Bankruptcy and Troubled Company News

August 23, 1996

  1. Grand Union announces first quarter results
  2. Bollinger Reports Results for the Quarter Ended June 30, 1996
  3. Autotote announces third quarter results

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The Grand Union Co.
        announced that sales for the 16-week period ended July 20, 1996 (the
        "1997 first quarter") totaled $726.8 million, compared to sales of
        $720.5 million for the 16-week period ended July 22, 1995 (the "1996
        first quarter").

            Same store sales increased 1.0 percent in the 1997 first
        quarter, following a 0.4 percent increase for the fourth quarter of
        fiscal 1996.

            EBITDA totaled $41.4 million, or 5.7 percent of sales, for the
        1997 first quarter compared to $44.3 million, or 6.1 percent of
        sales, for the 1996 first quarter.  EBITDA for the 1997 first
        quarter included $1.1 million of gains on sale of stores, compared
        to $3.6 million for the 1996 first quarter.

            Roger E. Stangeland, chairman of the board, said, "The first
        quarter reflected the continued investment in the company's customer-
        focused long-term strategic plan.  The plan is designed to build
        sales by reducing costs in areas the customer doesn't see and
        reinvesting those savings in areas the customer sees every day.
        Additionally, the plan calls for Grand Union to focus much of its
        attention on developing the strengths it currently has in
        merchandising perishable and convenience foods."  Stangeland went on
        to say, "We are extremely pleased with the agreement we entered into
        last month with an affiliate of Shamrock Capital Advisors Inc., and
        an affiliate of GE Investments to sell them $100 million of
        convertible preferred stock.  This very significant step will allow
        us to accelerate our capital spending during the next three years,
        another key element of our strategic plan."

            Joseph J. McCaig, president and chief executive officer, said,
        "We were encouraged by our second consecutive quarter of positive
        same store sales and by our EBITDA results in view of the additional
        investments we made during the first quarter.  We continued the
        implementation of our strategic plan in the first quarter by
        investing additional gross margin dollars to extend our `More Lower
        Prices' program to the balance of the company.  Additionally, we
        continued to invest labor hours and advertising dollars in the
        exciting new marketing and customer service programs which emphasize
        our perishables merchandising strengths."  McCaig said, "Over the
        last 12 months, we have made significant investments in areas that
        our customers see every day, areas essential to the long-term
        success of Grand Union.  These investments, which have been made
        possible by cost savings in areas such as distribution expense,
        store average hourly pay and overhead expense, have already begun to
        pay off in consistently positive same store sales and will lead to
        improved EBITDA results in the near future."

            McCaig went on to say, "During the first quarter, we opened a
        new store in Berlin, Vt., and a replacement store in Malta, N.Y.
        Our first two `M.A.S.T.E.R.S.' (Maximize All Space, Totally Expand
        the Right Stuff) stores, West Nyack and Monroe, N.Y., continue to
        demonstrate the total sales increases and favorable mix changes
        which will make the M.A.S.T.E.R.S. renovations the cornerstone of
        our capital expansion plans."

            The company reported that total sales increased 0.9 percent in
        the 1997 first quarter.  Same store sales increased 1.0 percent as a
        result of the positive impact of the "More Lower Prices" program
        implemented beginning in May 1995, and completed in May 1996, and by
        the marketing and customer service programs which continue to be
        rolled out across the company.

            EBITDA (earnings before LIFO provision, depreciation,
        amortization, reorganization items, interest expense, income taxes
        and extraordinary gain) for the 1997 first quarter totaled $41.4
        million, including $1.1 million from gains on sale of stores.
        EBITDA for the 1996 first quarter totaled $44.3 million, including
        $3.6 million from gains on sale of stores.  Exclusive of the gains
        on sale of stores, the 1997 first quarter EBITDA decreased $0.3
        million compared to the 1996 first quarter.  The year to year
        comparison of EBITDA was positively affected by (a) savings from
        outsourcing warehouse distribution, (b) restoration of vendor
        promotional allowances and other vendor support to normal levels
        this year from bankruptcy impacted levels experienced in the fiscal
        1996 first quarter, (c) savings in store average hourly pay
        resulting from the store voluntary resignation incentive programs
        completed last year and (d) savings from the reorganization of the
        company's organizational structure.  The EBITDA comparison was
        negatively affected by (a) strategic investments in margins through
        the "More Lower Prices" program, (b) higher levels of promotional
        spending in certain areas to remain competitive with the
        marketplace, (c) investments in front-end and perishable department
        labor hours and (d) increased advertising in support of the
        company's marketing and customer service programs.

