Bankruptcy News For - May 15, 1996

  2. Radiant Technology makes announcement
  3. Rockefeller Center Properties announces results
  4. Federated announces loss
  5. Global Spill Management Inc. announces results
  7. DDL Electronics reports third-quarter results

THE PERIOD ENDED MARCH 30, 1996; Company Records $20 Million Pre-tax Gain
on Sale of Camping Division

            ATLANTA, GA -- May 15, 1996 -- ROADMASTER INDUSTRIES,
        INC. (NYSE: RDM) today announced results for the first quarter ended
        March 30, 1996.  

            Net income for the quarter totaled $4.6 million, or $0.09 per
        share, compared with a net loss of $1.5 million, or $0.03 per share,
        for the first quarter of 1995.  Net income earned in the first
        quarter this year resulted from a $0.20 per share gain from the sale
        of the company's camping division in March 1996.  Excluding the
        effects of the camping division sale, the Company would have
        recorded a loss of $5.4 million, or $0.11 per share.  The Company
        noted that operating losses are attributable to continued under-
        performance of its fitness equipment business, for which
        restructuring initiatives have already been announced.  

            Revenue for the first quarter was $129,414,000, a decrease of
        26% over last year's revenue for the comparable period of
        $175,546,000.  The revenue decrease primarily reflects a reduction
        in fitness equipment revenues.  The decrease in fitness equipment
        revenues accounted for over 90% of the quarter's revenue shortfall.
        As previously announced, the Company has experienced difficulties
        with the integration of the DP acquisition and has restructured
        fitness operations into a single manufacturing facility in an effort
        to reduce both fixed and operating costs, as well as improve overall
        working capital levels.  This restructuring should be completed by
        mid-year 1996.  

            Additionally, the company noted that revenues for the first
        quarter of 1996 were lower by approximately $2.4 million, given the
        sale of the camping division on March 8, 1996.  Specifically,
        revenues from the camping division for the first quarter of 1996
        totaled approximately $19 million, while net income was less then
        $0.01 per share.  In the same period a year ago, camping revenues
        and net income were approximately $21.3 million and $0.02 per share,

            Henry Fong, Chief Executive Officer of Roadmaster, stated,
        "While we are obviously disappointed with the first quarter's
        performance, the company entered the second quarter with
        substantially improved liquidity, and higher revenues and
        profitability in both the bicycle and toy categories.  Moreover, we
        think restructuring efforts in the fitness division will lead to
        improved profitability, enhanced management focus, and more
        efficient use of working capital.  We are confident these measures
        will favorably impact the fitness business as the company enters a
        new program year, which begins in the third quarter."  

            Roadmaster, one of the largest manufacturers of bicycles, is
        also a leading producer of fitness equipment, and is a leading
        producer and distributor of toys and team sports equipment.  The
        trademarks or brand names under which Roadmaster sells its products
        include Roadmaster, Flexible Flyer, Vitamaster, MacGregor, DP,
        Hutch, Reach and Forster.

                      Consolidated Statements of Operations
                      (In thousands, except per share data)
                                              Three Months Ended
                                         March 30,1996 April 1, 1995
        Net sales                             $  129,414     $  175,546
        Cost of sales                            113,192        151,589
           Gross profit                           16,222         23,957
        Selling, general and
          administrative expenses                 16,417         17,318
        Other expense, net:
           Interest expense                        7,963          7,918
           Gain on sale of subsidiary            (20,151)            --
           Other, net                                700          1,113
                                             (11,488)         9,031
        Earnings (loss) before income
          tax expense                             11,293        (2,392)
        Income tax expense (benefit)               6,663          (915)
           Net earnings (loss)                 $   4,630    $   (1,477)
        Earnings (loss) per common share:
         Primary                          $     0.09    $    (0.03)
         Fully diluted                    $     0.09    $    (0.03)
        Weighted average common shares
           outstanding and common stock
         Primary                              50,319         48,649
         Fully diluted                        63,075         48,649
        CONTACT: Roadmaster Industries, Inc.
                 Jeff Hinton
                 (404) 586-9000
                 Lippert/Heilshorn & Associates
                 (212) 838-3777
                 Richard Foote, ext. 119
                 Jeffrey Volk, ext. 102

Radiant Technology makes announcement

            ANAHEIM, Calif. -- May 15, 1996 -- href="chap11.radiant.html">Radiant
        Technology Corp.
(RTNC) reports earnings of .02 a share for the
        quarter ending March 31, 1996 and a Net Worth of .75 per share.

            The company emerged from Chapter 11 Bankruptcy during the
        quarter reported, Feb. 20, 1996.

            Radiant Technology Corp. is a leading supplier of precision
        temperature controlled belt furnaces that are primarily used by the
        electronics and semiconductor manufacturing industries.

