TCR_Public/961025.MBX




InterNet Bankruptcy Library - News for October 25, 1996






Bankruptcy News For October 25, 1996



  1. Best Products Liquidating its $350 Million Inventory in 81 Stores Final Sales Start Sunday

  2. Borland Reports Second Quarter Fiscal 1997 Results

  3. Platinum Software Corporation Announces First Quarter Fiscal 1997 Results

  4. NACCO Industries, Inc. Announces Third Quarter Earnings

  5. Tyler Corporation Announces 1996 Third Quarter Earnings




Best Products Liquidating its $350 Million Inventory in 81 Stores Final Sales Start Sunday


LOS ANGELES, CA - Oct. 24, 1996 - Best Products, the national catalogue retailer, is liquidating all of
its $350 million inventory at 81 stores in 19 states from New Jersey to California as part of its
bankruptcy reorganization. Total inventory liquidation sales will start at all the Best stores on Sunday,
October 27.


Discounts will be given on all jewelry, consumer electronics, small appliances, toys, home office
products, personal care items, sporting goods, giftware, indoor and outdoor furniture, housewares and
all other merchandise in Best's inventory. These total liquidation sales will continue until all
merchandise is sold.


Best Products has engaged the joint venture of the Schottenstein- Bernstein Capital Group, Alco Capital,
and the Nassi Group to conduct their liquidation sale in the 81 closing stores.


"This liquidation sale represents a tremendous opportunity for shoppers throughout the United States to
save money on each and every quality item in these stores," said Albert Nassi, speaking for the joint
venture group. "There is no better time or place to find such fantastic bargains as we head into the
Christmas season."


The 19 states in which the sales will occur include CA, WA, OR, NV, NJ, PA, VA, NC, OH, MI, ND,
SD, MT, TX, NM, AZ, WY, CO and ID.


SOURCE Best Products /CONTACT: Albert Nassi of The Nassi Group, 818-591-7100; Alan Cohen of
Alco Capital, 212-751-9150; David Bernstein of Schottenstein- Bernstein Capital Group,
516-829-2400/




Borland Reports Second Quarter Fiscal 1997 Results


SCOTTS VALLEY, Calif., Oct. 24, 1996 - Borland International Inc. (Nasdaq: BORL) today announced
second quarter results for the period ended September 30, 1996 that were consistent with the range of
preliminary results released on October 16, 1996. Second quarter revenues were $36.4 million,
compared with revenues of $51.3 million for the second fiscal quarter of the prior year. The net loss for
the September 30, 1996, quarter was $9.8 million or $.31 per share, compared with net income of $2.6
million or $.08 per share in the second quarter a year ago. Total operating expenses for the quarter were
$41.4 million compared to $40.8 million for the same quarter of the previous year. The net loss for the
six months ended September 30, 1996, was $23.9 million or $.76 per share on revenues of $70.9
million compared to net income of $5.5 million or $.18 per share on revenues of $105.1 million for the
prior fiscal year.


Borland attributed the second quarter revenue decline primarily to a slower than expected transition of
its sales, marketing and development efforts aimed at serving the high-growth client/server and
Internet/Intranet software development markets for departmental and centralized corporate IT.
Additionally, many organizations were reluctant to adopt client/server products while evaluating the
impact of new Internet/intranet technologies on their information strategies. Revenues increased for the
second quarter, however, by nearly $2 million or 5.4 percent compared to the prior fiscal quarter.


As previously announced on October 16, 1996, the company is implementing a worldwide restructuring
and realignment of its corporate structure. Paul Emery, vice president and chief financial officer, said
that Borland's cost reduction measures are targeted at producing annual savings from $15 million to $17
million. Already, the company is making progress in realigning its cost structure as seen by a reduction
in operating expenses of greater than nine percent for the second quarter compared with the previous
quarter.


"Borland is aggressively moving forward with its strategic directions to provide client/server and
Internet/intranet software development tools for Fortune 1000 companies utilizing technology for a
competitive business advantage," said Whitney Lynn, Borland's acting president and chief executive
officer. "We are taking steps directed at streamlining the company's operations with the objective of
increasing our focus on our high-growth market opportunities and returning to profitability. We are
aiming to grow the sales of existing products while simultaneously preparing to ship new development
tools for the client/server and Internet/intranet markets later this year."


