InterNet Bankruptcy Library - News for November 6, 1996

Bankruptcy News For November 6, 1996

  1. Aquila Biopharmaceuticals Reports Nine Month Financial Results

  2. ADT Announces Third Quarter Earnings

  3. Coram Reports Third Quarter Results - Continued Margin Improvement

  4. Western Gas Resources, Inc. Announces Third Quarter 1996 Results

  5. New Company Formed From Assets of Two Bidermann Divisions Cluett Designer Group Exits Chapter 11

Aquila Biopharmaceuticals Reports Nine Month Financial Results

WORCESTER, Mass., Nov. 6, 1996 - Aquila Biopharmaceuticals, Inc. (Nasdaq: AQLA) today reported
financial results for the nine months ended September 1996. The Aquila nine month results, reported on a pro
forma basis, reflect consummation of the Cambridge Biotech Corporation (CBC) reorganization plan on October
21. As part of the reorganization plan, CBC was sold to bioMerieux Vitek, Inc. on October 22. Prior to the sale,
CBC's therapeutic assets were transferred to Aquila.

Aquila's pro forma financial statements present the Company's results as if the consummation had occurred prior
to September 30, and eliminate the impact of operations that were sold to bioMerieux and other diagnostic
operations sold earlier in 1996. All of these diagnostic businesses are reported as discontinued operations. On
this pro forma basis, Aquila had revenues of $6,675,000 and income from continuing operations of $308,000, or
$.06 per share (based on 5 million shares of Aquila outstanding after consummation), for the nine months ended
September 30. Aquila had a pro forma cash balance of $18,119,000, after giving effect to the transactions
completed as part of the consummation of the reorganization plan.

"Aquila has been launched with a solid financial base for advancing the development our proprietary products
for the prevention or treatment of infectious diseases and cancer, as well as for supporting the corporate
licensees of our Stimulon(TM) adjuvants," said Alison Taunton-Rigby, President and Chief Executive Officer of
Aquila. "We are initiating a rights offering to raise additional funds to accelerate these efforts." She noted that as
an emerging biopharmaceutical company, Aquila expects to incur losses in the future as it invests in its product
development programs.

"We are particularly excited to be able to focus on moving forward with our proprietary programs, including the
Quilimmune(TM) family of human products and Quilvax(TM) animal vaccines," commented Dr. Taunton-Rigby.
"These products all capitalize on our Stimulon(TM) adjuvants and their ability to increase the level and enhance
the depth of the immune response to a wide range of antigens, such as recombinant proteins or peptides,
carbohydrates, DNA molecules or lipoproteins. The Company is developing a line of human products under the
tradename Quilimmune for use in preventing infectious diseases, including pneumococcal infections, malaria and
the tick-borne diseases, Lyme disease and human granulocytic ehrlichia. Aquila is also developing a family of
Quilvax animal vaccines the first of which, a vaccine for feline leukemia virus, is already approved and on the
market. Quilvax products for canine Lyme disease and bovine mastitis are being evaluated in animal trials."

Aquila also reported actual results for the three months ended September 30, 1996 that do not include the impact
of events that occurred subsequent to the end of the quarter. For the quarter, Aquila had revenues of $2,107,000
and expenses from continuing operations of $2,665,000. Including income from the CBC diagnostic business sold
as a result of the reorganization, Aquila had net income in the third quarter of $2,688,000. As of September 30,
Aquila had $15,350,000 in cash and cash equivalents.

Aquila has licensed the Stimulon adjuvants to six corporate licensees: SmithKline Beecham p.l.c., Pasteur
Merieux Serums and Vaccins, Wyeth-Lederle Vaccines and Pediatrics, Genenvax, Inc.,NABI, and Progenics
Pharmaceuticals, Inc. These partners, together with Aquila's academic collaborators, have 22 clinical programs

The rights offering involves the sale of units consisting of one share of Aquila common stock and a three year
warrant to purchase an additional share of Aquila common stock. The Aquila rights are being distributed to
CBC's shareholders of record as of the October 22 record date, certain CBC creditors, members of a class action
settlement agreement with CBC, and certain former CBC employees. Rights holders may oversubscribe their
units and purchase units that are not fully subscribed for by others. New investors may participate in the offering
by purchasing Rights.