            The company reported a net loss of $43.8 million for the 1997
        first quarter ($4.38 per share).  The company's loss before
        amortization of excess reorganization value was $12.2 million ($1.22
        per share).  Last year, the company reported a loss before
        extraordinary credits of $38.9 million, an extraordinary credit on
        debt discharge in connection with the bankruptcy of $854.8 million
        and net income including the extraordinary credit of $815.9 million.

            Capital spending, including capital leases other than real
        estate leases, totaled approximately $17 million in the 1997 first
        quarter and is expected to total between $65 and $70 million for the
        full year as a result of the sale of the preferred stock.  The
        company expects to complete ten M.A.S.T.E.R.S. renovations this year
        and open two more replacement stores.

            With the exception of historical information, the matters
        discussed herein are "forward-looking statements" within the meaning
        of the Private Securities Litigation Reform Act of 1995.  Such
        forward-looking statements are subject to risks, uncertainties and
        other factors which could cause actual results to differ materially
        from future results expressed or implied by such forward-looking
        statements.  Potential risks and uncertainties include, but are not
        limited to, the competitive environment in which the company
        operates, the company's ability to complete its capital expenditure
        program on a timely basis and the general economic conditions in the
        geographic areas in which the company operates.

            Grand Union is a regional retail food company which currently
        operates 229 retail food stores in six Northeastern states.  Its
        common stock is traded under the GUCO symbol on the Nasdaq National

                              THE GRAND UNION CO.
                           (in thousands of dollars)
                                                       16 Weeks Ended
                                                    July 20,     July 22,
                                                      1996         1995
        Sales                                          $726,823     $720,545
        Gross profit                                    222,299      217,321
        Operating and administrative expenses          (180,878)
        Earnings before LIFO provision, depreciation
         and amortization, reorganization items,
         interest expense, income tax, and
         extraordinary gain on debt discharge (EBITDA)   41,421       44,285
        LIFO provision                                     (400)
        Depreciation and amortization                   (25,413)
        Amortization of excess reorganization value     (31,572)
        Reorganization items
        --      (18,627)
        Interest expense, net                           (32,287)
        Loss before income tax benefit (provision)
         and extraordinary gain on debt discharge       (48,251)
        Income tax benefit (provision)                    4,439
        Loss before extraordinary gain on
         debt discharge                                 (43,812)
        Extraordinary gain on debt discharge                 --      854,785
        Net (loss) income                              $(43,812)    $815,926

        CONTACT: Grand Union Co., Wayne
                 Donald C. Vaillancourt, 201/890-6100

Bollinger Reports Results for the Quarter Ended June 30, 1996


            DALLAS, TX  --  Aug.  23, 1996  --  From its headquarters
        in Irving, Texas, Bollinger Industries, Inc. today announced results
        of operations for the three months ended June 30, 1996.  

            The company reported that sales for its first quarter were $22.4
        million, compared to $12.8 million for the same quarter in the
        previous year--a 75 percent increase.  

            Bollinger reported improved operating results in the current
        quarter.  In the most recent quarter, the company recorded an
        operating loss of $124,000 compared to an operating loss of $748,000
        in the year earlier period.  Net loss after interest, taxes and
        losses from discontinued operations was $0.19 per share, compared to
        a loss of $0.25 in the comparable quarter of the prior year.  

