/raid1/www/Hosts/bankrupt/TCR_Public/960719.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For:  July 19, 1996



  1. ENlighten Software Solutions Reports Second Quarter Results
  2. Triad Announces Restructuring Charge and Third Quarter Results
  3. HOMELAND WINS COURT APPROVAL OF REORGANIZATION PLAN





Return To The InterNet Bankruptcy Library Homepage


ENlighten Software Solutions Reports Second Quarter Results; Secures Reference Accounts for its UNIX Systems Administration Software Product


        


            SAN MATEO, Calif.  --  July 19, 1996  --  ENlighten
        Software Solutions, Inc.  NASDAQ: SFTW (formerly Software
        Professionals, Inc.), a supplier of automated systems software
        solutions for the UNIX and Tandem marketplaces, today reported
        results for the second quarter and six months ended June 30, 1996.
        The Company also announced that subsequent to the close of the
        second quarter it had secured its first three licensees of its
        ENlighten for UNIX/Distributed Systems Manager (DSM) 2.0 software
        package, released in late May.  Booz Allen & Hamilton and an
        international retailer have agreed to serve as reference sites for
        the product.  
        


            Revenues for the second quarter of 1996 were $1,119,000 compared
        to $1,518,000 in the second quarter of 1995.  For the second quarter
        of 1996 the Company reported a net loss of $387,000, or $0.13 per
        share, compared to a net loss of $266,000, or $0.09 per share, in
        the second quarter of 1995.  The weighted average number of shares
        outstanding for the second quarter of 1996 was 2,894,000, compared
        to 2,817,000 in the same period last year.  
        


            For the first six months of 1996, revenues were $2,587,000
        compared to $3,333,000 in the same period a year ago.  The Company
        reported a net loss of $492,000, or $0.17 per share, compared to a
        net loss of $143,000, or $0.05 per share, in the same period last
        year.  The weighted average number of shares outstanding for the
        first six months of 1996 was 2,861,000, compared to 2,817,000 in the
        same period last year.  
        


            Commenting on the period's results, Peter J. McDonald, Chief
        Executive Officer of ENlighten Software, stated, "Our second quarter
        results reflect our ongoing investment in R&D and building our sales
        and marketing infrastructure for the UNIX marketplace without
        corresponding revenue from our recently released ENlighten/DSM
        systems administration package.  In particular, the restructuring of
        our sales and marketing effort has impacted our financial results so
        far in 1996.  However, we believe the new structure and team will be
        in place by the end of the summer and that we should begin to see
        improved results beginning in the fourth quarter.  
        


            "We have received a very favorable level of interest in
        ENlighten DSM 2.0 and are encouraged by the pipeline we are
        beginning to form and the initial license sales recorded so far in
        the third quarter, little more than a month after the product's
        release."  
        


            Byron E. Jacobs, Vice President, Sales and Marketing, stated:
        "We are building a world-class sales organization for our UNIX
        product, a process which has required expanding our geographic
        reach, a number of new hires and the development of new distribution
        relationships.  In April we knew the next few quarters would be
        difficult financially, but we set forth to accomplish three primary
        goals: release our new ENlighten/DSM product at an industry
        conference in late May, open and staff a sales office in Chicago in
        June, and establish major reference accounts in July.  Having
        achieved these important milestones, we have demonstrated the
        quality and determination of our staff and have made important
        progress towards establishing a strong presence in the UNIX market.
        


            "Additionally, we have hired new managers to head our tele-sales
        and support and services departments and have expanded our
        distribution reach through recent agreements with independent
        software distributors (ISDs) Global Connections, LLC for Latin
        America and OptiAsia Corp. for the Pacific Rim."  
        


            Except for the historical information in this press release, it
        includes forward-looking statements that involve risks and
        uncertainties, including, but not limited to, quarterly fluctuations
        in results, the management of growth, and other risks detailed from
        time to time in the Company's Securities and Exchange Commission
        filings.  Actual results may differ materially from management
        expectations.  
        


            Founded in 1986, ENlighten Software Solutions, Inc. is a
        supplier of automated systems software solutions for the UNIX and
        Tandem marketplaces.  The Company's ENlighten for UNIX, Release 2.0,
        provides low-cost systems administration solutions for cross-
        platform UNIX systems including Sun Microsystems, IBM, Hewlett-
        Packard, SCO and Silicon Graphics.  In the Tandem market, Software
        Professionals has a leadership position, providing a range of
        automated systems management products to a client base of over 425
        companies in 34 countries.  ENlighten maintains sales offices in San
        Mateo, Chicago and the United Kingdom and plans to open a New York
        field office later this year.