The rights are exercisable until November 18. Aquila may extend the rights exercise period at its option for up to
an additional 15 days, until December 3. Both the rights and the warrants are transferrable. The subscription
price for each unit is $9.49, and the warrants have an exercise price of 150% of the unit subscription price. The
warrants, which are exercisable at any time after issuance, expire on the third anniversary after the initial
distribution date. Aquila may redeem the warrants on thirty days' notice providing that Aquila's common stock
trades at 150% or more of the warrant exercise price for 20 consecutive days within 10 days of the redemption

Statements in this release which relate to plans and objectives of management for future operations of Aquila
Biopharmaceuticals, Inc. or which otherwise relate to future performance are forward looking statements. Actual
results may differ from those projected as a result of product demand, pricing, market acceptance, economic
conditions, intellectual property issues, competitive products, risks in product and technology development, and
other risks identified in the Company's Securities and Exchange Commission filings.

Aquila Biopharmaceuticals, Inc., is a therapeutics biotechnology company located in Worcester, Massachusetts.
The Company is developing and commercializing products which stimulate the immune system for use in treating
and preventing certain infectious diseases and specific cancers. Aquila's proprietary products include the
Quilimmune human products for pneumococcal infections, malaria and tick borne diseases, and the Quilvax
animal vaccines for bovine mastitis and canine Lyme disease. These products incorporate Aquila's Stimulon
adjuvants, which are also included in products under development by the Company's six corporate partners.

                                     CONSOLIDATED STATEMENT OF OPERATIONS
                       (in Thousands, Except Per Share Amounts)

                                 Three Months        Nine Months     Nine Months
                                    Ended              Ended           Ended
                                     September 30,      September 30,
        September 30,

                                1996     1995      1996      1995       1996

         Revenues              $2,107   $2,341   $6,675    $5,943  $6,675
         Costs and Expenses     2,665    3,590    8,897    10,168   8,897
         Other income and
          Expense               3,858      104    4,052       292   4,052
          Items               (1,043)    (259)  (1,522)     (661) (1,522)
         Income (Loss) from
          Operations            2,257  (1,404)      308   (4,594)     308

          Income from
           discontinued ops.               258                              369
           1,799     (492)     ---
          Gain from disposal               ---                               62
           4,600       ---     ---

         Net Income (Loss)     $2,688 $(1,146    $6,707  $(5,086)    $308

         Net Income (Loss)
          per Weighted
          Average Shares        $0.10  $(0.04)    $0.26   $(0.20)   $0.06

         Weighted Average
          Shares Outstanding:
         Cambridge Biotech     26,065   26,065   26,065    26,065
          Biopharmaceuticals                                        5,000


                                             Sept. 30,   Dec. 31,   Sept. 30,
                                               1996        1995       1996
                                            (Unaudited)            (Unaudited)
         Cash, Cash Equivalents,
          Restricted Cash
          and Marketable Securities          $16,350     $7,072   $18,119
         Total Current Assets                 24,164     14,899    22,241
         Total Assets                        $30,482    $23,045   $29,067

         Total Current Liabilities            $8,137     $6,923    $5,365
         Total Liabilities                    19,829     19,099    11,115
         Shareholders' Equity
          CBC com. stock; issued 26,065          261        261       ---
          Aquila com. stock; issued 5,000        ---        ---        50
          Additional paid in capital         120,244    120,244   123,165
          Deficit                          (109,852)  (116,559) (105,263)
         Total Shareholders' Equity           10,653      3,946    17,952

         Total Liabilities and
          Shareholders' Equity               $30,482    $23,045   $29,067

SOURCE Aquila Biopharmaceuticals, Inc./CONTACT: Alison Taunton-Rigby, Ph.D., President and Chief
Executive Officer of Aquila Biopharmaceuticals, Inc., 508-797-5777, or Robert Gottlieb, Senior Vice President
of Feinstein Partners Inc., 617-577-8110/

