Bankruptcy and Troubled Company News

September 13, 1996

  1. Shoney's Inc. announces third quarter earnings per share of $.16
  2. Eagle-Picher Reports Third Quarter Results
  3. Caldor reports second quarter 1996 results
  4. Hayes Microcomputers To Consolidate Domestic Manufacturing Operations
  5. WMS reports fiscal year results...
  6. Cadiz officially assumes Sun World ownership
  7. Court Confirms Reorganization Plan for Spectravision
  8. 50-OFF Stores Reports Preliminary Operating Results and Plans
  9. CHIC by H.I.S. announces 1996 third quarter results
  10. FoxMeyer Vendors' Protection Under Trade Lien Program Strengthened; $100 Million Security Available to Vendors

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FoxMeyer Vendors'
Protection Under
Trade Lien Program Strengthened; $100 Million Security Available to Vendors


            DALLAS, September 13, 1996 -- href="chap11.foxmeyer.html">FoxMeyer Drug Company, a unit of
        FoxMeyer Health Corporation (NYSE: FOX), said that, in an agreement
        reached with the creditors' committee and postpetition lenders and
        approved by the Court today, vendor protection under a previously
        announced trade lien program has been strengthened to provide up to
        $100 million in credit secured by a first priority lien on the
        Company's inventory and an administrative claim priority.

            As part of the same agreement, the Company has agreed to waive
        potential preference claims in favor of each supplier that ships to
        it on normal trade terms.  The amount waived is tied to the amount
        of trade credit extended by each supplier.  This will quickly - and
        without further litigation - resolve potential preference claims
        that have seriously disrupted the Company's relations with its

            Robert A. Peiser, vice chairman and chief executive officer of
        the Company, said that with the stronger trade credit lien program
        in place, vendors have every reason to restore normal purchasing
        terms on shipments of merchandise to FoxMeyer, one of the largest
        wholesale drug distributors in the country.

            "We took this action - which provides for one of the strongest
        trade lien programs ever developed in favor of postpetition vendors
        - in order to assure the flow of product on terms that both the
        Company and its vendors can afford," Mr. Peiser said.  "We are very
        eager to do business with suppliers who will work with us on
        customary terms, and we believe that with the stronger trade lien
        now in place, vendors have every protection they need to do so."

            He added that the agreement will provide for the "enhancement of
        relations between the company and the vendor community and will
        enable FoxMeyer to assure customers that the company will continue
        operating at maximum capacity."

            Under the Court's order, all suppliers who ship on mutually
        agreeable terms will receive prompt payment for inventory shipped
        after the August 27 filing date and a first priority lien on the
        Company's inventory up to an aggregate amount of $100 million and an
        administrative priority claim for all current shipments.  This lien
        is equal on a pro rata basis to that of GE Capital Services under
        the previously announced $775 million debtor-in- possession (DIP)
        financing facility and senior to other claims in the case.

            Additionally, the Court's order provides that FoxMeyer will
        agree to waive potential preference claims in favor of suppliers
        under the program.

            FoxMeyer Drug and certain affiliated companies filed to
        reorganize under Chapter 11 of the Bankruptcy Code on August 27,
        1996, in U.S. Bankruptcy Court in Wilmington, Delaware.  FoxMeyer
        Drug is the nation's fourth largest wholesaler of pharmaceutical
        products, health and beauty aids.  The Company, which is
        headquartered in Dallas, employs 2,400 people in 21 states and the
        District of Columbia.

Shoney's Inc. announces third quarter earnings per share of $.16


            NASHVILLE, Tenn.  --  Sept. 13, 1996  --  Shoney's Inc.
        today reported results for the third quarter of fiscal 1996 ending
        Aug. 4, 1996.

            Revenues for the 12-week period increased 1% to $257.0 million
        from $253.9 million in the third quarter of fiscal 1995.  Comparable
        restaurant sales for the third quarter of 1996 were up 0.5%,
        including a menu price increase of 2.1%.  Comparable restaurant
        sales for the company's Shoney's Restaurants were down 0.7%, while
        the company's Captain D's restaurants had a comparable restaurant
        sales increase of 5.3%.  Income from continuing operations for the
        third quarter was $6.6 million, or $.16 per share on a primary
        basis, compared to $8.2 million, or $.20 per share, in the prior

            C. Stephen Lynn, chairman of the board and chief executive
        officer, said, "We have made significant progress in our turnaround.
        The trends in comparable restaurant sales and customer satisfaction
        scores indicate we are improving operational execution at our
        Shoney's Restaurants.  The journey is by no means complete, but the
        journey back has definitely begun.  I am confident we have the right
        team and the right programs in place to build long term shareholder

            Lynn said, "Our operational focus for the Shoney's Restaurants
        over the last several months has been the middle Tennessee market.
        I am pleased to report the middle Tennessee market has reported
        positive comparable restaurant sales for 19 of the 21 weeks in the
        period ending August 25, 1996, with an overall comparable restaurant
        sales increase for that period of 3.5%.  Further, those results
        exceed the comparable restaurant sales reported for all other
        company-owned Shoney's Restaurants for that same period by 5.2%.
        Additional evidence of our operational improvement is our customer
        satisfaction scores for company-owned Shoney's Restaurants which
        have increased by 16% since the beginning of the fiscal year.   

            Lynn continued, "I am also pleased by the continuing excellent
        performance of our Captain D's restaurants.  The increase in
        comparable restaurant sales of 5.3% is indicative of their
        outstanding performance in satisfying customers."

            Revenues for the first three quarters of fiscal 1996, a 40-week
        period, were $814.9 million, down slightly from revenues of $817.5
        million in the prior year.  Comparable restaurant sales for the
        first three quarters of fiscal 1996 were down 0.3%, which included a
        menu price increase of 1.7%.  Net income for the first three
        quarters was $37.2 million, or $.87 per share on a fully diluted
        basis.  Results for the first three quarters include a gain of $22.1
        million, net of taxes, on the sale of Mike Rose Foods Inc.
        consummated in the first quarter.  This sale completed the
        divestitures announced in January 1995 as part of the company's
        restructuring plan.  Income from continuing operations in the first
        three quarters of 1996 was $14.7 million, or $.35 per share on a
        primary basis, compared to $22.4 million, or $.54 per share, in the
        prior year.