        
                   ENlighten Software Solutions, Inc.
                       Summary Balance Sheet Data

                              June 30, 1996
                             (in thousands)
                                    
                    Cash and investments           $2,978
                    Total current assets           $4,087
                    Total other assets             $2,556
                    Total assets                   $6,643
                    Total current liabilities      $1,851
                    Total other liabilities           --
                    Total shareholders' equity     $4,793
        
      
                   ENlighten Software Solutions, Inc.
                  Consolidated Statements of Operations

                (in thousands, except per share amounts)
                               (unaudited)
        
                                 Three Months Ended   Six Months Ended
                                      June 30,            June 30,
                                   1996      1995      1996      1995
        Revenue:
          Product license fees       $  167    $  522    $  495    $1,373
          Product maintenance fees      862       892     1,776     1,807
          Consulting services            90       104       316       152
        Total revenue                 1,119     1,518     2,587     3,333
        
        Cost of revenue                 222       331       523       762
        
        Gross profit                    897     1,187     2,064     2,571
        
        Operating expenses:
        Research and development        443       406       843       723
          Sales and marketing           650       779     1,232     1,411
          General and administrative    334       376       655       705
        Total operating expenses      1,427     1,561     2,730     2,839
        
        Operating loss                 (530)     (374)     (666)     (268)
        
        Other income                     20        50        16       130
        
        Net loss before taxes          (510)     (324)     (650)     (138)
        
        Income tax expense (benefit)   (123)      (58)     (158)        5
        
        Net loss                     ($ 387)   ($ 266)   ($ 492)   ($ 143)
        
        Net loss per share          ($ 0.13)  ($ 0.09)  ($ 0.17)  ($ 0.05)
        
        Weighted average
         shares outstanding           2,894     2,817     2,861     2,817

        
CONTACT: ENlighten Software Solutions, Inc.
                 Michael A. Morgan  
                 Chief Financial Officer  
                 415/578-0700 or info@sftw.com  
                      or
                 Jaffoni & Collins Incorporated
                 David C. Collins
                 212/505-3015 or dccjci@aol.com
   



Triad Announces Restructuring Charge and Third Quarter Results


        


            LIVERMORE, Calif.  --  July 19, 1996  --  Triad Systems
        Corporation (NASDAQ:TRSC) today reported revenues of $42.3 million
        for the quarter ended June 30, 1996, a 3% improvement over a year
        ago.  Despite the revenues gain, a $9 million, primarily non-cash
        restructuring charge equaling 32 cents per share created a third-
        quarter loss of 25 cents per share.  Triad earned 9 cents per share
        a year ago.
        


            Triad President and Chief Executive James R. Porter said that
        "even with the charge, we expect to be profitable for the year
        ending September 30, 1996."
        


            The restructuring followed a strategic review of Triad's entire
        Automotive business, resulting in the decision to :
        


            The restructuring charge relates to the Triad Prism system
        software the company had previously capitalized, along with reserves
        for remaining related issues, including costs associated with the
        realignment of Automotive sales and support personnel to address
        increasing consolidation of the aftermarket.
        


            "We took this step due to slower-than-anticipated aftermarket
        acceptance of the Triad Prism system and product performance issues
        that impacted Automotive Division revenues," Porter said.  "We will,
        however, continue to market and support the Triad Prism product.
        


            "We have enhanced the features and applications of another
        product, the Triad Eclipse, and it is now being marketed by the
        entire Automotive sales force to all but the largest parts
        distributors.  Those customers are being served by another part of
        our product array, the Triad Ultimate.
        


            "With our repositioned product line, we now have specific
        systems with the features and applications that address the
        information-management needs of each segment of the increasingly
        fragmented parts distribution channel."
        


            Triad anticipates increased productivity from its Automotive
        sales and support operations due to larger geographic areas of
        responsibility and the repositioned product line.  "We've also
        streamlined our Automotive management structure and shifted some
        sales personnel to our Hardlines and Lumber operations, which
        continue to show significant growth trends," Porter noted.
        


            Triad's Hardlines and Lumber businesses had record revenues of
        $16.0 million in the third quarter, a 19% improvement over revenues
        of $13.5 million in 1995.  Automotive Division revenues of $25.3
        million declined 3% from the $26.0 million of the third quarter of
        last year.
        


            "Earlier this month, we also repurchased $10.1 million of our
        12.25% senior fixed rate notes issued in our 1992 recapitalization,"
        Porter added.
        


