Bankruptcy News For - May 10, 1996

  2. Presidio reports first quarter 1996 results...


NEW YORK, May 10, 1996 - Salant Corporation (NYSE: SLT)
        today announced its financial results for the first quarter ended
        March 30, 1996.

            Net sales for the first quarter of fiscal 1996 decreased 4.4% to
        $99.2 million from $103.8 million for the comparable period in 1995.
        Income from operations before interest and taxes was $1.0 million
        compared to $2.9 million for the first quarter of 1995.

            The net loss for the first quarter of fiscal 1996 was $2.9
        million, or ($0.19) per share, compared to a net loss of $1.7
        million, or ($0.11) per share, in the first quarter of 1995.

            Nicholas P. DiPaolo, Chairman and Chief Executive Officer,
        indicated that, "Our net sales were below last year, primarily as a
        result of the planned reduction in sales of the Thomson pant
        business and the discontinuance of certain unprofitable dress shirt

            Mr. DiPaolo continued, "Despite the reduction in net sales, our
        inventories are almost $28 million below last year and our short-
        term borrowings are down by approximately the same amount.  As a
        result, our unused borrowing availability as of the end of the
        quarter was over $24 million compared to $7 million at the same time
        last year.  Clearly, the improvements in inventory management which
        were put in place in 1995 are paying off now."

            Salant Corporation is a diversified apparel company, which
        markets a broad line of men's apparel under well-known brand names,
        including Perry Ellis, Manhattan, John Henry and JJ. Farmer.  The
        Company also markets children's sleepwear and underwear brands,
        including Dr. Denton, certain Disney characters, Joe Boxer and
        Oshkosh B'Gosh.  Salant's products are sold in department and
        specialty stores, national chains, major discounters and mass volume
        retailers throughout the United States.

                               SALANT CORPORATION
                Condensed Consolidated Statements of Operations
               (In thousands, except share and per share amounts)
                                           For the three months ended
                                         March 30, 1996   April 1, 1995
        Net sales                           $ 99,193        $ 103,801
        Cost of goods sold                    76,612           81,334
        Gross profit                          22,581           22,467
        Selling, general and
         administrative expenses             (21,961)         (20,726)
        Royalty income                         1,128            1,753
        Goodwill amortization                   (649)            (641)
        Division restructuring costs            (161)             ---
        Other income                              18               60
        Income from operations before
         interest and income taxes               956            2,913
        Interest expense, net                 (3,487)          (4,571)
        Loss from operations
         before income taxes                  (2,891)          (1,658)
        Income taxes                              22               41
        Net loss                            $ (2,913)       $  (1,699)
        Loss per share                        $(0.19)          $(0.11)
        Weighted average common
         stock outstanding                15,040,966(A)    15,007,632(A)
        (A) Includes no common stock equivalents
                                 SALANT CORPORATION
                       Condensed Consolidated Balance Sheets
                                   (In thousands)
                                           March 30, 1996    April 1, 1995
        Cash                                 $   1,385         $   1,907
        Accounts receivable                     30,166            31,032
        Inventory                              121,451           149,240
        Property, plant and equipment           24,204            28,351
        Intangible assets                       66,059            68,642
        Other assets                             9,657             7,636
        Total                                $ 252,922         $ 286,808
        Current liabilities                  $  63,796         $  93,465
        Long-term debt                         110,015           109,908
        Other liabilities                       11,196            13,475
        Shareholders' equity                    67,915            69,960
        Total                                $ 252,922         $ 286,808

        CONTACT:  Richard Randall, Chief Financial Officer of Salant
        Corporation, 212-354-3598

Presidio reports first quarter 1996 results and continuing negotiations for the sale of
the company to Tom  Brown, Inc.

            DENVER, CO -- May 10, 1996 -- Presidio Oil Company
        (PRS/A) today reported oil and gas revenues for the first quarter
        ended March 31, 1996 of $8.7 million compared to $8.8 million for
        the similar 1995 period, resulting in a net loss of $6.1 million
        ($0.21 per Class A and Class B share) compared to a net loss of $7.6
        million ($0.28 per Class A and Class B share) for the 1995 first

            Oil production for the 1996 first quarter was 191,000 barrels
        compared to 242,000 barrels in the similar 1995 period.  The
        majority of such decrease in oil production resulted from lower
        production rates in several significant fields.  Oil prices received
        by the Company in the 1996 first quarter averaged $16.91 per barrel
        compared to $15.08 per barrel received in the 1995 first quarter.  

            Gas production for the 1996 first quarter was 3.2 billion cubic
        feet ("BCF") compared to 4.2 BCF in the 1995 first quarter.  Sales
        of producing properties during 1995 accounted for the majority of
        such decrease in gas production.  Gas prices received by the Company
        in the first quarter of 1996 as compared to the first quarter of
        1995 averaged $1.71 and $1.23 per thousand cubic feet ("MCF"),

            Since late November of 1995, the Company and Tom Brown, Inc.
        ("Tom Brown"), which in June 1995 acquired approximately $56 million
        in principal amount of the Company's Senior Gas Indexed Notes Due
        2002, have been negotiating with each other and with certain of the
        Company's creditors regarding a proposed transaction (the "Tom Brown
        Transaction") pursuant to which Tom Brown would acquire the Company.
        The negotiations with Tom Brown and certain of the Company's
        creditors are continuing in an attempt to reach an informal
        consensual agreement regarding the terms of the Tom Brown
        Transaction, including the allocation of the proceeds thereof.  In
        so far as the Tom Brown Transaction does not contemplate full
        payment of principal and accrued interest on the Company's public
        debt, it is anticipated that such transaction will be implemented
        through a plan of reorganization filed under the bankruptcy code.  