            In conclusion, Lynn noted, "Our acquisition of TPI Restaurants,
        which was our largest franchisee, was completed on Sept. 9, 1996.
        The addition of TPI's 176 Shoney's Restaurants and 67 Captain D's
        brings the total company-owned restaurants to 967, representing 65%
        of the 1,495 restaurants in our system.  We are energized by the
        opportunities this combination presents and are working to quickly
        achieve the synergies available from the consolidation of corporate
        and commissary support functions.  We have already announced that
        both commissaries operated by TPI will be closed by the end of the
        fiscal year and the $100 million of distribution revenues will be
        serviced by the existing Shoney's Inc. commissaries.

            Shoney's Inc. opened 31 restaurants in the first three quarters
        of 1996, including 26 Shoney's Restaurants, two Captain D's, two
        Pargo's and one BarbWire's.  The company acquired 15 of the 26
        Shoney's Restaurants and both Pargo's from franchisees.  Franchisees
        opened five restaurants in the first three quarters of 1996,
        resulting in a net decrease of 55 franchised restaurants.  At the
        end of the quarter, the company had a total of 1,495 restaurants in
        34 states, including 724 company-owned and 771 franchised

            The company's common stock is traded on the New York Stock
        Exchange under the symbol "SHN".  

                       Consolidated Statement of Income
                Twelve Weeks Ended August 4, 1996 and August 6, 1995
                           1996                         1995          
                          Amount         %             Amount         %
         Net sales         $251,150,233     97.7       $247,332,365    97.4
         Franchise fees       5,404,985      2.1          5,718,265     2.3
         Other income           488,130      0.2            846,417     0.3
                       ------------    -----       ------------    -----
                        257,043,348    100.0        253,897,047    100.0
        Costs and Expenses
         Cost of sales    
          Food and supplies 104,449,140      40.6       102,153,222     40.2
          Restaurant labor   63,250,547      24.6        61,502,074     24.2
          Operating expenses 54,824,112      21.4        53,509,123     21.1
                       ------------    ------       -----------    -----
                        222,523,799      86.6       217,164,419     85.5
        General and  
         administrative      15,458,729       6.0        14,070,280      5.5
        Interest expense      8,633,925       3.3         9,406,788      3.8
         expenses                                            86,042      0.0
                       ------------    ------       -----------    -----
                        246,616,453      95.9       240,727,529     94.8
        Income from continuing
         operations before
         income taxes        10,426,895       4.1        13,169,518      5.2
        Provision for  
         income taxes         3,806,000       1.5         5,004,000      2.0
                       ------------    ------       -----------    -----
        Income from  
         operations           6,620,895       2.6         8,165,518      3.2
        Discontinued operations,
         net of income tax                                2,034,226      0.8
                       ------------    ------      ------------    -----
        Net income         $  6,620,895       2.6      $ 10,199,744      4.0
        Earnings per  
         common share  
          Income from  
           operations             $0.16                       $0.20
           operations                                          0.05
                              -----                       -----
          Net income              $0.16                       $0.25
         Fully diluted:
          Income from  
           operations             $0.16                       $0.20
           operations                                          0.05
                              -----                       -----
          Net income              $0.16                       $0.25
        Weighted average shares
         Primary             41,808,671                  41,613,498
         Fully diluted       41,808,671                  41,613,498
                        Consolidated Statement of Income
               Forty Weeks Ended August 4, 1996 and August 6, 1995
                           1996                         1995          
                          Amount         %             Amount         %
         Net sales         $795,305,943     97.6       $797,154,102    97.5
         Franchise fees      17,160,173      2.1         18,572,185     2.3
         Other income         2,466,084      0.3          1,750,483     0.2
                       ------------    -----       ------------    -----
                        814,932,200    100.0        817,476,770    100.0
        Costs and Expenses
         Cost of sales    
          Food and supplies 332,144,308     40.8        334,783,265     41.0
          Restaurant labor  201,036,999     24.7        192,228,741     23.5
           expenses         178,024,112     21.8        174,356,277     21.3
                       ------------    -----       ------------    -----
                        711,205,419     87.3        701,368,283     85.8
        General and  
         administrative      51,979,171      6.4         47,219,607      5.8
        Interest expense     27,599,142      3.3         31,007,162      3.8
         expenses                                         1,785,915      0.2
                       ------------    -----       ------------    -----
                        790,783,732     97.0        781,380,967     95.6
        Income from
         operations before
         income taxes        24,148,468      3.0         36,095,803      4.4
        Provision for  
         income taxes         9,473,000      1.2         13,716,000      1.7
                       ------------    -----       ------------    -----
        Income from  
         operations          14,675,468      1.8         22,379,803      2.7
         operations, net
         of income tax          397,816      0.0          6,977,133      0.9
        Gain on sale of  
         operations, net  
         of income tax       22,080,375      2.7  
                       ------------    -----       ------------    -----
        Net income         $ 37,153,659      4.5       $ 29,356,936     3.6
        Earnings per  
         common share  
          Income from  
           operations            $0.35                       $0.54
           operations             0.01                        0.17
          Gain on sale of  
           operations             0.53                 
                            ------                       -----
          Net income             $0.89                       $0.71
                            ------                       -----
         Fully diluted:
          Income from  
           operations            $0.39                       $0.54
           operations             0.01                        0.17
          Gain on sale of  
           operations             0.47   
                             -----                       -----
          Net income             $0.87                       $0.71
        Weighted average shares
         Primary            41,709,280                 41,495,234
         Fully Diluted      46,926,890                 41,495,234
                      Consolidated Statement of Cash Flow
                                         Forty Weeks Ended
                                      Aug. 4,         Aug. 6,
                                       1996            1995
        Operating activities  
        Net income                      $ 37,153,659   $ 29,356,936
        Adjustments to reconcile net
         income to net cash provided by  
         operating activities:   
        Income from discontinued  
         operations, net of taxes           (397,816)    (6,977,133)
        Gain on sale of discontinued
         operations, net of taxes        (22,080,375)                 
        Depreciation and amortization     33,995,638     33,641,554
        Amortization of deferred  
         charges and other non-cash
         charges                           9,259,600      6,460,368
        Realized and unrealized loss
         on marketable securities and  
         sale of other assets                             1,392,202
        Change in deferred income taxes    5,544,000      3,598,000
        Changes in operating assets and
         liabilities                     (17,424,262)    11,605,146
        Net cash provided by continuing
         operating activities             46,050,444     79,077,073
        Net cash (used by) provided by
         discontinued operating  
         activities                         (655,622)     9,364,007
        Net cash provided by operating
         activities                       45,394,822     88,441,080
        Investing activities
        Cash required for property, plant
         and equipment                   (60,416,682)   (45,763,816)
        Cash required for assets held
         for sale                                        (1,291,322)
        Proceeds from disposal of
         property, plant and equipment     8,492,792      3,500,850
        Proceeds from disposal of  
         discontinued operations          51,279,601  
        Cash required for other assets    (5,072,556)      (796,965)
        Net cash used by investing  
         activities                       (5,716,845)   (44,351,253)
        Financing activities
        Payments on long-term debt  
         and capital lease obligations   (75,534,716)  (107,677,744)
        Proceeds from long-term debt      47,175,000     78,000,000
        Net proceeds from short-term
         borrowings                        8,336,000      4,918,000
        Payments on litigation
         settlement                      (17,515,535)   (17,547,347)
        Cash required for debt
         issue costs                      (3,337,416)    (2,033,827)
        Proceeds from exercise of  
         employee stock options              518,250      1,675,335
        Net cash used by financing
         activities                      (40,358,417)   (42,665,583)
        Change in cash                  $   (680,440)  $  1,424,244
                       Shoney's, Inc. and Subsidiaries
                          Consolidated Balance Sheet        
                           Aug. 4,                   Oct. 29
        Assets                  1996          %            1995         %
        Current assets
        Cash and cash
         equivalents       $  6,833,148      1.2       $  7,513,588     1.4
        Notes and accounts
         receivable          12,841,679      2.3         13,013,821     2.4
        Inventories          39,011,026      7.1         33,483,964     6.3
        Deferred taxes and                                             
         other current  
         assets              34,922,798      6.4         30,716,885     5.8
        Net current assets  
         of discontinued
         operations                   0                  14,495,812     2.7
        Total current
         assets              93,608,651     17.0         99,224,070    18.6
        Property, plant and equipment
        Land                122,551,110     22.2        117,104,203    21.9
        Buildings           245,025,965     44.4        227,124,559    42.5
        Restaurant and  
         other equipment    276,420,363     50.1        256,936,595    48.0
         improvements        58,552,620     10.6         57,330,822    10.7
        Rental properties    23,944,129      4.3         24,136,182     4.5
        Buildings under
         capital leases      19,413,584      3.5         18,122,394     3.4
        Construction in
         progress            3,636,012       0.7          9,789,522     1.8
                       -----------      ----        -----------   -----  
                       749,543,783     135.8        710,544,277   132.8
        Less accumulated
         depreciation and
         amortization     (312,006,039)    (56.5)      (291,057,795)  (54.4)
        Net property, plant
         and equipment     437,537,744      79.3        419,486,482    78.4
        Other assets
        Deferred charges and
         other intangible
         assets             13,118,264       2.4          7,085,784     1.3
        Other                7,747,713       1.3          9,219,658     1.7
        Total other assets  20,865,977       3.7         16,305,442     3.0
                       -----------     -----        -----------    ----
                      $552,012,372     100.0       $535,015,994   100.0
        Liabilities and Shareholders'
         Equity (Deficit)
        Current liabilities  
        Accounts payable  $ 31,323,079       5.7       $ 33,099,813     6.2
        Federal and state
         income taxes        6,844,864       1.2          7,486,210     1.4
        Accrued expenses    78,419,594      14.2         74,312,652    13.9
        Reserve for litigation
         settlement         23,024,788       4.2         23,372,889     4.4
        Debt and capital  
         lease obligations    
         due within  
         one year           44,705,335       8.1         34,448,154     6.4
        Total current
         liabilities       184,317,660      33.4        172,719,718    32.3
        Long-term debt
         and capital lease
         obligations due
         after one year    383,157,995      69.4        406,032,446    75.9
        Reserve for litigation
         settlement         21,560,000       3.9         38,727,434     7.2
        Deferred income
         taxes              24,767,797       4.5         19,223,797     3.6
        Deferred income and  
         other liabilities   6,100,697       1.1          6,619,234     1.2
        Shareholders' Equity (Deficit)
        Common stock        41,664,367       7.5         41,510,659     7.8
        Additional paid-in
         capital            62,040,613      11.2         60,770,176    11.4
        Retained earnings  
         (deficit)        (173,433,811)    (31.3)      (210,587,470)  (39.4)
        Unrealized gain on  
         securities available
         for sale            1,837,054       0.3                  0     
        Total shareholders'  
         equity (deficit)  (67,891,777)    (12.3)      (108,306,635)  (20.2)
                       ------------    ------      -------------  ------
                       $552,012,372    100.0       $535,015,994   100.0