            Radiant Technology Corp. is releasing a new Rapid Thermal Curing
        furnace, the first engineered exclusively to produce new low cost
        integrated circuit multichip modules.  Lower cost multichip modules
        are expected to lead the new wave of semiconductor package design
        demanded by the high performance miniaturized electronics industry.
        These micro packages will be cost competitive with printed circuit
        board technology and are demanded by high speed processing for the
        next generation of computers, high definition television and the

        CONTACT:  Radiant Technology Corp., Anaheim, Calif.

Rockefeller Center Properties announces
results of operations for the first quarter ended March
        31, 1996

            NEW YORK -- May 15, 1996 -- href="chap11.rcp.html">Rockefeller Center
        Properties, Inc.
(RCPI) announced today a net loss in the first
        quarter of 1996 of $28,588,000, or $.75 per share, as compared to a
        net loss of $7,478,000, or $.20 per share, for the same period in

            The loss for each quarter results from the May 11, 1995 Chapter
        11 bankruptcy filings by the Borrower under RCPI's mortgage loan on
        most of Rockefeller Center.  For accounting purposes RCPI has
        limited recognition of income on the mortgage loan for the quarters
        ended March 31, 1996 and 1995 to the cash actually received from the
        Borrower.  The Borrower paid interest of $20,339,000 in the first
        quarter of 1995 and no cash was received from the Borrower in the
        first quarter of 1996, which resulted in a decrease in income of
        $.53 per share.  The results also include an increase in general and
        administrative expenses of $1,896,000, or $.05 per share,
        principally due to increased legal fees, investor relations related
        expenses and financial advisory fees incurred principally due to
        actions taken as a result of the Borrower's Chapter 11 filings.  

            Under the Merger Agreement (see Note below), RCPI has been
        extended a credit facility from Goldman Sachs Mortgage Company
        (GSMC) which is expected to provide sufficient liquidity for RCPI
        until the earlier of the consummation of the merger contemplated by
        the Merger Agreement or May 31, 1996.  Management and the Board of
        Directors believe that, if the transactions contemplated by the
        Merger Agreement are not consummated, RCPI would be subject to
        substantial uncertainties.  In particular, if the transactions
        contemplated by the Merger Agreement have not been consummated by
        May 31, 1996, unless GSMC agrees to finance RCPI's cash requirements
        in June of 1996, including interest payments aggregating $8.1
        million on the Floating Rate Notes and the 14% Debentures which will
        be due on June 3, 1996, RCPI, in light of the fact that its cash
        will be substantially exhausted by May 31, 1996, will be unable to
        meet its obligations in June of 1996.  In addition, unless RCPI and
        the Investor Group agree otherwise, either RCPI or the Investor
        Group will have the right to terminate the Merger Agreement if the
        merger has not been consummated by May 31, 1996, and, in the event
        of such a termination, RCPI will be obligated to reimburse the
        Investor Group, promptly after any such termination, for up to $2.5
        million of its expenses in connection with the Merger Agreement.

          Quarter to March 31              1996        1995
          Revenues                        $14,000    $20,446,000      
          Interest expense            $22,137,000    $21,365,000
          General and administrative   $3,172,000     $1,276,000
          Amortization of deferred
           debt issuance costs           $936,000       $849,000
          Increase in liability for
           stock appreciation rights   $1,907,000     $4,434,000
          Expenses related to the
           March 25, 1996 special
        meeting of stockholders      $450,000
          Net loss                   ($28,588,000)  ($7,478,000)
          Net loss per share               ($0.75)       ($0.20)

        RCPI's common stock is listed on the New York Stock Exchange under
        the symbol RCP.  As of May 14, 1996 there were 38,260,704 shares

        On November 7, 1995, RCPI entered into an Agreement and Plan of
        Merger with a group of investors (the "Investor Group") including
        Exor Group S.A., David Rockefeller, Rockprop L.L.C., Troutlet
        Investments Corporation and Whitehall Street Real Estate Limited
        Partnership V, pursuant to which, subject to satisfaction of the
        conditions specified in the Merger Agreement, a corporation formed
        by members of the Investor Group or their designated affiliates will
        merge into RCPI (the "Surviving Company").  The Surviving Company
        will be wholly owned by members of the Investor Group or their
        designated affiliates, and the stockholders of RCPI will receive
        $8.00 in cash for each of their shares of RCPI's Common Stock.  The
        Merger Agreement was approved at a special meeting of RCPI's
        stockholders on March 25, 1996.  If the merger contemplated by the
        Merger Agreement is consummated, members of the Investment Group or
        their designated affiliates will own 100% of the Surviving Company's
        Common Stock.  

