TCR_Public/960301.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - March 1, 1996



  1. Chic by H.I.S. Inc. 1996 first quarter report
  2. Atlantis Plastics announces 1995 operation results
  3. Elsinore files plan of reorganization
  4. FAY'S INCORPORATED ANNOUNCES RESTRUCTURING CHARGE IN FOURTH QUARTER
  5. The DeWolfe Companies announces fourth quarter and year end results for 1995
  6. Notice of pendency of class action vs. Health Management Inc.
  7. APPLIED DIGITAL ACCESS ANNOUNCES COMPLETION OF ASSET PURCHASE
  8. MEGAFOODS STORES, INC. FILES FIRST AMENDED JOINT PLAN OF REORGANIZATION AND PROPOSED DISCLOSURE STATEMENT
  9. ALBA ANNOUNCES 1995 RESULTS
  10. Metromedia International Group reports financial results for year ended Dec. 31, 1995
  11. BANKRUPTCY COURT APPROVED SALE OF GROWTH ENVIRONMENTAL SERVICES AND GROWTH ENERGY SERVICES ASSETS



Chic by H.I.S. Inc. 1996 first quarter report


            NEW YORK -- March 1, 1996 -- Chic by H.I.S. Inc.
        (NYSE:JNS) today reported that net income for the first quarter
        ended Feb. 3, 1996 before a restructuring charge of $15 million was
        $1,228,000 or 13 cents per share.
        


            Net income for the first quarter last year was $1,424,000 or 15
        cents per share.
        


            Previously the company announced that it would take a non cash
        restructuring charge of $15 million primarily attributable to the
        continuing downturn in the retail market.  This charge is expected
        to include the closing of certain manufacturing facilities and an
        accompanying reduction in the workforce.  The company believes that
        these actions will result in cost savings to the company in excess
        of $3.6 million over the next 12 months.

        
            Net loss for the first quarter ended Feb. 3, 1996 after the
        restructuring charge of $15 million was $13,772,000, or $1.41 per
        share.


        
                 Financial Table Quarter Ended February 3
        
                                            1996             1995
        
        Net sales                            70,829,000       76,307,000
        Less:
         Cost of goods sold                  54,656,000       59,423,000
        
        Gross profit                         16,173,000       16,884,000
        Gross profit %                            22.8%            22.1%
        Add:
         Licensing income                     1,619,000        1,202,000
                                        -----------      -----------
                                         17,792,000       18,086,000
        
        Less:
         Sell. Gen. & Admin. expenses        13,416,000       14,509,000
         Non-cash restructuring charge       15,000,000                0
                                        -----------      -----------
          Operating income (loss)           (10,624,000)       3,577,000
        
        Less:
         Interest expense                     1,863,000        1,048,000
        
                                        -----------      -----------
          Pretax income (loss)              (12,487,000)       2,529,000
        
        Less:
         Taxes                                1,285,000        1,105,000
        
        Net income (loss)                   (13,772,000)       1,424,000
        
          Outstanding shares                  9,753,868        9,753,868
        
        E.P.S. - before restructuring charge      $0.13            $0.15
        E.P.S. - net income (loss)               ($1.41)           $0.15
        
        CONTACT:  Chic by H.I.S., New York
                  John Chin, 212/302-6400




Atlantis Plastics announces 1995 operation results


            ATLANTA, GA -- March 1, 1996 -- Atlantis Plastics Inc.
        (ASE:AGH) Friday announced its operating results for the fiscal year
        ended Dec. 31, 1995.  
        


            In 1995, net sales were $281.1 million, compared to $260.8
        million in 1994.  Net loss in 1995 was $13.1 million, or $1.83 per
        share, compared to net income of $6.4 million, or $0.83 per share,
        in 1994.  Year-end results include previously announced
        restructuring charges of $11.0 million, net of taxes, or $1.53 per
        share, of which $9.9 million was non-cash and related to the write-
        down of fixed assets and goodwill.  

        
            Gross margin in 1995 was 14.2% of sales, compared to 19.8% in
        1994.  This decline was caused by several factors including an
        inventory correction in plastic films which resulted in competitive
        pricing pressures and decreased demand, as well as production
        inefficiencies in the injection molding unit.  
   

     
            Selling, general and administrative expense ("SG&A") decreased
        from $29.2 million, or 11.2% of sales in 1994 to $28.4 million, or
        10.1% of sales in 1995.  Net interest expense increased from $13.1
        million in 1994 to $14.3 million in 1995, due to increasing debt
        balances through mid-May 1995.  For the remainder of the year, total
        debt dropped by $26.3 million.  As a result, net interest expense in
        the fourth quarter of 1995 was $3.3 million, compared to net
        interest expense of $3.4 million in the fourth quarter of 1994.  

        
            Net sales declined from $73.6 million in the fourth quarter of
        1994 to $64.0 million in the fourth quarter of 1995, primarily due
        to a 29% drop in plastic resin prices from year-end 1994 to year-end
        1995.  Including restructuring charges, net loss in the fourth
        quarter of 1995 was $11.2 million, net of taxes, or $1.59 per share,
        compared to net income of $2.5 million, or $0.33 per share in the
        1994 fourth quarter.  
   