ADT Announces Third Quarter Earnings

BOCA RATON, Fla., Nov. 6, 1996 - ADT Limited (NYSE: ADT) a leading provider of electronic security
services and vehicle auction services announced today its third quarter earnings. Net income per common share
before merger related costs and extraordinary items for the three months ended September 30, 1996 was $0.24
(1995 - $0.19). In the quarter, ADT acquired the whole of the issued capital of Automated Security (Holdings)
PLC ("ASH") for a total consideration consisting of the issue of 7.0m common shares. The acquisition of ASH
has been accounted for using the pooling of interests method of accounting which assumes that ADT and ASH
have been merged from their inception and requires all consolidated financial statements to be restated and
presented accordingly. On this basis, net income for the third quarter of 1996, before costs associated with the
acquisition of ASH and the terminated merger with Republic Industries and before extraordinary items, was
$34.1m, representing a 31 per cent increase over the comparable figure of $26.0m for the third quarter of 1995,
on net sales of $427.9m (1995 - 444.0m).

The weighted average number of common shares outstanding during the third quarter of 1996 was 143.7m (1995 -

ADT also announced today its intention to sell its United States vehicle auction business, which operates under
the name of ADT Automotive. ADT's European vehicle auction operations were sold in the fourth quarter of
1995 as part of the Company's strategy to redeploy assets to concentrate on the expansion of its electronic
security services business. The proposed sale of ADT Automotive represents the conclusion of this strategy. For
the twelve month period ended September 30, 1996, ADT Automotive generated operating income of $41.4m on
net sales of $286.8m.

Commenting, Mr. Michael A. Ashcroft, Chairman and Chief Executive Officer of ADT, said:

"ADT Security Systems continued to expand its residential and commercial customer bases during the third
quarter. The positive benefits of new channels of distribution, including strategic alliances and ADT's authorized
dealer program, are beginning to be seen but we expect that more significant benefits from these programs will be
seen in 1997."

"ADT considers mobile protection to be another significant growth area for the future and we are very pleased to
be providing monitoring services for the CarCop vehicle security and tracking system and see excellent potential
for this service."

"To further support ADT's sales and marketing efforts, a new marketing campaign with a strong focus on the ADT
brand will be launched in the fourth quarter. Our goal, through expanded brand marketing, is to make the ADT
name synonymous with security at home, at work and in between."

"The acquisition of ASH has been completed, making ADT the number one provider of electronic security
services in two important markets, the United Kingdom and Southern California. Following the proposed
divestment of ADT Automotive, ADT will only have activities in the electronic security services sector and our
strategy of refocusing resources on the growth and development of the electronic security services business will
be complete."

Electronic Security Services

Net sales and operating income from the Electronic Security Services division for the three months ended
September 30, 1996 amounted to $355.0 and $52.5m, respectively, compared to $337.5m and $50.0m for the
comparable period in 1995.

ADT's annualized service revenues as of September 30, 1996, including annualized service revenues relating to
ASH, were approximately $885m, representing an annualized growth rate of approximately 10 per cent.

The reorganization of ADT Security Systems along business lines is progressing well and work on the integration
into ADT of ASH's operations in Southern California and the United Kingdom has commenced. The
reorganization and integration is expected to improve both customer service and operating efficiencies.


The competitive market conditions reported in the first and second quarters remain and are continuing to keep the
per system cost to the consumer down. However, ADT's recurring revenue base is continuing to benefit from the
increase in average monthly monitoring fees, introduced for new customers in early 1996. As reported in the
second quarter, ADT is concentrating on increasing market share and a new credit checking policy for new
residential customers has been implemented which should benefit the discontinuance rate.

During the third quarter, ADT contracted to install and monitor approximately 75,000 new residential security
systems compared with 70,000 systems in the second quarter of 1996. ADT's residential customer base is now
approximately 1.1 million of which approximately 85 per cent is located in the United States.

ADT security systems are now available at all 4,500 company-owned RadioShack stores and the ADT/USAA
home security program is continuing to produce good results. The marketing program with HFS, the world's
largest franchisor of hotels and residential real estate brokerage offices, is underway and there are now 10,000
Century 21 and ERA real estate brokers nationwide recommending ADT security systems to their customers.

The ADT authorized dealer program continues to expand and ADT is close to its target of having 100 dealer
locations throughout the United States. New systems sold through dealers totaled approximately 14,000 in the
third quarter, compared with 8,000 in the second quarter. To support both the dealer network as well as overall
marketing activities, ADT will be introducing new print and broadcast advertising focused strongly on the ADT
brand in the fourth quarter.