            The Company expects to enter into an agreement with Tom Brown
        regarding the Tom Brown Transaction during the second quarter of
        1996.  There can be no assurance, however, that such an acquisition
        agreement with Tom Brown will be completed or, if such an agreement
        is entered into, that an informal consensual agreement with the
        Company's bank lenders and certain of the significant holders of the
        Public Debt can be agreed upon as to the amount or nature of the
        proceeds that would be available for distribution to the Company's
        debt and equity holders if the Tom Brown Transaction is consummated.
        In the event that such an acquisition agreement is entered into with
        Tom Brown, but an informal consensual agreement cannot be reached as
        to the allocation of the proceeds available for distribution to the
        Company's debt and equity holders, then the Company and Tom Brown
        plan to file a plan of reorganization under the bankruptcy code,
        specifying an allocation of the proceeds among the Company's debt
        and equity holders and thereby implementing the acquisition of the
        Company by Tom Brown.  Should the Company and Tom Brown fail to
        reach an agreement concerning such transaction, then it is likely
        that the Company would seek protection from its creditors under the
        bankruptcy code and seek other purchasers or effect a restructuring

            Presidio is an independent oil and gas company engaged in
        onshore oil and gas exploration, development and production in the
        continental United States.  


             Unaudited Consolidated Statements of Operations
                                        Three Months Ended March 31,
                                            1996           1995   
                                          --------       --------
                                           (in thousands, except
                                             per share amounts)
        Oil and gas revenues                  $ 8,658        $ 8,844
        Less - direct costs:
         Lease operating                    2,355          3,179
         Production taxes                     478            532
         Depletion, depreciation
            and amortization                3,150          3,992
                                          -------        -------
                                            2,675          1,141
        General and administrative expense     (1,079)        (1,477)
        Interest expense                       (7,854)        (7,157)
        Other                                     169           (124)
                                          -------        -------
        Net loss                              $(6,089)       $(7,617)
        Loss per share of Class A
           and Class B Common Stock           $  (.21)       $  (.28)
        Weighted average common
           shares outstanding                  28,535         28,535
        Less:  weighted average
           unallocated shares held
           by the Company's Employee
           Stock Ownership Plan                     -          1,336
                                          -------        -------
                                           28,535         27,199

        CONTACT:  Presidio Oil Company, Denver
                  Investor Relations, 212/593-2244    


            NEW YORK --  May 10, 1996 -- SLM International, Inc.
        (Electronic Bulletin Board: "SLMI"), announced operating results for
        the year ended December 31, 1995.  SLM International previously
        announced that it had filed a voluntary petition for reorganization
        under Chapter 11 of the Federal Bankruptcy Code in the United States
        Bankruptcy Court for the District of Delaware on October 24, 1995.
        The results set forth below do not reflect any adjustments which may
        ultimately result from the Chapter 11 filing.  

            Net sales from continuing operations for the year ended December
        31, 1995 decreased 11.0% to $161.0 million, compared to $180.8
        million for the same period in 1994.  Loss from continuing
        operations was $51.9 million, or $2.75 per share, in 1995, compared
        to a loss of $6.2 million, or $0.33 per share, in 1994.  The net
        loss for 1995 was $77.4 million, or $4.11 per share, compared to a
        net loss of $112.0 million, or $5.94 per share, for the prior year.
        The 1995 loss from continuing operations, which is primarily the
        Company's sporting goods business, reflected the unfavorable impact
        of $15.5 million for unusual charges (due principally to $8.8
        million of litigation settlements and a $6.4 million writeoff of
        goodwill), $11.2 million for debt related fees (legal and
        professional) and $5.7 million of higher interest cost related to
        defaults with its lenders.  Excluding such items, the Company's 1995
        loss from continuing operations would be approximately $19.5
        million.  The 1995 loss from continuing operations also reflects the
        negative impact of inadequate cash availability resulting in
        inventory shortages versus customer orders and the lingering effects
        of the National Hockey League and Major League Baseball labor
        problems.  The net loss for 1995 reflects the loss from continuing
        operations and a $25.6 million loss from discontinued operations as
        a result of the completion of the sale of the Company's discontinued
        Buddy L toy and fitness businesses in early July 1995.  The net loss
        for 1994 included the loss from continuing operations and a $105.7
        million loss from discontinued operations.  