        CONTACT: Rockefeller Center Properties, Inc. -
                 Stephanie Leggett Young, 212/698-1440 or 800/555-6444

Federated: First quarter benefits
from expense reductions;
operating income up 41 percent, excluding expenses for Broadway merger

            CINCINNATI, OH -- May 15, 1996 -- href="chap11.fds.html">Federated Department
        Stores, Inc.
today reported a net loss of $37.9 million or 18
        a share for the first quarter of 1996, attributable primarily to
        expenses related to the business integration of Broadway Stores,
        Inc. into Federated.  These expenses totaled $77.7 million, before
        income taxes, or 22 cents a share for the period ending May 4, 1996.
        Excluding these expenses, Federated would have posted net income of
        $9.3 million or 4 cents a share, reflecting a solid operating
        performance in the quarter.  

            This compares to a net loss of $6.4 million or 3 cents a share
        for the period ending April 29, 1995, excluding fiscal 1995 business
        integration and consolidation expenses (BICE) of $83.3 million,
        before income taxes, or 28 cents a share.  Expenses in the first
        quarter last year were primarily related to the integration of
        Macy's into Federated and a divisional consolidation.  

         Operating Income Up In Quarter

            Operating income in the first quarter of 1996 was $55.3 million,
        including BICE.  Excluding BICE for both this year and last, first
        quarter operating income for 1996 was $133.0 million or 4.0 percent
        of sales, an increase of 41.2 percent over operating income of $94.1
        million or 3.2 percent of sales for the first quarter of 1995.  

            "We are very pleased with our performance in the quarter," said
        Allen Questrom, Federated's chairman and chief executive officer.
        "We are especially pleased with our continuing ability to reduce
        expenses, as well as with the progress being made in the ongoing
        Broadway business integration."  Questrom noted also that the first
        quarter was impacted by the company's efforts to gradually reduce
        the amount of promotional activity, particularly in its home-related

         Comp-Sales Increase 4.6 Percent

            Sales for the first quarter of Fiscal 1996 totaled $3,300.7
        million, an increase of 10.5 percent over sales of $2,988.0 million
        in the same 13-week period last year.  On a comparable-store basis,
        sales for the quarter ended May 4, 1996 increased 4.6 percent.  

            Federated, with corporate offices in Cincinnati and New York, is
        one of the nation's leading department store retailers, with annual
        sales of more than $15 billion.  Federated currently operates more
        than 400 department stores and 150 specialty stores in 36 states.
        Federated's department stores now operate under the names of
        Bloomingdale's, The Bon Marche, Broadway, Bullock's, Burdines,
        Emporium, Goldsmith's, Lazarus, Macy's, Rich's, Stern's and

        (NOTE: Information on Federated and its operating divisions is
        available on the Internet at href="" target=_new>">  

                        FEDERATED DEPARTMENT STORES, INC.
                  Consolidated Statements of Income (Unaudited)
         (All amounts in thousands except percentages and per share figures)
                                                   13 Weeks Ended
                                              May 4,           April 29,
                                               1996              1995
                                            __________        __________
        Net Sales                               $3,300,665        $2,988,006
                                            __________        __________
        Cost of sales (Note 2)                   2,014,648         1,823,921
          Percent to sales                           61.0%             61.0%
        Selling, general and administrative
         expenses (Note 3)                       1,153,065         1,069,959
          Percent to sales                           34.9%             35.8%
        Business integration and consolidation
         expenses                                   77,688            83,322
          Percent to sales                            2.4%              2.8%
                                            __________        __________
        Operating Income                            55,264            10,804
          Percent to sales                            1.7%              0.4%
        Interest expense - net                    (112,281)
                                            __________        __________
        Loss Before Income Taxes                   (57,017)
        Federal, state and local income
         tax benefit                                19,071            29,749
                                            __________        __________
        Net Loss                                $  (37,946)       $
                                            __________        __________
                                            __________        __________
                        FEDERATED DEPARTMENT STORES, INC.
                  Consolidated Statements of Income (Unaudited)
         (All amounts in thousands except percentages and per share figures)
                                                   13 Weeks Ended
                                            May 4, 1996   April 29, 1995
                                            ___________   ______________
        Loss per Share                           $   (.18)      $   (.31)
                                             ________       ________
                                             ________       ________
        Average Number of Shares
         Outstanding                              206,710        182,682
                                             ________       ________
                                             ________       ________


        1.  Because of the seasonal nature of the department stores
        business, the results for the 13 weeks ended May 4, 1996 and
        April 29, 1995 (which do not include the Christmas season) are
        not indicative of the results for the year.

        2.  Substantially all merchandise inventories are valued by the
        retail method and stated on the LIFO (last-in, first-out) basis,
        which is generally lower than market.  Application of this method
        did not impact the 13 weeks ended May 4, 1996 and resulted in a
        charge of $1,761,000 for the 13 weeks ended April 29, 1995.

        3.  Includes depreciation and amortization expense of $133,325,000
        and $115,258,000 for the 13 weeks ended May 4, 1996 and
        April 29, 1995, respectively.