Vehicle Security and Tracking

On October 1, 1996, ADT and Mobile Security Communications, Inc. ("MSC") of Atlanta, officially announced
the launch of CarCop(R), a major advance in personal protection and vehicle security. CarCop was developed by
MSC who will market CarCop through distributors. ADT has the exclusive contract to provide monitoring
services to CarCop customers in North America. The introduction of CarCop is underway in Miami and Atlanta,
backed by TV, radio and print advertising.

National Accounts/Core Commercial

The commercial market remained stable during the third quarter. National account customers continue to show a
preference for purchasing systems outright, CCTV sales improved due to strong demand from the retail and
government segments and small business sales experienced good growth. New business during the quarter
included the installation of a computer based switching and control system to consolidate security systems at
Macy's flagship location at Herald Square; further business providing security packages, including CCTV, for the
United States Postal Service; and a contract to provide programmable CCTV at thirteen locations for Sears, the
first major CCTV business with Sears.

In the United Kingdom, integrated systems sales performance was strong and CCTV sales continue to show good
growth. As in the United States, customers are showing a preference for owned rather than leased systems. Major
new installations included two contracts for fire detection and alarm systems, one for British Telecom and one
for a prestigious new office development in the City of London. ADT also continues to win business in the
transportation sector, including a recent contract for a CCTV system for a new depot on the London Heathrow
Airport Express Line.

Vehicle Auction Services

Net sales and operating income from the United States Vehicle Auction division for the three months to
September 30, 1996, amounted to $72.9m and $9.7m, respectively, compared to $66.9m and $8.4m for the
comparable period in 1995.

The total number of vehicles sold at ADT Automotive auctions increased by approximately 7 per cent over the
third quarter of 1995 bringing the total number of cars sold in the year to date to approximately 800,000 units.
The number of vehicles entered for sale by manufacturers was down slightly compared with the third quarter of
1995 and the number of vehicles sold from the fleet/lease sector continued to be over 30 per cent higher than for

The Quality Image Services ("QIS") program is now well established and QIS revenues have successfully
replaced reconditioning revenues lost due to lower volumes of manufacturers' vehicles being entered for sale.
Another new initiative, ADT Lion Electronic Sales, which was launched in the second quarter of 1996 to provide
on-line vehicle auctions, has proved highly successful with Mazda and ADT is now operating electronic sales for
Mazda in four regions. This has resulted in one sale per week using ADT Lion.

The Management Services Division of ADT Automotive is also performing strongly with the Collateral Recovery
section, Fleet Management program and Title Services division all showing significant growth compared with


ADT is the largest provider of electronic security services in North America and the United Kingdom, providing
continuous monitoring of commercial and residential security systems to over 1.7 million customers.

ADT is also the second largest provider of vehicle auction services in the United States, operating a network of
27 vehicle auction centers providing a comprehensive range of vehicle remarketing services to vehicle dealers
and owners and operators of vehicle fleets.

Forward Looking Information

Certain statements in this press release constitute "forward looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. In particular, statements contained herein regarding expectations with
respect to future sales, operating efficiencies and product expansion, are subject to known and unknown risks,
uncertainties and contingencies, many of which are beyond the control of ADT, which may cause actual results,
performance or achievements to differ materially from anticipated results, performance or achievements. Factors
that might affect such forward looking statements include, among others, overall economic and business
conditions, the demand for ADT's services, competitive factors in the industry and regulatory approvals.

                                     ADT LIMITED
                    Consolidated Statements of Income (unaudited)

        Three months ended September 30                 1996           1995
                                                         $m             $m
        Net sales                                       427.9          444.0
        Cost of sales                                  (229.1)        (246.9)
        Selling, general and administrative expenses   (140.8)        (136.6)
        Merger related costs                            (10.9)            --

        Operating income                                 47.1           60.5
        Interest expense - net                          (19.1)         (25.7)
        Other income less expenses                        2.4            0.4

        Income before income taxes                       30.4           35.2
        Income taxes                                     (7.2)          (9.2)

        Income before extraordinary items                23.2           26.0
        Extraordinary items                              (4.6)          (8.0)

        Net income                                       18.6           18.0

        Primary earnings per common share

        Income before merger related costs and
         extraordinary items                            $0.24          $0.19
        Merger related costs and extraordinary items   ($0.11)        ($0.06)