            SLM International, Inc. designs, develops, manufactures and
        markets a broad range of sporting goods products on a worldwide

                             SLM INTERNATIONAL
          For the years ended December 31, 1995, 1994 and 1993
                   (In thousands, except share data)
                                                 1995       1994      1993
        Net Sales                                  $160,973   $180,806
        Cost of goods sold                          107,266    113,577
        Gross profit                                 53,707     67,229
        Selling, general and administrative
         expenses                                    59,753     67,031
        Unusual charges                              15,471           
        Operating (loss) income                     (21,517)       198
        Debt related fees                            11,195
        Other expense (income),net                    1,484       (260)
        Interest expense                             17,078      6,713
        (Loss) income from continuing operations
           before income taxes                      (51,274)    (6,255)
        Income taxes                                    605        (11)
        (Loss) income from continuing operations    (51,879)    (6,244)
        (Loss) income from discontinued operations,
        net of income taxes(a)                             (94,390)    2,402
        (Loss) from disposition of discontinued          
           operations, net of income taxes(a)       (25,569)   (11,335)
        Net (loss) income                          $(77,448) $(111,969)  $
        (Loss) income per share from continuing
           operations                              $  (2.75) $   (0.33)  $
        (Loss) income per share from discontinued
           operations(a)                                         (5.01)
        (Loss) per share from disposition of
         discontinued operations(a)                   (1.36)     (0.60)   
        Net (loss) income per share                $  (4.11) $  (5.94)   $0.42
        Weighted average common and common
           equivalent shares outstanding        18,859,679  18,844,097        19,232,700
        (a) Loss from discontinued operations consist primarily of Buddy L
        toy and fitness businesses
      CONTACT: SLM International, Inc.
                 Howard Zunenshine
                 Chief Executive Officer
                 (514) 331-5150
                 John A. Sarto
                 Chief Financial Officer
                 (212) 332-1610


            SAN ANTONIO, TX -- May 10, 1996 -- 50-OFF Stores, Inc.
        reported today its results for the 52 weeks ended Feb. 2, 1996; Net
        Sales decreased 13.2 percent to $175,023,000 from fiscal 1995's
        $201,543,000; Net Loss decreased 15.5 percent to $6,778,000 or $0.56
        per common share from fiscal 1995's Net Loss of $8,024,000 or $0.76
        per common share.  Fiscal 1995 results were for a 53 week period,
        reflected the operations of 111.8 weighted average stores (104.0 for
        fiscal 1996) and included store closing costs of approximately

            These poor operating results were due in part to the continuing
        economic weakness along the Texas/Mexico border following the
        Mexican Government's devaluation of the peso in late 1994, to a
        disappointing physical inventory taken at fiscal year end, to
        disappointing sales during the back-to-school and Christmas seasons
        and to liquidity constraints caused by the company's not having
        received the expected proceeds from a Regulation S offering that
        should have provided the company with much needed working capital
        and is the subject of two current lawsuits initiated by the company.

            Fiscal 1996 Net Sales from the company's border stores of $22.0
        million were off 36.2 percent ($12.5 million) from the prior fiscal
        year's $34.5 million.  The 1996 fiscal year end physical inventory
        resulted in an unanticipated $963,000 charge to operating results.
        As previously reported, the company has not received the proceeds
        with respect to its sale of 1.5 million shares of Common Stock and
        is currently involved in litigation seeking actual damages in excess
        of $5 million, as well as punitive damages and other remedies; the
        company expects a favorable judgment or result in its Federal and
        State court actions.  

            While significant operating losses continued through the
        company's first fiscal quarter of 1997 (final results are not yet
        available), in late February the company began to tackle its
        liquidity problem by restructuring certain debt obligations,
        including its unsecured trade obligations owed to vendors and its
        long term notes with an insurance company.  With the support of its
        vendors, 50-OFF implemented a payment plan with respect to its
        $8,447,000 of trade payables as of Feb.  26, 1996.  Under the plan,
        such payables will be paid in full within a two year period.  

            The restructuring of the notes, including an extension of the
        maturity, reduced monthly debt service requirements.  More recently,
        the company has been negotiating a refinancing of its asset based
        lending facility, historically a $20 million facility with Congress
        Financial which provided for a 45 percent advance rate on eligible
        inventory and interest set at prime plus 1.75 percent.  

            While Congress Financial has continued to support the company
        during a difficult period and has always shown professionalism and
        flexibility in accommodating 50-OFF, the company announced today a
        new $22.5 million revolving line of credit arrangement with Foothill
        Capital Corporation and GBFC, Inc.  which provides for a 60.75
        percent advance rate on eligible inventory (63.75 percent, Sept.  16
        - Dec.  15; 55.75 percent, Dec.  16 - Feb.  28) with interest set at
        prime plus 1.75 percent.  The increased liquidity under this new
        facility is expected to provide important cash resources to 50-OFF
        and, with the other restructurings, increased creditworthiness.  In
        conjunction with the establishment of this new facility, 50-OFF
        issued Foothill Capital and GBFC a three year Warrant to purchase
        400,000 shares of Common Stock at $2.50/share.  The new loan
        facility matures on May 31, 1998.  

            Charles "Hop"  Fuhrmann, the new 50-OFF CEO and president
        appointed by the Board of Directors on Tuesday of this week,
        indicated that this new financing, coupled with new management,
        merchandising, marketing and advertising, also now in place, should
        "set the course for more satisfying results in the future."  On a
        personal note, Fuhrmann expressed enthusiasm for "the challenges and
        the opportunities his new positions with the company afford."  

            50-OFF Stores, Inc. (NASDAQ: FOFF), a retailer of close-out and
        off price merchandise, operates a total of 101 stores in 11 states
        in the southern and southwestern United States as of May 10, 1996.  

