TCR_Public/960814.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy and Troubled Company News


August 14, 1996



  1. Genta Incorporated Announces Second Quarter 1996 Results
  2. MIDCOM Communications reports second quarter results
  3. Ames reports better-than-plan second-quarter income
  4. Telechips reports first substantial sales revenue
  5. Kelley Oil & Gas Corporation reports second quarter and first six-months' results
  6. All For A Dollar announces second quarter and six months results
  7. EXECUTONE Information Systems, Inc. Announces Second Quarter Results
  8. Omega Environmental, Inc. reports first quarter results
  9. Argyle Television releases quarterly results
  10. Aurora Electronics reports fiscal 1996 third-quarter results
  11. SyQuest Technology Reports Fiscal Third Quarter Results
  12. Metromedia International Group reports 1996 second quarter results
  13. New Valley Corp. reports 2nd quarter results
  14. Rykoff-Sexton Reports On Transition Period
  15. Ames Reports Better-Than-Plan Second-Quarter Income
  16. Alliance Entertainment Reports Second Quarter 1996 Results
  17. Zonic Reports 1st Quarter Loss And Decline In Sales
  18. Schuylkill Energy Resources Debt on FitchAlert Negative
  19. Allis-Chalmers Corporation Reports Second Quarter 1996 Results
  20. Humana Announces Second Quarter Results
  21. Welcome Home, Inc. Reports Financial Results
  22. The Care Group Closes First Stage of Financing...
  23. Canisco Resources, Inc. Names New Chairman





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Genta Incorporated Announces Second Quarter 1996 Results


        


            SAN DIEGO, CA  --  August 14, 1996  --  Genta Incorporated
        (Nasdaq: GNTA) announced today its operating results for the second
        quarter and six months ended June 30, 1996.  As expected, the
        company reported a significant reduction in its net loss for the
        second quarter and six months ended June 30, 1996, relative to the
        comparable periods in 1995, largely due to the company's
        restructuring, related workforce reductions and other cost savings
        measures implemented during 1995 and 1996.
        


            The company's net loss totaled $2.9 million (before preferred
        stock, dividends of $677,000) or 14 cents per common share for the
        second quarter of 1996 compared to a net loss of $8.9 million
        (before preferred stock dividends of $637,000) or 52 cents per
        common share for the second quarter of 1995.  For the six months
        ended June 30, 1996, the company's net loss totaled $6.1 million
        (before preferred stock dividends of $1,354,000) or 29 cents per
        common share.  This compares to a net loss of $16.3 million (before
        preferred stock dividends of $1,275,000) or $1.09 per common share
        for the six months ended June 30, 1995.  The net loss for the second
        quarter and six months ended June 30, 1995 included charges of $3.6
        million and $4.8 million, respectively, for acquired in-process
        research and development associated with the expansion of the
        company's drug delivery joint venture, Genta Jago, to obtain the
        rights to develop additional GEOMATRIX-based products.
        


            The company's net loss for the second quarter and six months
        ended June 30, 1996 was significantly lower than that reported for
        the comparable periods of 1995 reflecting reductions in the
        company's operating costs primarily attributable to Genta's
        restructuring efforts, the aforementioned prior year charges
        associated with the expansion of Genta Jago and lower net losses in
        Genta Jago resulting largely from the fact that a greater portion of
        the joint venture's development activities was funded by the Genta
        Jago collaborative agreements.  Genta Jago receives collaborative
        funding from Apothecon Inc., the multisource subsidiary of Bristol-
        Myers Squibb, and from Gensia Inc.
        


            At June 30, 1996, the company reported cash and cash equivalents
        of $2.3 million.  The company is in discussions with potential
        corporate partners and other sources regarding collaborative
        agreements, restructurings and other financing arrangements and is
        actively seeking additional equity financing.  There can be no
        assurance that such collaborative agreements, restructurings or
        other sources of funding will be available on favorable terms, if at
        all.  If such funding is unavailable, the company will deplete its
        cash in September 1996 and may license or sell certain of its assets
        and technology, scale back or eliminate some or all of its
        development programs and further reduce its workforce and spending.
        If such measures are not successfully completed, the company will be
        required to discontinue its operations.
        


            As of June 30, 1996, the company did not meet the net tangible
        asset criteria required for listing on the Nasdaq National Market,
        therefore, the Nasdaq National Market may delist the company's
        common stock.  As noted above, the company is seeking additional
        funding that may help it to meet this criteria.  However, there can
        be no assurance that the company will be able to obtain additional
        funding on favorable terms, if at all.  Such a delisting of the
        common stock will provide the holders of Series A Preferred Stock
        the option of requiring the company to repurchase all of each such
        holder's Shares of Series A Preferred Stock at the redemption price,
        an event that would result in the company being required to pay to
        the holders of Series A Preferred Stock cash in the aggregate amount
        of approximately $31 million.  The holders of Series A Preferred
        Stock would in effect become unsecured creditors of the company,
        which would materially and adversely affect the company.  Given the
        company's current financial condition and market conditions, it is
        unlikely that the company would be able to make such payment to the
        holders of Series A Preferred Stock and it is therefore likely that
        the company could be forced to discontinue its operations.  Further,
        a delisting could adversely affect the liquidity of the common
        stock.  The company is currently in discussions to renegotiate
        certain terms of its agreement with holders of the Series A
        Preferred Stock.  However, there can be no assurance that holders of
        the Series A Preferred Stock will agree to any such proposed
        changes.
        


            Except for the historical information contained herein, the
        matters discussed in this press release are forward-looking
        statements that involve risks and uncertainties, including the
        ability of the company to obtain sufficient financing to maintain
        the company's operations, the timely development and receipt of
        necessary regulatory approvals for the company's potential products
        and other risks detailed from time to time in Genta's Securities and
        Exchange Commission (SEC) reports and filings, including the
        company's annual report on Form 10-K for the year ended December 31,
        1995.  There can be no assurance that the company will successfully
        secure collaborative funding or other sources of financing on
        favorable terms, if at all.  Actual results may differ materially
        from those projected.  These forward-looking statements represent
        Genta's judgment as of the date of this release.  The company
        disclaims, however, any intent or obligation to update these forward-
        looking statements.
        


            Genta Incorporated is an integrated biopharmaceutical company
        with a diversified product development pipeline.  In the near term,
        the company is developing through a joint venture with Jagotec AG,
        oral controlled-release drugs utilizing the patented GEOMATRIX drug
        delivery technology.  Longer term, Genta is developing proprietary
        Anticode products to treat cancer at its genetic source.


        
                                GENTA INCORPORATED
                        SELECTED CONSOLIDATED FINANCIAL DATA
                                   (UNAUDITED)
                        (In thousands, except per share data)
        
                                  Quarters ended      Six months ended
                                     June 30,             June 30,
                                  1996      1995      1996        1995
        
        Consolidated Statements of
         Operations Data:
          Revenues:                  
           Product sales             $1,365    $1,033     $2,611     $1,742
           Collaborative research
        and development             --        375       --          750
                                  1,365     1,408      2,611      2,492
        
        Costs and expenses:
         Cost of products sold          709       466      1,264        883
         Research and development     1,453     3,292      3,030      6,838
         Charge for acquired
          in-process research and
           development                  --      3,612       --        4,762
         Selling, general and
          administrative              1,226     1,483      2,335      2,926
                                  3,388     8,853      6,629     15,409
        
        Loss from operations         (2,023)   (7,445)    (4,018)   (12,917)
        Equity in net loss of
         joint venture                 (942)   (1,451)    (2,150)    (3,434)
        Interest income (expenses),
         net                             50        21         32         28
        Net loss                    $(2,915)  $(8,875)   $(6,136)  $(16,323)
        Dividends on preferred
         stock                         (677)     (637)    (1,354)    (1,275)
        Net loss applicable to         
         common shares              $(3,592)  $(9,512)   $(7,490)  $(17,598)
        Net loss per common share     $(.14)    $(.52)     $(.29)    $(1.09)
        
        Shares used in computing
         net loss per common share   26,542    18,347     25,669     16,099
        
                                             June 30,      December 31,
                                               1996           1995
        
        Consolidated Balance Sheets Data:
         Cash, cash equivalents and short-term
          investments                             $2,321          $272
         Working capital (deficit)                (3,596)       (3,153)
         Total assets                             14,581        15,631
         Notes payable and capital lease
          obligations, less current portion        1,852         2,334
         Total stockholders' equity                4,713         5,399
        

        CONTACT: Howard Sampson, Chief Financial Officer at 619/455-2700
        

MIDCOM Communications reports second quarter results; net loss impacted by $28.2 million in non-recurring charges


        


            SEATTLE, WA  -- Aug. 14, 1996  --  MIDCOM Communications
        Inc. (NASDAQ: MCCI) Wednesday reported a net loss of $44.7 million
        ($2.89 per share) on revenue of $40.8 million for the quarter ended
        June 30, 1996.  
        


            These results include a write-down of $18.8 million primarily
        related to intangible assets, and a one-time charge of $8.8 million
        for payments to be made in connection with the satisfaction of
        certain obligations under an agreement with a major supplier.
        MIDCOM's results compare to a net loss of $2.7 million ($0.26 per
        share) on revenue of $51.8 million in the year ago quarter.  
        


            Excluding one-time charges, the company's second quarter loss
        was $16.5 million ($1.07 per share) on revenue of $40.8 million.
        Commenting on the company's results, MIDCOM Chief Financial Officer
        Robert J. Chamberlain said, "As expected, revenue was down from the
        year ago quarter and, as previously announced, we expect revenue to
        continue to decline in the short term from attrition and other
        factors until our revamped sales effort begins to bear fruit."  
        


            In a recent development, the company announced on Aug. 2, 1996
        that it had executed a letter of intent with AT&T to negotiate a new
        contract to replace existing agreements.  The new contract is
        expected to afford MIDCOM more favorable prices and other terms from
        AT&T.  The terms of this letter of intent are subject to negotiation
        and execution of a mutually acceptable definitive agreement.  
        


            Founded in 1989, MIDCOM Communications Inc. provides a broad
        range of telecommunications services to small- and medium-sized
        businesses nationwide.  The company has headquarters in Seattle and
        has regional offices throughout the nation.  MIDCOM currently
        invoices approximately 125,000 customer locations per month.


        
                            MIDCOM Communications Inc.
                       Condensed Statements of Operations
                                   (unaudited)
        
                                   Three months ended   Six months ended
        (in thousands, except               June 30,            June 30,
        per share data)                 1996       1995     1996     1995
                                            (restated)        (restated)
        
        Revenue                        $40,805   $51,808   $93,860  $97,380
        
        Cost of revenue                 29,589    35,475    67,536   65,282
        
        Gross profit                    11,216    16,333    26,324   32,098
        
        Operating expenses:
          Selling, general and
        administrative              15,843    14,308    32,314   27,483
          Depreciation                   1,323     1,090     2,674    1,938
          Amortization                   7,858     1,500    16,536    2,960
          Settlement of contract dispute 8,800        --     8,800       --
          Restructuring charge             600        --     2,220       --
          Loss on impairment of assets  18,765        --    18,765       --
                                    ------    ------    ------   ------
                                    53,189    16,898    81,309   32,381
        
        Operating loss                 (41,973)     (565)  (54,985)    (283)
        
        Other expense:
          Interest expense               2,544     1,799     3,910    3,346
          Equity in loss of joint
           venture                          --       113        --      166
          Other expense, net               144       210       266      228
                                    ------    ------    ------   ------
                                     2,688     2,122     4,176    3,740
        
        Loss before income taxes       (44,661)   (2,687)  (59,161)  (4,023)
        
        Income tax expense                  --        --        --       --
        Net loss                      $(44,661)  $(2,687) $(59,161) ($4,023)
        
        Net loss per share              $(2.89)   $(0.26)  $(3.86)  $(0.39)
        
        Weighted average common
          shares outstanding            15,445    10,269    15,321   10,246
        

        CONTACT: MIDCOM Communications Inc., Seattle
                 Robert J. Chamberlain, 206/628-5174 (IR)
                 Teresa Stackpole, 206/628-6115 (PR)


Ames reports better-than-plan second-quarter income


        


            ROCKY HILL, Conn.  --  Aug. 14, 1996  --  Ames
        Department Stores Inc. (Nasdaq: AMES) today reported that its second-
        quarter net income increased to $4.5 million, or $0.21 per share,
        for the period ended July 27, 1996, compared with last year's second-
        quarter net income of $3.2 million, or $0.15 per share.
        


            Last year's second-quarter results included property gains of
        $5.1 million, compared with $0.4 million this year.  This year's
        second-quarter income before other gains was $6.0 million, a $6.5
        million improvement compared with last year's loss of $0.5 million.
        


            The net loss for the 26 weeks ended July 27, 1996, was $2.5
        million, or $0.12 per share, compared with a net loss of $8.0
        million, or $0.40 per share, last year.  The year-to-date loss
        before other gains was $3.9 million, a $13.6 million improvement
        compared with last year's loss before other gains of $17.5 million.
        


            Net sales for the second quarter were $499.1 million, compared
        with $500.2 million in the prior year's second quarter, a decrease
        of 0.2 percent.  Net sales for the year to date were $937.8 million,
        compared with $938.5 million last year.  Comparable-store sales for
        the quarter decreased 1.2 percent while comparable-store sales for
        the year to date decreased 1.4 percent.
        


            Joseph R. Ettore, President and Chief Executive Officer, said,
        "Our second-quarter net income was nearly twice the $2.3 million
        projected in the business plan, an improvement primarily
        attributable to a better-than-plan gross margin rate and continued
        stringent expense control.  In addition, despite below-plan sales,
        merchandise inventories are well-controlled and at the end of the
        quarter were $39 million below the same period last year.
        


            "We expect that the second half of the fiscal year, especially
        the holiday season, will be extremely competitive and have planned a
        strong advertising and merchandising program to take advantage of
        promotional opportunities.  At the same time, our intention is to
        minimize margin exposure to the fullest extent possible by ensuring
        that inventories are maintained in line with anticipated sales
        levels and by continuing to reduce expenses and improve operating
        efficiencies," he said.
        


            The company's business plan, filed on Form 8-K with the
        Securities and Exchange Commission on June 11, 1996, anticipates a
        third-quarter net loss of approximately $3.3 million and fourth-
        quarter net income of approximately $26.7 million, Ettore noted.
        


            "On August 1, we opened a new store in Sussex, N.J., and
        reopened a store in Huntingdon, Pa., which had been closed by
        flooding in January 1996, to enthusiastic customer response.  Next
        month we'll hold grand openings in Dover, N.J., and Trexlertown,
        Pa., bringing the number of new stores in 1996 to 13, the most Ames
        has opened in one year since 1989," Ettore said.
        


            Ames, which operates 301 stores in 14 Northeastern states and
        the District of Columbia, is the nation's fifth-largest discount
        retailer with annual total sales of $2.1 billion.
        


        
                AMES DEPARTMENT STORES INC. AND SUBSIDIARIES
               CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                  (In thousands, except per share amounts)
                                (Unaudited)
        
                                   For the Thirteen       For the Twenty-six
                                     Weeks Ended              Weeks Ended
                                  July 27,    July 29,    July 27,    July 29,
                                    1996        1995        1996        1995
        
        TOTAL SALES                   $525,217    $526,625    $980,894
        $983,693
        Less: Leased department
         sales                          26,110      26,437      43,120
        45,193
        NET SALES                      499,107     500,188     937,774
        938,500
        
        COSTS, EXPENSES AND (INCOME):
        Cost of merchandise sold       359,382     364,188     680,647
        687,155
        Selling, general and
         administrative expenses       134,609     137,217     262,411
        270,258
        Leased department and other
         operating income               (7,221)     (7,708)    (12,995)
        (13,962)
        Depreciation and amortization
         expense                         2,649       2,143       5,269
        4,084
        Amortization of the excess of
         revalued net assets over equity
         under fresh-start reporting    (1,539)     (1,539)     (3,077)
        (3,077)
        Interest and debt expense, net   5,206       6,415       9,445
        11,536
        
        INCOME (LOSS) BEFORE OTHER   
         (CHARGES) AND GAINS             6,021        (528)     (3,926)
        (17,494)
        
        Gain on disposition of
         properties                        395       5,099         395
        6,090
        
        INCOME (LOSS) BEFORE INCOME
         TAXES                           6,416       4,571      (3,531)
        (11,404)
        Income tax benefit (provision)  (1,902)     (1,383)      1,047
        3,451
        
        NET INCOME (LOSS)               $4,514      $3,188     ($2,484)
        ($7,953)
        
        WEIGHTED AVERAGE NUMBER OF
         COMMON AND COMMON EQUIVALENT
         SHARES OUTSTANDING             21,680      21,531      20,465
        20,127
        
        NET INCOME (LOSS) PER SHARE      $0.21       $0.15      ($0.12)
        ($0.40)
        
        Results of Operations as a
         Percent of Net Sales:
        Net sales                        100.0%      100.0%      100.0%
        100.0%
        Cost of merchandise sold          72.0        72.8        72.6
        73.2
        Gross margin                      28.0        27.2        27.4
        26.8
        Selling, general and
         administrative expenses          27.0        27.4        28.0
        28.8
        Leased department and other
         operating income                 (1.4)       (1.5)       (1.4)
        (1.5)
        Depreciation and amortization
         expense                           0.5         0.4         0.5
        0.4
        Amortization of the excess of
         revalued net assets over equity
         under fresh-start reporting      (0.3)       (0.3)       (0.3)
        (0.3)
        Interest and debt expense, net     1.0         1.3         1.0
        1.2
        Income (loss) before other
         (charges) and gains               1.2        (0.1)       (0.4)
        (1.8)
        Gain on disposition of
         properties                        0.1         1.0
        --         0.6
        Income (loss) before income taxes  1.3         0.9        (0.4)
        (1.2)
        Income tax benefit (provision)    (0.4)       (0.3)        0.1
        0.4
        Net income (loss)                  0.9%        0.6%       (0.3)%
        (0.8)%
        
        (Please see the accompanying condensed notes to these consolidated
        condensed financial statements.)
        