     
            In January 1996, Atlantis announced plans to sell its Plastic
        Containers Inc. subsidiary, which is a manufacturer of blow molded
        polyethylene containers.  This action is part of the company's
        strategic operating plan to focus its resources on the manufacture
        of polyethylene stretch and custom films and selected molded plastic
        products, and to dispose of product groups that are not part of
        these operations.  In 1995, Atlantis sold its 50% interest in the
        CKS/Rigal blow molding joint venture, as the planned first step in
        exiting its blow molding business.  Also in 1995, Atlantis sold its
        remaining discontinued operation, Western Pioneer Insurance Co.  

        
            Anthony F. Bova, president and chief executive officer,
        commented: "Atlantis faced a difficult operating environment in
        1995, which was caused, in large part, by an inventory correction in
        our plastic films business and our need to lower operating costs and
        improve productivity in the injection molding operations.  In
        response to these challenges, we developed and implemented a
        strategic operating plan which we expect will reduce the company's
        overall cost structure by over $5 million by the end of 1996.  Our
        cost reduction efforts have already made a meaningful impact in
        lowering production and overhead costs in the injection molding unit
        and company-wide SG&A expense.  We remain confident that the
        strategic operating plan will favorably impact our profitability,
        with results becoming increasingly apparent in 1996."
   

     
            Bova concluded:  "Our asset management program is an example of
        our initial restructuring success.  In 1995, we retired $4.8 million
        of our 11% Senior Notes, which will result in lower annual interest
        expense.  We reduced our total debt from $129.2 million at year-end
        1994 and a 1995 high of $142.8 million to $116.5 million at year-end
        1995.  Net working capital decreased from $33.0 million at year-end
        1994 to $23.2 million at year-end 1995.  Reflective of its
        confidence in Atlantis' long-term performance, the executive
        management team and a related party purchased 280,000 shares of
        common stock from an institutional holder in December 1995."  

        
            Atlantis Plastics Inc. is a leading U.S. manufacturer of
        polyethylene stretch and custom films and molded plastic products.
        Stretch films are used principally to stretchwrap pallets of
        materials for shipping or storage, and custom film products, which
        include high-grade laminating films, embossed films, and specialty
        film products, are marketed to the industrial and agricultural
        markets.  Atlantis' molded plastic products are distributed
        primarily to original equipment manufacturers in the appliance,
        automotive, agricultural, dairy, recreational vehicle, and other
        commercial industries.  
   

     
            Additional information on Atlantis Plastics Inc. is available on
        the Internet World Wide Web at this address:
        http://www.cfonews.com/agh" target=_new>http://www.cfonews.com/agh">http://www.cfonews.com/agh
; or interested parties may dial by modem to 718/279-3590, or send
E-mail to cfo@panix.com, with the subject agh.


        
                          ATLANTIS PLASTICS INC.
                      CONSOLIDATED INCOME STATEMENTS
                             (In thousands)
        
                             Three Months Ended    Twelve Months Ended
                                  Dec. 31,              Dec. 31,
                              1995       1994       1995       1994
        
        Net sales              $ 63,953    $ 73,584   $281,064   $260,818
        Cost of sales            55,674      58,123    241,149    209,245
          Gross Profit            8,279      15,461     39,915     51,573
        Selling, general and
          administrative
          expenses                6,156       9,057     28,390     29,200
        Restructuring charges    11,468          --     12,453         --
          Operating income
        (loss)               (9,345)      6,404       (928)    22,373
        
        Interest expense         (3,394)     (3,490)   (14,490)   (13,213)
        Interest income              55          44        186        135
        
          Income (loss) from
           continuing operations
           before income
           taxes                (12,684)  2,957,715    (15,232)     9,295
        
        Income tax (provision)
          benefit                 1,186      (1,219)     1,674     (4,136)
        
          Income (loss) from
           continuing
           operations           (11,498)      1,739    (13,558)     5,159
        
        Income (loss) from
          discontinued operations,
          less applicable taxes      --         727       (251)     1,207
        Gain on Sale of Western
          Pioneer, less applicable
          taxes                      --          --        483         --
        Extraordinary gain on
          earnly extinguishment
          of debt, net              255          --        254         --
        
        Net income (loss)   (11,243)      2,466    (13,072)     6,366
        
        Preferred stock
          dividends                 (36)        (36)      (145)      (145)
        
        Income (loss) applicable
          to common shares and
          equivalents          $(11,279)    $ 2,430   $(13,217)   $  6,221
        
        INCOME (LOSS) PER COMMON
        SHARE:
          Continuing operations
           (see note)            $(1.63)      $0.23    $(1.90)       $0.67
          Discontinued
           operations                --        0.10     (0.04)        0.16
          Gain on Sale of Western
        Pioneer                  --          --      0.07           --
          Extraordinary item, net  0.04          --      0.04           --
        
        Net income (loss)    $(1.59)      $0.33    $(1.83)       $0.53
        
        Weighted average shares
          outstanding         7,092,800   7,475,525  7,208,173   7,509,979
        
        DIVIDENDS DECLARED PER
          COMMON SHARE            $0.00       $0.00     $0.08        $0.08
                                                                 
        NOTE:  In 1995, loss from continuing operations per common share
           includes amounts relating to restructuring charges of $1.47
           and $1.53 per share for the fourth quarter and year-to-date
           periods, respectively.
        