        CONTACT: Charles Fuhrmann, CEO, 50-OFF Stores Inc., 210/804-4959


            SALT LAKE CITY, May 10, 1996 - Roger G. Segal, as Chapter
        11 Bankruptcy Trustee for href="chap11.bonneville.html">Bonneville Pacific Corporation (the
        "Trustee"), announced today that two appeals to the United States
        District Court for the District of Utah have been filed concerning
        the Bankruptcy Court's May 2, 1996 Order approving the Trustee's
        $65,000,000.00 settlement with the accounting firm of Deloitte &
        Touche and related parties (collectively "Deloitte & Touche") dated
        April 23, 1996 (the "Settlement").  The appeals were filed by
        Portland General Holdings, Inc. and by the plaintiffs in the class
        action entitled Gohler, et al. v. Wood, et al., No. 92-C-0181-S (D.

            As a result of the appeals, Deloitte & Touche is required,
        pursuant to the terms of the Settlement Agreement, as approved by
        the Bankruptcy Court, to pay, by June 30, 1996, the $65,000,000.00
        into an interest bearing escrow account.  In the event that the
        appeals are resolved in the Trustee's favor, the escrowed funds,
        together with accrued interest, will be disbursed to the Trustee.
        If, on appeal, the Bankruptcy Court's Order approving the Settlement
        Agreement is vacated, reversed or amended in a material manner, the
        Settlement Agreement will not become effective and the escrowed
        funds, together with interest thereon, will be returned to Deloitte
        & Touche and the Trustee's litigation against Deloitte & Touche will
        be reinstated as if never dismissed.

            The Settlement Agreement, a copy of which is on file with the
        Bankruptcy Court, should be read in its entirety for all terms and
        conditions related to the Settlement.

        CONTACT:  Roger G. Segal, the Chapter 11 Trustee for Bonneville
        Pacific Corporation, 801-532-2666


            LOUISVILLE, Ky., May 10, 1996 - Rally's Hamburgers, Inc.
        (Nasdaq: RLLY) announced net income of $838,000 or $.05 per share
        for the first quarter ended March 31, 1996 attributable to an
        extraordinary gain, net of tax, of $4.5 million or $.29 per share
        from the early extinguishment of debt during the quarter.  This gain
        was offset by a net operating loss of $3.7 million or $.24 per share
        in the quarter. During the comparable quarter of the prior year the
        Company lost $3.5 million or $.22 per share.

            Company units recorded a same store sales increase of 2%, their
        first full quarter increase since the first quarter of 1994.  This
        represents the fourth consecutive quarter of improving trends in
        Company-owned same store sales.  Systemwide same store sales were
        essentially flat for the quarter.  Overall, total Company revenues
        declined slightly in the quarter due to a reduction in systemwide
        units in operation during the quarter versus the prior year period.
        For the month of April, 1996, Company and franchised same store
        sales were up 2.5% and down 4.8%, respectively.

            Donald E. Doyle, newly appointed President and Chief Executive
        Officer, stated "The challenge of returning Rally's to profitability
        is achievable.  I am encouraged by the improvement we're seeing in
        same store sales trends.  To translate improved sales into improved
        bottom line performance, we have initiated several important changes
        designed to improve store level margins.  These changes, principally
        in the areas of food cost and labor cost, are being pursued
        aggressively.  Our focus is on achieving improvements in store level
        economics while maintaining the positive sales momentum we are now
        experiencing.  I'm confident that our delivery of high quality food,
        fast friendly service, and exceptional value will continue to
        attract new customers.  Our challenge is an internal one, and that
        is restructuring the Rally's profit formula to take full advantage
        of our concept strengths."

            Doyle added "This quarter's 25% reduction in our bond debt is a
        significant first step in de-leveraging the Company.  Additionally,
        we welcome the investment by CKE Restaurants and Fidelity National
        Financial, as well as the proven talents of their representatives on
        our Board, Bill Foley and Tom Thompson.  Their significant
        experiences in turnarounds within our industry segment should prove
        invaluable to me as I guide our progress."

            The Company's extraordinary gain resulted from the January 29,
        1996 repurchase of $22.0 million face value of its 9 7/8% Senior
        Notes for $15.2 million.  This repurchase reduces the Company's
        annual interest expense by more than $2 million and reduces the
        Company's remaining 1999 sinking fund indenture requirement of one
        third of the $85 million original face value to less than $7 million
        of face value.

            While same store sales improved during the quarter, the
        improvement did not increase the seasonally low sales volumes enough
        to sufficiently leverage fixed costs, contributing to the operating
        loss.  Historically, the Company's lowest sales volumes occur during
        its first quarter. Additionally, increases in labor and other store
        operating costs, such as repairs and utilities, were not
        sufficiently offset by the attained volumes.

            The Company ended the quarter with cash and investment balances
        of $2.8 million, after the outlays in the quarter for its 25%
        reduction in bond debt and its use of cash in operating activities.
        Additionally, as anticipated, the Company closed on sales of certain
        nonproductive assets, receiving $2.5 million in proceeds during the
        quarter.  The Company is actively reviewing liquidity enhancing
        alternatives, but expects existing cash balances, operating cash
        flows and proceeds from the sale of additional assets to be
        sufficient to fund its obligations until selection of appropriate
        financing alternatives is completed and implemented.

            The Company has appealed the decision of NASDAQ to discontinue
        the listing of Rally's on the NASDAQ national market system due to a
        deficiency in net tangible assets.  This was caused by the impact of
        the early implementation of SFAS 121, the new accounting standard
        regarding impairment of long-lived assets.  Rally's will continue to
        be listed on the NASDAQ pending the outcome of the appeal.