        CONTACT:  Shoney's Inc., Nashville :  
                  W. Craig Barber, 615/391-5201

Eagle-Picher Reports Third Quarter Results


            CINCINNATI,  OH  --  Sept. 13, 1996  --  Eagle-Picher Industries
        (OTC: EPIHQ.U) today announced that sales for the third quarter
        ended August 31, 1996 were $216.4 million compared with $210.7
        million for the third quarter of 1995.  Operating income for the
        quarter declined to $13.3 million from $14.0 million for the same
        period last year.  On August 28, 1996, the Disclosure Statement,
        which accompanied the Third Amended Consolidated Plan of
        Reorganization (the "Plan") filed with the U.S. Bankruptcy Court,
        provided that the Company's estimated asbestos-related personal
        injury liability was $2.0 billion.  A statement issued on August 28,
        1996 is described below.  The Company's financial statements reflect
        the change in the Company's estimated asbestos-related personal
        injury liability from $2.5 billion to $2.0 billion as of August 31,
        1996.  This adjustment has absolutely no impact on cash flow. In the
        third quarter of 1995 the Company realized a pretax gain of $11.7
        million on the sale of securities which the Company received in the
        reorganization of a supplier to which it had provided financing.  At
        the end of the third quarter of 1996, the Company's cash position
        was $113.5 million. This compares with a cash position of $100.4
        million for the third quarter of 1995 and a cash position of $93.3
        million at the end of fiscal year 1995.