Several announcements made in the past quarter reflect Borland's progress. Some of the announcements
and developments include:


.. To support the growing demand for corporate client/server, intranet and Internet applications, Arthur
Andersen announced an extended strategic alliance with Borland to provide a worldwide,
single-source, end-to-end solution utilizing application development software from Borland.


.. Borland and JavaSoft, a division of Sun Microsystems Inc., announced that Borland's BAJA
component event model for Java(TM) applications development was being included in the draft
specification for JavaSoft's Java(TM) Beans component model.


.. Borland announced the availability of Borland C++ Development Suite 5.01 and Borland C++ 5.01,
updates to its critically acclaimed, award-winning Borland C++ Development Suite 5.0 and Borland
C++ 5.0 products for software developers. The new version includes Microsoft Foundation Classes
(MFC) and a Trial Version of Delphi 2.0.


.. Borland announced three new versions of its award-winning Delphi rapid application development
(RAD) tool, including a 30-day trial edition that users can download free-of-charge from the company's
World Wide Website. The other new versions are an educational "Learn to Program with Delphi"
package for students, hobbyists and other beginning programmers, and Delphi 2.0 - an easy-to-use,
low-price version designed to encourage software developers to evaluate Delphi. Resellers have
enthusiastically received Delphi since the repricing and repackaging of the product's desktop versions.


.. Borland shipped to resellers and corporate customers its first pure Internet product - Borland(R)
IntraBuilder(TM). IntraBuilder and IntraBuilder Professional, both currently shipping, are complete
toolsets for easily building and maintaining live, data-driven Intranet applications over local web
servers. IntraBuilder has received positive reviews in the trade press and has been downloaded from
the web to approximately 60,000 sites.


.. Borland announced it signed a set of strategic agreements with Netscape Communications Corporation
to cover the licensing of key technology from the new Netscape ONE(TM) Open Network Environment
for inclusion in Borland IntraBuilder along with OEM agreements for Netscape FastTrack Server(TM)
software and Netscape Navigator(TM) Gold Premium Internet client software. This agreement enables
Borland to provide a complete toolset for web-based intranet database solutions.


.. Borland announced that its Delphi Client/Server Suite 2.0 rapid application development tool has
received the "Designed for Microsoft(R) BackOffice(TM)" logo from Microsoft. The company
announced plans to support Microsoft's new Windows NT(R) 4.0 operating system with its entire family
of application development tools and databases, including Delphi, Borland C++ 5.0, Paradox 7,
ReportSmith, InterBase 4.0, and the company's new intranet development tool, IntraBuilder.


Subsequent to the second quarter, Borland has continued to execute additional partnership strategies.
This week Borland announced it signed a Letter of Intent to license AS/400 compatible connectivity and
development software from Traitement Cooperatif & Integration de Systeme (TCIS) of Paris, France.
This agreement would allow Borland to resell TCIS's software with its Delphi Client/Server Suite to
enable developers to build open, scalable client/server applications using Delphi to access AS/400
systems.


Borland also announced this week an agreement to license Paradox to Corel. This license agreement
will enable Borland to focus on its high-growth opportunities, while allowing Corel to oversee
Paradox's on-going success.


Additional steps aimed at growing revenues and returning Borland to profitability include:


.. Shipping new products for client/server and Internet/intranet developers - New client/server versions
of Delphi and Borland C++ are currently scheduled to be released sometime between the fourth quarter
of FY97 and the first fiscal quarter of FY98, and are designed to provide high-performance rapid
application development (RAD) capabilities for the departmental and centralized IT marketplace. Latte,
Borland's enterprise RAD tool for Java, which is also scheduled for release later this year, is designed
to bring performance, RAD, reuse and scalable database access to Java developers.


.. Completing Open Environment Corp. (OEC) acquisition to expand Borland's client/server product
line - Borland announced earlier this month that it plans to close the OEC transaction on November 18
following an OEC shareholder vote. Together, OEC and Borland will provide the industry's only
scalable architecture to meet developer needs from the desktop to the enterprise. Borland will seek to
grow its base of client/server customers by leveraging the distribution, support and technologies of
OEC's highly scaleable client/server solutions. OEC customers include financial services companies
such as Merrill Lynch & Co. and NationsBank Corp., and manufacturers such as Chrysler Corp. and
John Deere.