                AMES DEPARTMENT STORES INC. AND SUBSIDIARIES
                   CONSOLIDATED CONDENSED BALANCE SHEETS
                             (In thousands)
                               (Unaudited)
                                   
                                            July 27,  Jan. 27,   July 29,
                                              1996      1996       1995
        
                              ASSETS
        
        Current assets:
         Cash and short-term investments         $18,226  $14,185    $19,783
         Receivables                              25,544   14,478     23,388
         Merchandise inventories                 458,940  402,177    498,260
         Prepaid expense and other current assets 16,051   12,793     13,249
          Total current assets                   518,761  443,633    554,680
        
        Fixed assets                              85,915   78,487     59,607
         Less -- Accumulated depreciation and
          amortization                           (25,233) (20,259)
        (11,828)
          Net fixed assets                        60,682   58,228     47,779
        
        Other assets and deferred charges          5,665    3,965      4,834
                                            $585,108 $505,826   $607,293
        
                 LIABILITIES AND STOCKHOLDERS' EQUITY
        
        Current liabilities:
         Accounts payable:
          Trade                                 $137,595 $112,682   $126,210
          Other                                   39,846   43,636     34,202
           Total accounts payable                177,441  156,318    160,412
         Note payable - revolver                 100,720    4,284    114,051
         Current portion of long-term debt
          and capital lease obligations           16,241   17,347     19,485
         Self-insurance reserves                  36,081   39,003     43,850
         Accrued expenses and other current
          liabilities                             49,969   54,943     54,994
         Restructuring reserve                    19,827   30,623      1,227
          Total current liabilities              400,279  302,518    394,019
        
        Long-term debt                            13,267   23,159     25,919
        Capital lease obligations                 27,525   29,372     34,799
        Other long-term liabilities                5,968    6,322      8,074
        
        Unfavorable lease liability               17,847   18,672     21,961
        Excess of revalued net assets over equity
         under fresh-start reporting              39,404   42,480     45,557
        Commitments and contingencies
        
        Stockholders' equity:
         Common stock                                204      205        201
         Additional paid-in capital               80,759   80,759     80,759
         Retained earnings (accumulated deficit)    (145)   2,339
        (3,996)
          Total stockholders' equity              80,818   83,303     76,964
                                            $585,108 $505,826   $607,293

        
Condensed Notes to News Release Financial Statements

        
        Basis of Presentation: In the opinion of management, the
        accompanying consolidated condensed financial statements of Ames
        Department Stores Inc., and subsidiaries (collectively the
        "Company") contain all adjustments necessary for a fair presentation
        of such financial statements for the periods presented.  Certain
        prior year items have been reclassified to conform to the current
        year presentation.  Due to the seasonality of the Company's
        operations, the results of operations for the interim period ended
        July 27, 1996 may not be indicative of total results for the full
        year.  Certain information normally included in financial statements
        prepared in accordance with generally accepted accounting principles
        has been condensed or omitted.  The accompanying financial
        statements should be read in conjunction with the financial
        statements and notes thereto included in the Company's Form 10-K
        filed in April 1996.  
       


        Earnings Per Common Share:  Earnings per share was determined using
        the weighted average number of common and common equivalent shares
        outstanding.  Common stock equivalents and fully diluted earnings
        per share were excluded for the periods with net losses as their
        inclusion would have reduced the reported loss per share.  Fully
        diluted earnings per share was equal to primary earnings per share
        for the quarters ended July 27, 1996 and July 29, 1995.
        


        Inventories: Inventories are valued at the lower of cost or market.
        Cost is determined by the retail last-in, first-out (LIFO) cost
        method for all inventories.  No LIFO reserve was necessary at July
        27, 1996, Jan. 27, 1996 and July 29, 1995.  
        


        Debt: The Company has an agreement with BankAmerica Business Credit
        Inc., as agent, and a syndicate consisting of seven other banks and
        financial institutions, for a secured revolving credit facility of
        up to $300 million, with a sublimit of $100 million for letters of
        credit (the "Credit Agreement").  The Credit Agreement is in effect
        until June 22, 1997, is secured by substantially all of the assets
        of the Company, and requires the Company to meet certain quarterly
        financial covenants.  The Company is in compliance with these
        financial covenants through the quarter ended July 27, 1996.
        


        Income Taxes:  The Company's estimated annual effective income tax
        rate for each year was applied to the loss incurred before income
        taxes for the twenty-six weeks ended July 27, 1996 and July 29, 1995
        to compute non-cash income tax benefits of $1.0 million and $3.5
        million, respectively.  The same method was used to compute income
        tax provisions of $1.9 and $1.4 million for the second quarters of
        1996 and 1995, respectively.  The Company currently expects that, as
        a result of the seasonality of the Company's business, this year's
        income tax benefit will be offset by non-cash income tax expense in
        the remaining interim periods.  The income tax benefits are included
        in other current assets in the balance sheets as of July 27, 1996
        and July 29, 1995.
        


        CONTACT: Ames Department Stores Inc., Rocky Hill;
                 Marge Wyrwas, 860/257-2659;
                 Bill Roberts, 860/257-2666;
                 Lynn Riemer, 860/257-2655
        



Telechips reports first substantial sales revenue


        


            RENO, Nev.  --  Aug. 14, 1996  --  Telechips Corp.
        (NASDAQ: TCHP (common), TCHPW (warrants)), an innovative developer
        of interactive Microsoft Windows(R)-compatible, personal
        computer/telephony workstations, today reported sales revenue of
        $52,627 for the second quarter, ended June 30, 1996, the company's
        first substantial sales revenues.
        


            The loss for the quarter was $1,110,260, or $(0.30) per commmon
        and common equivalent share, versus a loss of $573,422, or $(0.30)
        per share, for the 1995 quarter, which reported no revenues.
        


            For the six months ended June 30, 1996, the loss was $2,097,906,
        or $(0.57) per share, compared to a loss of $1,079,276, or $(0.56)
        per share, for the first half of 1995.  For the 1996 first half,
        sales revenue was $52,627, compared to no revenues for the year-
        earlier period.
        


            C.A. Burns, chairman and chief executive officer, said that even
        though the company incurred some additional expense and delay due to
        reorganization issues at a former contract manufacturer, the rollout
        of the Telechips Access(TM) line of products was progressing well.
        The company will continue production at its current primary contract
        manufacturer, Group Technologies Inc.
        


            During the quarter, Massachusetts Mutual Life Insurance Co.
        announced its TelePlan(SM) interactive service, based on Telechips
        Access(TM) workstations, for its clients that are 401(k) sponsors.
        Telechips also announced an exclusive arrangement with Tandem
        Computer Inc. under which Telechips will provide Access workstations
        for lottery applications that Tandem will sell to the lottery and
        interactive gaming industries.  The arrangement is embodied in a
        Letter of Intent and Memorandum of Understanding that contemplates
        execution of a five-year contract between the companies.
        


            "We expect both MassMutual and Tandem to be substantial
        customers," Burns said, "and our Access line of workstations is
        being evaluated by several other substantial companies.  In
        particular, our workstations are currently undergoing extensive
        public trials at a leading entertainment company in a hospitality
        and entertainment application."
        


        In other developments:
        


            Telechips Corp. designs, develops and markets interactive
        PC/telephony equipment, peripheral devices and software
        applications.  The company's flagship product, the Telechips Access
        Model 3000, combines the power of an industry-standard personal
        computer with the ease of use and familiarity of the conventional
        business telephone via a touch-sensitive screen.  Incorporating fax
        and data modems, a high-performance speakerphone and multi-line
        capability, the Access line of products are fully integrated
        PC/telephony workstations.
        


        Note: Any of the above statements which are not historical fact are
          forward looking, and actual results may differ materially.


        
                             TELECHIPS CORPORATION
                             FINANCIAL INFORMATION
                                  (Unaudited)  
        
                                  Periods Ended 6/30/96 and 6/30/95
                                  2nd Quarter               6 Months
                               1996         1995        1996        1995
        
        Sales Revenues          $52,627           $0     $52,627          $0
        
        Cost of Sales            67,754            0      67,754           0
        
        Operating Expenses    1,098,736      564,001   2,113,060   1,056,524
        
        Loss from Operations  1,113,863      564,001   2,128,187   1,056,524
        
        Other Income
         (Expense)                3,603       (9,421)     30,281
        (22,752)  
        
        Net Loss             $1,110,260     $573,422  $2,097,906  $1,079,276
        
        Net Loss Per Share        $0.30        $0.30       $0.57       $0.56
        
        Weighted Average
         Number, Common
         Shares Outstanding   3,669,930    1,940,624   3,669,930   1,940,624
        

        CONTACT: Telechips Corp., Reno
                 Nelson B. Caldwell
                 Vice President, Finance
                 702/824-5555
                    or
                 Lobsenz-Stevens Inc.
                 Mark Perlgut
                 212/684-6300, ext. 309

Kelley Oil & Gas Corporation reports second quarter and first six-months' results


        


            HOUSTON, TX  --  Aug. 14, 1996  --  Kelley Oil & Gas
        Corporation (Nasdaq NM:KOGC) (the "Company") today reported (on a
        consolidated basis) its second quarter and first six- months' 1996
        results.  
        


            The Company's consolidated operations during the second quarter
        resulted in total revenues of $13.1 million(a) and a net loss of
        $4.8 million ($0.05 per share of common stock) compared to the 1995
        second quarter total revenues of $10.1 million(a) and a net loss of
        $13.8 million ($0.36 per share of common stock).  Consolidated
        operations for the first six months of 1996 resulted in total
        revenues of $26.6 million(a) and a net loss of $10.3 million ($0.13
        per share of common stock) compared to 1995 first six months' pro
        forma total revenues of $22.0 million(a) and a net loss of $21.9
        million ($0.60 per share of common stock).  The Company's results
        for its second quarter and first six months of 1996 include a
        restructuring charge of $2 million.  Consolidated cash flows from
        operating activities (before net change in operating assets and
        liabilities) were $3.8 million for the six months ended June 30,
        1996 as compared to $0.6 million for the comparable 1995 period.  
        


        Operating Results
        


            The Company's consolidated production for the second quarter of
        1996 totaled 5.0 billion cubic feet ("Bcf") of gas and 55,000
        barrels of oil and condensate, or a total of 5.4 Bcf on an
        equivalent basis ("Bcfe"), compared to 5.3 Bcfe for the same period
        in 1995.  Production for the first six months of 1996 totaled 9.9
        Bcf of gas and 120,000 barrels of oil and condensate, or a total of
        10.6 Bcfe, compared to 11.4 Bcfe for the same period in 1995.  
        


            During the second quarter, the number of drilling rigs operating
        on the Company's properties increased to six, up from one drilling
        rig operating during the first quarter of 1996 and a single rig
        operating during the respective comparable periods in 1995.  For the
        second quarter of 1996, this has resulted in a total of 8.7 net
        wells being spudded in north Louisiana, and for the first six months
        of 1996, a total of 10.4 net wells.  During the comparable periods
        in 1995, totals of 0.8 and 1.4, respectively, of net wells were
        spudded in north Louisiana.  
        


        Comments
        


            John Bookout, Chief Executive Officer, stated, "We are beginning
        to see the results from our increased development drilling activity
        on our north Louisiana properties and expect increased production
        will be reported for the third and fourth quarters of this year."
        He cautioned that, "Through the rest of this year, we will continue
        to incur costs and expenses in implementing our restructuring and
        cost containment program.  The benefits of this program should be
        apparent in the financial results for 1997 and thereafter."
        


            The Company is an independent oil and gas company with its
        properties located primarily in Louisiana.  The Company's common and
        preferred stock are traded on the Nasdaq National Market under the
        symbols KOGC and KOGCP.  
        


            (a) Previously, gas marketing revenues and the related cost have
        been separately stated.


        
                           Kelley Oil & Gas Corporation
                          Condensed Income Statements
         
                  ($ in thousands, except per share amounts)
                                  (Unaudited)
         
                                                   Three Months Ended June 30,
                                                        1996       1995  
        Income Statement Data:
        Oil and gas revenues . . . . . . . . . . . . . . . $12,619
        9,606
        Gas marketing revenues, net(a) . . . . . . . . . .     314
        201
        Interest and other income. . . . . . . . . . . . .     215
        251
          Total revenues . . . . . . . . . . . . . . . . .  13,148
        10,058
        Production expenses. . . . . . . . . . . . . . . .   2,595
        2,781
        Exploration costs. . . . . . . . . . . . . . . . .   1,413
        5,430
        General and administrative expenses. . . . . . . .   2,193
        1,618
        Interest and other debt expenses . . . . . . . . .   5,911
        5,712
        Restructuring expense  . . . . . . . . . . . . . .   2,000
        ---
        Depreciation, depletion and amortization . . . . .   3,872
        8,355
        Net loss . . . . . . . . . . . . . . . . . . . . .  (4,836)
        (13,838)
        Net loss per common share. . . . . . . . . . . . .    (.05)
        (.36)
        Average primary shares outstanding . . . . . . . .  95,391
        43,668
         
                                              Six Months Ended June 30,  
                                             1996       1995       1995  
                                                      Pro Forma            
        Income Statement Data:
        Oil and gas revenues . . . . . . . . . .$25,323     21,031
        18,523
        Gas marketing revenues, net(a) . . . . .    708        432
        430
        Interest and other income. . . . . . . .    529        545
        540
          Total revenues . . . . . . . . . . . . 26,560     22,008
        19,493
        Production expenses. . . . . . . . . . .  5,167      5,461
        4,835
        Exploration costs. . . . . . . . . . . .  3,053      7,819
        7,479
        General and administrative expenses. . .  4,826      3,388
        3,020
        Interest and other debt expenses . . . . 12,309      9,899
        9,092
        Restructuring expense. . . . . . . . . .  2,000
        ---        ---
        Depreciation, depletion and amortization  9,553     17,340
        16,741
        Net loss . . . . . . . . . . . . . . . .(10,348)   (21,899)
        (21,674)
        Net loss per common share. . . . . . . .   (.13)      (.60)
        (.65)
        Average primary shares outstanding . . . 81,848     42,565
        38,349
         
        (a) Previously, gas marketing revenues and the related cost of
        gas sold have been separately stated.  
         