        Reorganization Effort:

            As indicated above, on August 28, the Company issued the
        following statement concerning its reorganization effort:  Eagle-
        Picher Industries announced that a Third Amended Consolidated Plan
        of Reorganization (the Plan) and the accompanying proposed
        Disclosure Statement were filed today with the U.S. Bankruptcy Court
        in Cincinnati.  The Bankruptcy Court entered an order approving the
        Disclosure Statement.  Pursuant to such order, voting on the Plan by
        the various classes of creditors must be completed by November 4,
        1996.  The order also set a hearing to consider confirmation of the
        Plan for November 13, 1996.  The Plan, which was filed jointly by
        the Company, the Injury Claimants' Committee (ICC), and the
        Representative for Future Claimants (RFC), is based on a settlement
        of $2.0 billion for the Company's liability for present and future
        asbestos-related personal injury claims.  The Unsecured Creditors'
        Committee (UCC) supports the Plan.  If the Plan becomes effective,
        the UCC's appeal before the Federal District Court of the Bankruptcy
        Court's estimation of  $2.5 billion for the Company's liability for
        present and future asbestos-related personal injury claims will be
        dismissed.  One individual member of the UCC intends to pursue an

            The ICC represents approximately 150,000 persons alleging injury
        due to exposure to asbestos-containing products manufactured by
        Eagle-Picher from 1934 until 1971.  Future personal injury claimants
        are represented by the RFC.

            Based on the settlement of $2.0 billion for the Company's
        liability with respect to present and future asbestos-related
        personal injury claims, the Company's estimate that all other
        prepetition unsecured claims aggregate approximately $157 million,
        and the expected value of the equity of the reorganized Company, the
        Company anticipates that each holder of a prepetition general
        unsecured claim, including environmental claims, will receive a
        distribution equal to approximately 33% of its claim.  Such
        distribution will be paid 1/2 in cash and 1/2 in notes with a three-
        year maturity.

            Pursuant to the Plan, the trust to be established to resolve and
        satisfy all asbestos and lead-related personal injury claims will
        receive consideration consisting of cash, notes and all of the stock
        of the reorganized Company.  Based upon the above assumptions, the
        Company estimates that the aggregate value of the consideration to
        be distributed to the trust will be equal to approximately 33% of
        the $2.0 billion settlement amount for the Company's liability for
        present and future asbestos-related personal injury claims.

            As was the case with previous reorganization plans filed by the
        Company, the Company's equity security holders will receive no
        distribution under the Plan and their shares will be canceled.

        Operating Results:

            Thomas E. Petry, Eagle-Picher Chairman, stated that "sales and
        operating income for the Automotive Group for the third quarter of
        1996 were approximately equal to those of the third quarter of 1995.
        The Group's product mix continues to be oriented toward the truck,
        van, and sport utility segment of the market which has been well
        received by the consumer.  Also, intense pressure from customers to
        reduce pricing not only on current business, but also on new
        business is a continuing source of concern.  It is anticipated that
        for the upcoming model year, automotive production will be slightly
        lower than the past year.  The Machinery Group also experienced
        lower sales and operating income.  Schedules for shipments of earth
        moving machinery, although at lower levels than last year, are
        expected to improve as the year progresses.  The competitive
        pressures in the marketplace for forklift trucks adversely impacted
        profit margins.  Those segments of the Technologies Division which
        manufacture special purpose batteries for aerospace, defense, and
        commercial markets experienced similar results.  The Transicoil
        Division which serves the aircraft, aerospace, and defense markets,
        experienced improved results when compared with the third quarter of
        1995. The Industrial Group experienced increased results from those
        of the previous year.  The portion of the Technologies Division in
        the Industrial Group which manufactures products for solar displays,
        and those manufacturing boron products for the nuclear market
        performed well.  The Minerals Division, which mines and processes
        diatomaceous earth and perlite products, primarily for high purity
        filtration, continued to enjoy excellent results.

            "It is possible that the Company could emerge from
        reorganization by the end of the fiscal year (November 30, 1996).
        Business prospects are good and the Company has many new capital
        projects which are expected to generate above average returns on

        The figures follow:
        (Data in thousands except per share)
        Three Months Ended August 31                         1996        1995
        Net sales                                          $216,400    $210,723
        Operating income                                     13,364      14,022
        Adjustment for asbestos litigation                  502,197          --
        Gain on sale of investment                               --      11,505
        Other non-operating items                               (57)         99
        Reorganization items                                    439        (132)
        Income before taxes                                 515,943      25,494
        Net income                                          514,161      23,394
        Net income per share                                  46.57        2.12
        Average shares                                       11,041      11,041
        Nine Months Ended August 31                           1996        1995
        Net sales                                          $660,108    $633,704
        Operating income                                     46,016      48,282
        Adjustment for asbestos litigation                  502,197          --
        Gain on sale of investment                               --      11,505
        Other non-operating items                              (649)       (482)
        Reorganization items                                    529        (888)
        Income before taxes                                 548,093      58,417
        Net Income                                          542,425      53,202
        Net income per share                                  49.13        4.82
        Average shares                                       11,041      11,041

CONTACT:  J. Rodman Nall of Eagle-Picher Industries, 513-721-7010

Caldor reports second quarter 1996 results


            NORWALK, Conn.  --  Sept. 13, 1996  --  The Caldor
(NYSE: CLD) today announced its financial results for
        the thirteen and twenty-six week periods ended August 3, 1996.   

            For the second quarter of 1996, net sales were $622 million
        compared to $671 million for the second quarter of 1995, a 7.2%
        decline.  Comparable store sales declined by 7.5% for the quarter.
        Lower comparable sales in the second quarter primarily reflect a
        change in strategy to reduce sales promotions that are not
        profitable or compatible with the Company's long-term strategy.
        Sales results for the quarter were also adversely affected by the
        unseasonably cool summer weather as compared to last year, which
        negatively impacted seasonal merchandise categories.  For the twenty-
        six weeks ended August 3, 1996, net sales were $1.19 billion
        compared to $1.24 billion in the same period last year, a decrease
        of 3.6%.  Comparable store sales declined by 4.4% for the first half
        of fiscal 1996.   

            The Company's operating loss (results before interest, taxes,
        extraordinary and reorganization items) for the second quarter of
        1996 was $8.6 million versus operating earnings of $15.5 million in
        the period last year.  For the six months ended August 3, 1996 the
        Company's operating loss was $34.7 million compared to operating
        earnings of $10.5 million in the corresponding period last year.   