            The Company closed one unit during the quarter and franchisees
        opened six and closed four restaurants.  As of May 8, 1996, there
        were 484 Rally's Hamburgers restaurants operating in 19 states.

               (In thousands except shares and per share amounts)
                                                        Three Months Ended
                                                  March 31,       April 2,
                                                       1996           1995
        Restaurant sales                             40,508         40,734
        Franchise revenues and fees                   1,404          1,736
        Total revenues                               41,912         42,470
        Restaurant costs of sales                    14,801         13,954
        Restaurant operating expenses
         exclusive of depreciation
         and amortization and other
         operating expenses shown
         separately below                            20,129         18,849
        General & Administrative expenses             4,083          4,427
        Advertising and promotion expenses            2,848          2,802
        Depreciation and amortization                 2,688          3,431
        Other charges                                   732            ---
        Total costs and expenses                     45,281         43,463
        Loss from operations                        (3,369)          (993)
        Interest expense                            (2,313)        (2,591)
        Interest income                                 345             94
        Other                                          (29)             41
        Total other                                 (1,997)        (2,456)
        Net loss before tax and extraordinary items (5,366)        (3,449)
        PROVISION (BENEFIT) FOR INCOME TAXES        (1,682)             60
        Net loss before extraordinary items         (3,684)        (3,509)
        EXTRAORDINARY ITEMS (net of tax of $1,817)    4,522            ---
        NET INCOME (LOSS)                               838        (3,509)
        Income (loss) per common share:
        Income (loss) before extraordinary item      (0.24)         (0.22)
        Extraordinary item                             0.29            ---
        Net income (loss)                              0.05         (0.22)
        Weighted average shares outstanding          15,670         15,612
                          CONSOLIDATED BALANCE SHEETS
                   AS OF DECEMBER 31, 1995 AND MARCH 31, 1996
              (in thousands, except shares and per share amounts)
                                               DECEMBER 31,      MARCH 31,
                                                       1995           1996
        Current assets:
        Cash and cash equivalents                   $ 9,494        $ 2,768
        Investments                                   4,933            ---
        Royalties receivable, including
         $483 and $684 from related parties at
         December 31, 1995 and March 31, 1996,
         respectively, net of a reserve for doubtful
         accounts of $922 and $1,031
         at December 31, 1995 and March 31, 1996,
         respectively                                   818          1,141
        Accounts and other receivables, including
         $296 from related parties at March 31, 1996,
         net of reserve for doubtful accounts of
         $453 and $315 at December 31, 1995 and
         March 31, 1996, respectively                 2,131          1,904
        Inventory, at lower of cost or market         1,056            908
        Current portion of notes receivable,
         including $10 from related parties at
         December 31, 1995, net of a reserve for
         doubtful accounts of $109 at
         December 31, 1995 and March 31, 1996           113             98
        Prepaid expenses and other current assets     1,131          1,194
        Assets held for sale                          2,506            205
        Total current assets                         22,182          8,218
        Assets held for sale                          3,517          3,125
        Property and equipment, at historical cost,
         less accumulated depreciation of
         $33,391 and $34,774 at December 31, 1995
         and March 31, 1996, respectively            78,683         75,996
        Notes receivable, less current portion,
         including $165 from related parties at
         December 31, 1995, net of a reserve
         for doubtful accounts of $433 at December
         31, 1995 and March 31, 1996, respectively      676            489
        Intangible and other assets, less accumulated
         amortization of $6,888 and $6,380 at
         December 31, 1995 and March 31, 1996,
         respectively                                32,334         31,595
        Total assets                               $137,392       $119,423
        Current liabilities:
        Accounts payable                             $8,773         $7,717
        Accrued liabilities                          15,959         17,418
        Notes payable                                   ---            500
        Current maturities of long-term debt and
         obligations under capital leases            17,544          5,124
        Total current liabilities                    42,276         30,759
        Senior notes, net of discount of $768 and
         $544 at December 31, 1995 and March 31,
         1996, respectively                          69,034         62,456
        Long-term debt, less current maturities       5,749          5,427
        Obligations under capital leases,
         less current maturities                      5,631          5,674
        Other liabilities                             8,030          7,583
        Total liabilities                           130,720        111,899
        Commitments and contingencies (Note 5)
        Shareholders' equity:
        Common stock, $.10 par value, 50,000,000
         shares authorized, 15,927,000 and
         15,936,000 shares issued at December 31,
         1995 and March 31, 1996, respectively        1,593          1,594
        Additional paid-in capital                   60,804         60,817
        Less: Treasury shares, 273,000 at
         December 31, 1995 and March 31, 1996,
         respectively                               (2,108)        (2,108)
        Retained deficit                           (53,617)       (52,779)
        Total shareholders' equity                    6,672          7,524
        Total liabilities and shareholders' equity $137,392       $119,423

        CONTACT:  Don Doyle, President and Chief Executive Officer of
        Rally's, 502-254-8900        


              FRAMINGHAM, Mass., May 10, 1996 - PerSeptive Biosystems,
        Inc. (Nasdaq-NNM: PBIO) today reported total revenue of $24.4
        million for its second fiscal quarter ended March 31, 1996, a 9.4%
        increase over total revenue of $22.3 million for the same period
        last year.  The net loss for the second fiscal quarter of 1996 was
        $22.6 million, or $1.48 per share, which includes one-time and
        special charges of $18.3 million, or $1.20 per share, to cover
        certain charges recorded in connection with the Company's
        acquisition of PerSeptive Technologies II Corporation (PTC-II) in
        March 1996, corporate restructuring commitments made during the
        quarter, and other matters.  The net loss for the comparable period
        in fiscal 1995 was $1.7 million, or $.14 per share.

