TCR_Public/960627.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For:  June 27, 1996



  1. SPECTRUM INFORMATION TECHNOLOGIES FILES 10-K
  2. REPLIGEN REPORTS FINANCIAL RESULTS
  3. BANKRUPTCY COURT APPROVES HAMLIN'S PURCHASE OF McLOUTH STEEL
  4. WTD REPORTS FOURTH QUARTER AND ANNUAL RESULTS





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SPECTRUM INFORMATION TECHNOLOGIES FILES 10-K FOR THE FISCAL YEAR ENDED MARCH 31, 1996


        


            PURCHASE, N.Y., June 27, 1996 - Spectrum Information
        Technologies, Inc.
(OTC Bulletin Board: SPCLQ) announced that it has
        filed an annual report on Form 10-K with the Securities and Exchange
        Commission for the fiscal year ended March 31, 1996.
        


            Spectrum reported a loss from continuing operations of $1.2
        million on revenues of $8.5 million for the fiscal year, as compared
        with a loss from continuing operations of $10.7 million on revenues
        of $2.6 million for the 1995 fiscal year.  Spectrum's fiscal 1996
        revenues included a fully paid license fee that was part of an
        agreement settling an arbitration with one of Spectrum's licensees,
        without which revenues would have remained nearly unchanged from
        fiscal 1995 to 1996.
        


            Spectrum's net income for fiscal 1996 was $2.9 million, or $.04
        per share, compared with a net loss of $14.3 million, or $.19 per
        share, for the previous fiscal year.  Spectrum noted that its net
        income for this fiscal year included income from discontinued
        operations of $4.1 million.
        


            The annual report filed today reiterates Spectrum's business
        strategy to shift the Company's focus from a licensing and royalty
        business to the development and sales of mobile communications
        software and related products.  "Spectrum's new management team has
        met important milestones resolving problems that we inherited," said
        Donald J. Amoruso, Spectrum's Chief Executive Officer.  "We must
        exit bankruptcy to conclude this chapter and continue to focus on
        meeting our objectives of developing and introducing innovative
        mobile communications software products, expanding channels of
        distribution and improving Spectrum's financial performance."
        


            Spectrum also reported in the Form 10-K that each class entitled
        to vote on the proposed plan of reorganization filed in the
        Company's chapter 11 bankruptcy proceeding has accepted the plan.
        Over 97% of Spectrum's voting unsecured creditors, representing over
        99% of the dollar amount of claims voted, supported confirmation.
        Over 95% of the 27.6 million shares of voted common stock accepted
        the plan.
        


            Confirmation of the proposed plan is contingent upon settlement
        of the class action lawsuits that were originally filed against
        Spectrum in 1993.  Implementation of the previously announced
        framework to settle the class actions remains contingent upon
        resolution of a coverage dispute with certain of the Company's
        former insurance carriers and district court approval.
        


            Spectrum's proposed plan of reorganization, if approved, will
        result in a substantial dilution to existing Spectrum shareholders.
        If the proposed plan is confirmed, existing shareholders should
        obtain the majority of the 45% equity ownership in reorganized
        Spectrum set aside for such shareholders and certain creditors.
        


CONTACT:  Media - Michael Freitag of Kekst and Company,
        212-593-2655; or Investors - Spectrum Information Technologies,
        Inc., investor relations, 914-251-1800, Ext. 182



REPLIGEN REPORTS FOURTH QUARTER AND FISCAL YEAR-END 1996 FINANCIAL RESULTS


        


            NEEDHAM, Mass., June 27, 1996 - Repligen Corporation
        (Nasdaq: RGEN) today reported a net loss of $11,521,000, or $0.75
        per common share, on total revenues of  $10,859,000 for the year
        ended March 31, 1996.  The loss includes a one-time, non-recurring
        restructuring charge of $3,567,000, or $0.23 per common share.  This
        compares to a net loss of $31,950,000, or $2.08 per common share, on
        total revenues of $16,942,000 for the year ended March 31, 1995.
        Expenses during fiscal 1996, including the restructuring charge,
        were $22,380,000, compared with $48,892,000 for the previous fiscal
        year.
        


            For the fourth quarter ended March 31, 1996, the company
        reported a net loss of $5,647,000, or $0.37 per common share, on
        revenues of $899,000.  This compares to a net loss of $13,225,000,
        or $0.86 per common share, on revenues of $5,117,000 for the same
        period last fiscal year.  Expenses for the fourth quarter of fiscal
        1996 were $6,546,000, including the restructuring charge of
        $3,567,000, compared with $18,342,000 for the same period the
        previous year.  The restructuring charge includes a non-cash charge
        of approximately $2,321,000 associated with the write-off of
        leasehold improvements and equipment no longer being utilized.
        