                        ATLANTIS PLASTICS INC.
                      CONSOLIDATED BALANCE SHEETS
                            (In thousands)
         
                                         Dec. 31,      Dec. 31,
                                           1995          1994
        ASSETS
         Cash and equivalents                $  1,255      $  1,433
         Accounts receivable, net              28,250        36,585
         Inventories                           18,544        22,855
         Other current assets                   7,044         6,353
        
           Current assets                      55,093        67,226
        
         Property and equipment, net           64,333        61,255
         Investment in WinsLoew Furniture
          Inc. stock                            4,798         5,097
         Net assets of discontinued operations      0         9,378
         Goodwill, net of amortization         52,680        63,467
         Other assets                           3,557         5,099
                                         $180,461      $211,522
        
        LIABILITIES AND SHAREHOLDERS' EQUITY
         Accounts payable and accrued
          expenses                           $ 28,725      $ 32,398
         Current portion of long-term debt      3,168         1,860
        
           Current liabilities                 31,893        34,258
        
         Long-term debt, net of current
          portion                             113,294       127,374
         Deferred income taxes                  6,610         7,842
         Other liabilities                      1,372         1,626
        
           Total liabilities                  153,169       171,100
        
         Commitments and contingencies
        
         Shareholders' equity:
          Series A convertible preferred
           stock, $1.00 par value, 20,000
           shares authorized, issued and
           outstanding in 1995 and 1994         2,000          2,000
         Class A common stock, $.10 par
           value, 20,000 shares
           authorized, 4,129,823 and
           4,082,437 shares issued and
           outstanding in 1995 and 1994           419            408
          Class B common stock, $.10 par
           value, 7,000,000 shares authorized,
           2,899,977 and 3,002,363 shares
           issued and outstanding in 1995
           and 1994                               290             300
          Additional paid-in capital            6,828           6,781
          Unrealized holding gains (losses),
           net of tax                             287            (284)
          Retained earnings                    17,468          31,217
        
           Total shareholders' equity          27,292          40,422
        
                                         $180,461        $211,522
        

        CONTACT:  Atlantis Plastics Inc.
                  A. Richard Hurwitz, Vice President
                  Corporate Communications, 305/858-2200



Elsinore files plan of reorganization
        


            LAS VEGAS, NV -- March 1, 1996 --  href="chap11.elsinore.html">Elsinore Corp.
        (ASE/PSE:ELS) Friday announced that it has filed with the U.S.
        Bankruptcy Court for the District of Nevada a proposed plan of
        reorganization and accompanying disclosure statement related to the
        company's filing for Chapter 11 protection on Oct. 31, 1995, under
        the U.S. Bankruptcy Code.  
        


            The plan was filed in accordance with a settlement that Elsinore
        recently reached with the holders of the 12.5 percent first mortgage
        notes who assert a $60 million claim against the company.  

        
            Under the terms of the plan, the 12.5 percent first mortgage
        noteholders will receive 87.5 percent of the common shares of the
        reorganized Elsinore in consideration for a reduction of their claim
        from approximately $60 million to $30 million.  
   

     
            In addition, the company's 20 percent senior mortgage
        noteholders would retain their $3 million in outstanding principal
        plus accrued interest and would be paid at an interest rate of 10
        percent per annum or other appropriate interest rate approved by the
        Bankruptcy Court.  
      

  
            The company's convertible subordinated noteholders, who
        currently assert claims for approximately $1.5 million, would
        receive 2.5 percent of the common shares of the reorganized
        Elsinore.  

        
            The U.S. Internal Revenue Service (IRS), which asserts a claim
        of approximately $3 million, would be paid in accordance with the
        Bankruptcy Code or in such manner as otherwise agreed by the IRS.  
   

     
            Also as part of the plan, $1.5 million will be placed in a pool
        for payment to unsecured creditors over a two-year period.  Existing
        Elsinore shareholders will hold 10 percent of the common stock of
        the reorganized Elsinore.  
      

  
            Moreover, after implementation of the plan, a rights offering
        will be made to the shareholders to raise $5 million to provide
        additional funding for Elsinore's operations and capital
        improvements.  
        


            Frank L. Burrell Jr., chairman of the board, will remain as an
        officer until June 15, 1996, or the confirmation date of the plan,
        whichever is earlier.  Thomas E. Martin, president and chief
        executive officer, will remain in his position until the
        confirmation date.  Gary Acord, senior vice president and chief
        financial officer, will remain in his position until April 1, 1996.