"We believe in the strength of our technology and will continue to work closely with our customers and
industry partners to provide high-quality software tools for large-scale client/server and the
Internet/intranet application development," concluded Mr. Lynn.


Borland: Making Development Easier


Borland International Inc. is a leading provider of products and services for software developers.
Borland is distinguished for its high-quality software development tools, which include Delphi, Delphi
Client/Server Suite, IntraBuilder, Borland C++, Visual dBASE, ReportSmith and InterBase. Borland's
award-winning products are supported through comprehensive programs for small- and large-sized
software developers, corporate developers, value added resellers and systems integrators. Founded in
1983, Borland is headquartered in Scotts Valley, California.


NOTE: Statements in this release concerning Borland's profitability goals, the anticipated impact of the
Company's planned expense reductions, scheduled product availability dates, and the Company's future
prospects are forward-looking statements that involve a number of uncertainties and risks. Factors that
could cause actual events or results to differ materially include the following: sales productivity,
possible disruptive effects of organizational or personnel changes, shifts in customer demand, market
acceptance of the Company's new or enhanced products, customer and industry analyst perception of the
Company and its technology vision, rapid technological changes, competitive factors, unanticipated
delays in scheduled product availability dates (which could result from various occurrences including
development or testing difficulties, software errors, shortages in appropriately skilled software
engineers and project management problems), interoperability of the Company's products with leading
software application products, general business conditions and market growth rates in the client/server
and Internet software markets, and other factors described in the Company's SEC reports on Forms
10-K, 10-Q, 8-K and the Borland prospectus relating to the acquisition of Open Environment
Corporation.


Copies of previous Borland press releases and additional corporate and product information are also
available on Borland's Internet World Wide Web (WWW) site, at http://www.borland.com.


                              BORLAND INTERNATIONAL INC.
                   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                   (in thousands, except per share data, unaudited)
        

                                                    Three Months
                                                 Ended September 30,
                                                 1996          1995
        

        Net Revenues                          $ 36,407      $ 51,315
        Cost of revenues                         5,828         8,227
        Gross profit                            30,579        43,088
        Selling, general and administrative     28,236        29,385
        Research and development                13,202        11,372
          Total operating expenses              41,438        40,757
        Operating profit (loss)                (10,859)        2,331
        Interest income, net and other           1,503           974
        Income (loss) before income taxes       (9,356)        3,305
        Income tax provision (benefit)             463           661
        Net income (loss)                       (9,819)        2,644
        Net income (loss) per common and
         common equivalent share              $   (.31)     $    .08
        Weighted average number of common and
         common equivalent shares outstanding   31,329        31,656
        

                              BORLAND INTERNATIONAL INC.
                   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                   (in thousands, except per share data, unaudited)
        

                                                     Six Months
                                                Ended September 30,
                                                 1996          1995
        

        Net Revenues                          $ 70,944      $105,081
        Cost of revenues                        12,312        16,297
        Gross profit                            58,632        88,784
        Selling, general and administrative     61,885        62,157
        Research and development                24,881        21,602
          Total operating expenses              86,767        83,759
        Operating profit (loss)                (28,134)        5,025
        Interest income, net and other           3,250         1,786
        Income (loss) before income taxes      (24,884)        6,811
        Income tax provision (benefit)            (937)        1,362
        Net income (loss)                      (23,948)        5,449
        Net income (loss) per common and
         common equivalent share              $   (.76)     $    .18
        Weighted average number of common and
         common equivalent shares outstanding   31,381        30,801
        

                              BORLAND INTERNATIONAL INC.
                        CONDENSED CONSOLIDATED BALANCE SHEETS
                              (in thousands, unaudited)
        

                                               September 30,    March 31,
                                                  1996            1996
        ASSETS
        Current assets:
          Cash and short-term investments      $ 84,226        $ 90,146
          Accounts receivable, net
           of allowances                         16,842          34,151
          Inventories                             1,221           1,599
          Other current assets                    7,256           7,321
            Total current assets                109,545         133,217
          Property, equipment, net of
           accumulated depreciation and
           amortization                         110,088         114,612
          Other non-current assets, net           7,575           7,758
            Total Assets                        227,208         255,587
        