            Product sales for the second fiscal quarter of 1996 were $19.4
        million, an increase of 12.1% from $17.3 million in the comparable
        quarter in 1995.  Product sales increased by 19.2% net of currency
        effects compared with the same quarter last year.

            For the fiscal six-month period ended March 31, 1996, product
        revenues were $38.4 million, compared to $32.5 million for the same
        period in 1995, representing product revenue growth of 18.2%, or
        23.4% after adjusting for the impact of currency effects between the

            "Product sales increased over last year due to growth in our
        Purification and Analysis business lines as well as the continued
        strong performance of our international operations," commented
        Noubar B. Afeyan, Ph.D., PerSeptive's President and Chief Executive
        Officer.  "We expect sequential revenue growth will accelerate with
        the recent introduction of new product platforms in each of our
        business segments."

            During the past four months, PerSeptive has introduced seven
        major new products that impact each of its three business segments:
        Purification, Analysis and Synthesis.  The new products in each
        segment are listed below.


            -- VISION(TM) Workstation: The first chromatography system to
        offer simultaneous biomolecule purification and analysis in a single
        instrument through robotics.

            - BIOCAD(R) 700E: An enhanced second generation version of
        PerSeptive's industry leading BioCAD System.


            -- SEQUAZYME(TM) Sequencing Kits: The first product that allows
        sequencing of peptides and DNA by Mass Spectrometry.

            - TITERFLOUR(TM) Assay Kits: First fluorometric assay kits for
        research immunoassays.

            - VOYAGER-DE(TM) Biospectrometry Workstation: The first Time-of-
        Flight mass spectrometer to incorporate PerSeptive's Delayed
        Extraction(TM) Technology (Patent Pending).


            -- PIONEER(TM) Peptide Synthesizer: A new high throughput
        peptide synthesis system for efficient and higher capacity

            - PNA Instrument and Reagents: A proprietary chemistry for
        automated synthesis of Peptide Nucleic Acids, a compound class for
        which PerSeptive has exclusive worldwide research rights.

            Dr. Afeyan, commenting further, said, "We have also taken
        decisive actions to improve financial performance through the
        recently announced restructuring activity, which will reduce our
        expenses by more than $3 million per quarter.  In order to improve
        efficiencies throughout the Company, we have established five
        strategic business units: Chromatography, Biospectrometry,
        Synthesis, Analytical, and Process.  We will continue to focus on
        our balance sheet and execute aggressive asset management programs
        as the Company moves towards operating profitability."

            Dr. Afeyan stated: "We have just announced a major agreement to
        combine PerSeptive's drug discovery operation with Myco
        Pharmaceuticals to form ChemGenics Pharmaceuticals.  Through
        ChemGenics, PerSeptive is taking a major step towards
        commercializing the technologies recently acquired from PTC-II as
        well as reducing further its operating expenses."  Dr. Afeyan added,
        "We are very pleased to be joining with ChemGenics in this exciting
        venture, and will continue to explore other alliances and
        opportunities to obtain additional value for our shareholders."

            ChemGenics will combine PerSeptive's proprietary chemistry and
        drug discovery technologies with Myco's gene technologies, to
        uniquely position the Company to translate recent dramatic increases
        in genomics information and chemical diversity into valuable, new
        drugs, spanning the drug discovery process, from genes, to screens
        to leads.

            PerSeptive Biosystems develops, manufactures and markets an
        integrated line of proprietary consumable products and advanced
        instrumentation systems for the purification, analysis and synthesis
        of biomolecules.  During fiscal 1995, the Company had revenues of
        $89.4 million, up from $46.1 million in the previous year.  The
        Company's enabling products are used in the life sciences industry
        to significantly reduce the time and cost required for the
        development and manufacture of biopharmaceuticals.  PerSeptive's
        product lines are based on its patented core technologies in the
        fields of chromatography, immunoassay, solid-phase synthesis,
        rational surface design, biological mass spectrometry and magnetic

            Any statements which are not historical facts contained in this
        release, including projections or statements concerning revenue
        growth or profitability, improvement of financial performance,
        reduction of expenses and the benefits of transactions, are forward
        looking statements that involve risks and uncertainties, including
        but not limited to those relating to product demand, pricing, market
        acceptance, the effect of economic conditions, intellectual property
        rights and litigation and the results of governmental proceedings,
        competitive products, risks in product and technology development,
        the results of financing efforts, the ability to exploit
        technologies, the ability to complete transactions, and other risks
        identified in the Company's Securities and Exchange Commission