        
            Subsequent to the confirmation of the plan, management of the
        reorganized Elsinore will be as designated by the first mortgage
        noteholders.  
   

     
            The plan is subject to approval by the Bankruptcy Court which is
        presiding over the Chapter 11 cases involving the company and
        certain of its subsidiaries.  The approval process likely will take
        several months, and there is no assurance that the plan will be
        approved by the Bankruptcy Court.  Also, the plan and disclosure
        statement may be amended by the company prior to its approval by the
        court.  
      

  
            Trading in the company's common stock continues to be halted by
        the American Stock Exchange.  As previously reported, the exchange
        intends to review the company's continued listing eligibility
        concurrently with its progress in the Chapter 11 proceeding.  

        
            Elsinore owns and operates the Four Queens, a downtown Las Vegas
        Hotel and Casino offering 690 rooms, meeting facilities, four
        restaurants, 1,050 slot machines and numerous blackjack, craps and
        other table games.  
   

     
            For information on Elsinore via facsimile at no cost, simple
        call 800/PRO-INFO and dial company code 177.  
      


        
        CONTACT:  Elsinore Corp., Las Vegas
                  Thomas E. Martin, 702/387-5110
                  Gary Acord, 702/387-5146
                       or
                  The Financial Relations Board Inc., Los Angeles
                  Daniel Saks, 310/442-0599 (general info)



FAY'S INCORPORATED ANNOUNCES RESTRUCTURING CHARGE IN FOURTH
QUARTER
        FOR STORE RELOCATIONS AND PENDING SALE OF PAPER CUTTER DIVISION
        


            LIVERPOOL, N.Y., March 1, 1996 - Fay's Incorporated
        (NYSE: FAY) reported today that fourth quarter results to be
        released next week will include an after-tax charge of approximately
        $12.5 million or $.60 per share to cover the costs associated with
        the repositioning of certain undersized and underperforming stores.
        Fay's expects to report that fourth quarter earnings from continuing
        operations, exclusive of the restructuring charge, will be below net
        income earned in the fourth quarter of last year.
        


            The restructuring charge will be taken in connection with Fay's
        plan to reposition 50 drug stores it has identified as undersized or
        underperforming.  The process of closing and relocating these stores
        is underway and is targeted to be completed within a eighteen month
        time frame.  The charge will include all costs associated with the
        store repositioning process, including a reserve for dark store
        occupancy costs and the write-down of abandoned fixed assets.  The
        majority of the stores targeted for repositioning are former
        independent pharmacies acquired by Fay's, many of which operate
        under the Cornerdrug tradename. The Company plans to relocate these
        stores, wherever possible, to prototype freestanding locations,
        featuring drive through pharmacy windows and expanded convenience
        food departments.  The Company believes that the repositioning of
        these stores will have a positive impact on profits going forward.

        
            Fay's also announced that as part of its restructuring, it has
        adopted a plan to sell the assets comprising its Paper Cutter
        Division. Paper Cutter operates 29 stores selling office products,
        party supplies, greeting cards and books.  Fay's is presently in
        negotiations with a party interested in acquiring Paper Cutter and
        anticipates that the sale will be consummated within six months.
        This follows the sale in November 1995 of the Company's Wheels
        Discount Auto Supply Stores to Western Auto Supply Company and is in
        line with the Company's strategy of refocusing on its core drug
        store and pharmacy related businesses. In addition to the
        restructuring charge for store relocations, the Company will record,
        in the fourth quarter, a loss on the sale of these discontinued
        operations of approximately $3.6 million, after tax, including
        fiscal 1997 operating losses for Paper Cutter through the
        anticipated date of sale.

        
            Fay's operates the 12th largest chain of drug stores in the
        United States, with 273 drug stores located in New York,
        Pennsylvania, Vermont and New Hampshire.
   


        CONTACT:  Henry A. Panasci, Jr., Chairman of the Board of Fay's
        Incorporated, 315-451-8000



The DeWolfe Companies announces fourth quarter and year end results for 1995


            LEXINGTON, Mass. -- March 1, 1996 -- The DeWolfe
        Companies Inc. (AMEX:DWL), the largest residential real estate firm
        in New England, today announced quarterly and year-end financial
        results for the fiscal year ending Dec. 31, 1995.  
        


            Fourth quarter net revenues increased by 39 percent to
        $6,973,000 in 1995, from $5,010,000 in 1994.  Annual net revenues
        increased by 38 percent to $32,525,000 in 1995, from $23,528,000 in
        1994.  Total revenues increased by 30 percent in the fourth quarter,
        to $17,435,000 from $13,406,000 a year ago, and increased by 33
        percent in the year, to $82,951,000 from $62,375,000 a year ago.
        Total revenues increased by a smaller percentage than net revenues,
        due primarily to a different method of accounting for real estate
        commissions in Connecticut, in which most cooperative brokerage fees
        are deducted from the total commission prior to receipt by the
        company, rather than being paid out by the company after the
        receipt.