            Triad had revenues of $125.6 million for the first three
        quarters of 1996 compared to $127.3 million a year ago.  After
        reporting the accounting charge, the company recorded a loss of 4
        cents per share for the first three quarters of 1996.  Triad had
        earnings of 30 cents per share for the comparable period of 1995.
       



                          Triad Systems Corporation
                    CONSOLIDATED STATEMENTS OF OPERATIONS

                                (Unaudited)
        
                                 Three Months Ended    Nine Months Ended
                                      June 30,             June 30,
        (Amounts in thousands
        except per share data)         1996      1995        1996     1995
        
        Revenues  
          Automotive                 $25,274    $25,975   $ 74,766  $ 82,750
          Hardlines & lumber          15,991     13,458     47,047    39,561
          Other                        1,053      1,750      3,789     4,959
        Total revenues            42,318     41,183    125,602   127,270
        
          Cost of sales               22,601     21,048     66,813    64,479
        Gross margin              19,717     20,135     58,789    62,791
        
          Marketing                   12,098     11,068     34,924    33,930
          Product development          2,026      1,998      5,961     6,164
          General & administrative
           and other expenses          2,398      2,660      7,362     8,622
          Restructuring Charge         9,000         --      9,000        --
        Operating income (loss)       (5,805)     4,409      1,542    14,075
        
          Interest and other
           expenses                   (1,463)    (1,838)    (4,505)
        (5,256)
          Other income                   153         --      1,777        --
        
        Income (loss) before
         income taxes and     
          extraordinary charge        (7,115)     2,571     (1,186)    8,819
          Provision for (benefit
           from) income taxes         (2,704)       977       (451)    3,351
        
        Income (loss) before
         extraordinary charge         (4,411)     1,594       (735)    5,468
          Extraordinary charge on
           repurchase of debt,
        net of taxes                  --         --         --      (153)
        Net income (loss)            $(4,411)   $ 1,594    $  (735)  $ 5,315
        
        Earnings (loss) per share
          Primary            
        Income (loss) before
         extraordinary charge    $ (0.25)   $  0.09    $ (0.04)  $  0.31
        Net income (loss)        $ (0.25)   $  0.09    $ (0.04)  $  0.30
        Weighted average
         shares                   17,676     17,842     17,517    17,943
          Fully diluted
        Income (loss) before
         extraordinary charge    $ (0.25)   $  0.09    $ (0.04)  $  0.31
        Net income (loss)        $ (0.25)   $  0.09    $ (0.04)  $  0.30
        Weighted average
         shares                   17,676     17,914     17,517    18,028
        

        CONTACT:  Triad Systems Corporation
                  Tim Mehren, 510/449-0606


HOMELAND WINS COURT APPROVAL OF REORGANIZATION PLAN


        


            OKLAHOMA CITY, Okla., July 19, 1996 - Homeland Stores,
        Inc.
, a private company, announced today that the United States
        Bankruptcy Court for the District of Delaware confirmed Homeland's
        plan of reorganization.  Court confirmation of the plan, which
        follows overwhelming approval by the company's creditors,
        stockholders and labor unions, clears the way for the reorganized
        Homeland to exit from Chapter 11, which the company expects will
        occur in the first week of August, 1996.
        


            Pursuant to the restructuring, the $95 million of Homeland's
        senior secured bonds currently outstanding (plus accrued interest)
        will be canceled, and the bondholders will receive (in the
        aggregate) $60 million face amount of new senior subordinated notes
        and $1.5 million in cash.  The new senior subordinated notes will
        mature in 2003, bear interest semi-annually at a rate of 10% per
        annum, and will not be secured.  In addition, the bondholders and
        the company's general unsecured creditors will receive approximately
        60% and 35% respectively, of the equity of the reorganized Homeland
        (assuming total unsecured claims of approximately $63 million,
        including bondholder unsecured claims).  Homeland's existing equity
        holders will receive the remaining 5% of the new equity, together
        with 5-year warrants to purchase an additional 5% of equity.  The
        company will use its best efforts to have the equity listed on the
        Nasdaq National Market System or on such other exchange or system on
        which the equity may be listed.  July 19, 1996 is the record date
        for purposes of determining bondholders and stockholders entitled to
        receive distributions under the plan.
        


            Homeland is the leading supermarket chain in Oklahoma, southern
        Kansas, and the Texas panhandle region, operating a total of 65
        stores. The company operates in four distinct marketplaces: Oklahoma
        City, Oklahoma; Tulsa, Oklahoma; Amarillo, Texas; and certain rural
        areas of Oklahoma, Kansas and Texas.

        
CONTACT:  Thomas C. Franco or Rohit J. Menezes, 212-229-2222