            The Company's net loss for the second quarter was $28.4 million,
        or $1.67 per share, compared to net earnings of $3.3 million, or
        $0.20 per share, for the second quarter of 1995.  The net loss for
        the first half of 1996 was $71.7 million, or $4.23 per share, in
        line with the Company's plan for the period.  In the comparable
        period in 1995 the net loss was $11.1 million, or $0.66 per share.
        The results for the second quarter and the first half of 1996
        included reorganization items of $10.8 million and $19.5 million,
        respectively, principally for professional fees and other bankruptcy
        related expenses.   

            Don Clarke, Chairman and Chief Executive Officer of Caldor,
        stated, "The Company, as planned, continues to have significant
        credit availability, currently aggregating approximately $242
        million under our debtor-in-possession bank facility.   

            "We are continuing to make progress in developing a
        comprehensive, long-term business plan, which is expected to be
        completed in November.  In addition, we made several changes during
        the quarter designed to improve the Company's future performance,
        including changing our marketing strategy.  We also commenced
        operations at our new Westfield, Massachusetts distribution center,
        effectively regionalizing our distribution of merchandise, which is
        expected to significantly reduce distribution and freight expenses
        in 1997.  The Company will continue to implement additional cost
        savings programs to achieve further reductions in SG&A expenses."   

            Mr. Clarke also noted that the Company recently announced the
        appointment of Susan Sprunk as Senior Vice President, Marketing.  A
        seasoned retail marketing executive with 30 years of experience, Ms.
        Sprunk will play a key role in helping to shape Caldor's future
        marketing and promotional strategies.   

            The Company opened its sixth new store for 1996 in Silver
        Spring, Maryland in July, and plans to open a seventh store, located
        at Atlantic Center in Brooklyn, New York, later in the year.   

            The Caldor Corporation is the fourth largest discount department
        store chain in the U.S., with annual sales of approximately $2.7
        billion and approximately 23,000 Associates.  It currently operates
        160 stores in ten East Coast states.  With a strong consumer
        franchise in high density urban/suburban markets, Caldor offers a
        diverse merchandise selection, including both softline and hardline

                  The Caldor Corporation and Subsidiaries
                   Consolidated Statements of Operations
                (Dollars in thousands, except per share data)
                                   13 Weeks Ended        26 Weeks Ended
                                  Aug. 3,   July 29,    Aug. 3,   July 29,
                                   1996       1995       1996       1995
        Net sales                    $622,212   $670,830 $1,190,772
        Cost of goods sold            455,016    487,495    881,176
        SG&A expenses, net of
           depreciation and
           amortization               162,116    154,766    318,648
        Depreciation and
           amortization                13,676     13,108     25,668
        Operating earnings (loss)      (8,596)    15,461    (34,720)
        Interest expense, net           9,045      9,963     17,441
        Earnings (loss) before
           reorganization items,
           income taxes and
           extraordinary item         (17,641)     5,498    (52,161)
        Reorganization items           10,779                19,540
        Earnings (loss) before
           income taxes and
           extraordinary item         (28,420)     5,498    (71,701)
        Income tax provision (benefit)             2,155
        Earnings (loss) before
           extraordinary item         (28,420)     3,343    (71,701)
        Extraordinary loss
        Net earnings (loss)          ($28,420)    $3,343   ($71,701)
        Per Share Amounts:
        Earnings (loss) before
           extraordinary item          ($1.67)     $0.20     ($4.23)
        Extraordinary loss
        Net earnings (loss)            ($1.67)     $0.20     ($4.23)
        Weighted average common and
           common equivalent shares
           outstanding                 17,012     16,933     16,935
                   The Caldor Corporation and Subsidiaries
                         Consolidated Balance Sheets
                           (Dollars in thousands)
                                             Aug. 3,   July 29,    Feb. 3,
                                              1996       1995       1996
        Current assets:
           Cash and cash equivalents             $32,016    $25,485
           Restricted cash                         1,516
           Accounts receivable                    19,879      9,962
           Merchandise inventories               551,699    610,428
           Assets held for disposal, net
           Refundable income taxes                 3,290
           Prepaid expenses & other
          current assets                      21,619     21,412     17,047
            Total current assets             630,019    667,287    591,276
        Property and equipment, net              540,624    538,604
        Debt issuance costs                        3,963      3,889
        Deferred income taxes                     16,626
        Other assets                               9,512     16,241
                                          $1,200,744 $1,226,021 $1,174,019
        Current liabilities:
           Accounts payable and
          accrued expenses                  $238,610   $337,893   $227,075
           Other accrued liabilities              55,492     46,134
           Federal and state income taxes payable            24,235
           Current deferred income taxes                      4,539
           Borrowings under revolving
          credit agreement                   155,000    193,295     40,000
           Current maturities of long-term debt              45,618
            Total current liabilities        449,102    651,714    319,911
        Long-term debt                           247,798    221,735
        Deferred income taxes                                 7,131
        Other long-term liabilities               27,643     18,838
        Liabilities subject to compromise        510,650
        Total stockholders' equity (deficit)     (34,449)   326,603
                                          $1,200,744 $1,226,021 $1,174,019

Notes to Consolidated Financial Statements:

        (1) EBITDAR (Earnings before interest, taxes, depreciation,
            amortization and reorganization) for the thirteen weeks
            ended August 3, 1996 was a profit of $6.3 million
            compared to a profit of $28.9 million in 1995.  For the
            twenty-six weeks ended August 3, 1996, EBITDAR was a
            loss of $6.6 million compared to a profit of $35.9 million
            for the prior year.

        (2) Certain items previously reported in the accompanying
            financial statements have been reclassified to conform
            with the current year's classifications.

        CONTACT:  Information Contacts:
                  Wendi Kopsick/Jim Fingeroth, Kekst and Company:
                  (212) 593-2655

Hayes Microcomputers To Consolidate Domestic Manufacturing Operations At Norcross, GA Facilities


            ATLANTA, GA  --  Sept. 13, 1996  --  Modem leader Hayes
        Microcomputer Products, Inc.
today announced a strategic
        restructuring of its manufacturing operations to improve its
        competitive position in the rapidly growing data communications
        marketplace.  The company is consolidating its domestic production
        facilities at its Norcross, Georgia headquarters.  It will be
        discontinuing its Thousand Oaks, California manufacturing operations
        in phases between today and March, 1997.