        CONTACT:  Federated Department Stores, Inc., Cincinnati -
                  Media - Carol Sanger, 513/579-7764 -or-
                  Investor - Susan Robinson, 513/579-7780

Global Spill Management Inc. announces third quarter and
nine month results

            PARKERFORD, Pa. -- May 15, 1996 -- Global Spill
        Management Inc. (GSMI), the Pennsylvania-headquartered environmental
        services company, announced Wednesday its third quarter and nine
        month results for the period ended March 31, 1996.

            Revenues (unaudited) for the third quarter ended March 31, 1996
        were $2,939,000, with a loss from continuing operations of $805,000
        (4 cents per share) and net loss of $2,518,000 (13 cents per share)
        as compared to $4,308,000 of revenues, a loss from continuing
        operations of $747,000 (6 cent net loss per share) and a net loss of
        $975,000 (8 cents per share) for the comparable quarter in 1995.

            Included in the 3rd quarter loss from continuing operations is a
        one time non recurring loss of $315,000 related to costs incurred
        for the postponed acquisition of American Marine Inc.  The company
        also recorded a loss of $1,713,000 related to the discontinued
        operations of the company's recently closed Environmental Disposal
        Options Corp. subsidiary.

            The write down in goodwill accounted for $1,328,000 of the loss
        related to discontinued operations.

            Revenues (unaudited) for the nine months ended March 31, 1996
        were $12,772,000 with a loss from continuing operations of
        $1,419,000 and a net loss of $3,494,000, compared to revenues of
        $12,026,000 and a loss from continuing operations of $330,000 and a
        net loss of $672,000 for the same period in fiscal 1995.

            Global Spill Management Inc. provides a wide range of
        environmental contracting and waste management services.  Its
        environmental contracting and remediation activities are centered in
        the Northeast United States, and its waste management services are
        provided in the Eastern half of the United States and California.

            The company also responds to environmental emergencies
        throughout the Continental United States.

                         Global Spill Management Inc.
                            Financial Highlights
                      Summary Statement of Operations
                       (000's except share data)
                          Three Months Ended        Nine Months Ended
                               March 31,                March 31,
                         1996         1995         1996          1995
                         ----         ----         ----          ----
        Revenues            $2,939       $4,308      $12,772       $12,026
        Gross profit            --           --        3,133         3,059
        Percentage of  
         revenue              20.2%        16.5%        24.9%         25.6%
        SG&A                 1,011        1,328        3,611         3,265
         expense                --           --          380            --
        Loss from continuing
         operations           (805)        (747)      (1,419)         (330)
        Loss from
         operations         (1,713)        (228)      (2,075)         (342)
        Net income loss    $(2,518)       $(975)     $(3,494)        $(672)
        Net loss per share
         from continuing
         operations          $(.04)       $(.06)       $(.08)        $(.03)
        Net loss per share
         from discontinued
         operations           (.09)        (.02)        (.11)         (.03)
        Net loss per share   $(.13)       $(.08)       $(.19)        $(.06)
        Shares used in
         computing primary
         net income (loss)
         per share      18,494,028   12,239,503   18,494,028    10,797,217
                           Summary Balance Sheet
                                          March 31,            June 30,  
                                            1995                 1995
                                          ---------            ---------
        Current Assets                         $3,401               $4,801
        Total Assets                            8,037               10,927
        Current Liabilities                     5,492                5,234
        Long-Term Obligations                   1,207                1,512  
        Shareholders' Equity                    1,339                4,181

        CONTACT:  Global Spill Management Inc., Parkerford
                  Desiree Pierson, 610/495-3000, fax: 610/495-0833


            MIAMI, FL -- May 15, 1996 -- New
Valley Corporation

        (OTC: NVLY) today announced financial results for the first quarter
        ended March 31, 1996.  

            First quarter 1996 revenues were $36.7 million, compared to
        revenues of $7.7 million in the first quarter of 1995.  The Company
        recorded an operating loss of $4.9 million in the 1996 first quarter
        versus operating income of $6.6 million in 1995.  Net loss
        applicable to common shares in the 1996 quarter was $16.1 million,
        or $0.08 per share, compared to a loss of $5.0 million, or $0.03 per
        share, in the first quarter of 1995.  

            "New Valley's revenues for the quarter increased greatly over
        last year's quarter due to the acquisitions of the Ladenburg,
        Thalmann investment banking firm, commercial real estate, and
        Thinking Machines Corporation, a developer and marketer of parallel
        software for high-end computing systems,"  said Bennett S. LeBow,
        chairman and chief executive of New Valley Corporation.  "Operating
        income for the quarter was lower than last year's quarter primarily
        due to $10 million of expenses related to our investment in RJR
        Nabisco.  We are optimistic that these initiatives will result in
        long-term value for New Valley and its shareholders."  

            New Valley is principally engaged in, through Ladenburg,
        Thalmann & Co.  Inc., the investment banking and brokerage business,
        and in the ownership and management of commercial real estate and
        the acquisition of operating companies.  