        Net income per common share                     $0.13          $0.13

                                     ADT LIMITED
                    Consolidated Statements of Income (unaudited)

        Nine months ended September 30                 1996           1995
                                                        $m             $m

        Net sales                                     1,261.6        1,325.8
        Cost of sales                                  (674.2)        (734.5)
        Selling, general and administrative expenses   (411.3)        (413.6)
        Charge for the impairment of long-lived assets..(744.7)            --
        Merger related costs                            (11.3)            --

        Operating (loss) income                        (579.9)         177.7
        Interest expense - net                          (60.4)         (76.9)
        Other income less expenses                        3.1          (10.3)

        (Loss) income before income taxes              (637.2)          90.5
        Income taxes                                    (14.5)         (29.6)

        (Loss) income before extraordinary items       (651.7)          60.9
        Extraordinary items                              (5.8)          (8.0)

        Net (loss) income                              (657.5)          52.9

        Primary (loss) earnings per common share

        Income before merger related costs, SFAS 121
         charge and extraordinary items                 $0.66          $0.44
        Merger related costs, SFAS 121 charge
         and extraordinary items..                      ($5.47)        ($0.06)

        Net (loss) income per common share             ($4.81)         $0.38

            .. In the first quarter of 1996, the Company was required to
        adopt Statement of Financial Accounting Standards No. 121, ("SFAS
        121") the accounting standard relating to accounting for the
        impairment of long-lived assets and related goodwill.

                                     ADT LIMITED
                  Summarized Consolidated Balance Sheets (unaudited)

                                                    September         December
                                                     30, 1996         31, 1995
                                                         $m             $m
        Current assets:
        Cash and cash equivalents                       141.8          350.9
        Accounts receivable - net                       261.9          196.4
        Inventories                                      38.0           38.0
        Prepaid expenses and other current assets        46.4           34.5
        Total current assets                            488.1          619.8

        Property, plant and equipment - net           1,545.0        1,571.3
        Goodwill and other intangibles - net            448.6        1,053.6
        Long-term investments                            87.4            2.0
        Investment in and loans to associate               --           88.8
        Other long-term assets                           75.6           84.2

        Total assets                                  2,644.7        3,419.7

        Liabilities and shareholders' equity
        Current liabilities:
        Short-term debt                                  44.4           44.9
        Accounts payable                                160.0          112.0
        Other current liabilities                       203.1          227.2

        Total current liabilities                       407.5          384.1

        Long-term debt                                1,027.6        1,174.8
        Deferred revenue                                151.2          137.4
        Deferred income taxes                           147.8          142.4
        Other long-term liabilities                     122.5          135.2
        Minority interests                                 --           15.6

        Total liabilities                             1,856.6        1,989.5

        Convertible redeemable preference shares          4.9            4.9

        Shareholders' equity                            783.2        1,425.3

        Total liabilities and shareholders' equity    2,644.7        3,419.7

                                     ADT LIMITED
                  Consolidated Statements of Cash Flows (unaudited)

        Nine months ended September 30                    1996           1995
                                                           $m             $m
        Cash flows from operating activities
        Net (loss) income                                (657.5)         52.9
        Adjustments to reconcile net(loss)income to net
         cash provided by operating activities:
        Charge for the impairment of long-lived assets    744.7            --
        Depreciation and  amortization                    165.1         185.3
        Interest on ITS Vendor Note                        (6.5)           --
        Liquid Yield Option Notes discount amortization    15.1           4.6
        Deferred income taxes                               6.9          20.9
        Extraordinary items                                 5.8           8.0
        (Gain) loss on disposal of businesses              (1.7)          5.4
        (Gain) loss on disposal of investment
         in associates                                     (1.2)          5.1
        Other                                               1.8           3.6
        Changes in assets and liabilities                 (39.5)        (34.2)
        Net cash provided by operating activities         233.0         251.6

        Cash flows from investing activities
        Purchase of property, plant and
         equipment - net                                 (247.1)      (230.3)
        Acquisition of businesses                         (25.5)        (5.1)
        Disposal of businesses                              3.0           --
        Purchase of customer contracts                    (20.2)          --
        Disposal of investment in and loans to associates  15.4          7.8
        Other                                              (4.3)         6.6
        Net cash utilized by investing activities        (278.7)     (221.0)