        LIABILITIES AND STOCKHOLDERS' EQUITY
        Current liabilities:
          Accounts payable and
           accrued expenses                    $ 34,831        $ 42,563
          Income taxes and other                 28,912          26,891
            Total current liabilities            63,743          69,454
        Long-term debt and other                 13,969          14,555
            Total liabilities                    77,712          84,009
        Stockholders' equity:
          Common stock                              314             312
          Additional paid-in-capital            281,368         279,083
          Retained deficit                     (135,962)       (112,015)
          Cumulative translation adjustment       3,776           4,198
            Total stockholders' equity          149,496         171,578
            Total liabilities and
             stockholders' equity              $227,208        $255,587
        

SOURCE Borland International Inc./CONTACT: Vallee Hubbard, Investor Relations, 408-431-1525, or
Paul Emery, Chief Financial Officer, 408-431-1084, both of Borland International/ (BORL)




Platinum Software Corporation Announces First Quarter Fiscal 1997 Results


IRVINE, Calif., Oct. 24, 1996 - Platinum Software Corporation (Nasdaq: PSQL) today reported its
financial results for the first quarter of fiscal year 1997. Revenues for the first quarter of fiscal 1997,
ended September 30, 1996, were $10.9 million as compared to revenues of $12.6 million for the first
quarter of fiscal 1996. A net loss of $2.1 million or $.11 per share was reported for the first quarter of
fiscal 1997, as compared to a loss of $4.5 million or $.32 per share for the same quarter a year ago. The
company's balance sheet as of September 30, 1996, showed cash, cash equivalents and short-term
investments of $14.9 million, accounts receivable of $7.6 million and deferred revenue of $10.7
million.


George Klaus, chairman of the board, president and chief executive officer said, "I am pleased with the
improving results. Revenue for the first quarter continued to show growth over the previous quarter for
the second reporting period in a row. We have moved from $8.4 million to $9.4 million to $10.9
million. I think Platinum is going to continue to benefit from Microsoft's increasingly higher shipment of
their NT operating system. I noticed that the Microsoft press release on October 21, 1996, commented
on their success with Windows NT and described the momentum behind the product as outstanding.
Their news release also stated that sales of their SQL server product nearly doubled over the last year.
Since our high end product, Platinum SQL, runs on the NT/SQL server platform, we are encouraged by
their comments. Platinum is positioned to continue to move forward."


More information about Platinum Software Corporation and its products and services is available at the
Platinum World Wide Web site (http://www.platsoft.com).


Platinum Software, the financial software company, develops and markets leading client/server
software products for corporations worldwide. The company's products enable organizations to scale
their technology investments to meet the changing needs of their businesses. Founded in 1984, Platinum
Software is headquartered in Irvine, California.


Platinum is a registered trademark of Platinum Software Corporation. Microsoft and Windows NT are
either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other
countries. All other company and product names mentioned in this document are trademarks of the
respective companies with which they are associated and are acknowledged.


                            Platinum Software Corporation
                        Condensed Consolidated Balance Sheets
                                    (in thousands)
        

                                                 September 30,     June 30,
        ASSETS                                      1996            1996
        

        Current assets:
        Cash and cash equivalents                    $4,801         $5,402
        Short-term investments                       10,057         10,098
        Restricted cash                                   -          1,006
        Accounts receivable, net                      7,601          7,893
        Notes receivable from divestitures, net         664            825
        Inventories                                     411            460
        Prepaid expenses and other                    1,374          1,638
           Total current assets                      24,908         27,322
        Property and equipment, net                   8,469          8,896
        Software development costs, net               2,504          2,250
        Acquired intangible assets, net                 870          1,088
        Other assets                                    464            446
                                                    $37,215        $40,002
        

        LIABILITIES AND STOCKHOLDERS' EQUITY
        

        Current liabilities:
         Accounts payable                            $2,852         $3,436
         Accrued expenses                             7,466          7,522
         Accrued restructuring costs                  1,730          1,921
         Deferred revenue                            10,705         10,912
           Total current liabilities                 22,753         23,791
        