        (Dollars In Thousands, Except  Per Share Amounts)
                                       Three Months Ended March 31,
                                           1996             1995
           Principal transactions, net         $ 8,738   
           Commissions                           3,863   
           Real estate leasing                   5,706   
           Computer sales and service            4,699   
           Interest and dividends                5,184          $  6,631
           Other income                          8,494             1,038
           Total Revenues                       36,684             7,669
        Cost and Expenses:
           Operating, general and
        administrative                      37,144             2,342
           Interest                              4,524   
           Reversal of restructuring accruals       --            (2,044)
           Total Costs and Expenses             41,668              298
        (Loss) income from continuing
         operations before income taxes         (4,984)           7,371
        (Benefit) provision for income taxes      (100)             740
        (Loss) income from continuing
         operations                             (4,884)           6,631
        Discontinued operations:
           Income from discontinued operations,
         net of income taxes of $155            --            1,398
        Net (Loss) Income                        (4,884)          8,029
        Dividends on preferred
         shares - undeclared                    (15,462)        (20,411)
        Excess of carrying value of
         redeemable preferred shares
         over cost of shares purchased            4,279           7,358
        Net loss applicable to Common Shares  $ (16,067)      $  (5,024)
        Loss per common and equivalent share:
           From continuing operations         $    (.08)      $    (.04)
           Discontinued operations                            $     .01
           Net loss per Common Share          $    (.08)      $    (.03)
        Number of shares used in computation    191,552         189,585

        CONTACT: Sard Verbinnen & Co:
                 George Sard/Anna Cordasco/Paul Caminiti,  212/687-8080

DDL Electronics reports third-quarter results; $3.3
million of debt converts to equity after quarter-end

            NEWBURY PARK, Calif. -- May 15, 1996 -- DDL
        Electronics Inc. (NYSE:DDL) Wednesday announced results for its
        third quarter ended March 31, 1996.  

            Revenues were $10,501,000 compared with $6,079,000 for the third
        quarter of last year.  The increase results from DDL's acquisition
        of SMTEK Inc. in January 1996.  For the nine months ended March 31,
        1996, revenues were $22,722,000, an increase of 63 percent over pro
        forma revenues for the nine months ended March 31, 1995, of
        $13,908,000 (excluding A.J. Electronics and Aeroscientific Corp.,
        which were disposed of during fiscal 1995).

            Increased revenues in the nine-month period result from
        increased sales at DDL Electronics Ltd. in the United Kingdom, and
        from inclusion of SMTEK's operations in DDL's consolidated results
        for the latest quarter.

            In the current quarter, net income was $2,147,000 or 11 cents
        per share, compared with $167,000 or 1 cent per share in last year's
        third quarter.  For the nine months ended March 31, 1996, net income
        was $2,883,000 or 16 cents per share, compared with $1,074,000 or 7
        cents per share for the first nine months of fiscal 1995 (on a pro
        forma basis excluding A.J. and Aero).

            Net income for the current quarter and nine-month period
        includes an extraordinary gain of $2,552,000 as the result of an
        agreement reached in March 1996 to reduce DDL's unfunded retirement
        obligations through the issuance of common stock purchase warrants
        to certain former officers and directors of the company.  

            As a result of goodwill amortization and interest expense on the
        debt issued to finance the SMTEK acquisition, DDL incurred a loss
        before extraordinary item of $405,000 or 2 cents per share, compared
        with income before extraordinary item of $167,000 or 1 cent per
        share for the same quarter last year.  

            For the nine months ended March 31, 1996, income before
        extraordinary item was $331,000 or 2 cents per share, compared with
        a loss before extraordinary item of $1,367,000 or 8 cents per share
        for the first nine months of fiscal 1995 (on a pro forma basis
        excluding A.J. and Aero).    

            In May 1996, the holders of $3.3 million of DDL's 10 percent
        Cumulative Convertible Debentures elected to convert their
        debentures to common stock.  This conversion increases DDL's
        stockholders' equity by $3.3 million and lowers ongoing interest
        expense by $330,000 on an annualized basis.  On a pro forma basis,
        assuming the conversion had taken place on March 31, 1996, total
        stockholders' equity would have been $6,186,000 at that date, which
        is DDL's highest stockholders' equity level in more than four years.

            In summarizing recent events, Gregory L. Horton, president and
        CEO, stated:  "DDL's turnaround continues to progress at a rapid
        pace.  During the latest quarter, DDL installed a new management
        team and consummated the acquisition of SMTEK to serve as a
        launching pad for the expansion of DDL's domestic operations.  Also,
        DDL's balance sheet has been substantially strengthened.  Our focus
        is now to rapidly increase revenues and profitability by
        aggressively marketing our existing manufacturing capacity in the
        U.S. and Europe, and by acquiring additional companies to expand our
        presence in the electronic manufacturing services industry."