            The company has notified employees of the impending closing, in
        compliance with state and federal regulations.  Approximately 350 to
        375 manufacturing- related positions will be affected by the
        shutdown of operations.  An engineering group and the Company's
        multi-media products business unit will continue at the Hayes
        Thousand Oaks location.

            Affected employees will be provided with outplacement services
        and severance payments, under the company's reduction-in-force

            Hayes, since emerging from Chapter 11 with new investors and a
        strengthened management team, is taking this efficiency measure in
        its U.S. manufacturing operations at a time of solidly improving
        business performance. The restructured Hayes has achieved gains in
        both total revenues and operating profits.

            To accelerate this positive momentum, the company's new Chief
        Executive Officer, Joe Formichelli, working with Chairman Dennis
        Hayes, simplified manufacturing operations so that total output will
        be increased with far fewer employees.  Formichelli, formerly the
        top manufacturing executive at IBM PC Company, took steps to reduce
        total parts and overhead redundancies in the manufacture of Hayes
        product line.

            "The computer industry is undergoing a period of intensifying
        global competition, where speed to market and low cost of production
        are more important than ever," said Chairman Dennis Hayes.  "No
        where is this new reality more acutely felt than in the analog modem

            "For Hayes to continue to improve its position in this industry,
        it must continue to focus on improving efficiency in all areas ...
        especially manufacturing," added CEO Josephe Formichelli.  "We truly
        regret the pain this decision causes many of our loyal employees.
        However, we are making a significant effort to ease them through
        this difficult transition."

            The closing of the Thousand Oaks manufacturing facility will
        require the company to incur a one-time restructuring charge in the
        fourth quarter of 1996 of $6.5 million.  Hayes expects to save five
        to six million dollars annually in manufacturing overhead costs.

            Based in Norcross, Georgia, Hayes markets its ACCURA, OPTINIA,
        Practical Peripherals and CENTURY brands of personal computer modems
        and remote connectivity system products worldwide.  With
        distributors in more than 45 countries, it is one of the largest
        manufacturers of modems in the world.

            NOTE:  Hayes, the Hayes logo, ACCURA, OPTIMA, and CENTURY are
        trademarks of Hayes Microcomputer Products, Inc.  Other trademarks
        are trademarks of their respective companies.

CONTACT:  Angela Hooper, Hayes Microcomputer Products, Inc.,
        770-840-9200 ext. 6030, Internet Address:, or Hayes World Wide Web Site: " target=_new>">;or Paul Bergevin, Edelman  
        Worldwide, 415-938-4033, or Internet Address:

WMS reports fiscal year results and the filing by its video game subsidiary of its initial public offering


            CHICAGO, IL  --  Sept. 13, 1996  --  WMS Industries Inc.
        (NYSE:WMS) announced today its fiscal 1996 year end profits and the
        filing by Midway Games Inc., its coin-operated video game and home
        video game subsidiary, of Midway's initial public offering with the
        Securities and Exchange Commission.   

            The Company previously announced in June 1996, that its Board of
        Directors had approved restructuring initiatives intended to, among
        other matters, reduce regulatory burdens and risks, enhance
        shareholder value by enabling investors to value three distinct
        areas of the Company's operation and reduce expenses of the
        Company's pinball operations.  The Board approved: a spin-off of
        100% of WMS' Puerto Rico-based hotel, casino and management business
        to the Company's stockholders; an initial public offering of
        approximately 15% of the Company's coin-operated video game and home
        video game business and the downsizing of the Company's pinball
        machine business.   

            WMS' revenues and results from continuing operations for the
        year ended June 30, 1996 reflect three business segments: the Midway
        Games Inc.  subsidiary which is the coin-operated and home video
        games segment; pinball and novelty games segment; and video lottery
        terminals and gaming devices segment.  Discontinued operations
        reflect the results from the hotel/casino business scheduled to be
        spun off to the Company's stockholders.  Revenues for fiscal 1996
        increased to $338,625,000 from $314,494,000 in the prior year.
        Income from continuing operations, which includes restructuring and
        related costs of downsizing the pinball business, was $7,477,000,
        $0.31 per share, compared with $23,012,000, $0.96 per share, in the
        prior fiscal year.  Discontinued operations for fiscal 1996 resulted
        in a loss of $2,938,000, $0.12 per share, compared with a loss of
        $3,805,000, $0.16 per share, in the prior year.  The fiscal 1996
        loss from discontinued operations includes costs to be incurred in
        connection with the spin-off of the hotel/casino business of
        $5,891,000 net of related taxes.  Net income which includes both
        continuing and discontinued operations was $4,539,000, $0.19 per
        share, for the fiscal year ended June 30,1996 compared with
        $19,207,000, $0.80 per share, in the prior year.   

            Revenues of the Company's video game subsidiary, Midway Games
        Inc., increased 36% in fiscal 1996 to $245,423,000 from $180,479,000
        in the prior year.  Midway's fiscal 1996 operating profit was
        $40,494,000 compared with $47,136,000 in the prior year
        notwithstanding a reduction in operating profit from licensing
        activities of $16,104,000 in fiscal 1996 compared to fiscal 1995 and
        an increase of approximately $17,800,000 in fiscal 1996 research and
        development expense due primarily to an increased number of video
        games under development.   

            Pinball and novelty segment revenues for fiscal 1996 decreased
        50% to $55,679,000 from $111,843,000 in the prior year due to an
        industry wide decline in demand for pinball games.  This business
        segment produced an operating loss of $17,093,000 in fiscal 1996
        compared with an operating loss of $2,590,000 in the prior year.
        The fiscal 1996 operating loss reflects restructuring and related
        costs of $3,422,000 incurred to downsize these operations, which is
        expected to result in approximately $10,000,000 of reductions in
        annual operating expense for this business segment.   

            Fiscal 1996 video lottery terminal and gaming devices segment
        revenues increased approximately 69% to $37,523,000 from $22,172,000
        in the prior year primarily as a result of the Company having
        commenced sales of its slot machine product line to various
        jurisdictions during the second half of the 1996 fiscal year.  The
        Gaming segment reported an operating loss of $9,508,000 in fiscal
        1996 compared with an operating loss of $8,036,000 in the prior
        year. The Company began initial shipments of the Williams FX slot
        machines to customers in Nevada, the largest gaming market in the
        country, in July 1996, and expects to introduce its Williams GX
        dotmation slot machines and Williams Quantum XL multigame video
        gaming devices into Nevada and other markets during the first six
        months of fiscal 1997.