                           Kelley Oil & Gas Corporation
                         Summary Production Information
         
                                   Three Months
                                  Ended June 30,  Six Months Ended June 30,
                                  1996     1995     1996    1995    1995
                                                          Pro Forma      
        Average sales prices:
          Gas ($/Mcf). . . . . . . . .$2.25    1.65     2.32    1.72
        1.70
          Oil and condensate ($/Bbl) .23.21   19.12    21.34   17.55
        17.70
          Mcfe ($/Mcfe). . . . . . . . 2.35    1.80     2.40    1.85
        1.83
         
        Average daily production:
          Gas (Mmcf) . . . . . . . . .   55      52       54      56
        50
          Oil and condensate (Bbls). .  604     956      659   1,099
        939
          Mmcfe. . . . . . . . . . . .   59      58       58      63
        56
         
        Total production:
          Gas (Mmcf) . . . . . . . . .5,036   4,767    9,904  10,158
        9,080
          Oil and condensate (Mbbls) .   55      87      120     199
        170
          Mmcfe. . . . . . . . . . . .5,369   5,289   10,626  11,352
        10,100
         
        Operating costs per Mcfe:
          Lease operating expenses . .$ .39     .41      .39     .37
        .37
          Severance taxes. . . . . . .  .10     .12      .09     .11
        .11
          General and administrative .
           expenses. . . . . . . . . .  .41     .31      .45     .30
        .30
          Depreciation, depletion and
        amortization . . . . . . .  .72    1.58      .90    1.53     1.66
         
         
                          Kelley Oil & Gas Corporation
                            Condensed Balance Sheets
         
                                 (In thousands)
         
                                                      June 30, December 31,
                                                        1996       1995  
                                                     (Unaudited)
        Assets
          Current assets . . . . . . . . . . . . . . . . .$26,485
        22,697
          Properties and equipment, net. . . . . . . . . .136,123
        128,642
          Other assets . . . . . . . . . . . . . . . . . .  1,186
        3
           Total assets. . . . . . . . . . . . . . . . . $163,794
        151,342
         
        Liabilities and Stockholders' Deficit
          Current liabilities. . . . . . . . . . . . . . .$30,532
        31,930
          Long term debt . . . . . . . . . . . . . . . . .145,217
        164,980
          Stockholders' deficit. . . . . . . . . . . . . .(11,955)
        (45,568)
           Total liabilities and stockholders' deficit. .$163,794
        151,342
        
                           Kelley Oil & Gas Corporation
                        Condensed Statements of Cash Flows
         
                                 ($ in thousands)
                                    (Unaudited)
         
                                                   Six Months Ended June 30,
                                                        1996       1995  
        Operating Activities:
        Net Loss . . . . . . . . . . . . . . . . . . . . $(10,348)
        (21,674)
        Adjustments to reconcile net loss to net cash
          used in operating activities:
          Depreciation, depletion and amortization . . . .  9,553
        16,741
          Debt interest accretion and amortization . . . .  2,684
        1,393
          Other. . . . . . . . . . . . . . . . . . . . . .  1,917
        4,148
        Cash flow from operations before change in
          operating assets and liabilities . . . . . . . .  3,806
        608
          Net change in operating assets and liabilities . (8,947)
        (10,058)
        Net cash used in operating activities. . . . . . . (5,141)
        (9,450)
         
        Investing Activities:
        Purchases of property and equipment. . . . . . . .(16,346)
        (20,438)
        Other. . . . . . . . . . . . . . . . . . . . . . .    293
        1,828
        Net cash used in investing activities. . . . . . .(16,053)
        (18,610)
         
        Financing Activities:
        Net proceeds (payments) from borrowing activities.(22,000)
        10,551
        Net proceeds from equity activities. . . . . . . . 43,961
        13,212
        Net cash provided by financing activities. . . . . 21,961
        23,763
         
        Increase (decrease) in cash and cash equivalents .    767
        (4,297)
         
        Cash and cash equivalents, beginning of period . .  6,352
        9,268
         
        Cash and cash equivalents, end of period . . . . .$ 7,119
        4,971
        

        CONTACT: Kelley Oil & Gas Corp., Texas
                 Frances Gomulka, Manager, Investor Relations
                 713/652-5200


All For A Dollar announces second quarter and six months results


        


            SPRINGFIELD, Mass.  --  Aug. 14, 1996  --  All For A
        Dollar Inc.
(OTC Bulletin Board Service: AFAD) today announced sales
        and earnings for the second quarter and six months ended June 29,
        1996.
        


            Sales for the 1996 second quarter decreased 18.6 percent to $8.4
        million from $10.3 million, and sales for the six month period
        decreased 14.4 percent to $16.9 million from $19.7 million, compared
        to the corresponding 1995 periods.  The reduction in sales is the
        result of a decrease in comparative sales.
        


            Sales in stores which were open more than 24 months (comparative
        store sales) decreased 24.2 percent for the 1996 second quarter from
        the corresponding period in 1995.  For the six months ended June 29,
        1996, the comparative decrease was 18.0 percent.
        


            Operating loss before interest and income taxes for the second
        quarter was $1.8 million, compared to a loss of $758,000 in the
        corresponding period in 1995.  Net loss for the quarter was $2.7
        million, or $.38 per share, primarily as a result of the sales
        decline.  Net income for the corresponding period in 1995 was $5.6
        million, or $.81 per share, primarily as a result of recording a
        $6.4 million extraordinary gain on forgiveness of debt relating to
        the June 30, 1995 confirmation of the company's Plan of
        Reorganization.
        


            Operating loss before interest and income taxes for the first
        six months of 1996 was $3.6 million, compared to a loss of $1.9
        million in the corresponding period in 1995.  Net loss for the six
        months was $3.7 million, or $.53 per share, compared to a net income
        of $4.5 million, or $.65 per share in the corresponding 1995 period.
        The variance in net profit performance is related to the company's
        bankruptcy proceedings.
        


            All For A Dollar presently operates 121 retail close-out variety
        stores in nine northeastern states, offering high quality and brand
        name merchandise, predominantly at the single price point of $1.
        


        CONTACT: All For A Dollar
                 Donald A. Molta, 413/733-1203



EXECUTONE Information Systems, Inc. Announces Second Quarter Results


        


            MILFORD, Conn.  --  Aug. 14, 1996  --  EXECUTONE
        Information Systems, Inc. (NASDAQ:XTON) today announced revenues for
        the second quarter ended June 30, 1996, of $52.0 million (which
        includes only two months of revenue from the direct offices) and net
        income of $21.0 million, or $.40 per share, which includes the gain
        on the sale of its Direct Sales, Service and Long Distance Reseller
        businesses.  Revenues for the second quarter of 1995 were $78.4
        million (including three months of revenue from the direct offices)
        with a net loss of $39.9 million, or $0.86 per share, which was
        attributable to a provision for restructuring.  With the sale of the
        direct offices on May 31, 1996, the results for the second quarter
        of 1996 do not include the revenue from the direct offices for the
        month of June, typically the largest revenue month of the year.
        Therefore, any comparisons to the second quarter of 1995 are not
        meaningful.  
        


            Included in the results for the second quarter of 1996 is a net
        gain of $42.6 million on the sale of businesses.  This includes a
        gain of $47.5 million on the Direct Sales, Service and Long-Distance
        Reseller business which is partially offset by a reserve for loss
        from the sale of the Videoconferencing Division of $3.9 million and
        an actual loss on the sale of the Inmate Calling business of $1.0
        million.  The gain is net of reserves for issues relating to the
        sale of the direct sales offices as well as the closing of the
        Company's Videoconferencing Division.  Results for the second
        quarter of 1995 included a $44.0 million provision for restructuring
        consisting primarily of a goodwill impairment based on the adoption
        of FAS No.  121.  
        


            The Company reported an operating loss of $7.2 million primarily
        attributable to having only two months of revenue from the direct
        offices for two months in the second quarter of 1996 versus an
        operating profit before the provision for restructuring of $1.8
        million which includes three months of operations for the direct
        offices for the prior year period.  In fact, for the two months of
        1995 the operating loss was approximately $7 million which is
        comparable to the two month period in 1996 as the operating profit
        from the direct offices was traditionally always attained in the
        third month of the quarter.  
        


            Alan Kessman, President and CEO, stated, Second quarter
        operating results were affected by two factors, which were expected.
        First, as soon as the sale of the Direct Sales, Services and the
        Long-Distance Reseller business was announced in April, we moved as
        quickly as possible to close this transaction even though the June
        month has historically been our strongest month of the quarter.
        This action was taken to mitigate the adverse effects of uncertainty
        during any prolonged period of transition.  We believed that this
        was in the best long-term interests of both companies and our
        shareholders.  As a result, the May 31, 1996 closing removed the
        June Direct Sales and Services revenue, traditionally the Company's
        strongest direct revenue and profit month from the quarterly
        results, without an immediate reduction in related expenses of the
        same magnitude.  This, combined with the customary adjustments and
        structural changes necessitated by the transaction, resulted in a
        transition period that is not comparable to previous periods."  
        


            Kessman continued, "The Company has now restructured its
        organization and is continuing to streamline its operations.  The
        Company has eliminated its bank debt, and is planning to fund
        additional research and development in its core computer telephony
        products.  Revenue and new orders from our Health Care Division,
        Call Center Management Division and National Accounts Division
        increased in the second quarter compared to the first quarter of
        1996."  
        


            Kessman concluded, "With the sale completed and the final stages
        of the transition in process, we remain confident that we have
        strengthened the Company in all respects.  We continue to believe
        that our previously discussed Q3 and Q4 goals are reasonable.  We
        have received a favorable Tribal Court ruling on Unistar and are
        awaiting a decision from the Supreme Tribal Court.  As we proceed in
        our planning and development process for Unistar, we are
        increasingly confident that our investment in Unistar will be able
        to provide returns that will be significant to our long term
        results."  
        


            Executone Information Systems, Inc.  develops, markets and
        supports voice and data systems and health care communications
        systems.  Products and services include telephone systems, voice
        mail systems, in-bound and outbound call center systems, specialized
        healthcare communications systems and application consulting
        services.  Products and services are sold under the EXECUTONE,
        INFOSTAR, IDS, LIFESAVER, INFOSTAR/ILS and UNISTAR brand names.  
        




                           Executone Information Systems Inc.
                         Consolidated Statements of Operations
                                       (unaudited)
        
        (In Thousands Except Per Share Amounts)
        
                                      3 Months Ended
                                         June 30,  
        
                                      1996(a)      1995
        
        Revenues                         51,982       78,417  
        
        Cost of revenues                 32,973       46,396
           Gross profit                  19,009       32,021
        
        Operating expenses:
         Product development and
          engineering                     3,611        3,720
         Selling, general and
          administrative                 22,575       26,454
         Provision for restructuring         --       44,042
                                     ------       ------
                                     26,186       74,216
        
        Operating Loss                   (7,177)     (42,195)
        
        Interest expense                   (755)      (1,043)
        Gain on sale of businesses       42,618           --
        Acquisition Costs                    --       (1,006)
        Other income                        315           19
        
        Income (Loss) before taxes       35,001      (44,225)
        
        Tax (Provision) benefit         (14,009)       4,289
        
        Net income (loss)               $20,992     ($39,936)
        
        Earnings (Loss) per share         $0.40       ($0.86)
        
        Weighted shares of common
         stock & equivalents
         outstanding                     52,803       46,590


                                      6 Months Ended
                                         June 30,  
        
                                      1996(a)      1995
        
        Revenues                        118,948      149,225  
        
        Cost of revenues                 73,459       88,855
           Gross profit                  45,489       60,370
        
        Operating expenses:
         Product development and
          engineering                     7,375        7,427
         Selling, general and
          administrative                 48,849       50,258
         Provision for restructuring         --       44,042
                                     ------      -------
                                     56,224      101,727
        
        Operating Loss                  (10,735)     (41,357)
        
        Interest expense                 (1,563)      (1,958)
        Gain on sale of businesses       42,618           --
        Acquisition Costs                    --       (1,006)
        Other income                        531          295
        
        Income (Loss) before taxes       30,851      (44,026)
        
        Tax (Provision) benefit         (12,349)       4,209
        
        Net income (loss)               $18,502     ($39,817)
        
        Earnings (Loss) per share         $0.35       ($0.86)
        
        Weighted shares of common
         stock & equivalents
         outstanding                     52,773       46,268
        
        (a) Due to the sale of the direct sales offices on May 31, 1996, the
        
        1996 income statement for both the three and six month periods does
        not include the revenue and the related operating profit for the
        direct offices for the month of June.


                            Executone Information Systems Inc.
                               Consolidated Balance Sheets
        
                                      June 30,     Dec. 31,        
                                        1996         1995
                                     (Unaudited)
        In Thousands
        
        Assets                      
        Current assets               
         Cash and cash equivalents       $ 43,552      $  8,092
         Accounts receivable, net          26,228        48,531
         Inventories                       22,288        32,765
         Prepaid expenses and other
          current assets                    3,298         6,584
        Total current assets               95,366        95,972
        
        Property & equipment, net           8,311        18,462
        Intangible Assets, net             19,958        20,022
        Deferred Taxes                     21,367        29,616
        Other Assets                        9,615         3,772
        
          Total assets                  $ 154,617     $ 167,844
        
        Liabilities and stockholders' equity
        Current Liabilities                                  
         Current portion of
          long-term debt                 $    993           932
         Accounts payable                  33,664        30,676
         Accrued payroll and related costs  3,612         6,870
         Accrued liabilities               17,023        11,851
         Deferred revenue and
          customer deposits                 2,981        19,781
        
           Total current liabilities       58,273        70,110
        
        Long-term Debt                     14,006        29,829
        Long-term Deferred Revenue           --           2,805
        
           Total Liabilities               72,279       102,744
        
        Stockholders' equity                                      
         Common stock                         517           517
         Preferred stock                    7,300         7,300
         Additional paid-in capital        78,403        79,668
         Retained earnings/(accumu-
          lated deficit)                   (3,882)      (22,385)
        
        Total Stockholders' Equity         82,338        65,100
        
        Total Liabilities and Equity   $  154,617    $  167,844


        CONTACT:  Executone Information Systems Inc., Milford
                  Direct inquiries to: David Krietzberg 203/876-7600


Omega Environmental, Inc. reports first quarter results; Louis J. Tedesco Expands Executive Role as Chairman of the Board



            BOTHELL, Wash.  --  August 14, 1996  --  Omega
        Environmental, Inc.  (Nasdaq National Market: OMEG), the only
        nationwide, one-stop source for equipment and services for the
        petroleum marketing industry, today announced sales for the first
        quarter of fiscal 1997 ended June 30, 1996 of $39.2 million compared
        to $40.4 million for the first quarter of fiscal 1996.  Revenues in
        the prior year period included contributions from several operating
        divisions that have since been discontinued or downsized in fiscal
        1997 under the Company's ongoing restructuring program.  
        


            Operating cash flow (EBITDA) for the first quarter of fiscal
        1997 was $1.0 million, approximately equal to the prior year period.
        The gross margin was 20.0% in the first quarter of fiscal 1997
        compared to 19.8% in the same period of fiscal 1996.  
        


            The Company reported a net loss of $783,000, or ($0.02) per
        share, for the first quarter of fiscal 1997 versus a net loss of
        $343,000, or ($0.01) per share, for the comparable quarter of fiscal
        1996.  The net loss for the period ended June 30, 1996 is primarily
        due to increased interest expense related to additional borrowings
        and higher interest rates.  
        


           Omega also announced today that Louis J.  Tedesco, President and
        CEO, has been appointed Chairman of the Board.  Omega Founder, Leo
        L. Azure, Jr., who has served as Chairman from the Company's
        inception in 1990 until 1995 and again from April 1996 to the
        present, was named Chairman Emeritus.  
        


            In announcing Tedesco's appointment as Chairman, Azure stated,
        "Naming Lou as Chairman of the Board is an integral part of Omega's
        ongoing program to consolidate management and facilitate the
        Company's transition to profitability.  Omega's reorganization and
        restructuring plans are already beginning to bear fruit and this
        decision reaffirms the Board's confidence in Lou and his vision for
        the new Omega."  
        


            Commenting on first quarter results, Tedesco said, "Omega has
        made great progress in reorganizing the Company from 16 virtually
        independent companies classified by geographic regions to two
        divisions, operating nationally along functional lines.  We have
        closed unprofitable operations, consolidated locations and reduced
        corporate overhead.  SG&A also declined during the quarter and is
        expected to improve further as we move through the transition
        process."  
        


            Tedesco added, "We are also moving aggressively to improve our
        balance sheet.  Various options and underlying warrants were
        exercised in June and July which netted proceeds of over $2.7
        million to the Company.  Also, in August, the Company sold
        Convertible Preferred Stock, under Regulation S, which netted
        proceeds of $4.7 million to the Company.  These funds were used
        primarily to reduce debt levels which should significantly reduce
        our interest expense and support progress toward our near term goal
        of profitability."  
        


            Matters discussed in this news release contain forward-looking
        statements that involve risks and uncertainties.  The Company's
        results may differ significantly from the results indicated by
        forward-looking statements.  Factors that might cause such
        differences include, but are not limited to, (i) general economic
        and regulatory changes; (ii) construction risks, including weather;
        (iii) competition and (iv) the Company's ability to successfully
        reorganize operations.  These and other risks are detailed from time
        to time in the Company's SEC reports, including Form 10-Q for the
        quarter ended June 30, 1996.  
        


            Omega Environmental, Inc.  is the first national provider of
        products and services to the fueling facility industry.  The Company
        operates two divisions in six regions of the U.S.  and in Mexico,
        providing equipment, parts, service, underground and aboveground
        storage tank service, construction, environmental assessment and
        remediation and project management for all of the above.  


        
                       Omega Environmental, Inc. and Subsidiaries
                         Consolidated Statements of Operations  
                         (in thousands except per share data)
                                      (unaudited)
         
                                Three months ended June 30,
                                    1996          1995
        
        Sales                           $ 39,213      $ 40,409
        Cost of sales                     31,376        32,428  
        Gross profit                       7,837         7,981
        Operating expenses:
          Selling, general
          and administrative               7,549         7,677   
        Amortization of goodwill             408           491  
        Total operating expenses           7,957         8,168
        Operating loss                      (120)         (187)    
        Other income (expense)  
        Interest income                       30           132  
        Interest expense                    (773)         (396)    
        Other, net                            80           108  
        Total other income (expense)        (663)         (156)
        Net loss                            (783)         (343)
        Net loss per common share       $  (0.02)    $   (0.01)  
        Weighted average number of     
         common shares outstanding        40,111        32,975
        

        CONTACT: Omega Environmental
                 Louis J. Tedesco, 206/486-4800
                           or
                 MWW/STRATEGIC COMMUNICATIONS, INC.
                 Robert Swadosh (rswadosh@mww.com)
                 Carolyn Bancone (cbancone@mww.com)
                 Richard Tauberman (rtauberm@mww.com)
                 201/507-9500



Argyle Television releases quarterly results


        


            SAN ANTONIO, TX  --  Aug. 14, 1996  --  Argyle Television
        Inc. (NASDAQ:ARGL) Wednesday announced second-quarter and six-month
        operating results for the period ending June 30, 1996.
        