        Stockholders' equity:
         Preferred stock                             31,996         31,996
         Common stock                                    18             18
         Additional paid-in capital                 111,416        111,194
         Less: notes receivable from officers      (11,563)       (11,563)
         Accumulated foreign currency
            translation adjustments                     338            249
         Accumulated deficit                      (117,743)      (115,683)
         Total stockholders' equity                  14,462         16,211
                                                    $37,215        $40,002
        

                            Platinum Software Corporation
                   Condensed Consolidated Statements of Operations
                       (in thousands, except per share amounts)
        

                                                        Three Months Ended
                                                              September 30,
                                                       1996           1995
        Revenues:
         License fees                                $5,081         $6,776
         Consulting and professional services         2,121          3,229
         Support services                             3,523          2,425
         Royalty income                                 135            208
                                                     10,860         12,638
        Cost of revenues                              4,162          5,508
          Gross profit                                6,698          7,130
        

        Operating expenses:
         Sales and marketing                          5,060          6,181
         General and administrative                   1,679          1,565
         Software development                         2,241          4,213
                                                      8,980         11,959
           Loss from operations                     (2,282)        (4,829)
        Other income, net                               222            346
           Loss before provision for income taxes   (2,060)        (4,483)
        Provision for income taxes                       --             --
           Net loss                                $(2,060)       $(4,483)
        

        Net loss per share                          $(0.11)        $(0.32)
        

        Shares used in computing net loss per share  18,134         14,011
        

SOURCE Platinum Software Corporation /CONTACT: Geri L. Schanz, APR Director of Corporate
Communications PLATINUM SOFTWARE at 714-450-4578 or gschanzplatsoft.com/ (PSQL)




NACCO Industries, Inc. Announces Third Quarter Earnings


MAYFIELD HEIGHTS, Ohio, Oct. 25 /PRNewswire/ - NACCO Industries, Inc. (NYSE: NC) today
announced net income of $7.6 million, or $0.85 per share, for the third quarter of 1996 compared with
net income of $11.6 million, or $1.29 per share, reported for the third quarter of 1995. Revenues for the
third quarter of 1996 were $537.0 million, compared with $538.3 million for the same period in 1995.
For the nine months ended September 30, 1996, net income was $34.5 million, or $3.85 per share, on
revenues of $1.7 billion, compared with net income of $37.8 million, or $4.22 per share, on revenues of
$1.6 billion in 1995.


Included in 1995 earnings were extraordinary charges of $2.1 million, or $0.24 per share, for the third
quarter and $3.4 million, or $0.38 per share, for the nine months ended September 30, 1995. These
extraordinary charges reflect the write-off of premiums and unamortized debt issuance costs associated
with the retirement of Hyster-Yale 12 3/8 percent subordinated debentures.


North American Coal's net income for the third quarter was $4.4 million, down $1.0 million from $5.4
million in the third quarter of 1995. The early receipt in the fourth quarter of 1995 of the final 1996
management fee of $2.6 million after-tax related to the Trinity Project reduced third quarter 1996 net
income $0.6 million below 1995 levels. In addition, the final payment related to the sale of a previously
owned eastern underground mining property was received in the second quarter of 1996 and resulted in
a decrease in net income of approximately $0.5 million in the third quarter of 1996. These reductions in
net income were partially offset by increases in income from operating mines in the third quarter
compared to the prior year. Net income for the nine months ended September 30, 1996 was $14.5
million compared with $16.0 million in the prior year.