            Segment operating profit for the three months ended June 30,
        1995 was $8,821,000 as compared to a segment operating loss of
        ($10,924,000) in the quarter ended June 30, 1996.  This change
        results primarily from the loss of profit from the significant
        decline in pinball game sales and a restructuring provision of
        $3,422,000 to downsize the pinball business segment; an additional
        provision of $2,200,000 for obsolete inventory in the gaming segment
        and an increase in reasearch and development expense of $7,985,000
        in the 1996 quarter compared to the 1995 quarter primarily in the
        video game segment, from the inclusion of Atari Games in operations
        subsequent to its purchase by the Company on March 29, 1996.  The
        1996 quarter also reflects a decrease of $2,000,000 in licensing
        operating profit in the video game segment compared to the 1995

            The Company's video game subsidiary Midway Games Inc.  filed
        today with the Securities and Exchange Commission its Form S-1
        Registration Statement in preparation for Midway's initial public
        offering of 5,100,000 shares of common stock (5,865,000 shares if
        the underwriters' over-allotment option is exercised in full) at an
        anticipated initial offering price of between $20 and $22 per share.
        Midway will have outstanding 38,500,000 shares upon completion of
        the offering (39,265,000 share if the underwriters' over-allotment
        option is exercised in full) of which WMS will own 33,400,000

            The managing underwriters of the offering, which is expected to
        commence in late October, are Oppenheimer & Co., Inc., Hambrecht &
        Quist LLC, UBS Securities LLC and Wasserstein Perella Securities,
        Inc.  Midway intends to use the proceeds of the offering for working
        capital and general corporate purposes, to pay a $50 million
        dividend note owed to the Company and to repay seasonal working
        capital borrowings from the Company.   

            The registration statement filed with the Securities and
        Exchange Commission has not yet become effective, and the shares may
        not be sold nor may offers to buy be accepted prior to the time the
        registration statement becomes effective.  This press release does
        not constitute an offer to sell, or the solicitation of an offer to
        buy, nor shall there be any sale of the securities in any state in
        which such offer, solicitation or sale would be unlawful prior to
        registration or qualification under the securities laws of such
        state.  A copy of the prospectus may be obtained from Oppenheimer &
        Co., Inc., 200 Liberty Street, New York, NY 10281.   

            WMS Industries Inc. is engaged in the design, manufacture and
        sale of coin-operated and home video games, pinball and novelty
        games and video lottery terminals and gaming devices.

                                  WMS INDUSTRIES INC.
                      (Thousands, except per share amounts)
                      Three months ended June 30,   Year ended June 30,
                              1996        1995      1996       1995
        Segment revenues:
         Video games            $45,248     $48,838   $245,423  $180,479
         Pinball and novelty     13,703      29,722     55,679   111,843
         Gaming                  14,718       2,566     37,523    22,172
         Total revenues         $73,669     $81,126   $338,625  $314,494
        Segment operating  
         profit (loss):
         Video games               $(54)    $12,448    $40,494   $47,136
         Pinball and novelty     (7,074)      1,534    (17,093)   (2,590)
         Gaming                  (3,353)     (4,265)    (9,508)   (8,036)
         Unallocated corporate     (443)       (896)    (3,106)   (3,260)
         Total operating  
         profit (loss)         $(10,924)     $8,821    $10,787   $33,250
        Income (loss) from
         continuing operations  $(6,566)     $6,799     $7,477   $23,012
        Income (loss) - discontinued
          operations             (5,177)       (648)    (2,938)   (3,805)
        Net income (loss)      $(11,743)     $6,151     $4,539   $19,207
        Per share of common stock:
         Continuing operations   $(0.27)      $0.29      $0.31     $0.96
         Discontinued operations  (0.22)      (0.03)     (0.12)    (0.16)
        Net income (loss)        $(0.49)      $0.26       0.19      0.80
        Shares used in
         calculating per share  
         amounts                 24,130      24,108     24,122    24,102
        CONTACT: Harold H. Bach, Jr.
                 Chief Financial Officer
                 WMS INDUSTRIES INC.
                 Joseph N. Jaffoni
                 Jaffoni & Collins Incorporated

Cadiz officially assumes Sun World ownership


            RANCHO CUCAMONGA, Calif.  --  Sept. 13, 1996  --  Cadiz
        Land Co. Inc. (NASDAQ:CLCI) announced that its acquisition of Sun
        World International Inc.
has been formally completed.

            The acquisition of all of the stock of Sun World represented the
        final step required of Cadiz before it assumed management of Sun
        World operations.

            Following the U.S. Bankruptcy Court's July 12 approval of the
        acquisition plan, Cadiz successfully satisfied all plan
        requirements, including the completion of documentation and
        execution of approximately $175 million in funding, to finalize
        Friday's ownership transfer.

            Sun World, one of California's leading agricultural concerns,
        with approximately $150 million in annual revenues, filed for
        Chapter 11 bankruptcy protection in October 1994 after debt-
        restructuring negotiations with its existing creditors had failed.

        CONTACT:  Stoorza, Ziegaus & Metzger, Los Angeles
                  Christine Lee or Fiona Hutton, 213/891-2822

Court Confirms Reorganization Plan for Spectravision


            DENVER, CO  --  Sept. 13, 1996  --  Ascent Entertainment Group,
        Inc., (Nasdaq: GOAL) announced today that the United States
        Bankruptcy Court for the district of Delaware has confirmed the
        bankruptcy reorganization plan of Spectravision, Inc.  Pursuant to
        the plan, Ascent would combine its subsidiary, On Command Video
        Corporation, with the assets and certain liabilities of
        Spectravision into a new corporation - On Command Corporation. On
        Command Corporation will be publicly traded and has made an
        application to trade on the Nasdaq stock market.  Ascent will
        continue to be the majority shareholder of On Command Corporation.

            The court held a September 11 confirmation hearing on the plan
        and approved it, subject to certain modifications.  Those
        modifications were incorporated into the confirmation order, which
        was entered by the court September 13.

            Ascent Entertainment Group's principal business is providing pay-
        per-view entertainment and information services.  In addition, it is
        involved in other entertainment-related businesses including
        ownership and operation of the NBA Denver Nuggets and NHL Colorado
        Avalanche, and Beacon Communications, a motion picture and
        television production company.