            Total revenues for the three-month period ending June 30, 1996,
        were $18.6 million, up 77.1 percent from total revenues of $10.5
        million for the three-month period ended June 30, 1995; total
        revenues for the six-month period ending June 30, 1996, were $34.1
        million, up 79.5 percent from total revenues of $19.0 million for
        the six-month period ending June 30, 1995.
        


            Broadcast cash flow for the 1996 three- and six-month periods
        was $8.0 million and $13.8 million, respectively (a 53.8 percent
        increase and a 72.5 percent increase over the three- and six-month
        periods in 1995, respectively), and earnings before interest, tax
        depreciation and amortization (EBITDA) for the 1996 three- and six-
        month periods were $7.1 million and $11.9 million, respectively (a
        44.9 percent increase and a 67.6 percent increase over the three-
        and six-month periods in 1995, respectively).  
        


            Adjusted pro forma broadcast cash flow for the three- and six-
        month periods ended June 30, 1996, was $9.2 million and $15.8
        million, respectively (a 9.5 percent increase and an 11.3 percent
        increase over the three- and six-month periods in 1995,
        respectively), and adjusted pro forma EBITDA for the three- and six-
        month periods was $8.3 million and $13.9 million, respectively  (a
        2.5 percent increase and a 4.5 increase over the three- and six-
        month periods in 1995, respectively).
        


            Adjusted pro forma broadcast cash flow and EBITDA includes the
        elimination of certain transitional expenses and the positive
        effects of the Providence venture with Clear Channel Communications.
        


            Bob Marbut, Argyle's chairman and chief executive officer,
        commented on the company's performance and its future prospects.  He
        said, "We're very pleased with our progress in the second quarter,
        despite sluggish industry revenues, particularly for non-NBC
        affiliates.
        


            "The more robust second-half revenue outlook, when combined with
        operational efficiencies, the restructuring of our Arkansas stations
        and the launch of the Providence venture with Clear Channel, should
        make results over the next two quarters much stronger than in the
        first six months.
        


            "Longer term, we're bullish on the television station business.
        However, the industry's rapid consolidation has made it
        strategically important for Argyle to become part of a larger
        station group, since it appears unlikely that the company could make
        acquisitions fast enough on its own to become a top-tier
        consolidator.
        


            "As a result, as was announced on Aug. 12, we are exploring
        strategic alternatives that would best serve Argyle and its
        shareholders, including the possible sale of the company," Marbut
        concluded.
        


            Commenting on the progress of the continuing operational
        turnaround of the stations acquired by Argyle since the company's
        inception at the beginning of 1995, Blake Byrne, president and chief
        operating officer, said, "Thanks to Argyle's rigorous station level
        strategic planning and budgeting process, infusion of fresh
        management talent at virtually every station, profitable investment
        in quality syndicated and local programming, profitable investment
        in exclusive local promotional events, selective investment in
        critical areas of technology and enhancement of quality local news,
        we have been able to:
        


            Byrne continued, "Looking forward for the remainder of 1996 and
        into 1997, I am encouraged by the positive momentum of our
        turnaround efforts at our current group of stations, as evidenced by
        the following:
        
            Argyle Television owns and operates network-affiliated stations
        WZZM-TV, the ABC affiliate in Grand Rapids, Mich.; WGRZ-TV, the NBC
        affiliate in Buffalo, N.Y.; WNAC-TV, the Fox affiliate in
        Providence, R.I.; KITV-TV, the ABC affiliate in Honolulu; WAPT-TV,
        the ABC affiliate in Jackson, Miss.; and KHBS-TV, the ABC affiliate
        in Fort Smith, Ark., and its satellite, KHOG-TV, the ABC affiliate
        in Fayetteville, Ark.  
        


            Argyle's Series A common stock trades on the NASDAQ National
        Market System under the symbol "ARGL."
        


                      DISCUSSION OF FINANCIAL RESULTS

        
        Historical Results
       


            Three and six months ended June 30, 1996, for the company (WZZM,
        WNAC, WAPT, KITV and WGRZ for the three months and KHBS/KHOG for the
        month of June only) compared with three and six months ended June
        30, 1995, for the company (WZZM, WNAC and WAPT for the three months
        and KITV from June 13).
        


            Total revenues for the three months ended June 30, 1996, were
        $18.6 million, up 77.1 percent from total revenues of $10.5 million
        for the three months ended June 30, 1995.  Total revenues for the
        six months ended June 30, 1996, were $34.1 million, up 79.5 percent
        from total revenues of $19.0 million for the six months ended June
        30, 1995.
        


            The increase in three- and six-month total revenues can be
        primarily attributed to the acquisitions of KITV in June 1995, WGRZ
        in December 1995 and KHBS/KHOG in June 1996, which together added
        $7.9 million and $15.4 million, respectively, to total revenues for
        the 1996 periods.  
        


            For the three months ended June 30, 1996, broadcast cash flow
        was $8.0 million, a 53.8 percent increase over $5.2 million for the
        three months ended June 30, 1995, and EBITDA was $7.1 million, a
        44.9 percent increase over $4.9 million for the 1995 period.
        


            For the six months ended June 30, 1996, broadcast cash flow was
        $13.8 million, a 72.5 percent increase over $8.0 million for the six
        months ended June 30, 1995, and EBITDA was $11.9 million, a 67.6
        percent increase over $7.1 million for the 1995 period.
        


            The improvement in the second quarter and year-to-date broadcast
        cash flow and EBITDA can be primarily attributed to the addition of
        KITV in June 1995, WGRZ in December 1995 and KHBS/KHOG in June 1996
        and, to a lesser extent, the renegotiation of programming contracts
        and to strict cost control measures.  
        


            Broadcast cash flow margins for the three- and six-month periods
        ended June 30, 1996, were 43.0 percent and 40.4 percent,
        respectively, vs. 50.1 percent and 42.0 percent for the same periods
        during 1995.  EBITDA margins for the three- and six-month periods
        ended June 30, 1996, were 38.2 percent and 35.0 percent,
        respectively, vs. 46.8 percent and 37.5 percent for the same periods
        during 1995.
        


            These decreases are due to the acquisition of a lower-margin
        station and to certain timing differences in trade and barter
        revenues and expenses, which caused a non-cash reduction in reported
        broadcast cash flow and EBITDA.  
        


        Pro Forma Results
        


            Three and six months ended June 30, 1996, for the company (WZZM,
        WNAC, WAPT, KITV and WGRZ for the three and six months and KHBS/KHOG
        for the month of June only) plus KHBS/KHOG for the remaining months
        compared with the combined results for the three and six months
        ended June 30, 1995, for the company (WZZM, WNAC, WAPT and KITV from
        June 13) plus KITV, WGRZ and KHBS/KHOG as if all acquisitions had
        occurred at the beginning of the respective periods.  
        


            On a pro forma basis, total revenues for the three months ended
        June 30, 1996, were $20.1 million, up 1.5 percent from $19.8 million
        for the three months ended June 30, 1995.  On a pro forma basis,
        total revenues for the six months ended June 30, 1996, were $37.5
        million, up 1.4 percent from $37.0 million for the six months ended
        June 30, 1995.
        


            These increases can be attributed primarily to an increase in
        national advertising sales and an increase in network compensation
        resulting from renegotiation of network affiliation agreements at
        four of the company's six stations to date.  These revenue gains
        were offset by an intentional reduction in the amount of paid
        programming.  Also, while political revenues increased, they were
        lower than anticipated for the six-month period.
        


            No pro forma effect is given to anticipated network compensation
        increases earned due to improved performance at certain stations.
        Such increases are expected to amount to approximately $0.3 million
        on an annual basis.  
        


            For the three months ended June 30, 1996, adjusted pro forma
        broadcast cash flow was $9.2 million, a 9.5 percent increase over
        $8.4 million for the three months ended June 30, 1995.  For the six
        months ended June 30, 1996, adjusted pro forma broadcast cash flow
        was $15.8 million, an 11.3 percent increase over $14.2 million for
        the six months ended June 30, 1995.
        


            This improvement is attributable to the increased revenues
        described above and due to strict cost control and renegotiation of
        programming contracts.  For the three and six months ended June 30,
        1996, adjusted pro forma EBITDA was $8.3 million, which is
        comparable to $8.1 million for the 1995 period.  For the six months
        ended June 30, 1996, adjusted pro forma EBITDA was $13.9 million, a
        4.5 percent increase over $13.3 million for the six months ended
        June 30, 1995.  
        


            Adjusted pro forma broadcast cash flow and EBITDA includes the
        elimination of certain transitional expenses in the area of news,
        production and engineering associated with the expansion and
        enhancement of news at WGRZ, and the positive effects of The Joint
        Program and Marketing Agreement between WNAC and WPRI, owned by
        Clear Channel Communications Inc.


        
                             Argyle Television Inc.
                     Consolidated Statement of Operations
                     (in thousands, except per-share data)
                                  (unaudited)
        
                                      Three Months Ended  Six Months Ended
                                           June 30,           June 30,
                                       1995/a    1996/b   1995/a   1996/b
        
        Total revenues                   $10,464   $18,562  $18,951  $34,057
        
        Station operating expenses         4,471     9,474    9,346   18,372
        Amortization of program rights       854     1,282    1,766    2,571
        Depreciation and amortization      2,656     5,738    4,528   10,724
        Station operating income           2,483     2,068    3,311    2,390
        
        Corporate general and    
         administrative expenses             349       884      855    1,867
        Non-cash compensation expense         30       168       30      337
        Operating income                   2,104     1,016    2,426      186
        
        Interest expense, net              2,184     3,804    4,093    7,304
        (Loss) before extraordinary item     (80)   (2,788)  (1,667)
        (7,118)
        
        Extraordinary item, loss on
         early retirement of debt          2,704        --    2,704       --
        
        Net (loss)                       $(2,784)  $(2,788) $(4,371)
        $(7,118)
        
        Less: preferred stock dividends       --      $118       --     $118
                                            
        Net (loss) attributable to
         common stockholders                  --   $(2,906)
        --  $(7,236)
        
        (Loss) from continuing
         operations per common share        N/A  (26 cents)    N/A (65
        cents)
        
        Number of shares used
         in calculation                     N/A     11,169     N/A    11,144
        
        Supplemental Financial Data:
        Broadcast cash flow/c             $5,244    $7,976   $7,963  $13,776
        Broadcast cash flow margin          50.1%     43.0%    42.0%
        40.4%
        EBITDA/d                          $4,895    $7,092   $7,108  $11,909
        EBITDA margin                       46.8%     38.2%    37.5%
        35.0%
        Program payments                    $749    $1,112   $1,642   $1,909
        
        a/ includes results of WZZM, WNAC and WAPT for the entire period and
        
           the results of KITV from June 13, 1995, through June 30, 1995.  
        b/ Includes results from WZZM, WNAC, WAPT, KITV and WGRZ for the
           entire period and the results of the Arkansas stations from
           June 1, 1996, through June 30, 1996.
        c/ Broadcast cash flow is defined as station operating income, plus
           depreciation and amortization, plus amortization of program
           rights, minus program payments.  Broadcast cash flow is presented
        
           here not as a measure of operating results and does not purport
        to
           represent cash provided by operating activities.  Broadcast cash
           flow should not be considered in isolation or as a substitute for
        
           measures of performance prepared in accordance with generally
           accepted accounting principles.
        d/ EBITDA is defined as operating income, plus depreciation and
           amortization, plus amortization of program rights, minus program
           payments, plus non-cash compensation expense.  EBITDA is
           presented here not as a measure of operating results, but rather
           as a measure of debt service ability.  EBITDA does not purport to
        
           represent cash provided by operating activities and should not be
        
           considered in isolation or as a substitute for measures of
           performance prepared in accordance with generally accepted
           accounting principles.
        

                             Argyle Television Inc.
                Pro Forma Consolidated Statement of Operations
                     (in thousands, except per-share data)
                                  (unaudited)
        
                                      Three Months Ended  Six Months Ended
                                           June 30,           June 30,
                                               Pro Forma         Pro Forma
                                       1995/a    1996/b   1995/a   1996/b
        
        Total revenues                   $19,809   $20,134  $36,958  $37,519
        
        Station operating expenses        10,264    10,481   20,356   20,696
        Amortization of program rights     1,142     1,266    2,424    2,607
        Depreciation and amortization/c,d  5,711     6,246   11,422   11,738
        Station operating income           2,692     2,141    2,756    2,478
        
        Corporate general and    
         administrative expenses             349       884      855    1,867
        Non-cash compensation expense         30       168       30      337
        Operating income                   2,313     1,089    1,871      274
        
        Interest expense, net/e            4,418     4,000    8,683    7,662
        
        (Loss) before extraordinary item  (2,105)   (2,911)  (6,812)
        (7,388)
        Extraordinary item, (loss) on
         early retirement of debt         (2,704)       --   (2,704)      --
        
        Net (loss)                       $(4,809)  $(2,911) $(9,516)
        $(7,388)
        
        Less: preferred stock dividends/f   $355      $355     $711     $711
                                            
        Net (loss) attributable to
         common shareholders             $(5,164)  $(3,266)$(10,227)
        $(8,099)
        
        (Loss) from continuing
         operations per common share  (46 cents)(29 cents)(90 cents)(71
        cents)
        
        Pro forma number of common
         shares outstanding               11,347    11,347   11,347   11,347
        
        Supplemental Financial Data:
        Broadcast cash flow/g             $8,441    $8,506  $14,192  $14,827
        Adjusted broadcast cash flow/h      N/A      9,199     N/A   $15,814
        Broadcast cash flow margin/i        42.6%     42.2%    38.4%
        39.5%
        EBITDA/j                          $8,092    $7,622  $13,337  $12,960
        Adjusted EBITDA/k                   N/A     $8,315     N/A   $13,947
        EBITDA margin/l                     40.9%     37.9%    36.1%
        34.5%
        Program payments                  $1,104    $1,147   $2,410   $1,996
        
        /a Amounts include the historical results of all six stations for
        the
           three- and six-month periods plus combining adjustments for
           depreciation and amortization, corporate expenses and interest
           expense, net.
        /b Amounts include the historical results of all six stations for
           the three- and six-month periods plus combining adjustments for
           depreciation and amortization, corporate expenses and interest
           expense, net.  Also, reflects the elimination of certain expenses
        
           at the Arkansas stations which would have been eliminated under
           the company's management.
        /c Reflects depreciation of equipment and buildings resulting from
           the purchase accounting adjustments, net of depreciation already
           recorded in historical financial statements.  The estimated
        useful
           lives used for equipment range from 5 to 25 years and the
        estimated
           useful life used for buildings range from 25 to 39 years.
        /d Reflects amortization of intangible assets resulting from
           purchase accounting adjustments, net of amortization already
           recorded in the historical financial statements.  The estimated
           useful lives used for these intangible assets were as follows:
           FCC licenses -- 15 years; network affiliation agreements -- 15
           years; other intangible assets -- 2 to 5 years.
        /e Reflects a credit to interest expense recorded in conjunction
           with FASB Statement No. 119 relating to interest rate protection
           agreements, interest expense on the pro forma debt, and the
           amortization of deferred financing costs over the period of the
           related financings.
                                                        1995        1996
           Senior Subordinated Notes at an interest
        rate of 9.75%                                $ 7,313     $ 7,313
           Fair value adjustments of interest rate
        protection agreements -- non-cash                 --      (1,021)
           Amortization of deferred financing costs          372         372
        
           Bank Credit Agreement at an assumed interest
        rate of 8.5%, net                                998         998
        
                                                     $ 8,683     $ 7,662
        
        /f Reflects preferred stock dividends relating to the preferred
           stock issued in conjunction with the acquisition of the Arkansas
           stations.  The dividend calculation is shown here for purposes of
        
           calculating loss attributable to common shareholders.
        /g Broadcast cash flow is defined as station operating income, plus
           depreciation and amortization, plus amortization of program
        rights,
           minus program payments.  Broadcast cash flow is presented here
        not
           as a measure of operating results and does not purport to
        represent
           cash provided by operating activities.  Broadcast cash flow
        should
           not be considered in isolation or as a substitute for measures of
        
           performance prepared in accordance with generally accepted
           accounting principles.
        /h Represents broadcast cash flow plus additional revenues
           anticipated due to the Marketing and Programming Agreement with
           WPRI, minus certain expenses incurred as a result of significant
           enhancements made in the news department at WGRZ.
        /i Broadcast cash flow margin is broadcast cash flow divided by
           total revenues, expressed as a percentage.
        /j EBITDA is defined as operating income, plus depreciation and
           amortization, plus amortization of program rights, minus program
           payments, plus non-cash compensation expense.  EBITDA is
        presented
           here not as a measure of operating results and does not purport
        to
           represent cash provided by operating activities.  EBITDA should
        not
           be considered in isolation or as a substitute for measures of
           performance prepared in accordance with generally accepted
           accounting principles.
        /k Represents EBITDA plus additional revenues anticipated due to the
        
           Marketing and Programming Agreement with WPRI, minus certain
           expenses incurred as a result of significant enhancements made in
        
           the news department at WGRZ.
        /l EBITDA cash flow margin is EBITDA divided by total revenues,
           expressed as a percentage.