NACCO Materials Handling Group's net income for the third quarter was $1.4 million on revenues of
$349.5 million, compared with net income before extraordinary charges of $6.0 million on revenues of
$349.2 million for the third quarter of 1995. Increased warranty costs and higher than expected new
product costs accounted for $2.9 million of the decrease in net income. In addition, increased marketing
expense relating to share gain programs, primarily in Europe and Asia-Pacific, lowered net income by
$1.4 million; the newly acquired warehouse equipment business in Europe reduced net income by $0.5
million; and a change in the effective tax rate decreased net income by $1.0 million. Unit shipments of
lift trucks in the Americas for the quarter were 12 percent below 1995 levels reflecting an 8 percent
decline in industry retail bookings and less backlog reduction. The decline in profitability in the
Americas as a result of reduced shipments was partially offset by increased volume in Europe and
Asia-Pacific in an environment of slightly stronger markets, modest price increases in all markets other
than Asia- Pacific, and a shift in sales mix to higher margin products. Worldwide backlog has been
reduced to 12,700 forklift units at September 30, 1996 from 14,400 units at June 30, 1996 and 21,200
units at December 31, 1995. Production schedules are being adjusted to current lower levels of industry
demand. Higher worldwide service part sales in the third quarter of 1996 increased revenues by $8.2
million and net income by $2.3 million over the prior year quarter. Year-to-date net income was $23.2
million on revenues of $1.2 billion, compared with net income before extraordinary charges of $24.6
million on revenues of $1.1 billion for the nine months ended September 30, 1995.


Hamilton Beach/Proctor-Silex's net income for the third quarter was $3.0 million, compared with $4.9
million for the same period last year, a decrease of $1.9 million. Revenues were $109.0 million,
slightly lower than the third quarter of 1995. The expenses associated with a national advertising
program, which began in the third quarter of 1996, in combination with increased bad debt expense due
to the bankruptcy of a major customer [Best Products Co., Inc.], were the primary reasons for an
increase in selling, general and administrative expenses of $1.0 million after-tax compared with the
third quarter of 1995. The advertising program, which is designed to enhance the position of the
Hamilton Beach(R) brand, will continue in the fourth quarter. The nonrecurring $0.6 million favorable
tax impact of last year's Canadian dividend resulted in a higher effective tax rate in 1996's third quarter.
Lower revenues in the third quarter as a result of competitive pricing pressure in the marketplace due to
low-cost Chinese imports were partially offset by favorable sales mix and unit volumes. The $2.0
million net income impact of unfavorable pricing was substantially offset by increased unit volumes,
improved sales mix, and cost reductions from value improvement programs. Lower plant production
volumes also reduced net income modestly. For the nine months ended September 30, 1996, net income
was $4.0 million on revenues of $259.6 million, compared with net income of $5.8 million on revenues
of $257.0 million for the same period in 1995.


Kitchen Collection's third quarter sales increased to $19.5 million from $18.1 million in 1995 while net
income for the quarter was flat at $0.5 million. Increased profits from incremental revenues were offset
by a shift in sales mix to lower margin cookware and electric product categories and promotional
markdown to encourage sales. New stores opened in 1996 and stores opened for part of 1995
contributed $1.3 million of incremental sales in the third quarter of 1996 compared to the prior year.
Comparable store sales were flat. Kitchen Collection operated 141 stores at September 30, 1996
compared with 131 one year ago, an increase of 8 percent. For the nine months ended September 30,
1996, the company had a net loss of $0.7 million on revenues of $47.0 million compared with a net loss
of $0.1 million on revenues of $43.7 million for the same period in 1995.


At the parent company, consolidating tax adjustments enhanced net income modestly in the third quarter
compared to the same period in 1995.


NACCO Industries, Inc. is a holding company with four operating subsidiaries. The North American
Coal Corporation mines and markets lignite primarily as fuel for power generation by electric utilities.
NACCO Materials Handling Group, Inc. is a world leader in the design and manufacture of forklift
trucks marketed under the Hyster(R) and Yale(R) brand names. Hamilton Beach/Proctor-Silex, Inc. is a
leading manufacturer of small electric appliances. The Kitchen Collection, Inc. is a national specialty
retailer of kitchenware and small electric appliances.


                   CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS
                       NACCO INDUSTRIES, INC. AND SUBSIDIARIES
        

                                  Three Months Ended   Nine Months Ended
                                     September 30        September 30
                                   1996       1995     1996        1995
                                    (In millions, except per share data)
        

        Total revenues             $   537.0  $538.3   $1,657.4   $1,558.3
        Income before
          extraordinary charge     $     7.6  $ 13.7   $   34.5   $   41.2
        Extraordinary charge,
         net-of-tax                     --      (2.1)       --        (3.4)
        

        Net income                 $     7.6  $ 11.6   $   34.5   $   37.8
        

        Per Share:
        Income before
          extraordinary charge     $    0.85 $  1.53  $    3.85  $    4.60
        Extraordinary charge,
         net-of-tax                       --   (0.24)        --      (0.38)
        

        Net income                 $    0.85 $  1.29  $    3.85  $    4.22
        

        Cash dividends per share   $  0.1875 $ 0.180  $   0.555  $   0.530
        

        Average shares outstanding     8.985   8.965      8.981      8.962
        

            (All amounts are subject to annual audit by independent public
        accountants.)
        

               CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS
                  NACCO INDUSTRIES, INC. AND SUBSIDIARIES
        

                                    Three Months Ended  Nine Months Ended
                                       September 30        September 30
                                         1996     1995      1996    1995
                                      (In millions, except per share data)
        Revenues
         NACCO Materials Handling Group $349.5  $349.2  $1,177.9 $1,082.5
         Hamilton Beach/Proctor-Silex    109.0   110.3     259.6    257.0
         North American Coal              61.2    62.5     177.0    178.3
         Kitchen Collection               19.5    18.1      47.0     43.7
         NACCO and Other                    --     0.1       0.2      0.4
         Eliminations                     (2.2)   (1.9)     (4.3)    (3.6)
                                         537.0   538.3   1,657.4  1,558.3
        Amortization of goodwill
         NACCO Materials Handling Group    2.9     2.7       8.6      8.1
         Hamilton Beach/Proctor-Silex      1.0     0.7       2.8      2.1
         Kitchen Collection                 --      --       0.1      0.1
                                           3.9     3.4      11.5     10.3
        Operating profit (loss)
         NACCO Materials Handling Group   10.3    15.4      62.2     60.9
         Hamilton Beach/Proctor-Silex      7.0     9.4      10.7     14.4
         North American Coal              10.5    10.8      28.1    31.8
         Kitchen Collection                1.0     0.9      (0.8)     0.1
         NACCO and Other                  (1.9)   (2.1)     (7.0)    (6.4)
                                          26.9    34.4      93.2    100.8
        Other income (expense)
         NACCO Materials Handling Group   (7.0)   (6.5)    (22.4)   (20.2)
         Hamilton Beach/Proctor-Silex     (1.7)   (2.0)     (4.6)    (5.6)
         North American Coal              (3.8)   (3.1)     (6.4)    (9.0)
         Kitchen Collection               (0.1)   (0.2)     (0.4)    (0.4)
         NACCO and Other                   0.1    (0.3)      0.2      0.2
        

        Income before income taxes,
          minority interest and
          extraordinary charge            14.4    22.3      59.6     65.8
        Provision for income taxes         6.1     7.5      23.7     22.8
        

        Income (loss) before minority
          interest and
          extraordinary charge
         NACCO Materials Handling Group    1.4     6.0      23.2     24.6
         Hamilton Beach/Proctor-Silex      3.0     4.9       4.0      5.8
         North American Coal               4.4     5.4      14.5     16.0
         Kitchen Collection                0.5     0.5      (0.7)    (0.1)
         NACCO and Other                  (1.0)   (2.0)     (5.1)    (3.3)
        

            Total                          8.3    14.8      35.9     43.0
         Minority interest                (0.7)   (1.1)     (1.4)    (1.8)
        

        Income before
          extraordinary charge             7.6    13.7      34.5     41.2
        Extraordinary charge,
          net-of-tax                        --    (2.1)       --     (3.4)
        

        Net income                      $  7.6   $11.6    $ 34.5   $ 37.8
        

        Per Share
         Income before
           extraordinary charge         $  0.85   $1.53   $  3.85  $  4.60
         Extraordinary charge,
           net-of-tax                        --   (0.24)       --    (0.38)
        

         Net income                     $  0.85   $1.29   $  3.85  $  4.22
        

         Cash dividends per share       $  0.1875 $0.180  $  0.555 $  0.530
         Average shares outstanding        8.985   8.965     8.981    8.962
        

(All amounts are subject to annual audit by independent public accountants.)