        Cash flows from financing activities
        Net repayments of short-term debt                  (3.1)      (24.9)
        Repayments of long-term debt                     (208.2)     (210.0)
        Proceeds from long-term debt                       53.7       310.5
        Debt refinancing costs                               --       (11.8)
        Purchase of senior subordinated notes             (24.0)      (10.3)
        Proceeds from issue of common shares               19.0         6.2
        Other                                              (0.3)       (4.4)

        Net cash (utilized) provided
         by financing activities                         (162.9)       55.3

        Effect of currency translation
         on cash and cash equivalents                      (0.5)        0.7

        Net (decrease) increase in cash
         and cash equivalents                            (209.1)       86.6

        Cash and cash equivalents
         at beginning of period                           350.9       221.9

        Cash and cash equivalents at end of period        141.8       308.5

SOURCE ADT Limited /CONTACT: ADT, 561-997-8406, or Johnnie D Johnson & Co., Inc., 212-425-4848/

Coram Reports Third Quarter Results - Continued Margin Improvement

DENVER, Nov. 6, 1996 - Coram Healthcare (NYSE: CRH) today reported revenues of $131.2 million for the
third quarter ended September 30, 1996. Net loss for the third quarter was $12 million or $.28 per share. "We
continue to show margin improvement, have continued to stabilize revenues and patient census even in what is
traditionally our slowest quarter, and posted $7.4 million in operating income," said Richard M. Smith, Coram's
chief financial officer. "During the third quarter gross profit as a percent of net sales increased to 34%, an
increase of 3% over the second quarter, reflecting our continued emphasis on more complex patient care and on
acquiring more profitable business. EBITDA for the third quarter was approximately $17 million, excluding
non-recurring costs for major litigation and outside cash collection costs.

"We continue to aggressively pay down our corporate debt," Smith added. "By October 31, the company had
prepaid its bank debt payment of $20.6 million scheduled for December 31, 1996. The company reported that
since October 13, 1995 its bank debt has been reduced by over $62 million."


"We are very pleased with the company's progress," said Donald Amaral, Coram's president and chief executive
officer. "We have continued to improve profitability and have achieved some business successes with managed
care and integrated health care systems which we believe will contribute to revenue growth. On the provider
front we have signed joint AIDS carve-out agreements with two prestigious medical centers and concluded
preferred provider agreements for home intravenous therapy with City of Hope, an internationally recognized
cancer care center, with a major proprietary hospital chain, and with several leading academic medical centers.

"On the managed care side, we have established a new agreement with MagnaCare, a rapidly growing PPO/HMO
organization in New York," Amaral said. "We have also signed a Resource Network agreement for catastrophic
case management with ICM, a leading case management organization in the Northwest. Through the Resource
Network, Coram assumes responsibility for managing and delivering a wide range of outpatient health care
services including home health, home infusion therapy, maternity management, respiratory therapy and home
medical equipment." Coram said that it had signed new preferred provider contracts for home intravenous
therapy with several national preferred provider organizations.

Coram also announced that it had instituted an innovative asthma management program with National Jewish
Center for Immunology and Respiratory Medicine in Denver, and Managed Health Services, headquartered in
Milwaukee, WI. Under the program, which is offered to members of Managed Health's Medicaid HMO in
Northern Indiana, Managed Health, Coram, and National Jewish work together to case manage chronic asthma
patients, giving patients and families new tools to manage the disease and providing new resources for the
HMO's primary care physicians.


On October 21, 1996, Coram and Integrated Health Services, Inc. (NYSE: IHS), headquartered in Owings Mills,
MD, announced that they had entered into a definitive merger agreement pursuant to which Integrated Health
Services will acquire Coram. The consolidated company will be the nation's second largest home health
company and the largest post-acute care company, offering a broad spectrum of services, including home nursing
services, home infusion services, subacute care, inpatient and outpatient rehabilitation services, skilled nursing
facility care, hospice and diagnostic services.

"We are very excited about joining IHS," Donald Amaral said. "This is a great combination, which offers many
opportunities for joint marketing to managed care - and for the development of new, innovative patient services."
The company said that it expects the transaction to close in the first quarter of 1997.