        CONTACT:  Argyle Television Inc., San Antonio
                  Bob Marbut, 210/828-1700


Aurora Electronics reports fiscal 1996 third-quarter results


        


            IRVINE, Calif.  --  Aug. 14, 1996  --  Aurora
        Electronics Inc. (ASE:AUR) Wednesday announced fiscal 1996 third-
        quarter results.
        


            Net revenues for the three months ended June 30, 1996, were
        $20.8 million, as compared with fiscal 1995 third-quarter revenues
        of $31.9 million.
        


            The decrease in revenue was primarily due to the elimination of
        the Premier Division during fiscal 1995, and a significant shortfall
        in revenues in the Asset Recovery Services Division due to continued
        industry-wide declines in semiconductor memory pricing.  Net loss
        after preferred dividends for the three months ended June 30, 1996,
        was $4.2 million, or 68 cents per share.  
        


            This compared with a net loss of $16.5 million, or $1.90 per
        share, for the same period last year.
        


            Sales for the nine-month period ended June 30, 1996, were $78.9
        million compared with $107.3 million.  The decline in revenues for
        the comparable nine-month period is due to the discontinuation of
        the Premier Division, which accounted for $36.2 million in revenues
        during the third quarter of fiscal 1995.
        


            Net loss was $11.2 million, decreasing from $15.4 million loss
        for the same comparable period.  Loss per share was $1.50 in 1996,
        as compared with $1.86 loss per share in the same period in 1995.
        


            Jim C. Cowart, chairman and CEO of Aurora, commented on the
        quarter:  "Despite what has been a difficult quarter due to
        depressed conditions in the market for recycled computer memory
        chips, we continue to be confident in the fundamentals and strategy
        of the company.  
        


            "Unit volumes in Asset Recovery have increased significantly and
        there has been continued improvement in operating efficiency.  We
        believe we are gaining market share in the current environment and
        it is our goal to continue this trend despite current market
        conditions.
        


            "We have broadened the range of services to include whole
        systems recycling, and have been pleased by the response of our
        customers.  We believe this division will return to profitability in
        the next two quarters with these increased service offerings and a
        shift in IC recycling mix toward current-generation, 16 megabit
        DRAMs.
        


            "In the Parts Support Services Division (formerly the Century
        Division), revenues were essentially flat with the same quarter last
        year, with weaker results in Europe offset by slightly stronger
        revenues in the United States and Canada.  
        


            "We continue to focus on broadening penetration of key accounts
        in the computer maintenance market, strengthening our information
        systems, streamlining operations and reducing costs.  Despite
        adverse operating conditions, net operating cash flows for the
        company remained positive due to aggressive management of working
        capital."
        


            With headquarters in Irvine, Aurora Electronics provides
        computer OEMs and service organizations with spare parts support and
        electronics recycling necessary for the worldwide installed base.
        The company has facilities located in the United States, Europe and
        Canada.  
        


            This new release contains certain forward-looking statements
        that involve risks and uncertainties including pricing for memory
        chips and computer components described from time to time in the SEC
        reports filed by the company.


        
                   Aurora Electronics Inc. and Subsidiaries
                     (In thousands, except per-share data)
                                 (Unaudited)
         
                     Consolidated Statement of Operations
        
                                 Three months ended    Nine months ended
                                  June 30,   July 2,   June 30,   July 2,
                                    1996      1995      1996       1995
        
        Net revenues                 $20,767   $31,865   $78,938   $107,332
        Cost of sales                 16,141    25,341    59,010     81,616
        Gross profit                   4,626     6,524    19,928     25,716
        Selling, general and
          administrative expenses      7,047     7,785    20,491     21,573
        Amortization of intangible
          assets                         366     7,857     1,097      8,712
        Restructuring charges and
          other                            --    4,699        --      4,699
        Operating loss                 (2,787) (13,817)   (1,660)    (9,268)
        Interest expense                 (738)  (1,424)   (5,474)    (4,152)
        Other income (expense), net        (4)    (728)       (4)      (817)
        Loss before provision for
          income taxes                 (3,529) (15,969)   (7,138)   (14,237)
        Provision for income taxes        (76)     529     3,373      1,135
        Net loss                       (3,453) (16,498)  (10,511)   (15,372)
        Dividends on preferred
          stock                          (700)      --      (700)        --
        Net loss applicable to
          common stockholders         $(4,153) $(16,498) $(11,211) $(15,372)
        Net loss per share of
          common stock                 $(0.68)   $(1.90)   $(1.50)   $(1.86)
        Weighted average number
          of common and common
          equivalent shares             6,087     8,686     7,461     8,280


                     Condensed Consolidated Balance Sheet
        
                                                  June 30,     Sept. 30,
                                                    1996         1995
        
        Assets
        Cash                                         $    76      $    81
        Trade receivables, net                         8,092       15,828
        Inventories                                    4,494        4,021
        Deferred income taxes                            500        1,532
        Other current assets                             940          516
        Total current assets                         $14,102      $21,978
        
        Property, plant and equipment, net             5,971        5,752
        Intangible and other assets                   49,569       52,986
        Total assets                                 $69,642      $80,716
        
        Liabilities and Stockholders' Equity
        Total current liabilities                    $15,347      $21,782
        Reserve for discontinued operations            2,310        2,504
        Long-term debt                                23,681       44,092
        Redeemable convertible preferred stock        40,700          --
        Common stockholders' equity                  (12,396)      12,338
        Total liabilities and equity                 $69,642      $80,716


        CONTACT:  Aurora Investor Relations, Irvine
                  714/660-1232


SyQuest Technology Reports Fiscal Third Quarter Results


        


            FREMONT, Calif.  --  August 14, 1996  --  SyQuest
        Technology, Inc. (NASDAQ:SYQT) today reported a net loss of $41.3
        million, or $3.61 per share, on net revenues of $29.5 million for
        the third quarter ended June 30, 1996.  This compares with net
        income of $1.7 million, or $0.15 per share, on net revenues of $68.8
        million for the third quarter of 1995.  
        


            For the nine months ended June 30, 1996, SyQuest posted a net
        loss of $126.2 million, or $11.09 per share, on revenues of $156.6
        million.  This compares with net income of $7.3 million, or $0.62
        per share, on revenues of $211.2 million in the comparable 1995
        period.  
        


            The company said the decline in third quarter earnings and
        revenues was due to lower unit shipments and price reductions on its
        core product line of removable cartridge hard drives.  The lower
        average selling prices necessitated a charge against revenues of
        $5.1 million in the third quarter, for price protection of channel
        inventories.  
        


            Due to a shift in revenues from profitable core products to
        unprofitable EZ135 system products, the company revised its lower of
        cost or market and excess inventory reserve requirements, providing
        an additional reserve of approximately $5.5 million in the quarter.
        A lower of cost or market reserve of $1.0 million was also created
        for the SQ3270 drive and system products.  
        


            During the third quarter SyQuest installed a new management
        team, including Edward L. Marinaro, Chairman of the Board; Edward L.
        Harper, President and CEO; and John W. Luhtala, Chief Financial
        Officer.  The company also completed the restructuring plan
        announced earlier in the year, with the closure of its Singapore
        plant and transfer of production responsibilities to the
        manufacturing facility in Penang, Malaysia.  
        


            "The rapid decline in unit shipments and in the selling prices
        of our non- EZ products was not offset by revenues generated by our
        EZ 135 system and cartridge products," said Luhtala.  "Drive unit
        shipments were lower by 79 percent and average selling prices by 12
        percent in the third quarter, compared to a year ago.  
        


            "During the third quarter, we began shipments of the newest
        generation of our EZ product family, a 3 1/2 inch, 230 megabyte
        system, the EZ Flyer 230.  A substantial portion of fourth quarter
        revenue is expected to derive from the sale of EZ Flyer 230 system
        and cartridge products," Luhtala said.  He added that SyQuest is
        currently taking orders for its 3 1/2 inch, 1.3 gigabyte SyJet
        system products for future shipment.  
        


            "Although we are continuing to execute our turnaround plan,
        adjusting operations to reduce losses and rebuild the business, we
        will not return to profitability in the fourth quarter," Luhtala
        said.  
        


            SyQuest Technology, Inc., founded in 1982, is headquartered in
        Fremont, Calif.  and maintains manufacturing plants in Fremont and
        Penang, Malaysia, with additional facilities in Colorado, Europe,
        Japan and Singapore.  The company offers removable Winchester
        technology systems for Windows 95, Windows, Windows NT, Apple
        Macintosh, MS-DOS, UNIX, SGI, SunOS and Novell platforms.  SyQuest
        common stock is traded on the NASDAQ National Market System.
        SyQuest's site on the World Wide Web is at http://www.syquest.com.  
        


            Except for the historical information contained herein, the
        matters presented in this news release are forward-looking
        statements that involve risks and uncertainties, including the
        timely development and market acceptance of new products and
        upgrades to existing products, the impact of competitive products
        and pricing, and other risks detailed from time to time in the
        company's filings with the Securities and Exchange Commission.  In
        particular, see Forms 10-Q and 10-K.  


        
                          SYQUEST TECHNOLOGY, INC.
                CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                   (In thousands, except per share data)
                                (unaudited)
        
                               Three months ended      Nine months ended
                                     June 30,               June 30,
                                 1996       1995         1996     1995
        
        Net revenues                $29,459   $68,787    $155,571  $211,169
        Cost of revenues             46,635    50,360     195,728   155,355
        Provision for losses on
         purchase commitments         6,523        --      18,195        --
                                --------  --------   ---------  --------
           Gross Profit (loss)      (23,699)   18,427     (58,352)   55,814
        
        Operating Expenses:        
        Selling, general and
         administrative              10,113    10,225      38,928    29,638
        Research and development      5,932     6,214      20,452    17,484
        Restructuring cost            1,860        --       5,460        --
                                 -------   -------   ---------   ------
        Total operating expenses     17,905    16,439      64,840    47,122
                                 -------   -------   ---------   -------
        Income (loss) from
         operations                 (41,604)    1,988    (123,192)    8,692
        
        Net interest income (expense)  (425)      263        (743)      939
        Other income                    712        --         712        --
                                 -------   -------   ---------   -------
        Income (loss) before
         income taxes               (41,317)    2,251    (123,223)    9,631
        
        Provision for income taxes       --       540       3,000     2,311
                                 -------   -------  ----------   -------
        Net income (loss)          $(41,317)   $1,711   $(126,223)   $7,320
        
        Income (loss) per share:
          Net income (loss)          $(3.61)    $0.15     $(11.09)    $0.62
        
        Common and common equivalent
        shares used in computing
        per share amounts            11,450    11,676      11,386    11,804
        

        CONTACT:  SyQuest Technology, Inc.
                  John W. Luhtala, 510/226-4000


Metromedia International Group reports 1996 second quarter results


        


            ATLANTA, GA  --  Aug. 14, 1996  --  Metromedia
        International Group Inc. (MIG) (ASE:MMG) Wednesday reported
        financial results for the second quarter of 1996.  
        


            Revenues for the three months ended June 30, 1996, were $38.0
        million, compared with revenues of $40.8 million for the same period
        last year.  The company reported an operating loss for the quarter
        of $10.1 million, compared with an operating loss of $7.5 million
        for the second quarter of 1995.  
        


            The net loss for the quarter was $18.9 million, or a loss of
        $.44 per share, compared with a loss of $16.7 million, or $.80 per
        share, for the same period last year.  
        


             Revenues for the six months ended June 30, 1996, were $68.8
        million, compared with revenues of $78.4 million for the same period
        last year.  The company reported an operating loss for the first six
        months of 1996 of $20.1 million, compared with an operating loss of
        $18.2 million for the same period of 1995.  
        


            The net loss for the six months ended June 30, 1996, was $38.0
        million, or a loss of $.89 per share, compared with a loss of $37.1
        million, or a loss of $1.77 per share, for the first six months of
        1995.  
        


            Commenting on the second quarter results, John D. Phillips,
        president and chief executive officer, said:  "The results for the
        second quarter show continued growth in overall subscribers for our
        Communications Group, both for our consolidated and unconsolidated
        Joint Ventures.  
        


            "Wireless cable television subscribers grew to 53,706 in the
        aggregate, a 101% increase over the past year.  Paging subscribers
        increased to 29,107 in the aggregate, a 354% increase over the past
        year.  
        


            "The results of the Entertainment Group's activities demonstrate
        that our distribution engine is moving forward with the recent
        theatrical release of Goldwyn's `I Shot Andy Warhol' and Orion's
        `Original Gangstas' along with LIVE Entertainment's `The Arrival'
        and `The Substitute.' In addition, our Orion Pictures and Goldwyn
        Entertainment subsidiaries have commenced preproduction on a number
        of motion picture projects."  
        


             On July 2, 1996, the company successfully completed the
        following transactions:
        


        A public offering of 18.4 million shares of common stock
        generating gross proceeds of $202.4 million.  Proceeds will
        be used to finance the build-out of MIG's Communications
        Group's operations in Eastern Europe and other emerging
        markets and were used, in part, to pay existing debt.
         


        The acquisition of The Samuel Goldwyn Company and Motion
        Picture Corp. of America.  The acquisition of Goldwyn
        expands the Entertainment Group by adding a valuable library
        of more than 850 films and television titles including
        numerous Hollywood classics and recently acclaimed films,
        and what MIG believes is the leading specialized theater
        circuit in the United States with 140 screens.  
         


        A $300.0 million secured credit facility: to refinance the
        indebtedness of Orion Pictures Corp. and Goldwyn's
        existing indebtedness, to finance the production,
        acquisition and distribution of entertainment products and
        for general corporate purposes.
        


            Metromedia International Group is a global entertainment, media
        and communications company whose primary operations are focused on
        two business groups:
        


        The Entertainment Group, through Orion Pictures Corp., which
        is engaged primarily in the development, production, acquisition
        and worldwide distribution of motion pictures, television
        programming and prerecorded video cassettes, and
         


        The Communications Group, operated through Metromedia
        International Telecommunications, Inc., which owns interest
        in, and participates along with local partners in the
        management of joint ventures which operate wireless cable
        television systems, paging systems, an international toll
        call service, a Trunked Mobile Radio service and radio
        stations in Eastern Europe and the former Soviet Republics.


        
                     METROMEDIA INTERNATIONAL GROUP INC.
               Consolidated Condensed Statements of Operations
                   (in thousands, except per-share amounts)
                                (Unaudited)
        
                                    Three Months Ended     Six Months Ended
                                          June 30,              June 30,
                                      1996       1995       1996       1995
        
        Revenues                      $ 37,988   $ 40,755   $ 68,796   $
        78,433
        
        Costs and expenses:
          Costs of rentals and
           operating expenses           29,745     35,144     54,834
        72,012
          Selling, general and
           administrative               16,338     12,578     30,404
        23,552
          Depreciation and
           amortization                  1,967        493      3,690
        1,021
        
        Operating loss                 (10,062)   ( 7,460)   (20,132)
        (18,152)
        
        Interest expense, including
         amortization of debt discount   7,676      8,234     15,955
        17,170
        Interest income                  1,156        881      2,401
        1,698  
        Interest expense, net        6,520      7,353     13,554     15,472
        
        Chapter 11 reorganization items     83        168        137
        935
        
        Loss before provision for
         income taxes and equity in
         losses of joint ventures      (16,665)   (14,981)   (33,823)
        (34,559)
        
        Provision for income taxes         200        100        400
        300
        Equity in losses of Joint
         Ventures                        1,985      1,633      3,768
        2,221
        
        Net loss                      $(18,850)  $(16,714)  $(37,991)
        $(37,080)
        
        Primary loss per common share $  (0.44)  $  (0.80)  $  (0.89)  $
        (1.77)
        

                     METROMEDIA INTERNATIONAL GROUP INC.
                       Business Segment Information
                              (in thousands)
                               (Unaudited)
        
                               Three Months Ended    Six Months Ended
                               June 30,   June 30,  June 30,  June 30,
                                 1996       1995      1996     1995
        Entertainment Group:
        Revenues                   $ 35,212  $ 38,550  $ 62,853  $ 75,117
        Cost of rentals and
         operating expenses         (29,732)  (35,144)  (54,834)  (72,012)
        Selling, general &
         administrative              (4,576)   (5,614)   (9,488)  (10,986)
        Depreciation & amortization    (329)     (154)     (596)     (296)
        Operating income (loss)         575    (2,362)   (2,065)   (8,177)
        
        Communications Group:
        Revenues                      2,775     2,205     5,939     3,316
        Cost of rentals and
         operating expenses             (13)       --        --        --
        Selling, general &
         administrative              (8,969)   (6,964)  (16,494)  (12,566)
        Depreciation & amortization  (1,634)     (339)   (3,083)     (725)
        Operating loss               (7,841)   (5,098)  (13,638)   (9,975)
        
        Corporate Headquarters:
        Revenues                          1        --         4        --
        Cost of rentals and
         operating expenses              --        --        --        --
        Selling, general &
         administrative              (2,793)       --    (4,422)       --
        Depreciation & amortization      (4)       --       (11)       --
        Operating loss               (2,796)       --    (4,429)       --
        
        Consolidated:
        Revenues                     37,988    40,755    68,796    78,433
        Cost of rentals and
         operating expenses         (29,745)  (35,144)  (54,834)  (72,012)
        Selling, general &
         administrative             (16,338)  (12,578)  (30,404)  (23,552)
        Depreciation & amortization  (1,967)     (493)   (3,690)   (1,021)
        Operating loss              (10,062)   (7,460)  (20,132)  (18,152)
        
        Interest expense             (7,676)   (8,234)  (15,955)  (17,170)
        Interest income               1,156       881     2,401     1,698
        Chapter 11 losses               (83)     (168)     (137)     (935)
        Provision for income taxes     (200)     (100)     (400)     (300)
        Equity in losses of joint
         ventures                    (1,985)   (1,633)   (3,768)   (2,221)
        
        Net loss                   $(18,850) $(16,714) $(37,991) $(37,080)


        CONTACT:  Myers Company, Los Angeles
                  Phillip I. Myers, 310/282-2572


NEW VALLEY CORPORATION REPORTS SECOND QUARTER 1996 RESULTS


        


            MIAMI, Fla.  --  August 14, 1996  --  New Valley
        Corporation (OTC: NVYL) today announced financial results for the
        second quarter ended June 30, 1996.  
        