            Bollinger management indicated that many parts of its previously
        announced Restructuring Plan are in progress.  The company announced
        that it will focus its product, marketing and sales efforts on the
        strength of its Bollinger brand through mass market retail outlets,
        and the increased profit opportunities presented by its Nautilus
        brand, which will be sold primarily through sporting goods stores
        and other more upscale retail channels.  

            Other elements of the plan include liquidation of inventory
        related to discontinued brands, the elimination of some warehouse
        facilities and reduction of other operating expenses such as
        celebrity royalties.  

            The company has closed its refinancing, on more favorable terms,
        with Foothill Capital Corporation, a Norwest Company.  Bollinger
        also has a signed letter of intent for the sale of a major portion
        of the company's discontinued Healthcare Division.  

            Chairman and CEO Glenn Bollinger reported, "Early in this fiscal
        year, we started on an aggressive plan to focus on the things which
        will return the company to profitable growth.  The increase in sales
        and the improvement in operating results shows that we are moving in
        the right direction.  Our new financing offers us much better terms,
        so that less of our resources will be occupied by debt service.  We
        are continuing to implement our plan, and applying the power of our
        core brands in ways we are confident will produce tangible results."
        Bollinger is a leading domestic supplier of consumer fitness
        accessories.  Bollinger Fitness products are sold by leading mass
        market retailers and other retail outlets nationwide and overseas.
        The company's common stock is traded over the counter under the
        symbol "BOLL."  

                             QUARTER ENDED JUNE 30,
                     in thousands except per share amounts
                                                1996           1995
                                                ----           ----
          NET SALES                             $ 22,434       $ 12,762
          COST OF GOODS SOLD                      17,654          9,698
                                            --------       --------
          GROSS PROFIT                             4,780          3,064
        AND ADMINISTRATIVE EXPENSES            4,904          3,812
                                            --------       --------
          OPERATING LOSS                            (124)          (748)
          INTEREST AND OTHER EXPENSE                 641            416
                                            --------       --------
        BEFORE TAXES                            (765)        (1,164)
          INCOME TAX BENEFIT                          --           (461)
          LOSS FROM CONTINUING OPERATIONS           (765)          (703)
        (NET OF INCOME TAX EFFECT)                --           (292)
                                            --------       --------
          NET LOSS                              $   (765)      $   (995)
                                            --------       --------
          LOSS FROM CONTINUING OPERATIONS       $  (0.19)      $  (0.18)
                                            --------       --------
          NET LOSS                              $  (0.19)      $  (0.25)
                                            --------       --------
        EQUIVALENT SHARES OUTSTANDING          4,000          3,971
                                            --------       --------

        CONTACT:  Bollinger Industries
                  Glenn D. Bollinger, chairman and CEO, or
                  Jack Pryor, CFO,

Autotote announces third quarter results


            NEW YORK  --  Aug. 23, 1996  --  Autotote Corp.
        (AMEX:TTE) today announced financial results for its third fiscal
        quarter and nine months ended July 31, 1996.

            Revenues for the third quarter increased 8.0%, from $38.7
        million in 1995 to $41.8 million in 1996.  EBITDA (earnings before
        interest, taxes, depreciation and amortization) increased 76.0%, to
        $7.3 million in 1996 from $4.1 million in the third quarter of 1995,
        when the company implemented a strategic restructuring.  The
        operating loss declined to $3.8 million in the third quarter from
        $4.8 million in the year-earlier period despite a $2.2 million, or
        24.6%, increase in depreciation and amortization, to $11.1 million.
        For the nine months ended July 31, 1996, revenues increased 22.3%,
        from $107.0 million in 1995 to $130.9 million in 1996.  EBITDA
        increased by 57.1%, to $22.6 million in 1996 from $14.4 million in
        1995.  The operating loss declined to $7.5 million from $11.0
        million in the year-earlier period despite a $4.7 million, or 18.5%,
        increase in depreciation and amortization to $30.1 million.  (EBITDA
        and operating loss comparisons do not include $18.2 million of
        restructuring charges and writeoffs in fiscal 1995 and $649,000 of
        restructuring credit recorded in fiscal 1996.)