CONTACT: Paul E. Jacobson of Ascent Entertainment, 303-626-7060

50-OFF Stores Reports Preliminary Operating Results and Plans


            SAN ANTONIO, TX  --  Sept. 13, 1996  --  San Antonio-based
        50-OFF Stores, Inc. announced today preliminary results for the 26-
        week period ended Aug. 2, 1996.  Net sales were $64.1 million, down
        26.3 percent from the comparable prior year period's $87.0 million,
        and the company's loss before income taxes rose to $7.7 million
        (excluding any as yet undetermined charge for future store
        liquidations or closings and overhead reductions) from $1.9 million.
        The company operated a weighted average of 100.4 stores in the most
        recent period as compared to 106.6 in the comparable prior year

            50-OFF Stores' operating results in recent years have been
        disappointing, reflecting weaknesses in retailing generally and in
        apparel retailing specifically: the casualization of apparel has
        hurt many apparel retailers; and regional, off-price retailers have
        faced increased competition for the "value-conscious"  consumers'
        purchases.  In addition, 50-OFF was especially hard hit by the last
        devaluation and continued deterioration of the Mexican peso and the
        continuing economic turmoil along the Texas-Mexico border where it
        operates 13 50-OFF stores, historically its best performing

            Faced with such deteriorating results and the apparent consumer
        rejection of the 50-OFF retailing concept in almost all its markets,
        the Board of Directors has supported a change of leadership, the
        continued conversion of existing 50-OFF stores to LOT$OFF stores, a
        geographic consolidation of the chain and the liquidation or closing
        of underperforming stores of stores located outside of a reduced
        market area, and appropriate reductions in field and corporate
        overhead and staffing.  In addition, management has been pursuing an
        infusion of capital and an external affiliation with a supplier of
        product and credit and additional concessions from lenders and
        landlords to secure the resources necessary to implement its
        business plan and to effect the changes believed necessary by
        management to achieve profitability.  Although management believes
        it has developed an appropriate plan for the company in its current
        environment, no assurance can be given that the company will be
        successful in its efforts to secure such necessary concessions and
        resources or to improve operations and reverse operating trends.  If
        such efforts are not successful, management will consider, among
        other alternatives, strategic or financial alliances with other
        third parties, the merger or sale of all or a part of the company
        and the filing of a petition under Chapter 11 of the Bankruptcy

            As previously reported, 50-OFF Stores is in the process of
        redirecting its retail activities from off-price retailing to a
        closeout retailing concept.  Coincident and consistent with this
        change is a change in the mix of products, historically a majority
        in family apparel, to a majority in non-apparel merchandise,
        principally through the addition of new product categories to the
        company's historical non-apparel offerings which include domestics,
        housewares and giftware, home furnishings, shelf-stable food
        products, toys, luggage, footwear, stationery and health and beauty
        aids.  New categories include sporting goods, automotive, greeting
        cards, fine jewelry, books, party goods, seasonal, pet supplies and
        hardware, among others.  The company will continue to maintain a
        healthy showing of basic family apparel products in the new LOT$OFF
        stores.  The actual merchandise mix will fluctuate by category, by
        season and by store based on customer needs and buying trends,
        demographics and the availability of products at closeout prices.
        This merchandising concept is designed to appeal to value-conscious
        shoppers and other "bargain hunters,"  and management is hopeful its
        implementation will lead to higher initial mark- ups, less
        promotional pricing, fewer mark-downs, less inventory shrink,
        increased store traffic and improved operating results.   

            The company currently plans to open six LOT$OFF stores in San
        Antonio on Sept.  27 at 50-OFF's six existing San Antonio locations.
        A seventh San Antonio store, currently operating as The Clothing
        Liquidator, will reopen as a 50-OFF store, carrying LOT$OFF
        clearance merchandise at 50 percent of the LOT$OFF price.  These six
        new LOT$OFF stores will bring to 19 the number of LOT$OFF stores
        operated by the company, 13 of such stores having opened in Oklahoma
        (5) and the Dallas Metroplex (8) July 26 and Aug.  1, 1996,
        respectively.  Early operating results for the 13 existing LOT$OFF
        stores have been encouraging, far surpassing the results of the 85
        remaining 50-OFF stores.   

        CONTACT:  50-OFF Stores, Inc.,  
                  Charles Fuhrmann, 210/804-4904

CHIC by H.I.S. announces 1996 third quarter results


            NEW YORK  --  Sept. 13, 1996  --  CHIC by H.I.S. Inc.
        (NYSE: JNS) today reported that net income for the third quarter
        ended Aug. 3, 1996 was $2,281,000 or $0.23 per share.

            Net income for the third quarter last year was $2,038,000 or
        $0.21 per share.  

        Financial table quarter ended Aug. 3:
                                                1996            1995
        Net sales                               90,185,000       117,023,000
        Gross profit                            17,544,000        20,586,000
        Licensing income                         1,495,000         1,746,000
           Sell, gen. & admin. expenses         13,770,000        17,331,000
                    Operating income         5,269,000         5,001,000
           Interest expense                      1,692,000         1,712,000
                    Pretax income            3,577,000         3,289,000
           Taxes                                 1,296,000         1,251,000
        Net income                               2,281,000         2,038,000
               Outstanding Shares            9,753,868         9,753,868  
           E.P.S. - Net income                       $0.23             $0.21
        Financial table for the 39 weeks ended Aug. 3:
                                                1996            1995
        Net sales                              245,358,000       300,735,000
        Gross profit                            52,247,000        58,577,000
        Licensing income                         4,393,000         4,270,000
           Sell, gen. & admin. expenses         43,564,000        48,900,000
           Restructuring Charge                 15,000,000                 0
                    Operating income(Loss)  (1,924,000)       13,947,000
           Interest expense                      5,173,000         4,299,000
                    Pretax income(Loss)     (7,097,000)        9,648,000
           Taxes                                 3,719,000         3,811,000
        Net income(Loss)                       (10,816,000)        5,837,000
               Outstanding Shares            9,753,868         9,753,868  
           E.P.S. - Before restructuring charge      $0.43             $0.60
           E.P.S. - Net income(Loss)                ($1.11)            $0.60

        CONTACT: CHIC by H.I.S., New York -  
                 John Chin, 212/302-6400