            Second quarter 1996 revenues were $34.5 million, compared to
        revenues of $10.0 million in the second quarter of 1995.  The
        Company recorded a loss from continuing operations of $4.8 million
        in the 1996 second quarter versus income of $2.3 million in 1995.
        Net loss applicable to common shares in the 1996 quarter was $20.4
        million, or $2.13 per share, compared to a gain of $12.6 million, or
        $1.31 per share, in the second quarter of 1995.  
        


            For the six months ended June 30, 1996, revenues were $71.2
        million, compared to $17.7 million for the first six months of 1995.
        The Company recorded a loss from continuing operations of $9.6
        million for the 1996 six-month period, compared to income of $8.9
        million for the 1995 period.  Net loss applicable to common shares
        in the first six months of 1996 was $36.5 million, or $3.81 per
        share, compared to a gain of $7.6 million, or $0.79 per share, for
        the first six months of 1995.  
        


            "New Valley's revenues continued to grow in the second quarter
        of 1996 due largely to the operation of the Ladenburg, Thalmann
        investment banking firm, New Valley's commercial real estate, and
        the recently acquired Thinking Machines Corporation,"  said Bennett
        S.  LeBow, chairman and chief executive of New Valley Corporation.
        "However, operating income for the first and second quarters of 1996
        was lower than last year's primarily due to expenses related to the
        Company's investment in RJR Nabisco.  In the second half of 1996 and
        beyond, we will work to increase the profitability of our operating
        businesses -- as well as looking to identify new acquisition
        opportunities -- in order to maximize value for New Valley
        shareholders."  
        


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



                            NEW VALLEY CORPORATION AND SUBSIDIARIES
                            CONSOLIDATED STATEMENTS OF OPERATIONS
                      (Dollars in Thousands, Except Per Share Amounts)
                                         (Unaudited)
        
                                Three Months Ended             Six Months Ended
                                      June 30,                     June 30,
                                1996          1995             1996       1995
        
        Revenues:
         Principal transactions,
          net                       $6,172        $2,601         $14,910
        $2,601
         Commissions                 4,820         1,738           8,683
        1,738
         Real estate leasing         5,958                        11,664
         Computer sales and service  4,098                         8,797
         Interest and dividends      4,642         3,938           9,826
        10,569
           Other income              8,857         1,755          17,351
        2,793
        
             Total revenues     34,547        10,032          71,231     17,701
        
        Cost and expenses:
         Operating, general and
          administrative            34,170         7,455          71,314
        9,797
         Interest                    4,739                         9,263   
         Reversal of restructuring
          accruals
        (2,044)
        
          Total costs and expenses 38,909          7,455          80,577
        7,753
        Income (loss) from continuing
         operations before
         income taxes             (4,362)          2,577         (9,346)
        9,948
        
        Provision for income taxes   400             293            300
        1,033
        Income (loss) from
         continuing operations    (4,762)          2,284         (9,646)
        8,915
        
        Discontinued operations:
         Income from discontinued operations,
          net of income taxes                      2,682
        4,080
        
        Net income (loss)        (4,762)           4,966         (9,646)
        12,995
        
        Dividends on preferred
         shares - undeclared    (15,646)         (18,647)       (31,108)
        (39,059)
        Excess of carrying value of
         redeemable preferred
         shares over cost of
         shares purchased                         26,266         4,279
        33,624
        
        Net income (loss) applicable
         to Common Shares      $(20,408)         $12,585      $(36,475)
        $7,560
        
        Income (loss) per common and equivalent share:
         From continuing
          operations            $(2.13)            $1.03       $(3.81)
        $0.36
         Discontinued operations                    0.28
        0.43
         Net income (loss) per
          Common Share          $(2.13)            $1.31       $(3.81)
        $0.79
        
        Number of shares used
         in computation          9,578             9,572        9,578
        9,526
        

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

Rykoff-Sexton Reports On Transition Period


        


            LISLE, Ill.,  --  Aug. 14, 1996  --  Rykoff-Sexton, Inc. (NYSE:
        RYK) said today it has filed a Form 10Q with the Securities and
        Exchange Commission for the nine week period ended June 29, 1996,
        representing the transition period between the close of its 1996
        fiscal year and the beginning of its newly adopted fiscal year.
        


            Rykoff-Sexton changed its fiscal year from the Saturday closest
        to April 30 to the Saturday closest to June 30 to conform its
        quarterly reporting schedule with other companies in the foodservice
        industry.
        


            As reported in its 10Q for the nine week transition period ended
        June 29, 1996, the company's sales amounted to $519.9 million with a
        net loss of $60.2 million, equal to $2.51 per share.  The net loss
        included $57.6 million (pre- tax) of restructuring reserves along
        with significant levels of other one-time transition costs.  Results
        for the prior year period are not comparable, since they do not
        include the operations of US Foodservice and because of the
        recording of the restructuring reserves and other one-time costs in
        the transition period.  The operating results for the transition
        period should not be indicative of the company's operating
        performance in fiscal 1997.  The company's first full fiscal quarter
        in the new fiscal year will end September 28, 1996.
        


            The company had previously announced its intention to record
        restructuring cost reserves and other one-time charges in connection
        with closures of duplicate facilities, product consolidation,
        realignment of inventory, severance and other integration costs
        related to its merger with US Foodservice completed on May 17, 1996.
        


            Rykoff-Sexton, with annualized sales of approximately $3.5
        billion, provides food and related non-food items to restaurants and
        other dining establishments, health care and educational facilities
        and wherever food is prepared away from home.  Distribution centers,
        manufacturing operations and contract and design facilities are
        located throughout the United States.
        


CONTACT:  Richard J. Martin of Rykoff-Sexton, Inc., 630-971-6598; or
        Roger S. Pondel of Pondel Parsons & Wilkinson, 310-207-9300



Ames Reports Better-Than-Plan Second-Quarter Income; Income Before Other Gains Increases $6.5 Million



            ROCKY HILL, Conn.  --  Aug. 14, 1996  --  Ames Department
        Stores, Inc. (Nasdaq: AMES) today reported that its second-quarter
        net income increased to $4.5 million, or $0.21 per share, for the
        period ended July 27, 1996, compared with last year's second-quarter
        net income of $3.2 million, or $0.15 per share.
        


            Last year's second-quarter results included property gains of
        $5.1 million, compared with $0.4 million this year.  This year's
        second- quarter income before other gains was $6.0 million, a $6.5
        million improvement compared with last year's loss of $0.5 million.
        


            The net loss for the 26 weeks ended July 27, 1996, was $2.5
        million, or $0.12 per share, compared with a net loss of $8.0
        million, or $0.40 per share, last year.  The year-to-date loss
        before other gains was $3.9 million, a $13.6 million improvement
        compared with last year's loss before other gains of $17.5 million.
        


            Net sales for the second quarter were $499.1 million, compared
        with $500.2 million in the prior year's second quarter, a decrease
        of 0.2 percent. Net sales for the year to date were $937.8 million,
        compared with $938.5 million last year.  Comparable-store sales for
        the quarter decreased 1.2 percent while comparable-store sales for
        the year to date decreased 1.4 percent.
        


            Joseph R. Ettore, President and Chief Executive Officer, said,
        "Our second-quarter net income was nearly twice the $2.3 million
        projected in the business plan, an improvement primarily
        attributable to a better-than-plan gross margin rate and continued
        stringent expense control.  In addition, despite below-plan sales,
        merchandise inventories are well-controlled and at the end of the
        quarter were $39 million below the same period last year.
        


            "We expect that the second half of the fiscal year, especially
        the holiday season, will be extremely competitive and have planned a
        strong advertising and merchandising program to take advantage of
        promotional opportunities.  At the same time, our intention is to
        minimize margin exposure to the fullest extent possible by ensuring
        that inventories are maintained in line with anticipated sales
        levels and by continuing to reduce expenses and improve operating
        efficiencies," he said.
        


            The company's business plan, filed on Form 8-K with the
        Securities and Exchange Commission on June 11, 1996, anticipates a
        third-quarter net loss of approximately $3.3 million and fourth-
        quarter net income of approximately $26.7 million, Ettore noted.
        


            "On August 1, we opened a new store in Sussex, N.J., and
        reopened a store in Huntingdon, Pa., which had been closed by
        flooding in January 1996, to enthusiastic customer response.  Next
        month we'll hold grand openings in Dover, N.J., and Trexlertown,
        Pa., bringing the number of new stores in 1996 to 13, the most Ames
        has opened in one year since 1989," Ettore said.
        


            Ames, which operates 301 stores in 14 Northeastern states and
        the District of Columbia, is the nation's fifth-largest discount
        retailer with annual total sales of $2.1 billion.
        


            For more information on Ames visit the corporate Web site at " target=_new>http://www.AmesStores.com">http://www.AmesStores.com.

        

                    AMES DEPARTMENT STORES, INC. AND SUBSIDIARIES
                   CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                       (In Thousands, Except Per Share Amounts)
                                     (Unaudited)
        
                                                For the Thirteen    For the
        Twenty-six
        
                                               Weeks Ended          Weeks Ended
                                                July 27,   July 29,  July
        27,  July 29
        
                                                 1996       1995       1996
        1995
        
         TOTAL SALES                     $525,217   $526,625  $980,894  $983,693
         Less: Leased department sales     26,110     26,437    43,120    45,193
         NET SALES                        499,107    500,188   937,774   938,500
        
         COSTS, EXPENSES AND (INCOME):
         Cost of merchandise sold         359,382    364,188   680,647   687,155
         Selling, general and
          administrative expenses         134,609    137,217   262,411   270,258
         Leased department and other
          operating income                (7,221)    (7,708)  (12,995)  (13,962)
         Depreciation and amortization
          expense                           2,649      2,143     5,269     4,084
         Amortization of the excess of
          revalued net assets over
          equity under fresh-start
          reporting                       (1,539)    (1,539)   (3,077)   (3,077)
         Interest and debt expense, net     5,206      6,415     9,445    11,536
        
         INCOME (LOSS) BEFORE OTHER
          (CHARGES) AND GAINS               6,021      (528)   (3,926)  (17,494)
        
         Gain on disposition of
          properties                          395      5,099       395     6,090
        
         INCOME (LOSS) BEFORE INCOME
          TAXES                             6,416      4,571   (3,531)  (11,404)
         Income tax benefit (provision)   (1,902)    (1,383)     1,047     3,451
         NET INCOME (LOSS)                 $4,514     $3,188  ($2,484)  ($7,953)
        
         WEIGHTED AVERAGE NUMBER OF
          COMMON AND COMMON EQUIVALENT
          SHARES OUTSTANDING               21,680     21,531    20,465    20,127
        
         NET INCOME (LOSS) PER SHARE        $0.21      $0.15   ($0.12)   ($0.40)
        
         Results of Operations as a Percent of Net Sales:
         Net sales                         100.0%     100.0%    100.0%    100.0%
         Cost of merchandise sold            72.0       72.8      72.6      73.2
         Gross margin                        28.0       27.2      27.4      26.8
         Selling, general and
          administrative expenses            27.0       27.4      28.0      28.8
         Leased department and other
          operating income                  (1.4)      (1.5)     (1.4)     (1.5)
         Depreciation and amortization
          expense                             0.5        0.4       0.5       0.4
         Amortization of the excess of
          revalued net assets over
          equity under fresh-start
          reporting                         (0.3)      (0.3)     (0.3)     (0.3)
        
         Interest and debt expense, net       1.0        1.3       1.0       1.2
         Income (loss) before other
         (charges) and gains                  1.2      (0.1)     (0.4)     (1.8)
         Gain on disposition of
          properties                          0.1        1.0       ---       0.6
         Income (loss) before income
          taxes                               1.3        0.9     (0.4)     (1.2)
         Income tax benefit (provision)     (0.4)      (0.3)       0.1       0.4
         Net income (loss)                   0.9%       0.6%    (0.3)%    (0.8)%
            (Please see the accompanying condensed notes to these
        consolidated condensed financial statements)
        
                    AMES DEPARTMENT STORES, INC.  AND SUBSIDIARIES
                        CONSOLIDATED CONDENSED BALANCE SHEETS
                                    (in Thousands)
                                     (Unaudited)
        
                                                          July 27,  Jan. 27,
        July 29,
        
                                                       1996      1996      1995
         ASSETS
         Current Assets:
          Cash and short-term investments          $l8,226    $14,185   $19,783
          Receivables                               25,544     14,478    23,388
          Merchandise inventories                  458,940    402,177   498,260
          Prepaid expenses and other current
           assets                                   16,051     12,793    13,249
         Total current assets                      518,761    443,633   554,680
        
         Fixed Assets                               85,915     78,487    59,607
          Less -- Accumulated depreciation
           and amortization                       (25,233)   (20,259)  (11,828)
          Net fixed assets                          60,682     58,228    47,779
        
         Other assets and deferred charges           5,665      3,965     4,834
                                                  $585,108   $505,826  $607,293
        LIABILITIES AND STOCKHOLDERS' EQUITY
         Current Liabilities:
         Accounts payable
         Trade                                    $137,595   $112,682  $126,210
         Other                                      39,846     43,636    34,202
        
         Total accounts payable                    177,441    156,318   160,412
         Note Payable -- revolver                  100,720      4,284   114,051
         Current portion of long-term debt and
          capital lease obligations                 16,241     17,347    19,485
         Self-insurance reserves                    36,081     39,003    43,850
         Accrued expenses and
          other current liabilities                 49,969     54,943    54,994
         Restructuring reserve                      19,827     30,623     1,227
         Total current liabilities                 400,279    302,518   394,019
        
         Long-term debt                             13,267     23,159    25,919
         Capital lease obligations                  27,525     29,372    34,799
         Other long-term liabilities                 5,968      6,322     8,074
        
         Unfavorable lease liability                17,847     18,672    21,961
        
         Excess of revalued net assets over
          equity under fresh-start reporting        39,404     42,480    45,557
         Commitments and contingencies                 ---        ---       ---
        
         Stockholders' Equity:
         Common stock                                  204        205       201
         Additional paid-in capital                 80,759     80,759    80,759
         Retained earnings (accumulated deficit)     (145)      2,339   (3,996)
           Total stockholders' equity               80,108     83,303    76,964
                                                  $585,108   $505,826  $607,293


            (Please see the accompanying condensed notes to these
        consolidated condensed financial statements.)
        


        Condensed Notes to News Release Financial Statements
        


            Basis of Presentation:  In the opinion of management, the
        accompanying consolidated condensed financial statements of Ames
        Department Stores, Inc., and subsidiaries (collectively the
        "Company") contain all adjustments necessary for a fair presentation
        of such financial statements for the periods presented.  Certain
        prior year items have been reclassified to conform to the current
        year presentation.  Due to the seasonality of the Company's
        operations, the results of operations for the interim period ended
        July 27, 1996 may not be indicative of total results for the full
        year.  Certain information normally included in financial statements
        prepared in accordance with generally accepted accounting principles
        has been condensed or omitted. The accompanying financial statements
        should be read in conjunction with the financial statements and
        notes thereto included in the Company's Form 10-K filed in April,
        1996.
        


            Earnings Per Common Share:  Earnings per share was determined
        using the weighted average number of common and common equivalent
        shares outstanding. Common stock equivalents and fully diluted
        earnings per share were excluded for the periods with net losses as
        their inclusion would have reduced the reported loss per share.
        Fully diluted earnings per share was equal to primary earnings per
        share for the quarters ended July 27, 1996 and July 29, 1995.
        


            Inventories: Inventories are valued at the lower of cost or
        market.  Cost is determined by the retail last-in, first-out (LIFO)
        cost method for all inventories.  No LIFO reserve was necessary at
        July 27, 1996, January 27, 1996 and July 29, 1995.
        