        
            The company incurred a net loss of $604,000 in the fourth
        quarter of 1995, as compared to a net loss of $351,000 in the fourth
        quarter of 1994.  For the year the company had net income of
        $115,000 in 1995, down from net income of $534,000 in 1994.  Fourth
        quarter and annual results in 1995 include pretax restructuring
        charges of $281,000 as a result of severance costs and the writedown
        of nonperforming assets.  Per share amounts were ($0.18) for the
        fourth quarter of 1995, compared to ($0.12) for the fourth quarter
        of 1994 and earnings per share of $0.03 for the year in 1995,
        compared to $0.18 for the year in 1994.  Weighted average shares
        outstanding increased 15 percent for the year to 3,382,000 in 1995
        from 2,942,000 in 1994.  
   

     
            Richard B. DeWolfe, chairman and CEO, stated, "Our rapid growth
        of over 60 percent during the last two years, combined with the
        decreased real estate activity of the past eighteen months, eroded
        our profitability.  We have taken corrective actions by
        restructuring corporate operations and eliminating unproductive
        sales centers.  We expect that these actions, along with other cost
        controls that have been enacted, will improve our profit margins."

        
            DeWolfe continued, "The Connecticut market was particularly
        impacted by declining real estate activity in 1995, just as we faced
        the challenge of conducting our first year of operations in that
        market.  I am pleased that we have completed this necessary
        transition and expect our Connecticut business to improve as that
        region's economy continues to recover.  With lower interest rates
        and modest economic growth predicted, our real estate markets appear
        ready for a good year in 1996.  We are prepared to take advantage of
        whatever market conditions prevail."
   

     
            DeWolfe also said, "Our mortgage business improved significantly
        in 1995 with $250 million of closed loans compared to $195 million
        in 1994, an increase of 28 percent.  As an approved Seller/Servicer
        for the Federal National Mortgage Association ("Fannie Mae") and the
        Federal Home Loan Mortgage Corp. ("Freddie Mac"), DeWolfe Mortgage
        can operate more efficiently as a mortgage banking entity and begin
        to build a servicing portfolio.  We intend to continue this kind of
        vertical integration of services as a way to enhance revenues,
        improve profitability and increase shareholder value.  At the same
        time, we remain committed to our growth strategy through
        acquisitions, but will balance our rate of growth with the need to
        improve profit margins."

        
            The DeWolfe Companies, Inc. is a provider of integrated
        homeownership services, including residential real estate services,
        mortgage banking and specialized services to corporations
        facilitating employee homeownership, including relocation services.
        The Company offers these services throughout eastern Massachusetts,
        New Hampshire, Connecticut, southern Maine and northern Rhode
        Island.
   


        
                           The DeWolfe Companies, Inc.
                         (000's except per share amounts)
        
                                Fourth Quarter    Twelve Mos. Ended Dec. 31
                                1995         1994      1995         1994
        
        Revenues                 $17,435      $13,406   $82,951      $62,375
        Net revenues              $6,973       $5,010   $32,525      $23,528
        Net income                 ($604)-(a)   ($351)    ($115)-(a)
        ($534)
        Earnings per share        ($0.18)      ($0.12)    $0.03        $0.18
        Average shares
         outstanding               3,292        3,046     3,382        2,942


        (a) includes a pretax charge of $281,000 or $.05 per share, for
        restructuring and write down of non-performing assets.


        CONTACT: DeWolfe Companies Inc.,
                 Kathy Keenan, 617-863-5858
        



Notice of pendency of class action vs. Health Management Inc.
        


            NEW YORK, NY -- March 1, 1996 -- You are hereby
        notified that a class action has been commenced in the United States
        District Court for the Eastern District of New York by plaintiff
        Charles T. Labozzetta and other investors in Health Management Inc.
        ("Health Management") on behalf of purchasers of Health Management
        common stock during the period of June 14, 1995 to February 23,
        1996.

        
            The complaint charges Health Management and certain of its
        officers and directors with violations of the federal securities
        laws by, inter alia, misrepresenting and concealing material facts
        concerning the company's accounts receivable and inventory.
        Specifically, the complaint asserts that the company's reported
        financial results for its fourth quarter 1995 ended April 30, 1995,
        its first quarter 1996 ended July 31, 1995, and its second quarter
        1996 ended October 31, 1995 were materially misstated and, as first
        reported on February 27, 1996, a Special Committee formed by the
        company's Board of Directors has discovered certain "accounting
        irregularities" or intentional misstatements of reported financial
        results.  The company believes it may have to restate its financial
        statements for the subject quarterly periods and expects that it
        will be in default under its loan agreements.  At the same time, the
        company announced the resignations of its chairman and president and
        former chief financial officer, who are also named as defendants in
        the action.  

        
            Plaintiffs who have sued and who intend to bring additional
        actions seek to recover damages on behalf of all purchasers of
        Health Management common stock during the Class Period, and are
        represented by the law firms of Kaplan Kilsheimer & Fox LLP and
        Bernstein Litowitz Berger & Grossmann LLP, having expertise in
        prosecuting investor class actions and extensive experience in
        actions involving financial reporting and management fraud.