            "Since the end of the fiscal year, we have completed a
        significant restructuring of the company including closing
        underutilized facilities and downsizing.  In addition, liabilities
        associated with certain equipment leases have been eliminated
        through settlements with the lessors and, subsequently, excess
        equipment was sold.  These actions will be reflected in
        significantly improved financial results for the first quarter of
        fiscal 1997 ending June 30, 1996, and will insure that the company
        has financial reserves sufficient to continue operations for at
        least two years," said Walter C. Herlihy, President and Chief
        Executive Officer of Repligen.
        


             "Renewed financial stability will allow us to pursue internal
        development of the combinatorial chemistry and high-throughput
        screening technologies obtained as part of the acquisition of Glycan
        Pharmaceuticals.  It will also enable the company to outlicense the
        intellectual property for its biological products in an orderly
        fashion and to renew the Protein A product line,"  Mr. Herlihy
        continued.
        


            Repligen develops technologies for the discovery of new
        pharmaceuticals through the high-throughput screening of compound
        libraries with specific application to anti-inflammatory agents.
        Its corporate headquarters are located at 117 Fourth Avenue,
        Needham, MA 02194.



                       SELECTED CONSOLIDATED FINANCIAL DATA
        
                            Operating Statement Data:
        
                                  Quarter Ended           Year Ended
        
                              3/31/96      3/31/95     3/31/96     3/31/95
        Revenues:
         R&D                  $415,000  $2,569,000  $7,949,000  $10,988,000
         Product               331,000   2,072,000   1,874,000    3,885,000
         Investment and
          other                153,000     476,000   1,036,000    2,069,000
         Total                 899,000   5,117,000  10,859,000   16,942,000
        Costs & Expenses:
         R&D              2,120,000      6,366,000  12,314,000   31,012,000
         S,G&A              447,000      1,026,000   4,925,000    4,673,000
         Cost of goods
          sold              412,000        501,000   1,516,000    1,535,000
         Interest               ---        124,000      58,000      372,000
         Restructuring
          charge          3,567,000     10,325,000   3,567,000   11,300,000
         Total            6,546,000     18,342,000  22,380,000   48,892,000
        
         Net loss $(5,647,000)  $(13,225,000)  $(11,521,000)  $(31,950,000)
        
         Net loss per common
          shares outstanding     $(0.37)     $(0.86)     $(0.75)    $(2.08)
        
         Weighted
          average common
          shares
          outstanding       15,365,000  15,357,000  15,370,000   15,356,000
        
         Balance Sheet Data:
                                                      3/31/96
         Cash and investments                       $7,222,000
         Total assets                               $9,231,000
         Stockholders' equity                       $4,809,000


CONTACTS: Walter Herlihy, President and Chief Executive Officer of
        Repligen, 617-449-9560, ext. 2000


HAMLIN HOLDINGS ANNOUNCES BANKRUPTCY COURT APPROVAL OF PURCHASE OF McLOUTH STEEL


        


            TRENTON, Mich., June 27, 1996 - Hamlin Holdings, Inc., a corporation owned by Michael Wilkinson,  was confirmed by the United States Bankruptcy Court for the Eastern
        District of Michigan as the successful bidder for McLouth Steel
        Products Corporation
.  McLouth is currently operating under Chapter
        11 of the Bankruptcy Code.
        


            Hamlin expects to close the sale within thirty days.  During
        this period, Hamlin expects to negotiate contracts with suppliers
        and customers so as to insure an orderly start-up.  Discussions are
        already underway with suppliers and the United Steelworkers of
        America, the union currently representing McLouth's hourly
        employees, many of whose members are expected to be hired by Hamlin.
        


            Hamlin will work closely with McLouth officials to insure an
        orderly transition and to help McLouth deal with its remaining
        assets, such as collection of its accounts receivable which are
        being purchased by Hamlin.
        


            Hamlin expects to embark on a rehabilitation and modernization
        program for the mill immediately upon closing and to commence
        operations at various units as the modernization program at such
        units is completed.
        


CONTACT:  Diane Brigham of McLouth Steel, 313-246-4002



WTD REPORTS FOURTH QUARTER AND ANNUAL RESULTS



            PORTLAND, Ore., June 27, 1996 - WTD Industries, Inc.
        (Nasdaq/NM: WTDI) today reported results for both the quarter and
        the full fiscal year ended April 30, 1996.
        


            For the fourth quarter ended April 30, 1996, WTD reported a net
        loss of $1,252,000 or $0.17 per share.
        


            These results compared with a net loss of $3,001,000, or $0.31
        per share for the quarter ended April 30, 1995.  Net sales were
        $51.2 million for the quarter ended April 30, 1996, down 11 percent
        from the fourth quarter of fiscal 1995.
        