            Debt: The Company has an agreement with BankAmerica Business
        Credit, Inc., as agent, and a syndicate consisting of seven other
        banks and financial institutions, for a secured revolving credit
        facility of up to $300 million, with a sublimit of $100 million for
        letters of credit (the "Credit Agreement").  The Credit Agreement is
        in effect until June 22, 1997, is secured by substantially all of
        the assets of the Company, and requires the Company to meet certain
        quarterly financial covenants.  The Company is in compliance with
        these financial covenants through the quarter ended July 27, 1996.
        


            Income Taxes: The Company's estimated annual effective income
        tax rate for each year was applied to the loss incurred before
        income taxes for the twenty- six weeks ended July 27, 1996 and July
        29, 1995 to compute non-cash income tax benefits of $1.0 million and
        $3.5 million. respectively.  The same method was used to compute
        income tax provisions of $1.9 and $1.4 million for the second
        quarters of 1996 and 1995, respectively.  The Company currently
        expects that, as a result of the seasonality of the Company's
        business, this year's income tax benefit will be offset by non-cash
        income tax expense in the remaining interim periods.  The income tax
        benefits are included in other current assets in the balance sheets
        as of July 27, 1996 and July 29, 1995.
        


CONTACT:  Marge Wyrwas, 860-257-2659, or Bill Roberts, 860-257-2666, or
        Lynn Riemer, 860-257-2655, all of Ames



Alliance Entertainment Reports Second Quarter 1996 Results


        


            NEW YORK, NY  --  Aug. 14, 1996  --  Alliance Entertainment Corp.
        (NYSE: CDS) today reported sales of $163.2 million for the second
        quarter ended June 30, 1996, a 2.8% increase over the $158.8 million
        posted for the same period last year.  The Company reported a net
        loss for the period of $21.9 million or ($0.59) per share, versus
        net income of $2.6 million or $0.07 per share reported for the
        comparable period last year. The loss includes non-recurring charges
        of $17.5 million related to the consolidation and restructuring of
        the Company's distribution operations as well as charges related to
        the current industry climate.
        


            For the six months ended June 30, 1996, sales grew approximately
        9.8% to $339.4 million versus $309.0 million for the same six months
        last year.  The net loss was approximately $26.5 million or ($0.72)
        per share compared to net income of $4.3 million or $0.12 per share
        in 1995's first six months.  In addition to the $17.5 million of non-
        recurring charges recorded in the second quarter, the loss includes
        one-time charges of $2.5 million related to the termination of the
        Company's merger agreement with Metromedia and $400,000 in relation
        to the Company's previously announced consolidation plan.  During
        the period the Company experienced lower than anticipated sales and
        higher than anticipated returns in a weak retail music environment,
        particularly affecting the independent label side of the business,
        which is more sensitive to the lack of hit product releases.
        


            Joseph J. Bianco, Chairman and CEO of Alliance, said, "While the
        overall results are not what we had hoped for, they are in line with
        previous estimates and market expectations.  Additionally, we feel
        that the strength and continued growth of our content-based
        operations, combined with the restructuring and market share gains
        of our distribution operations, bode well for the future, especially
        in light of the weak, but we believe temporary condition, of the
        music industry as a whole."
        


            Alliance Entertainment Corp. is engaged in the distribution of
        music and music related products and the acquisition and
        exploitation of entertainment properties through acquisition,
        license, management agreement or otherwise.
        



                             ALLIANCE ENTERTAINMENT CORP.
                       OPERATING RESULTS FOR THE SECOND QUARTER
                          AND SIX MONTHS ENDED JUNE 30, 1996
                         (In millions except per share data)
        
                                      Second Quarter Ended     Six Months Ended
                                            June 30,               June 30,
                                       1996        1995        1996        1995
        
           Net Sales                     $163.2      $158.8      $339.4
        $309.0
           Depreciation
        and amortization               $4.7        $3.7        $9.5        $7.3
           EBITDA (before
        non-recurring charges)..        $3.6       $12.2        $9.6       $22.2
           EBITDA..                       $(13.9)      $12.2      $(10.8)
        $22.2
           Pre-tax income (loss)         $(28.1)       $4.5      $(37.9)
        $7.5
           Net income (loss)             $(21.9)       $2.6      $(26.5)
        $4.3
           Earnings (loss) per share     $(0.59)      $0.07      $(0.72)
        $0.12
           Weighted avg. shares
        outstanding and
        equivalents              36,996,375  37,199,379  36,797,213  36,070,404

        
            .. Earnings before interest, taxes, depreciation and
        amortization includes non-recurring charges of $17.5 million and
        $20.4 million for the three and six months ended June 30, 1996,
        respectively.  The $17.5 million of non-recurring charges recorded
        in the second quarter relate to the consolidation and restructuring
        of the Company's distribution operations as well as charges related
        to the current industry climate.  The additional $2.9 million
        reflects one-time charges of $2.5 million related to the termination
        of the Company's merger agreement with Metromedia and $400,000
        related to the Company's consolidation plan.
        


CONTACT:  Timothy Dahltorp, CFO of Alliance Entertainment Corp.,
        212-935-6662; or Jeffrey Goldberger of Stern & Company, 212-777-
        7722



Zonic Reports 1st Quarter Loss And Decline In Sales


        


            CINCINNATI,  OH  --  Aug. 14, 1996  --  Zonic Corporation (OTC: ZNIC)
        reported a loss and decline in sales for its fiscal first quarter.
        


            For the three months ended June 30, 1996, Zonic reported an
        operating loss of $107,164 on sales of $745,102 compared to an
        operating loss of $86,368 on sales of $1,252,462 in the comparable
        year-ago period.  Net loss for the period was $192,224 or 6 cents
        per share compared to a net profit for the prior year period of
        $1,542,156 or 50 cents per share.  The prior year period included
        gains on the sale of an asset and debt restructuring amounting to
        $1,814,302 or 59 cents per share.
        


            Jim Webb, president and chief executive officer, attributed the
        sales decline to new product delays in manufacturing.  "In the first
        quarter, we began production of Medallion, our new 8 channel PC
        Windows based FFT analyzer and had some unanticipated vendor
        problems with the production start up. While those problems are now
        behind us, both Medallion and other product shipments that we had
        planned for the first quarter were delayed into the second quarter."
        


            Webb noted that cost of products and services sold as a
        percentage of sales decreased to 46.5 compared to 53.6 in the prior
        year period.  He said selling and administrative expenses decreased
        by $130,000.
        


            "I'm disappointed that we didn't maintain a positive curve on
        revenues in the first quarter, but am very encouraged by the
        dedication of our staff to increasing the top line while also
        increasing gross profit and holding down our operating expenses."
        Webb said.
        


            Webb commented that total current liabilities increased
        substantially in the first quarter because certain bank loans which
        had previously been classified as long term debt are now classified
        as short term since they mature in the next 12 months.  He said the
        company continued to experience serious cash flow problems and it
        was unable to improve materially on the aging of its accounts
        payable and certain other accrued liabilities.
        


            Zonic Corporation develops, manufactures and markets proprietary
        software and computerized test and measurement instrumentation.
        Zonic systems have broad application in product engineering and
        design, testing, and machine monitoring.  Company headquarters are
        in the Greater Cincinnati metropolitan area.
        



                                    Zonic Corporation
                                 Statement of Operations
        
                                                  (Unaudited)
                                           Three Months Ended June 30
                                               1996           1995
        
        Product and service revenues       $   745,012    $ 1,252,462
        Operating profit (loss)               (107,164)       (86,368)
        Income (loss) before taxes
          and extraordinary item              (192,224)     1,144,881
        Net income(loss)                      (192,224)     1,542,156
        Income(loss) per share             $     (0.06)   $      0.50
        Weighted average
          shares outstanding                 3,044,136      3,094,136
        Backlog of orders                  $ 1,315,000    $ 1,168,000
        
                                 Balance Sheet
        
                                                    (Unaudited)
                                             June 30,       March 31,
                                               1996           1996
        
        Assets:
        Total current assets               $ 1,455,895    $ 1,775,581
        Property and equipment-net           1,362,087      1,467,185
        Total assets                       $ 2,817,982    $ 3,242,766
        
        Liabilities:
        Total current liabilities          $ 7,594,903    $ 3,742,055
        Long-term obligations                       --      4,070,000
        Deferred rent                          277,277        292,685
        Shareholders' deficit               (5,054,198)    (4,861,974)
        Total liabilities &
          shareholders' equity             $ 2,817,982    $ 3,242,766


CONTACT:  James B. Webb, President and Chief Executive Officer, of
Zonic Corporation, 513-248-1911; or Nicholas G. Biro of Kemper
Lesnik Communications, 312-755-3500


Schuylkill Energy Resources Debt on FitchAlert Negative


        


            NEW YORK, NY  --  Aug. 14, 1996  --  The following Schuylkill Energy
        Resources, Inc. (SER) 'BBB-' rated securities are placed on
        FitchAlert with negative implication:  $83.7 million Schuylkill
        County Industrial Development Authority (PA) Resource Recovery
        Revenue Refunding Bonds (SER Project) Series 1993 (Tax-Exempt) and
        $23.4 million Senior Notes (Taxable).  FitchAlert Negative indicates
        the rating may be lowered depending upon the outcome of events.  SER
        is the owner and operator of an 80 megawatt (net) circulating
        fluidized bed cogeneration facility selling energy to Pennsylvania
        Power & Light Co. (PPL) pursuant to a long-term contract.
        


             The rating action follows Fitch discussion with both PPL and a
        meeting at the project site with SER management.  FitchAlert
        negative relates to two developing legal circumstances concerning
        PPL's interpretation of the power sales contract and PPL's  vigor in
        cutting costs in order to maintain its competitiveness.  While Fitch
        notes that PPL is not seeking to abrogate its contractual
        obligations, Fitch is concerned SER's cash flow and coverage of debt
        service would be substantially weakened by adverse rulings.  The
        existence of the legal problems has already led SER to give notice
        to creditors of three non-payment events of default.
        


            The most significant legal problem stems from PPL's
        dissatisfaction with SER's ability, or willingness, to document that
        SER's affiliate, Reading Anthracite Company, is complying with PURPA
        qualifying cogeneration facility (QF) requirements.  PPL has
        petitioned the FERC to decertify SER as an Anthracite Culm-Fired
        Cogeneration Facility.  A FERC ruling for PPL's petition would
        recast SER as an Anthracite Culm-Fired Small Power Production
        Facility and, pursuant to the sales contract, the energy price would
        reset to 5 cents/kwh from 6.6 cents.  Based on SER's expected energy
        production, the 25% price reduction would cut annual revenue by
        about $10 million and, should SER fail to recover its QF status,
        then debt service coverage would be marginal.
        


            Secondly, SER  is challenging PPL's interpretation of a minimum
        generation emergency.  Such an emergency gives PPL under the sales
        contract the right to curtail taking energy from SER during the
        emergency period.  Over time, SER has experienced more frequent
        curtailment - over 80 times in 1995 - which reduces revenue,
        requires additional fuel expense for boiler restart and could cause
        boiler degradation.  SER initiated an anti-trust claim against PPL,
        which was rejected by a U.S Judge and has filed its notice of appeal
        in the Third Circuit Court of Appeals.
        


            Operationally SER is performing well and in line with SER's long
        term business plan.  Through June 1996, the year-to-date capacity
        factor has been exceptional at 94.4%, well over 1996's budget of
        87%.  In November a major overhaul of the turbine is planned and
        this scheduled outage causes the 87% projected annual capacity
        factor.  For 1995, despite PPL's curtailments, SER's actual capacity
        factor was 88.4%.
        


            SER's financial performance has improved since 1993 due to
        strong energy production levels and rigorous cost control.  Through
        June 1996 year-to-date debt service coverage of 2.04 times (x)
        exceeds budget of 1.80x.  In fiscal 1995, SER's operations generated
        $25.6 million, available to cover $13.2 million senior debt
        requirement and resulted in coverage of 1.93x.
        


CONTACT:  John Watt of Fitch, 212-908-0523



Allis-Chalmers Corporation Reports Second Quarter 1996 Results


        


            MILWAUKEE, WI  --  Aug. 14, 1996  --  Allis-Chalmers Corporation
        today reported a net loss of $378,000, or $.38 per common share, in
        the second quarter of 1996 compared with a net loss of $360,000, or
        $.35 per common share, in the same quarter of 1995.
        


            The 1996 second quarter loss included a non-cash expense of
        $339,000 for pension expense on the unfunded liability of
        approximately $11.9 million associated with the Company's
        Consolidated Pension Plan (Consolidated Plan). This expense was
        $267,000 in the second quarter of 1995.
        


            Sales in the second quarter of 1996 were $1,156,000 compared
        with $853,000 in the 1995 period.  The increase in sales from the
        prior year is primarily the result of a stronger market for
        machinery repair and services along with expanded sales effort.
        Second quarter gross margin, as a percentage of sales, was 29.6% in
        1996 and 30.6% in 1995.
        


            For the first six months of 1996, Allis-Chalmers had a net loss
        of $717,000, or $.71 per common share, versus a net loss of
        $792,000, or $.78 per common share, in the first half of 1995.
        First half sales were $2,141,000 in 1996 and $1,622,000 in 1995.
        


            Regarding the underfunding of the Consolidated Plan, the Company
        made a $205,000 cash contribution to the plan in the first quarter
        of 1996. Additional cash contributions required to eliminate this
        underfunding are estimated to be $2.3 million in 1996, $3.6 million
        in 1997 and $12.2 million between 1998 and 2002.  The cash
        contributions due on April 15, 1996 and July 15, 1996, each in the
        amount of $637,000, were not made.  Because the unpaid contributions
        now exceed $1,000,000, a lien has been filed by the Pension Benefit
        Guaranty Corporation (PBGC) against the Company in favor of the
        Consolidated Plan.  The unpaid contributions result in additional
        interest liability and may result in IRS excise tax penalties if
        they remain unpaid. Given the inability of the Company to fund the
        entire underfunding obligations with its current financial
        resources, a termination of the Consolidated Plan will likely occur,
        with the consequence of a liability to the PBGC in excess of the
        current net worth of the Company.  However, the Company intends to
        continue discussions with the PBGC concerning its obligations under
        the Consolidated Plan, Although it is not possible to predict the
        outcome of such discussions, if the Company is unable to negotiate a
        settlement with the PBGC on terms that are acceptable to the
        Company, Allis-Chalmers will be required to evaluate its options
        which include attempting to raise additional capital to eliminate
        the underfunding or seeking protection from its creditors by
        commencing voluntary bankruptcy proceedings under the federal
        bankruptcy laws. The Company does not believe it will be able to
        raise additional capital to meet its obligations under the
        Consolidated Plan.
        


            Financial results for the three and six month periods ended June
        30, 1996 and 1995 follow:
        



                                        Three Months            Six Months
                                       1996       1995       1996       1995
                                          (thousands, except per share)
        
        Sales                              $ 1,156    $ 853  $ 2,141  $ 1,622
        Net Loss                              (378)    (360)    (717)    (792)
        Average common shares outstanding    1,003    1,003    1,003    1,003
        Loss per common share               $ (.38)  $ (.35)  $ (.71)  $ (.78)


CONTACT:  Jeffrey I. Lehman of Allis-Chalmers, 610-565-2343


Humana Announces Second Quarter Results



            LOUISVILLE, Ky.  --  Aug. 14, 1996  --  Humana Inc. (NYSE: HUM)
        today reported operating earnings of $.22 per share for the second
        quarter ended June 30, 1996, compared to $.28 per share for the
        second quarter of 1995.  As reported by Humana on June 7, 1996, the
        lower second quarter earnings are due to increased utilization in
        its commercial and Medicare risk products, and are in line with its
        revised estimate of $.18 to $.22 per share.
        


            The company also announced it was taking special charges of $.80
        per share ($200 million pretax) which will result in a net loss of
        $.58 per share in the second quarter.  The pretax charge includes
        $105 million for expected losses on insurance contracts in
        Washington, D.C. and certain new service areas.  The remaining $95
        million primarily represents the costs of restructuring the
        Washington, D.C. health plan, closing 13 service areas, and
        discontinuing unprofitable products in three markets.  The
        beneficial effect of the special charges in the second quarter's
        operating earnings approximated $9 million pretax or $.04 per share.
        


            Second quarter premium revenues grew 51 percent to a record $1.6
        billion from $1.0 billion for the second quarter of 1995.  The
        increase is primarily due to Humana's acquisition of EMPHESYS
        Financial Group, Inc. (EFG) in October 1995.
        


            Medicare risk membership increased 10,600 members during the
        second quarter, or 3.3 percent since March 31, 1996.  Commercial
        membership, which had declined during the first quarter, remained at
        2.9 million members at June 30, 1996.  Total medical membership at
        June 30, 1996, including administrative services members, was 3.7
        million, unchanged since March 31.  On July 1, Humana began
        providing managed health care services to approximately one million
        eligible military beneficiaries, under the Civilian Health and
        Medical Program of the United States (CHAMPUS).
        