SOURCE NACCO Industries, Inc. /CONTACT: Brian S. Kenyon, Manager Shareholder Relations and
External Reporting, of NACCO Industries, Inc., 216-449-9676/ (NC)




Tyler Corporation Announces 1996 Third Quarter Earnings


DALLAS, Texas, Oct. 25, 1996 - C. A. Rundell, Jr., interim chief executive officer of Tyler Corporation
(NYSE: TYL), announced today that for the quarter ended September 30, 1996, the Company reported a
loss from continuing operations before income tax benefit of $3.5 million compared to a $4.2 million
loss last year. Sales declined 11 percent to $25.9 million.


For the nine-month period, Tyler had a loss from continuing operations before income tax benefit of $6.2
million versus a $10.3 million loss in 1995. Sales were $83.2 million, down 5 percent.


Same-store sales at Forest City Auto Parts were off 4.1 percent for the quarter ended September 30,
1996, compared to last year and up 1.6 percent year to date. "Sales comparisons to last year have
become more difficult as competitors have aggressively opened new stores in Forest City's markets,"
said Rundell. Forest City operating profit advanced 38 percent for the nine months ended September 30,
1996, compared to last year.


Institutional Financing Services ("IFS") domestic sales were 27 percent and 16 percent below last year
for the quarter and nine months ended September 30, 1996, respectively. Rundell stated, "Competition in
fund raising has intensified with attendant pricing pressures on the profit percentages offered to school
sponsors." The company posted a significantly larger domestic operating loss due to higher selling and
operating expenses on lower sales for the quarter and nine months ended September 30, 1996.


Tyler had much lower corporate expense for the nine-month period compared to last year. Savings
related to a gain produced through the sale of an asset and lower personnel expense contributed to the
cost reductions.


"We expect the fourth quarter of 1996 to be significantly below last year at both IFS and Forest City.
Our emphasis in the coming months will be on evaluating both IFS and Forest City for opportunities to
strengthen their operations. Specifically, we are studying the value of the underlying assets which we
anticipate could lead to restructuring charges and write-downs of goodwill in the fourth quarter. We
continually explore all available avenues to enhance shareholders' returns," Rundell said.


Tyler Corporation, with national headquarters in Dallas, provides products for fund-raising programs
and retails automotive parts.


                                  TYLER CORPORATION
             CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
                    (Dollars in thousands, except per share data)
        

                                          Three months ended September 30
                                                                   % of
                                           1996        1995       Change
        

        Net sales                         25,879     $29,010       -11
        Costs and expenses                29,488      32,488       - 9
        Interest (income)
          expense, net                       (73)        764        --
        

        Loss from continuing
          operations before
          income tax benefit              (3,536)     (4,242)       --
        Income tax benefit                   (66)     (1,766)       --
        

        Loss from continuing
          operations                      (3,470)     (2,476)       --
        Income from discontinued
          operations after income tax         --         220        --
        

        Net loss                         $(3,470)    $(2,256)       --
        

        Earnings (loss) per common share
          Continuing operations          $  (.18)    $  (.13)       --
          Discontinued operations             --         .02        --
        

        Net loss per share               $  (.18)    $  (.11)       --
        

        Average shares
          outstanding during
          the period (thousands)          19,875      19,872
        

                                          Nine months ended September 30
                                                                  % of
                                           1996        1995      Change
        

        Net sales                        $83,237     $87,772        -5
        Costs and expenses                89,657      96,016        -7
        Interest (income)
          expense, net                      (219)      2,085        --
        

        Loss from continuing
          operations before
          income tax benefit              (6,201)    (10,329)       --
        Income tax benefit                (1,505)     (5,264)       --
        

        Loss from continuing
          operations                      (4,696)     (5,065)       --
        

        Income from discontinued
          operations after income tax         --       1,104        --
        

        Net loss                         $(4,696)    $(3,961)       --
        

        Earnings (loss) per common share
          Continuing operations          $  (.24)    $  (.26)       --
          Discontinued operations             --         .06        --
        

        Net loss per share               $  (.24)    $  (.20)       --
        

        Average shares outstanding
          during the period
          (thousands)                     19,875      19,868
        

Discontinued operations for 1995 include Tyler Pipe and associated interest expense. Net sales of
discontinued operations for the three months and nine months ended September 30, 1995, were $57,409
and $166,837, respectively.


SOURCE Tyler Corporation/CONTACT: Linda K. Hill, Vice President of Tyler Corporation,
214-754-7800/ (TYL)