            For the year ended April 30, 1996, WTD reported a net loss of
        $6,044,000, or $0.76 per share.  These results compared with net
        income of $3,700,000, or $0.14 per share for the year ended April
        30, 1995. Net sales were $192 million for the year, down 30 percent
        from last year.
        


            "The weak lumber market and poor operating conditions that have
        existed for over a year finally started to improve during our fourth
        quarter which resulted in smaller operating losses for the quarter,"
        said WTD president Bruce L. Engel.
        


            "Despite the loss for the year, we were able to reduce our long-
        term debt by $2.3 million and finish the year with cash of $4.6
        million," Engel continued.
        


            "Although chip prices are down from our 1996 fiscal year high,
        lumber demand and prices are now significantly better than a year
        ago. Current operating conditions are favorable and it is our goal
        to maximize existing profit opportunities," Engel concluded.
        


            WTD also announced the resignation of board member H. Raymond
        Bingham, effective March 29, 1996.  Mr. Bingham's departure was the
        result of his demanding schedule and lack of time to dedicate to
        future board business.
        


            WTD Industries, Inc. operates facilities in Oregon, Washington
        and Vermont, producing softwood and hardwood lumber products.  WTD's
        lumber is marketed domestically and internationally under the
        TreeSource brand name.
        



                              WTD INDUSTRIES, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)
                    (In thousands, except per-share amounts)
        
                                    Three Months Ended      Year Ended
                                          April 30,          April 30,
                                      1996      1995      1996      1995
        
        NET SALES                   $ 51,153  $ 57,751  $191,964  $274,966
        COST OF SALES                 48,594    58,237   186,514   262,334
        GROSS PROFIT (LOSS)            2,559      (486)    5,450    12,632
        SELLING, GENERAL &
         ADMINISTRATIVE EXPENSES       2,240     2,443     9,685    10,366
        REORGANIZATION CREDITS            --        --      (409)     (532)
        OPERATING INCOME (LOSS)          319    (2,929)   (3,826)    2,798
        OTHER INCOME (EXPENSE)
         INTEREST EXPENSE             (1,277)   (1,363)   (5,318)   (5,972)
         MISCELLANEOUS                   189       190       646     1,228
                                      (1,088)   (1,173)   (4,672)   (4,744)
        INCOME (LOSS) BEFORE INCOME
         TAXES                          (769)   (4,102)   (8,498)   (1,946)
        PROVISION FOR INCOME TAXES
          (BENEFIT)                      483    (1,101)   (2,454)   (5,646)
        NET INCOME (LOSS)             (1,252)   (3,001)   (6,044)    3,700
        PREFERRED DIVIDENDS              569       596     2,364     2,126
        NET INCOME (LOSS) APPLICABLE
          TO COMMON SHAREHOLDERS     $(1,821)  $(3,597)  $(8,408) $  1,574
        NET INCOME (LOSS) PER COMMON
          SHARE
           - Primary                 $ (0.17)  $ (0.31)  $ (0.76) $   0.14
           - Fully diluted           $ (0.17)  $ (0.31)  $ (0.76) $   0.14
        NUMBER OF COMMON SHARES
           - Primary                  11,077    11,420    11,077    11,492
           - Fully diluted            11,077    11,452    11,077    11,510
        
                              WTD INDUSTRIES, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                   (Unaudited)
                                 (In thousands)
        
                                             April 30,      April 30,
                                               1996           1995
        ASSETS
        CASH AND CASH EQUIVALENTS            $  4,576       $  6,023
        ACCOUNTS RECEIVABLE, net               10,190         11,404
        INVENTORIES                            13,891         18,104
        INCOME TAX REFUND RECEIVABLE            2,135            503
        DEFERRED TAX ASSET                      1,112          1,830
        OTHER CURRENT ASSETS                    8,548         13,323
          TOTAL CURRENT ASSETS                 40,452         51,187
        PROPERTY, PLANT & EQUIPMENT, net       31,289         32,125
        DEFERRED TAX ASSET                      3,388          2,448
        OTHER NON-CURRENT ASSETS                2,267          3,184
                                             $ 77,396       $ 88,944
        LIABILITIES AND STOCKHOLDERS' EQUITY
        ACCOUNTS PAYABLE                     $  5,791       $  6,023
        ACCRUED EXPENSES                        6,198          7,466
        TIMBER CONTRACTS PAYABLE                2,252          1,660
        CURRENT MATURITIES OF LONG-TERM DEBT    1,159          2,298
          TOTAL CURRENT LIABILITIES            15,400         17,447
        LONG-TERM DEBT, less current
         maturities                            50,310         51,421
        STOCKHOLDERS' EQUITY                   11,686         20,076
                                             $ 77,396       $ 88,944


CONTACT:  Robert J. Riecke or Carol L. Nelson of WTD Industries, Inc., 503-246-3440