing operations    $  (1.03) $   0.11  $  (1.68) $   0.09
        
         Discontinued operations     (0.15)    (0.29)    (1.33)     0.11
        
         Extraordinary item                                        (0.15)
        
        Net income (loss)
         per share                 $ (1.18)  $ (0.18)  $ (3.01)  $  0.05
        
        Weighted average common and
         common equivalent shares
         outstanding                13,121    14,446    13,091    13,446
        
                            CONSOLIDATED BALANCE SHEETS
                                  (in thousands)
          
                                            December 31    December 31
                                                1995           1994    
        
                                      ASSETS
        
        Current Assets:
          Cash and cash equivalents             $  3,807       $  9,442
          Accounts receivable, net                30,102         30,433
          Inventories                             27,789         28,550
          Net assets of discontinued operations    2,597
        
          Prepaid expenses and other               2,267          6,845
          Total current assets                66,562         75,270
        
        Inventories                                               7,437
        Property, plant and equipment, net        17,988         16,296
        Investment in joint venture                7,723          5,191
        Goodwill                                   6,647          3,620  
        Other long-term assets                     2,973         12,893
          Total assets                      $101,893       $120,707
        
        LIABILITIES & STOCKHOLDERS' EQUITY
        
        Current liabilities:
          Accounts payable                      $ 17,024       $  7,711
          Accrued liabilities                     13,622         11,252
          Current portion of long-term debt          536            674
          Income taxes payable                     2,161            865
          Total current liabilities           33,343         20,502
        
        Long-term debt, less current portion      68,382         58,920
        
        Long-term obligations, less current portion               1,800
        
        Stockholders' Equity:
          Common stock                                13             13
          Additional paid-in capital              47,528         47,483
          Notes receivable from stockholders        (226)          (299)
          Unearned compensation                     (143)          (214)
          Accumulated deficit                    (47,026)        (7,632)
          Cumulative translation adjustment           22            134
          Total stockholders' equity             168         39,485
          Total liabilities and stockholders'
           equity                           $101,893       $120,707

        
        CONTACT: The Cerplex Group Inc.
                 Bruce D. Nye
                 Vice President and Chief Financial Officer
                 (714) 258-5600