        
            If you are a member of the Class described above, you may, not
        later than 60 days from today, move the Court to serve as lead
        plaintiff of the Class, if you so choose.  In order to serve as lead
        plaintiff, however, you must meet certain legal requirements.  If
        you wish to discuss this Action or have any questions concerning
        this notice or your rights or interests, please contact plaintiffs'
        counsel, Frederic S. Fox or Robert N. Kaplan of Kaplan Kilsheimer &
        Fox LLP at (212) 687-1980 or, Vincent R. Cappucci of Bernstein
        Litowitz Berger & Grossmann LLP at (212) 554-1400, or by Bloomberg E-
        Mail to Cappucci, a partner in that firm.  
   



        CONTACT:  Frederic S. Fox or Robert N. Kaplan
                  Kaplan Kilsheimer & Fox LLP
                  (212) 687-1980
                       or
                  Vincent R. Cappucci
                  Bernstein Litowitz Berger & Grossmann LLP
                  (212) 554-1400



APPLIED DIGITAL ACCESS ANNOUNCES COMPLETION OF ASSET PURCHASE
        
            SAN DIEGO, March 1, 1996 - Applied Digital Access, Inc.
        (Nasdaq: ADAX) announced today that it had completed the purchase of
        certain assets of Applied Computing
Devices
, a company that develops
        and markets operations support software used primarily by
        independent telephone companies to manage certain functions in their
        networks.  Last week, ADA had announced that it was the successful
        bidder for certain assets of Applied Computing Devices.  The current
        customer set and products of Applied Computing Devices complement
        those of ADA.  ADA bid $1.7 million in cash at an auction held in
        Federal Bankruptcy Court, Southern District of Indiana.
        


            While Applied Computing Devices has generated significant
        revenue in the past, it has been in bankruptcy since September, 1995
        and has not generated significant revenue in recent months.  At this
        time it is not possible to determine what the effect of the purchase
        of the assets of Applied Computing Devices may be on either ADA's
        1996 revenue or its earnings.  As ADA invests in product
        development, marketing, and sales support for the acquired products,
        expenses could have a negative effect on future operating results.
        Additionally, ADA expects to incur a one- time charge associated
        with the acquisition in the first quarter of this year.

        
            ADA is a leading provider of test and performance monitoring
        systems that enable telephone companies to manage their high-
        bandwidth networks from centralized locations.  ADA's products are
        designed to allow rapid restoral of service and reduce costs by
        remotely detecting and isolating problems in telephone networks.
        The Company is headquartered in San Diego, California.
   


        CONTACT:  Pete Savage or Rich Carter, both of Applied Digital
        Access, 619-623-2200; Rolf Rudestam of The Rudestam Group,
        909-585-2012



MEGAFOODS STORES, INC. FILES FIRST
AMENDED JOINT PLAN OF REORGANIZATION AND PROPOSED DISCLOSURE STATEMENT
        


            MESA, Ariz., March 1, 1996 - href="chap11.megafoods.html">MEGAFOODS STORES, INC. (OTC
        BULLETIN BOARD: MEGFQ) a supermarket chain with operations in
        Arizona and Texas that has been operating in Chapter 11 since August
        17, 1994, today filed with the Bankruptcy Court its First Amended
        Joint Plan of Reorganization and Proposed Disclosure Statement.  A
        hearing on the Disclosure Statement is scheduled for April 9, 1996.
        If approved by the Court, the Disclosure Statement, Amended Joint
        Plan and ballots will be sent to the Company's creditors.  If the
        Disclosure Statement is approved on or shortly after April 9, a
        confirmation hearing will be set for as early as late June, 1996.
        


            Under the Amended Joint Plan, each of the Company's pre-petition
        secured creditors will receive cash and/or notes or other property
        in the full amount of its allowed secured claim.  General unsecured
        creditors, including the holders of approximately $100 million in 10-
        1/4% notes due in 2000, will receive stock in the Reorganized
        Company.  Vendors with valid reclamation claims and claims under the
        Perishable Agricultural Commodities Act have or will receive cash in
        the full amount of those claims.  In addition, all priority and
        administrative claims will be paid in full, either in cash or notes,
        as provided by the Bankruptcy Code.

        
            The Reorganized Company will operate 17 stores in Arizona under
        the "Megafoods" name and 21 stores in the greater San Antonio, Texas
        area under the "Handy Andy" tradename.  The Amended Joint Plan
        anticipates that the Reorganized Company will enter into a three
        year revolving line of credit for its working capital needs.  The
        Company is also in negotiations with its two major suppliers for
        post-confirmation trade credit, as well as additional financing for
        anticipated growth and other capital needs.  The Company is
        confident that all of these financing arrangements will be
        successfully concluded well in advance of the confirmation hearing.

        
            As set forth in the Disclosure Statement, the Official Committee
        of Unsecured Creditors, which is comprised of vendors and other
        creditors, but not shareholders, supports the Joint Plan.