            Excluding the special charges, net income for the second quarter
        of 1996 was $35 million compared to $45 million in the second
        quarter of 1995.  The decline in net income was due to an increase
        in the medical loss ratio, partially offset by the profitability
        added by EFG and Medicare risk membership increases.  The company's
        medical loss ratio increased to 82.9 percent compared to 82.1
        percent reported in the second quarter of 1995, the result of
        medical services utilization increases, partially reduced by the
        inclusion of EFG's lower medical loss ratio.  The administrative
        cost ratio was 15.2 percent compared to 13.4 percent last year, due
        to the inclusion of EFG's higher administrative cost ratio.
        


            Excluding the special charges, net income for the six month
        period was $88 million or $.54 per share compared to $98 million or
        $.60 per share for the same period last year.  Including the
        charges, the net loss for the six months ended June 30, 1996 was $42
        million or $.26 per share.  Premium revenues increased to $3.1
        billion from $2.1 billion for the same period last year.
        


            "We are not satisfied with these results in any manner, shape or
        form," commented Humana's Chairman and Chief Executive Officer David
        A. Jones.  "We are taking action to restore our historically strong
        performance, starting with the appointment of Gregory H. Wolf as our
        chief operating officer on July 10."
        


            Wolf, who previously served as president and chief operating
        officer of EFG, reorganized Humana's management on July 29 to reduce
        bureaucracy and streamline decision-making.  The reorganization
        redirects resources to strengthen Humana's medical management,
        customer service, sales and marketing.
        


            "Humana has demonstrated an ability to reinvent its approach to
        health care at critical junctures in its 35-year history.  The
        challenge we now face is to create sustainable, long-term advantage
        in an industry which is increasingly competitive," said Mr. Wolf.
        "We must differentiate ourselves and our products.  In order to
        accomplish that, we must advance our thinking and performance
        regarding the way we serve members, distribute and price products,
        deliver care, and measure results."
        


            Based in Louisville, Kentucky, Humana provides managed health
        care services to 3.7 million medical members.  As one of the
        nation's largest managed care companies, Humana offers a full array
        of managed care products including health maintenance organizations
        and preferred provider organizations to employer groups, government-
        sponsored plans and individuals.
        


            This press release contains forward-looking information.  The
        forward- looking statements are made pursuant to the safe harbor
        provisions of the Private Securities Litigation Reform Act of 1995.
        Forward-looking statements may be significantly impacted by certain
        risks and uncertainties described in the company's Annual Report on
        Form 10-K filed with the Securities and Exchange Commission for the
        year ended December 31, 1995.
        


         Summary of operating results for the three months ended June 30:

        

                                                    1996                  1995
        
            Premium revenues                       $1,578,000,000     $
        1,048,000,000
        
        Income before income taxes and
             special charges                       $   54,000,000     $
        68,000,000
        
        Net income before special
             charges                               $   35,000,000     $
        45,000,000
        
        Earnings per share before special
             charges                               $          .22     $
        .28
        
        Net income (loss) after special
             charges                               $  (95,000,000)(a) $
        45,000,000
        
        Earnings (loss) per share after
             special charges                       $         (.58)(a) $
        .28
        
        Shares used in earnings per share
             computation                               162,455,000
        162,255,000
        
            Summary of operating results for the six months ended June 30:
        
                                                      1996                1995
        
            Premium revenues                       $ 3,138,000,000     $
        2,073,000,000
        
        Income before income taxes and
             special charges                       $   135,000,000     $
        148,000,000
        
            Net income before special charges      $    88,000,000     $
        98,000,000
        
        Earnings per share before special
             charges                               $           .54     $
        .60
        
        Net income (loss) after special
             charges                               $   (42,000,000)(a) $
        98,000,000
        
        Earnings (loss) per share after
             special charges                       $          (.26)(a) $
        .60
        
        Shares used in earnings per share
             computation                               162,417,000
        162,148,000
        

        (a) Includes special charges before income taxes of $200 million ($130
            million, net of income tax benefit) or $.80 per share related
        primarily to the restructuring of the company's Washington, D.C. health plan,
        provision  for expected losses on insurance contracts, closing 13 service
        areas, and discontinuing unprofitable products in three markets.
        


CONTACT:  Laurie Scarborough, Investor Relations, Humana Inc.,
        502-580-1037



Welcome Home, Inc. Reports Financial Results


        


            WILMINGTON, N.C.  --  Aug. 14, 1996  --  Welcome Home, Inc.
        (Nasdaq: WELC) today announced financial results for the quarter and
        six month period ended June 30, 1996.
        


            Net sales for the second quarter of 1996 increased 4.l% to $18.7
        million versus $18.0 million for the second quarter of 1995 due to
        an extra selling week in the second quarter of 1996.  Without the
        extra week, sales in the second quarter of 1996 would have declined
        3.4%. Comparable store sales decreased 13.1% in the second quarter.
        Net loss for the second quarter of 1996 was $2.3 million, or $0.31
        per share, as compared to $0.8 million, or $0.11 per share, for the
        same period last year.  The 1996 net loss includes $0.9 million in
        income tax expense to establish a valuation allowance against
        deferred tax assets in accordance with SFAS 109.
        


            Net sales for the six month period ended June 30, 1996 increased
        3.6% to $31.2 million, versus $30.1 million for the six month period
        ended June 30, 1995 due to an extra selling week in the six month
        period ended June 30, 1996. Without the extra week, sales in the six
        month period ended June 30, 1996 would have declined 0.1%.
        Comparable store sales decreased 12.7% in the six month period ended
        June 30, 1996.  Net loss for the six month period ended June 30,
        1996 was $4.5 million, or $0.60 per share, as compared to $2.4
        million, or $0.31 per share, for the same period last year.  The
        1996 net loss includes $0.9 million in income tax expense to
        establish a valuation allowance against deferred tax assets in
        accordance with SFAS 109.
        


            The Company currently has approximately $5 million in total
        availability on its lines of credit with its independent lender,
        Fleet Capital, and its majority shareholder, Jordan Industries.
        


            Thomas H. Hicks, Chief Operating Officer, noted, "While second
        quarter results were disappointing, we remain confident that the
        restructuring initiatives begun in late 1995 will ultimately return
        the Company to profitability.
        


            "Many of these actions will not have a significant impact until
        late 1996 or 1997.  For example, we successfully converted to a new
        information system effective August 4.  This will allow to track
        inventory levels, turnover, sales and profitability at the item
        level in a system which is fully integrated among the point of sale,
        merchandising and financial areas for the first time in Company
        history.  Accordingly, it will provide the ability to make more
        informed stock replenishment decisions.  The system will also allow
        us to better develop our customer database, which should increase
        the effectiveness of direct marketing and other advertising efforts.
        


            "We continued to strengthen our management team.  Mark Dudeck
        joined us as our Chief Financial Officer on July 29.  Mark, a CPA,
        came from Camelot Music, Inc. where he was Director - Financial
        Planning and Analysis.  Mark previously served as Director
        - Investor Relations at Mercantile Stores Co. and Vice President
        - Finance at Maison Blanche, Inc.  In addition, Susan J. McKenna was
        added as Senior Buyer on August 6.  Susan was previously Product
        Manager - Table Linens, Bath and Decorative Housewares and Import
        Housewares Product Manager for Frederick Atkins, Inc.  Also, John
        Robison was appointed to Manager - Distribution and Traffic on June
        12.  John was formerly District Manager at Volume Shoe Corporation
        and also served in various operations capacities for Service
        Merchandise, Pine Factory and Shoe Carnival.
        


            "We have developed an exciting new merchandise assortment for
        the fall season, focusing on textiles, home furnishings, gifts and
        decorative accessories.  In addition, we engaged Steedman
        Communications to develop a coordinated advertising and in-store
        graphics program which will begin in late October and reach 18
        million households.  We engaged FRCH Design Worldwide to lead
        development of a revised store prototype to improve category
        presentation and customer shopability.  We will test this prototype
        in late fall 1996 and, if successful, expect to implement the
        concept at other stores.
        


            "We have also accelerated our store closing program.  To date,
        the Company has closed 11 stores and projects closing approximately
        37 more by the end of the year.  All of these stores are
        underperformers.  We engaged the firm of Felenstein Koniver and
        Associates to function as our outsourced real estate department."
        


            Welcome Home, Inc. is a leading specialty retailer of gifts and
        decorative home furnishings and accessories.  The Company operates
        210 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 Balance Sheets
                        As of June 30, 1996 and December 31, 1995
                               (in thousands of dollars)
                                     (unaudited)
        
                                                          6/30/96
        12/31/95 ASSETS
        
        Current Assets
        
        Cash and cash equivalents                         $     2
        $     7 Inventories                                        21,486
        16,798 Deferred income taxes                                 470
        470 Other current assets                                  912
        818
        
         Total current assets                              22,870
        18,093
        
        Property and equipment, net                        10,777
        8,826 Deferred income taxes                               2,971
        1,715 Other assets                                          555
        542
        
        Total Assets                                      $37,173
        $29,176
        
        LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
        
        Current Liabilities:
        
        Notes payable - line of credit                    $15,818
        $ 5,213 Accounts payable                                   12,215
        11,703 Accrued expenses                                    2,280
        2,817 Current portion of capital lease obligations          541
        514
        
         Total current liabilities                         30,854
        20,247 Capital lease obligations                             897
        1,174 Note payable to Jordan Industries                   6,280
        4,128
        
        Shareholders' Equity (Deficit)
        
        Common stock                                           85
        85 Additional paid-in capital                          8,832
        8,832 Cumulative translation adjustment                     (37)
        (37) Retained earnings (deficit)                        (4,853)
        (368)
        
         Subtotal                                           4,027
        8,512 Less treasury stock                                 4,885
        4,885
        
        Total Shareholders' Equity (Deficit)                 (858)
        3,627
        
        Total Liabilities and Shareholders' Equity (Deficit)
        $37,173           $29,176
        
                          Consolidated Statements of Operations
                        For the Three and Six Month Periods Ended
                                June 30, 1996 and 1995
                       (In thousands, except per share data)
                                     (Unaudited)
        
                                           Three Months           Six Months
                                          Ended June 30          Ended June 30
                                          1996       1995       1996      1995
                                           (14 weeks) (13 weeks) (27 weeks)
        (26 weeks)
        
        Net sales                           $18,737    $17,997    $31,219
        $30,134
        
        Cost of sales                        10,656     10,140     17,214
        16,882
        
        Gross margin                          8,081      7,857     14,005
        13,252
        
        Selling, general and administrative expense               9,431
        8,321     17,945     15,742
        
        Depreciation                            483        513        954
        963
        
        Operating income (loss)              (1,833)      (977)    (4,894)
        (3,453)
        
        Interest expense: Jordan Industries                      102
        242        191        473 Other                                  360
        130        637        162
        
        Other expense (income)                   51         28         19
        (19)
        
        Pretax income(loss)                  (2,346)    (1,377)    (5,741)
        (4,069)
        
        Provision (benefit) for income taxes
        -       (505)    (1,256)    (1,626)
        
        Net income (loss)                   $(2,346)     $(872)   $(4,485)
        $(2,443)
        
        Net income (loss) per share          $(0.31)    $(0.11)    $(0.60)
        $(0.31)
        
        Weighted average shares outstanding (000's)                  7,454
        7,897      7,454      7,988


CONTACT:  Mark Dudeck, Chief Financial Officer, Welcome Home, Inc.,
        910-791-4312


The Care Group Closes First Stage of Financing; Reports $8.8 Million Non-Cash Charge in Second Quarter of 1996



            LAKE SUCCESS, N.Y.  --  Aug. 14, 1996  --  The Care Group, Inc.
        (Nasdaq: CARE) announced today that it has closed on the first stage
        of a private placement of units of Common Stock and Warrants.  The
        Company sold 42 units at a price of $50,000 per unit.  Each unit
        consists of 40,000 shares of Common Stock and a Stock Purchase
        Warrant to purchase up to 40,000 additional shares of common stock.
        The net proceeds to the Company, after expenses, were approximately
        $1,970,000.  The Company will use the proceeds from the Private
        Placement to repay existing indebtedness and for general corporate
        purposes. The Company expects to place an additional 58 units, of
        gross proceeds of $2,600,000, upon receiving shareholder approval.
        


            In connection with the Private Placement John Pappajohn and
        Derace Lan Schaffer, M.D. have been appointed as members of the
        Company's Board of Directors.  Ann Mittasch, Chairperson, said, "We
        are extremely pleased that Mr. Pappajohn and Dr. Schaffer are
        joining our board as they bring a wealth of experience and a highly
        successful track record to The Care Group."  Mr. Pappajohn is a
        leading health care investor and serves as a director of many public
        companies.  Dr. Schaffer is a practicing radiologist and serves as
        Chairperson and President of the Ide Radiology Group.  Ms. Mittasch
        also said that, "A new management team is currently being formed to
        better capitalize on the outstanding reputation The Care Group has
        earned as a health care provider."  She added, "The members of this
        new management team are expected to be announced shortly."
        


            The Company also announced today that it has evaluated certain
        of its goodwill and other assets and, as a result will reduce such
        assets by a non- recurring charge to operations in the June quarter
        of approximately $3,500,000.  In addition, as part of its previously
        announced restructuring plan, the Company has reevaluated its
        accounts receivable and has identified certain accounts that will be
        given to collection agencies for follow-up and they expect that the
        majority of such accounts will be written-off.  The Company recorded
        a non-cash charge of approximately $5,300,000 in June, of which
        approximately $4,500,000 was recorded as an allowance for doubtful
        accounts and approximately $800,000 represented direct write-offs.
        


            The Company reported a net loss of $5,815,000 or $.70 per share
        on net revenues of $9,545,000 for the quarter ended June 30, 1996 as
        compared to net income of $328,000 or $.04 per share on net revenues
        of $11,899,000 for the same quarter last year.
        


            For the six months ended June 30, 1996, the Company reported a
        net loss of $5,754,000 or $.68 per share on net revenues of
        $19,188,000 versus net income of $469,000 or $.06 per share on net
        revenues of $24,486,000 for the six months ended June 30, 1995.
        


            The revenue reduction related to the increasing effect of
        managed care as well as the decrease in patient population in our
        New York and Dallas offices. The net loss was primarily due to the
        write-offs mentioned above.
        


            The Care Group is a leading full service provider of alternate
        site health care that includes mail order pharmaceuticals and
        medical supplies, home medical equipment patient services, nursing,
        paraprofessionals and infusion therapy.  The Care Group's branch
        offices are located in New York City and Nassau County, NY; Houston,
        Dallas and Austin, TX; Los Angeles, CA; and Roswell and Marietta,
        GA.


        
                               SELECTED FINANCIAL DATA
                                    000's Omitted
                              Except For Per Share Data
        
                                          Three Months Ended          Six
        Months Ended
        
                                            June 30                   June 30
                                          1996          1995          1996
        1995
        
            Net Revenues               $ 9,545       $11,899       $19,188
        $24,486
        
            Net Income                $(5,815)         $ 328      $(5,754)
        $ 469
        
        Net Income Per
             Share                     $ (.70)          $.04       $ (.68)
        $.06
        
        Weighted Average
         Common and Common Equivalent
             Shares Outstanding          8,311         8,414         8,463
        8,402
        

            This press release contains forward-looking statements.  All
        forward- looking statements involve risks and uncertainties,
        including, without limitations, the risks detailed in the Company's
        filings and reports with the Securities and Exchange Commission.
        Such statements are only predictions and actual events or results
        may differ materially.
        


CONTACT:  Pat Celli, Chief Financial Officer of The Care Group,
        616-869-8338



Canisco Resources, Inc. Names New Chairman


        


            WILMINGTON, DE  --  Aug. 14, 1996  --  href="chap11.canisco.html">Canisco Resources, Inc.
        (Nasdaq: CANR) announced today that Donald Lyons was unanimously
        elected the new Chairman of the Board of Directors of the Company.
        This action took place following the first Annual Meeting of
        Shareholders of Canisco held yesterday at which outgoing Chairman
        Joe C. Quick announced he would be stepping down as Chairman and
        nominating Mr. Lyons for the position.  Mr. Quick will continue to
        serve as a director.
        


            Mr. Lyons is the former President and CEO of the Power Systems
        Group of Combustion Engineering and serves as a director of Gilbert
        Associates, Inc. He has been a director of the Company since 1993.
        


            Incoming Chairman Donald Lyons stated, "Following a complete
        restructuring, our Company is now positioned to concentrate on
        improving earnings while we remain highly focused on the markets we
        serve."
        


            The Company reported net earnings of $.05 per share for its
        first quarter which ended June 30, 1996, which is equivalent to that
        reported the same period a year ago.  Revenue for the period was
        $12,263,000 compared to $22,843,000 last year.  The reduction in
        revenue is a result of the divestiture of the NSS Numanco subsidiary
        which was part of the Company's plan of reorganization.
        


            Ralph A. Trallo, President, stated, "As expected, the continued
        expense of bankruptcy impacted first quarter profits.  Going forward
        without this distraction, we anticipate being able to enhance
        earnings."
        


            Canisco Resources, Inc. provides versatile services supporting
        operations and facility maintenance for the power generation, pulp &
        paper and petrochemical markets as well as general industry.
        


CONTACT:  Lauralee Snyder, Investor Relations of Canisco Resources,
        302-777-5050