                          PERSEPTIVE BIOSYSTEMS, INC.
                           Operating Results Summary
                     (In thousands, except per share data)
                                   For the three months  For the six months
                                       ended March 31,    ended March 31,
                                      1996        1995     1996       1995
        Product revenue             $ 19,367   $ 17,330  $ 38,431  $ 32,484
        Contract revenue               5,034      5,000    10,101     9,994
        Total revenue                 24,401     22,330    48,532    42,478
        Product costs                  9,677      8,083    18,700    15,666
        Contract costs                 4,267      4,239     8,571     8,476
        Other charges                  4,837         --     4,837        --
        Total margin                   5,620     10,008    16,424    18,336
        Research and development       1,701      1,591     3,270     3,810
        Selling, general
         and administrative           11,015      8,025    20,647    15,975
        Amortization                     794        754     1,518     1,588
        Other charges                 13,496         --    13,496        --
        Loss from operations         (21,386)      (362)  (22,507)   (3,037)
        Other expense, net               678        665     1,433       809
        Loss before provision
         for income taxes            (22,064)    (1,027)  (23,940)   (3,846)
        Provision for income taxes       --          --       100        --
        Net Loss                     (22,064)    (1,027)  (24,040)   (3,846)
        Net loss per share available
         to common shareholders
         after accretion              ($1.48)    ($0.14)   ($1.72)   ($0.42)
        Weighted common shares
         outstanding                  15,243     12,236    14,609    12,182
        Selected Balance Sheet Information       March 31,     March 31,
                                                   1996          1995
        Cash and investments                     $ 23,944     $ 27,244
        Accounts receivable, net                   18,590       16,376
        Inventory, net                             21,475       30,383
        Trade accounts payable                      9,863        9,539

        CONTACT:  Noubar B. Afeyan, President and CEO, or Thomas G. Ruane,
        Sr. VP and CFO, both of PerSeptive Biosystems, Inc., 508-383-7700,
        or Macia A. Kean, Executive Vice President of Feinstein Partners Inc.,


            LAS VEGAS, May 10, 1996  - William L. Westerman, Chairman
        and Chief Executive Officer of Riviera Holdings Corporation made
        several important announcements to the Shareholders attending the
        Company's Annual Meeting today.

            The Company has been accepted for listing on the American Stock
        Exchange.  Trading will commence on Monday, May 13th and the stock
        symbol will be RIV.  Also, Moody's Investor's Service has assigned a
        B1 rating to the Company's First Mortgage Notes.

            In the first quarter ending March 31, 1996, net income increased
        by 30% to $2,473,000 and earnings per share increased from $.40 to
        $.49. EBITDA (earnings before interest, taxes, depreciation and
        amortization) increased by $1,006,000 to $8,430,000 and net revenues
        increased by 12% to $41,723,000 as compared with the first quarter
        of 1995.

            Mr. Westerman stated that the revenue increase was primarily due
        to the increased entertainment revenues.  The Splash showroom was
        closed during the first six months of 1995 for remodeling.  Also, a
        new afternoon show was instituted late in 1995 and there was an
        increased number of special events.  The additional increase in
        visitors coming to the show had a positive effect on all other
        revenue departments, especially food and beverage.

            The Company's shareholders approved an employee stock purchase
        plan. Both union and non-union employees will be eligible to
        purchase the Company's stock at 85% of the market price.  The
        purchase may be financed through payroll deduction over a two year

            Mr. Westerman stated that he was pleased that the Company's
        stockholders have shown such overwhelming support of the plan, which
        will enable the Riviera's team members to participate in the
        Company's future under such favorable terms.

            Mr. Westerman also announced that the Company's wholly owned
        subsidiary, Riviera Gaming Management (RGM) had completed
        negotiations with the Senior Creditors of href="chap11.elsinore.html">Elsinore to manage the
        Four Queens in downtown Las Vegas, when the property comes out of
        bankruptcy.  In the meantime, RGM has been being retained as an
        consultant by the Elsinore bondholders.

                                 Financial Summary
                            Three Months Ended March 31
                                                  1996                1995
           Net Revenues                            $41,723
           Earnings Before Interest, Taxes,
        Depreciation and Amortization
        (EBITDA)                                 8,430               7,424
           Income From Operations                    6,542
           Interest Expense, Net                     2,784
           Income Before Taxes                       3,759
           Net Income                               $2,473
           Weighted Average Primary and Fully
        Diluted Shares Outstanding               5,048               4,800
           Net Income Per Share                       $.49

        CONTACT:  Duane Krohn, Treasurer and CFO, 702-794-9527, or John
        Wishon, General Counsel, 702-794-9504, both of Riviera Holdings


            KENT, Wash., May 10, 1996  - UTILX Corporation (Nasdaq:
        UTLX) today announced a net loss for the fourth quarter of its 1996
        fiscal year ended March 31, 1996.  The Company chose to record a
        $2.6 million reserve ($.36 per share) against the full amount of its
        net deferred tax assets as of March 31, 1996.  Without this non-cash
        expense, the loss for the fiscal 1996 year would have been $.26 per
        share compared to a net loss of $.28 per share for fiscal 1995, and
        the loss for the fourth quarter of fiscal 1996 would have been $.14
        per share compared to a loss of $.11 per share for the same period
        of fiscal 1995.  Including the tax adjustment, the Company reported
        a net loss of $.62 per share for fiscal 1996 and a net loss of $.50
        per share for the fourth quarter of fiscal 1996.  Fiscal 1996
        revenues decreased 1.5% to $49.0 million from $49.7 million in the
        prior year.  Fourth quarter revenues increased 5.5% to $13.0 million
        from $12.3 million in the same period of the prior year.