        
            Megafoods operates a chain of supermarkets, with 17 stores in
        Arizona and 21 stores in greater San Antonio, Texas.  For further
        information, contact Archie C. Fitzgerald at (602) 545-3227,
        extension 224.
   


        CONTACT:  Archie C. Fitzgerald, Investor Relations of Megafoods,
        602-545-3227, ext. 224



ALBA ANNOUNCES 1995 RESULTS
        


            VALDESE, N.C., March 1, 1996 - Alba-Waldensian, Inc.
        (AMEX: AWS), a manufacturer of women's hosiery and intimate apparel,
        men's socks and sweaters, and medical specialty products, announced
        today a loss of ($1,655,844) for 1995 versus a profit of $1,945,876
        for 1994.  Net sales for the company increased 12.8% over 1994, from
        $56,505,566 to $63,717,716.
        


            Net sales for the 4th quarter increased 19.4% over the prior
        year's 4th quarter, from $13,667,488 to $16,318,263.  The 4th
        quarter resulted in a loss of $1,016,606, as compared to earnings of
        $263,057 in 1994.
        


            Thomas F. Schuster, president and CEO, said "Sales in all of our
        consumer businesses were down, while our Health Products division's
        sales were up - primarily due to our acquisition of Balfour early in
        the year."

        
            Schuster noted that, for the quarter, the Consumer Products and
        Byford Division's gross margins were lower, as they continued to
        sell discontinued product, which was marked down to market prices in
        previous quarters.  The company also continued to experience
        unfavorable manufacturing variances, as a result of lower sales in
        Alba's Valdese, NC operations and additional training and over-time
        costs in the Rockwood, TN facility.
   

     
            Schuster said, "we are optimistic about 1996.  Our bookings have
        picked up and Alba will begin to see the benefits of a restructuring
        of the Valdese, NC operations and the consolidation of Health
        Products manufacturing in Rockwood, TN."
      

  
            Alba-Waldensian, Inc. (American Stock Exchange) manufactures and
        markets women's hosiery and intimate apparel under such brand names
        as harve benard, While-You-Wait(R), All Day Long(R) and Big
        Beautiful Woman(R).  In the men's area, Alba markets Byford socks
        and sweaters. The company's medical specialty products group
        manufactures and markets its products throughout America and Europe.
        All together, the company employs approximately 900 people in
        Valdese, North Carolina and Rockwood, Tennessee.


        
                             ALBA-WALDENSIAN, INC.
                             CONSOLIDATED EARNINGS
        
                           Three Month Period        Twelve Month Period
                                 Ended                       Ended
                       December 31   December 31   December 31   December 31
                           1995          1994          1995          1994
        Net Sales     $16,318,263    $13,667,488   $63,717,716   $56,506,566
        Income Before
         Income Taxes ($1,438,486)   $   478,401   ($2,469,515)  $ 3,149,543
        Provision for
         Income Taxes  ($ 421,880)   $   215,344   ($  813,671)  $ 1,203,667
        Net Income    ($1,016,606)   $   263,057   ($1,655,844)  $ 1,945,876
        Income Per Share   ($0.54)         $0.14        ($0.89)        $1.05
        Weighted Average
         number of
         Common Stock
         Outstanding    1,866,194      1,854,625     1,864,618     1,848,671


        CONTACT:  Thomas I. Nail of Alba-Waldensian, Inc., 704-879-6503


Metromedia International Group reports financial results for year ended Dec. 31, 1995
        


            ATLANTA, GA -- March 1, 1996 -- Metromedia
        International Group Inc. (MIG) (ASE:MMG) Friday issued its financial
        report for the 12 months ended Dec. 31, 1995.
        


            This is the first financial report since the company (formerly
        known as Actava) merged on Nov. 1, 1995, with Orion Pictures Corp.,
        MCEG Sterling Inc. and Metromedia International Telecommunications
        Inc. (MITI).

        
            To enhance its position as a global entertainment, media and
        communications company, MIG reclassified certain non-strategic
        assets into discontinued operations, which resulted in a
        nonrecurring loss of $294 million.  In addition, the company
        incurred a loss of $87 million from continuing operations and an
        extraordinary loss of $32 million due to the early repayment and
        termination of certain Orion debt, resulting in an aggregate net
        loss of approximately $413 million.
   

     
            The loss from continuing operations was equal to $3.54 per
        share, and the loss before the extraordinary item was equal to
        $15.51 per common share.  The net loss was equal to $16.83 per
        common share.  Total shares outstanding at Dec. 31, 1995, were
        42,613,738.
      

  
            Calendar 1995 is the first year the company presented
        consolidated results of operations.  The company's historical
        financial statements for the periods prior to the Nov. 1 merger are
        the four combined statements of Orion and MITI.

        
            For the fiscal year ended Feb. 28, 1995, revenues were $194.8
        million, and there was a net loss of $69.4 million equal to a net
        loss of $3.43 per common share.  The loss per share amount for
        fiscal 1995 represents combined Orion and MITI's common shares
        converted at the exchange ratios.
   