            DDL Electronics, with headquarters in Newbury Park, provides
        customized, integrated electronic manufacturing services to original
        equipment manufacturers (OEMs) in the computer, telecommunications,
        instrumentation, medical, industrial and aerospace industries.

                           DDL ELECTRONICS INC.
                Condensed Consolidated Statements of Operations
                  (In thousands, except per-share amounts)
                                   Three months ended
                                        March 31,
                                    1996         1995
        Revenues                     $ 10,501     $  6,079      
        Costs and expenses:
        Cost of goods sold              9,147        4,916
        Administrative and selling      1,132          913
        Goodwill amortization             317           --
        Restructuring charges              --           --
                                   10,596        5,829
        Operating income (loss)           (95)         250
        Gain on sale of assets             --           --
        Other income (expense), net      (310)         (83)
        Income (loss) before income
         taxes                           (405)         167
        Income tax benefit                 --           --
        Income (loss) before
         extraordinary item              (405)         167
        Extraordinary item              2,552(e)        --
        Net income                   $  2,147     $    167
        Earnings (loss) per share:
        Income (loss) before
         extraordinary item          (2 cents)      1 cent
        Extraordinary item           13 cents           --
                                 11 cents       1 cent
        Average shares (in 000s)       19,065       16,013

                                      Nine months ended March 31,
                                                            Pro forma
                                    1996         1995         1995(a)
        Revenues                     $ 22,722     $ 22,673     $ 13,908
        Costs and expenses:                                             
        Cost of goods sold             19,985       20,629       12,068
        Administrative and selling      3,027        4,146        2,733
        Goodwill amortization             317           --           --
        Restructuring charges              --        1,173(b)        --
                                   23,329       25,948       14,801
        Operating income (loss)          (607)      (3,275)        (893)
        Gain on sale of assets             --        3,374(c)        --
        Other income (expense), net      (172)        (649)        (474)
        Income (loss) before income
         taxes                           (779)        (550)      (1,367)
        Income tax benefit              1,110(d)        --           --
        Income (loss) before
         extraordinary item               331         (550)      (1,367)
        Extraordinary item              2,552(e)     2,441(f)     2,441
        Net income                   $  2,883     $  1,891     $  1,074
        Earnings (loss) per share:
        Income (loss) before
         extraordinary item           2 cents     (3 cents)    (8 cents)
        Extraordinary item           14 cents     15 cents     15 cents
                                 16 cents     12 cents      7 cents
        Average shares (in 000s)       17,678       15,791       15,791

                               DDL Electronics Inc.
                       Condensed Consolidated Balance Sheet
                                (in thousands)
                                               March 31,     June 30,
                                                 1996         1995
        Current assets:
        Cash and cash equivalents                $  2,649     $  2,917
        Accounts receivable                         5,553        3,600
        Inventories                                 7,621        2,188
        Prepaid expenses and deposits                 170          171
        Total current assets                       15,993        8,876
        Property, plant and equipment, net          5,966        3,309
        Goodwill                                    6,025           --
        Other assets                                1,944          405
                                              $29,928      $12,590
        Current liabilities
        Current portion of long-term debt         $ 4,203      $   633
        Accounts payable                            7,708        5,283
        Other current liabilities                   4,097        2,988
        Total current liabilities                  16,008        8,904
        Long-term debt                             11,034        7,030
        Stockholders' equity (deficit):
        Common stock                                  202          161
        Additional paid-in capital                 25,828       20,983
        Common stock held in escrow                (1,325)          --
        Accumulated deficit                       (20,715)      (23,598)
        Foreign currency translation adjustment    (1,104)         (890)
        Total stockholders' equity (deficit)        2,886        (3,344)
                                              $29,928       $12,590
        CONTACT:  DDL Electronics Inc., Newbury Park
                  Rick Vitelle, 805/376-9415


            WILMINGTON, N.C., May 15, 1996 - Welcome Home, Inc.
        (Nasdaq: WELC) today announced financial results for the first
        quarter ended March 31, 1996.

            Net sales for the first quarter of 1996 increased 2.8% to $12.5
        million, versus $12.1 million for the first quarter of 1995.
        Comparable store sales decreased 12.0% in the first quarter.  Net
        loss for the first quarter of 1996 was $2.1 million, or $0.29 per
        share, as compared to $1.6 million, or $0.19 per share, for the same
        period last year.

            The Company also announced that, on May 15, 1996, it signed an
        amendment to its existing revolving credit agreement with Fleet
        Capital (formerly Shawmut Capital) which increased its borrowing
        availability by $4 million for the remainder of 1996, waived past
        financial covenant violations and revised those covenants to less
        restrictive levels for the remaining term of the related agreement,
        through May 2000.

            On a separate note, the Company announced the appointment of
        Robert E. Wood as Chief Information Officer.  Mr. Wood joins Welcome
        Home from Office Max, where he was Director of Computer Services.
        Previously, Mr. Wood had been Director of Management Information
        Services at Goody's Family Clothing Inc.  Mr. Wood has assumed
        responsibility for the Company's overall information systems
        operations, including implementation of the Company's new
        information system.