            A. Lorne Weil, chairman and chief executive officer, said, "Our
        business strategy remains on track.  We are focused on our core
        racing-oriented businesses in North America, where we are well
        positioned to benefit from the continued strong growth in off-track
        wagering.  We are also actively involved in the international
        market, both for racing and lottery applications.

            "Looking at the third quarter, revenues and EBITDA increased
        over the same period in the prior year for the fourth consecutive
        quarter.  We had strong EBITDA gains at North American satellite
        communications and Connecticut OTB businesses, reflecting lower
        costs and higher revenues.  Strong EBITDA and revenue gains were
        also seen in our international equipment sales business," he said.
        "At the same time, total SG&A was down both as an absolute number
        and as a percentage of sales to $8.6 million and 20.7%,
        respectively.  We expect to see those trends continue in the current
        fourth quarter."

            Largely because of a shift in revenues at the company's European
        lottery unit from service to sales, overall service revenues were
        essentially flat for the third quarter, at $34.5 million, as
        compared to the same quarter of 1995.  Revenue from equipment sales
        increased by $3.4 million, or 84.3%, over the prior year's quarter,
        primarily reflecting this shift in revenues as well as international
        equipment sales.

            Also reflected in the third quarter results are two unusual
        charges:  $647,000 for costs incurred in connection with a proposed
        debt offering that was not completed and $569,000 for contractual
        payments related to the departure of the president of the company
        earlier this month.  Partially offsetting these costs is the
        reversal of $649,000 in 1995 restructuring cost accruals because of
        the company's current plan to continue limited manufacturing of
        wagering terminals at its Ireland plant.

            The net loss for the quarter declined to $7.8 million from a
        loss of $29.2 million in the year-earlier period.  The net loss for
        the nine months declined to $27.5 million from a loss of $44.1
        million in the 1995 period.

            AUTOTOTE Corp. designs and manufactures computerized wagering
        equipment and provides facilities management for use in off-track
        wagering, lotteries and legalized sports betting facilities.
        Autotote's systems are in use in the United States, Europe, Central
        and South America, Canada, Mexico, New Zealand and the Far East.

                         Consolidated Statements of Operations
                         (In Thousands, Except Per Share Amounts)
                         Three Months Ended       Nine Months Ended
                         July 31,   July 31,     July 31,   July 31,
                          1996        1995         1996       1995
        Operating Revenues:                              
         Wagering systems   $ 34,470     34,730       99,444     96,129
         Wagering equipment
           and other sales     7,358      3,992       31,431     10,842
                          41,828     38,722      130,875    106,971
        Operating expenses
         of depreciation and
        Wagering systems  21,020     20,206       62,091     56,177
          equipment and
          other sales      4,867      4,746       21,007      9,190
                          25,887     24,952       83,098     65,367
           Total gross profit 15,941     13,770       47,777     41,604
        Selling, general and
          expenses             8,638      9,622       25,186     27,228
        Restructuring           (649)    11,601         (649)    11,601
        Write-off of investments
          and other               --      6,640           --      6,640
        Depreciation and
          amortization        11,124      8,925       30,118     25,423
        Operating loss    (3,172)   (23,018)      (6,878)   (29,286)
        Other deductions
        Interest expense   3,667      5,549       10,999     12,708
        Litigation settlement --         --        6,800         --
        Other deductions
          (income)           629         (4)         772        141
                           4,296      5,545       18,571     12,847
         Loss before income
           tax expense        (7,468)   (28,563)     (25,449)   (42,133)
        Income tax expense       336        683        2,050      2,002
        Net loss           $  (7,804)   (29,246)     (27,499)   (44,135)
        Net loss per
          common share     $   (0.25)     (1.01)       (0.88)     (1.53)
        Weighted average
          number of common
          shares outstanding
          (000)               31,459     28,928       31,246     28,884

        CONTACT: The Miller Company
                 Gregory W. Miller   
                 Tel: 914-834-1868   
                 Fax: 914-834-6782