     
            "We believe that results from continuing operations are not
        indicative of the opportunities that exist in the company's
        communications businesses or in the extensive film library whose
        value will be enhanced by resuming film production," said Jack
        Phillips, president and chief executive officer of MIG.  "The
        current results reflect the developmental stage of the company's
        communications businesses in Eastern Europe and other emerging
        markets, along with the fact that the company, prior to the merger,
        was prohibited from producing motion pictures."

        
            Metromedia International Group is a global entertainment, media
        and communications company whose primary operations are focused on
        two business groups: the Entertainment Group, through Orion Pictures
        Corp., which is engaged primarily in the development, production,
        acquisition and worldwide distribution of motion pictures,
        television programming and pre-recorded video cassettes;  and the
        Communications Group, operated through Metromedia International
        Telecommunications Inc., which owns interests in, and participates
        along with local partners in the management of, joint ventures which
        operate wireless cable television systems, paging systems, an
        international toll call service, a Trunked Mobile Radio service and
        radio stations in several Eastern European countries and former
        Soviet Republics.
   

     
            MIG previously announced a definitive merger agreement with
        Alliance Entertainment Corp. (NYSE:CDS).  It also is in the process
        of acquiring Motion Picture Corp. of America and has entered into an
        agreement to acquire The Samuel Goldwyn Co. (ASE:SG).


        
                    Metromedia International Group Inc.
                   Consolidated Statements of Operations
                  (in thousands except per-share amounts)
        
                                                   Years Ended
                                        Dec. 31,    Feb. 28,    Feb. 28,
                                           1995        1995        1994
        
        Revenues                          $ 138,871   $ 194,789   $ 175,713
        Costs and expenses:
         Cost of rentals and operating
          expenses                          132,762     187,256     242,996
         Selling, general and
          administrative                     50,029      40,391      26,976
         Management fee                         742         175          75
         Depreciation and amortization        2,795       1,916         882
        Operating loss                      (47,457)    (34,949)    (95,216)
        Interest expense, including
         amortization of debt discount of
         $10,436 at Dec. 31, 1995,
         $12,153 at Feb. 28, 1995,
         and $12,314 at Feb. 28, 1994        33,114      32,389      33,415
        Interest income                       3,575       3,094         771
         Interest expense, net               29,539      29,295      32,644
        Chapter 11 reorganization items       1,280       1,610       1,793
        Loss before provision for income
         taxes, equity in losses of joint
         ventures, discontinued operations
         and extraordinary item             (78,276)    (65,854)   (129,653)
        Provision for income taxes              767       1,300       2,100
        Equity in losses of joint ventures    7,981       2,257         777
        Loss from continuing operations
         and before extraordinary item      (87,024)    (69,411)   (132,530)
        Discontinued operations:
         Loss on disposal                  (293,570)         --          --
        Loss before extraordinary item     (380,594)    (69,411)   (132,530)
        Extraordinary item:
         Early extinguishment of debt,
          net of tax                        (32,382)         --          --
        Net loss                          $(412,976)  $ (69,411)  $(132,530)
        Loss per common share:
         Primary:
          Continuing operations           $   (3.54)  $   (3.43)  $   (7.71)
          Discontinued operations         $  (11.97)  $      --   $      --
          Extraordinary item              $   (1.32)  $      --   $      --
          Net loss                        $  (16.83)  $   (3.43)  $   (7.71)

        
        CONTACT:  Metromedia International Group
                  Jennefer Hirshberg, 202/467-3905
                  Phil Myers, 310/282-2572
                  Tod Chmar, 404/261-6190
  



BANKRUPTCY COURT APPROVED SALE OF GROWTH ENVIRONMENTAL SERVICES AND
GROWTH ENERGY SERVICES ASSETS
        


            OAK BROOK, Ill., March 1, 1996 - href="chap11.growth.html">Growth Environmental,
        Inc.
announced that on Feb. 27, 1996, the United States
Bankruptcy
        Court for the Northern District of Illinois approved the motion of
        its two operating subsidiaries, Growth Environmental Services, Inc.
        (GES) and Growth Energy Services, Inc. (GEN) to sell substantially
        all of their assets.  At an auction held on Feb. 27, 1996, Growth
        Resources, Inc. (GRI) was the successful bidder for GES' and GEN's
        assets.  GRI will continue to operate the businesses formerly
        operated by GES and GEN.

        
            In addition, Growth Environmental, Inc. announced that its
        general counsel resigned from the company, effective Feb. 29, 1996,
        and that its chief financial officer resigned from the Company,
        effective Feb. 28, 1996.  Both executives resigned to pursue other
        opportunities.
        


            The Company further announced that it will very likely seek
        protective relief under Chapter 11 of the Bankruptcy Code in the
        very near future.
        


            Effective at the close of business on Dec. 11, 1995, the
        Company's common stock no longer trades on the Nasdaq SmallCap
        Market.


        CONTACT:  Al Eaton, CEO of Growth Environmental, Inc.,
        708-990-2751