This release includes forward-looking statements that involve risks and uncertainties. These comments may differ
in a material way from actual future events. For instance, the company's strategies and operations involve the
risks of intense competition which could lead to loss of business, changing market forces, changes in technology
and medical practice and the challenges inherent in developing new business relationships and introducing new
services for which profitability and market acceptance have not been established. Readers are also referred to
the documents filed by the Company with the S.E.C., specifically the last reports on Form 10-K and 10-Q, which
identify important risk factors for the company.

Coram Healthcare is the nation's leading provider of home intravenous therapy. Coram's mission is to work with
patients, physicians, managed care and other health care providers to develop better models of care for those
with serious or chronic medical conditions.

                             CORAM HEALTHCARE CORPORATION
                    Condensed Consolidated Statement of Operations
                         (In Millions, Except Per Share Data)

         Results of Operations          Three Months  Three Months   Nine Months
                                            Ended        Ended          Ended
                                            September 30,   June 30,
        September 30,

                                            1996    1995     1996     1996

         Net revenue                   $131.2   $164.7  $133.1   $395.9   $448.9
         Cost of service                 86.6    129.7    91.2    275.9    343.1
         Gross profit                    44.6     35.0    41.9    120.0    105.8

         Operating expenses
          Selling, general and
           administrative expenses       26.5     40.8    26.6     78.4    103.4
          Provision for estimated
           uncollectible accounts         6.8     36.5     6.8     22.3     56.6
          Amortization of goodwill        3.6      2.9     3.7     11.7     10.5
          Charge for long-lived assets
           and acquired receivables:
          Goodwill and other
           long-lived assets                     166.4                     166.4
          Valuation of acquired receivables       37.0                      37.0
         Provision for shareholder
          litigation settlement           0.3             12.5     12.7
         Restructuring charge                                               21.4
            Operating income (loss)       7.4  (248.6)   (7.7)    (5.1)  (289.5)

         Other income (expense):
         Non-operating expenses, net   (18.5)   (13.7)  (19.6)   (56.5)   (29.4)
         Loss before income taxes and
          minority interest            (11.1)  (262.3)  (27.3)   (61.6)  (318.9)
         Income tax benefit             (1.3)   (10.2)   (5.2)   (14.0)   (11.3)
         Minority interest in net income
         of consolidated joint ventures   2.2      2.6     1.4      5.8      8.8
         Net loss                     $(12.0) $(254.7) $(23.5)  $(53.4) $(316.4)

         Net loss per share           $(0.28)  $(6.38) $(0.58)  $(1.30)  $(7.88)
         Weighted average common
          shares outstanding             42.2     39.9    40.9     41.3     40.2

                             CORAM HEALTHCARE CORPORATION
                         Condensed Consolidated Balance Sheet
                                    (in Millions)

                                                      September 30,
        December 31,

                                                      1996               1995
          Cash and cash equivalents                   $18.6               $26.7
          Restricted cash                               5.0                25.4
          Accounts receivable, net                    115.0               153.8
          Other current assets                         46.1                50.1
           Total current assets                       184.7               256.0

         Goodwill, net                                337.5               347.7

         Other assets                                  58.6                84.1
           Total assets                              $580.8              $687.8

         Liabilities and Stockholders' Equity:
          Current liabilities
           (including current maturities of debt)     318.1               218.6
          Long-term debt                              264.0               439.3
          Other liabilities                             6.1                11.9
          Stockholders' equity                        (7.4)                18.0
           Total liabilities
            and stockholders' equity                 $580.8              $687.8

SOURCE Coram Healthcare/CONTACT: Investor: Richard M. Smith, Chief Financial Officer, 303-672-8717,
Harriet Albery, 303-672-8875, or Media: Lawrence Watts, Vice President Corporate, Communications,
303-672-8728, all of Coram Healthcare/

Western Gas Resources, Inc. Announces Third Quarter 1996 Results

DENVER, Nov. 6, 1996 - Western Gas Resources, Inc. ("Western") (NYSE: WGR) today announced that, for the
quarter ended September 30, 1996, it had net income of $2.9 million, or after giving effect to preferred stock
dividends, earnings of $.01 per share of common stock compared to net income of $0.5 million, or a loss of $.08
per share of common stock during the same period in 1995. Cash flow from operations was $20.4 million, an
increase of $3.2 million from the third quarter of 1995, and revenues were $467.7 million, an increase of $181.0
million over the same period in 1995.