            Ed Kleiger, President and Chief Operating Officer, noted, "The
        retail environment remained challenging during the first quarter,
        which is seasonally our slowest quarter and has historically
        generated a loss. We are continuing the implementation of our
        restructuring plan, which includes (1) the refinement of our
        merchandise assortments, (2) ascertaining more effective and
        efficient means of distribution, and (3) preparation for the
        implementation of a new information system later this year.  Our
        gross margin increased to 47.5% from 44.5% for the first quarter of
        1995.  This improvement reflects that clearance and liquidation
        markdowns in the first quarter of 1996 were taken against the 1995
        restructuring reserve for merchandise categories which have been
        discontinued and deemphasized.  In addition, we continued to
        strengthen our management team.  We remain confident that our
        restructuring plan will serve as the foundation for the renewal of
        our concept and better long-term positioning for Welcome Home."

            Welcome Home, Inc. is a leading specialty retailer of gifts and
        decorative home furnishings and accessories.  The Company operates
        215 stores in 41 states which are located primarily in outlet and
        off-price malls.  Welcome Home stores offer a broad selection of
        distinctive, popular merchandise at low prices that are generally 20-
        50% below regular department store prices.

                               WELCOME HOME, INC.
                      Consolidated Statements of Operations
               For the Three Months Ended March 31, 1996 and 1995
                      (In thousands, except per share data)
                                                            1996    1995
        Net sales                                         $12,482  $12,137
        Cost of sales                                       6,558    6,742
        Gross margin                                        5,924    5,395
        Selling, general and administrative expenses        8,514    7,376
        Depreciation                                          471      449
        Operating income (loss)                            (3,061)  (2,430)
        Interest expense:
         Jordan Industries                                     89      231
         Other                                                277       32
        Other expense (income)                                (31)      --
        Pretax income (loss)                               (3,396)   (2,693)
        Provision (benefit) for income taxes               (1,256)   (1,122)
        Net income (loss)                                 $(2,140)  $(1,571)
        Net income (loss) per share                       $ (0.29)  $ (0.19)
        Weighted average shares outstanding (in thousands)  7,454     8,080
                           Consolidated Balance Sheets
                  As of March 31, 1996 and December 31, 1995
                           (in thousands of dollars)
        ASSETS                                    3/31/96          12/31/95
        Current Assets
        Cash and cash equivalents              $    122           $       7
        Inventories                              18,819              16,798
        Deferred income taxes                       470                 470
        Other current assets                        703                 818
          Total current assets                   20,114              18,093
        Property and equipment, net               8,528               8,826
        Deferred income taxes                     2,971               1,715
        Other assets                                704                 542
        Total Assets                           $ 32,317            $ 29,176
        Current Liabilities:
        Notes payable - line of credit         $ 12,713           $   5,213
        Accounts payable                         11,138              11,703
        Accrued expenses                          1,287               2,817
        Current portion of capital
            lease obligations                       527                 514
              Total current liabilities          25,665              20,247
        Capital lease obligations                 1,037               1,174
        Note payable to Jordan Industries         4,128               4,128
        Shareholders' Equity
        Common Stock                                 85                  85
        Additional paid-in capital                8,832               8,832
        Cumulative translation adjustment           (37)                (37)
        Retained earnings (deficit)              (2,508)               (368)
            Subtotal                              6,372               8,512
        Less treasury stock                       4,885               4,885
            Total Shareholders' Equity            1,487               3,627
        Total Liabilities and Shareholders'
            Equity                             $ 32,317            $ 29,176

        CONTACT:  Neal Walker, Chief Financial Officer, Welcome Home, Inc.,


            EL PASO, Texas, May 15, 1996 - href="chap11.elpaso.html">El Paso Electric Company
        (AMEX: EE) ("EPE") reported net income applicable to common stock of
        approximately $0.1 million for the 49-day period Feb. 12, 1996 to
        March 31, 1996.  The results reflect the effects of EPE's Plan of
        Reorganization and its emergence from bankruptcy on Feb. 12, 1996.
        For financial reporting purposes, the reorganization resulted in a
        new company and a predecessor company.  The reorganization and
        application of "fresh-start" reporting caused significant changes to
        EPE's financial information, which means the financial information
        for the post reorganization period is not comparable to past

            EPE also announced that it intends to use a portion of cash flow
        to reduce its fixed obligations through open market purchases of its
        first mortgage bonds from time to time based on prevailing market
        conditions. EPE is in the process of developing a strategy for the
        implementation of an open market purchase program.