            As a result of the loss in the fourth quarter of fiscal 1996,
        the Company determined that, under the provisions of current
        accounting standards, it was appropriate to provide an allowance
        against the full amount of its net deferred tax assets.  "Although
        we are confidant in our ability to generate taxable income in the
        future and realize these deferred tax benefits, predicting the
        future is inherently subject to uncertainty and we felt it prudent
        to put the recoverability issue behind us," said Craig E. Davies,
        UTILX President and CEO.  "We now will recognize those tax benefits
        as they are realized in future years."

            In late January, the Company had predicted that the severe
        winter weather in the eastern United States would have an adverse
        impact on the Company's domestic FlowMole business.  Primarily due
        to the impact of weather, FlowMole revenues in the fiscal 1996
        fourth quarter declined to $7.3 million compared to $9.3 million in
        the same period of the prior year.  Revenues from the domestic
        CableCure business, which is primarily concentrated in southern
        states and also is less subject to weather impacts, improved to $3.4
        million in the fiscal 1996 fourth quarter compared to $0.8 million
        in the prior year.  International revenues were unchanged at $2.3
        million for the quarter.  In the fourth quarter of fiscal 1996,
        international revenues included $1.0 million from sales of new
        equipment, compared to $1.4 million in the same period of fiscal

            The Company indicated that the weather-related impact on the
        FlowMole business, which has a high level of fixed costs, had a
        disproportional adverse impact on gross profit.  The Company also
        attributed a portion of the fourth quarter loss to unusually high
        expenses from self-funded workers' compensation and employee health
        care benefits.  In addition, operating expenses increased from prior
        quarters, primarily due to a previously announced $125,000 provision
        for severance and outplacement benefits and higher profit-sharing
        royalty payments due under its CableCure License Agreement.

            "The continued growth in our CableCure business is not only
        exciting, but evidence of the opportunities we intend to take
        advantage of as a focused service business," reported Davies.  "Our
        revenues for the full fiscal year increased by 101% to $7.9 million
        compared to $3.9 million in the prior year.  In fiscal 1996, about
        1.2 million feet of cable in the United States was injected with
        CableCure fluid.  We expect to inject at least 2 million feet in
        fiscal 1997."

            On April 2, 1996, the Company announced a restructing designed
        to eliminate its in-house manufacturing operations, outsource those
        activities and focus on its core service business.  "As a result of
        our restructing, we have lowered our operating expenses and plan to
        increase our revenues in both the FlowMole and CableCure business,"
        added Davies.

            UTILX Corporation provides critical services for the renovation
        of underground utilities in the U.S. and Canada through a network of
        regional sales and service centers.  The Company also conducts
        service operations in Europe through its wholly-owned subsidiary in
        the United Kingdom.

            The Company's discussion of its future performance contains
        forward-looking statements that are subject to risks and
        uncertainties that may cause actual results to differ materially,
        such as sudden changes in utilities' demand for the Company's
        services due to budgetary or other factors.  The Company's contracts
        typically allow for cancellation on short notice.  Such risks are
        detailed in the Company's reports filed with the Securities and
        Exchange Commission (SEC).

                                UTILX CORPORATION
                              FINANCIAL HIGHLIGHTS
                     (in thousands except per share amounts)
                                   Fourth Quarter Ending     Year Ending
                                    3/31/96    3/31/95    3/31/96    3/31/95
        FlowMole                     7,345      9,251     33,414     38,726
        CableCure                    3,359        774      7,862      3,902
        International                2,261      2,262      7,717      7,020
        Other                                                            69
          Total Revenues            12,965     12,287     48,993     49,717
        Gross Profit                 1,285      1,496      6,408      6,744
        Operating Expenses           2,648      2,668      9,088      9,275
        Operating Income (loss)     (1,363)    (1,172)    (2,680)    (2,531)
        Income (loss) before income
         taxes                      (1,426)    (1,199)    (2,589)    (2,821)
        Net income (loss) before
         valuation allowance        (1,039)      (823)    (1,888)    (2,022)
        Net income (loss)           (3,640)      (823)    (4,489)    (2,022)
        Fully diluted earnings
         (loss) per share            (0.50)     (0.11)     (0.62)     (0.28)
        Fully diluted shares
         outstanding                 7,185      7,206      7,185      7,203
                                                            As of
                                                      3/31/96    3/31/95
        Cash & Cash Equivalents                          495        840
        Accounts Receivable                           10,659     11,525
        Materials, Supplies & Inventories              8,128      8,486
        Deferred Income Taxes - Current                           2,829
        Other Current Assets                           1,235        963
        Total Current Assets                          20,517     24,643
        Property Plant & Equipment                     9,113      9,489
        Other Assets                                     994      1,216
        Total Assets                                  30,624     35,348
        Note Payable to Bank                           2,500         --
        Other Current Liabilities                      4,668      6,570
        Total Current Liabilities                      7,168      6,570
        Deferred Income Taxes                                       708
        Total Liabilities                              7,168      7,278
        Stockholders' Equity                          23,456     28,070
        Total Liabilities and Stockholders' Equity    30,624     35,348
        Common Stock Issued and Outstanding            7,184      7,185

        CONTACT:  Larry D. Pihl, Vice President and Chief Financial Officer
        of UTILX Corporation, 206-395-0200