            EPE also announced that on May 13, 1996 the Securities and
        Exchange Commission declared effective under the Securities Act of
        1933, as amended, a registration statement covering the resale of
        13,842,797 shares of common stock, 160,000 shares of 11.40 percent
        preferred stock and $107,634,509 principal amount of first mortgage
        bonds.  The securities covered by the registration statement are
        currently owned by funds advised by Fidelity Management & Research
        Company and by accounts managed by Fidelity Management Trust
        Company.  EPE has agreed to keep the registration statement
        effective until the securities have been sold or restrictions on
        transfers no longer apply.

            EPE is an electric utility serving approximately 274,000
        customers in El Paso, Texas and an area of the Rio Grande Valley in
        West Texas and Southern New Mexico, and to wholesale customers in
        Southern California, New Mexico, Texas and Mexico.  EPE's common
        stock trades on the American Stock Exchange under symbol "EE".

            El Paso Electric Company's results of operations for the period
        Feb. 12 to March 31, 1996 are as follows (in thousands except share

                                                       Period From
                                                        February 12
                                                        to March 31,
        Operating revenues                             $    69,907
        Operating expenses                                 (55,159)
        Interest charges                                   (13,522)
        Net income                                           1,689
        Preferred stock dividend requirements                1,552
        Net income applicable to common stock          $       137
        Net income per weighted average share
         of common stock                               $      0.00
        Weighted average number of common
          shares outstanding                            59,999,981

        CONTACT:  Media: Henry Quintana Jr., supervisor-corporate
        communications, 915-543-5824, or Financial: Kathy Hood, 915-543-
        5842, or
        Stockbrokers and shareholders: EPE's Office of the Secretary,
        915-543-5708, all of El Paso Electric Company


            ROSWELL, Ga., May 15, 1996 - Harry's Farmers Market, Inc.
        (Nasdaq: HARY) the Atlanta-based purveyor of fresh, specialty and
        prepared food products, today announced results for first quarter
        fiscal 1997.  According to Harry A. Blazer, Chairman, CEO and
        President, the anticipated results signal "continued progress toward
        a return of the Company to profitability."

            Preliminary results indicate a loss in the range of $.05 to $.07
        per common share compared to a loss of $.14 per common share for the
        same period last year and $.11 for the fourth quarter fiscal 1996.

            Mr. Blazer attributed much of the continued improvement in
        profitability to strong gross profit growth as a percentage of net
        sales.  Gross margin increased to approximately 27.1% for the
        quarter compared to 24.8% for the comparable year-ago quarter and
        26.4% for the fourth quarter of fiscal 1996.

            "We are very pleased with our expected first quarter results and
        feel that profitability is well within our grasp," said Mr. Blazer.
        "The fourth quarter gross margin improvements have been sustained
        during the first quarter of fiscal 1997, a strong indication that
        our on-going improvements in operations at all levels are producing
        tangible results for our shareholders.  Our primary focus now is to
        continue to improve sales and to position the Company for future

            Sales for the first quarter were $33.5 million, compared to
        sales of $34.9 million for the same period last year.  On a
        comparable store basis, sales were off only 3.9%, as compared to an
        8.1% decline for the fourth quarter.

            "It appears that we have bottomed out in terms of the negative
        sales trend," said Mr. Blazer.  "We began to see an improvement in
        the last weeks of January.  Since the second week of February, we
        have realized comparable store sales down only one-half of one
        percent on average, with all stores showing positive comparisons at
        various times since January."

            "We believe," Mr. Blazer continued, "that recent merchandising
        initiatives combined with better operational performance at store-
        level, higher employee morale and a more cohesive management team
        are responsible for the improvements in sales trends and growth in
        gross profits."

            The Company also reported that a contract on an outparcel at its
        Gwinnett megastore location will produce net proceeds of
        approximately $375,000 which will be used to reduce the Company's
        borrowings.  The transaction is expected to close in the second

            As previously reported, the Company said it expects to net
        approximately $4.3 million from the proposed sale of a 17 acre tract
        in Nashville, Tennessee which is scheduled to close on June 3, 1996.
        According to Mr. Blazer, anticipated proceeds from the sale at
        approximately book value will be used to further reduce the
        Company's borrowings and debt service.

            As a result of improved performance, among other things,
        NationsBank, the Company's primary lender, has waived past
        violations of loan covenants and has restructured the covenants more
        favorably through the end of the loan term in October 1998.  "We
        believe the new covenants give us renewed operational flexibility
        and allow us to begin planning for growth again," noted Mr. Blazer.

            The Company continues to negotiate with Citicorp, the mortgage
        lender on its bakery facility and distribution center, to
        restructure the $3.2 million mortgage to more favorable terms and is
        exploring alternative financing options.  The Company is confident
        that an acceptable agreement will be concluded within forty-five

            Harry's Farmers Market, Inc. owns and operates three megastores
        and two Harry's in a Hurry convenience stores in metro Atlanta
        specializing in fresh food products, as well as specialty and
        prepared foods.

        CONTACT:  Anthony J. Tortorici of Tortorici & Company,