For the nine months ended September 30, 1996, net income was $18.5 million, or after giving effect to preferred
stock dividends, earnings of $.42 per share of common stock. This compares to net income of $2.0 million for the
nine months ended September 30, 1995, or after giving effect to preferred stock dividends and the redemption of
privately held preferred stock in the second quarter of 1995, a loss of $.42 per share of common stock. Cash flow
from operations was $76.3 million, an increase of $23.1 million from the first nine months of 1995, and revenues
were $1,394.6 million, an increase of $499.8 million over the same period in 1995.

Average natural gas sales volumes increased 199 MMcf per day to 1,711 MMcf per day compared to the third
quarter of 1995, and for the nine months ended September 30, 1996, increased 202 MMcf per day to 1,755 MMcf
per day compared to the same period of 1995. The increases were largely a result of additional sales of natural
gas purchased from third parties. Average natural gas prices increased $.61 to $2.01 per Mcf compared to the
third quarter of 1995 and increased $.59 to $2.04 per Mcf for the nine months ended September 30, 1996,
compared to the same period in 1995.

Average natural gas liquids ("NGLs") sales volumes increased 763 MGal per day to 3,595 MGal per day
compared to the third quarter of 1995, and for the nine months ended September 30, 1996, increased 695 MGal
per day to 3,562 MGal per day compared to the same period of 1995. The increase in sales volumes were
primarily related to an increase in sales of NGLs purchased from third parties and increased ethane recovery at
our Granger facility. Average NGL prices increased $.09 to $.39 per gallon compared to the third quarter of
1995. For the nine months ended September 30, 1996, average NGL prices increased $.06 to $.37 per gallon,
compared to the same period in 1995.

The benefit to the Company's operating margin from increased gas and NGL prices in the third quarter was
limited by weighted average futures positions for approximately 60% of its equity natural gas and approximately
45% of its equity NGL production.

The Company experienced operational difficulties at two of its facilities which reduced net income in the quarter
and nine months ended September 30, 1996 by approximately $570,000, or $.02 per share of common stock. The
facilities were repaired in September 1996 and are fully operational.

Net income for the quarter and nine months ended September 30, 1995 included an after-tax gain from the sale of
the Company's 50% interest in the Waha Header system of $596,000, or $.02 per share of common stock.

Western Gas Resources, Inc. is an independent gas gatherer and processor and an energy marketer providing a
full range of services to its customers from the wellhead to the delivery point. The Company designs, constructs,
owns and operates natural gas gathering, processing, treating and storage facilities in major gas-producing basins
in the United States.

                                            Quarter                Nine Months
                                          Ended September 30,      Ended
        September 30,

                                            1996       1995           1996

        Financial Statistics:
        ($000s except share and
          per share amounts)

        Revenues                    $467,721   $286,705   $1,394,658   $894,814

        Costs and expenses:
         Product purchases           413,260    234,784    1,213,955    735,040
         Plant operating expense      18,367     18,009       53,402     53,013
         Oil and gas exploration
          and production expense       1,110      1,181        3,640      4,000
         Selling and administrative
          expense                      6,415      6,645       21,552     20,183
         Depreciation, depletion and
          amortization                15,709     16,213       47,134     50,128
         Interest expense              8,497      9,617       26,646     27,708
         Restructuring charges            --         --           --      2,065

        Total costs and expenses     463,358    286,449    1,366,329    892,137

        Income before taxes            4,363        256       28,329      2,677

        Provision (benefit) for
         income taxes                  1,482      (206)        9,783        677

        Net income                     2,881        462       18,546      2,000

        Preferred stock requirements (2,610)    (2,610)      (7,830)  (12,821)..

        Net income (loss) attributable
         to common stock                 271    (2,148)       10,716   (10,821)

        Weighted average shares of
         common stock
         outstanding              25,776,871 25,760,595   25,774,446 25,750,401

        Net income (loss) per share
         of common stock                 .01      (.08)          .42      (.42)
        Cash flow from operations     20,355     17,192       76,326     53,244

        .. includes preferred stock redemption costs of $3,784

        Operating Statistics:

        Average Gas Sales (MMcf/D)     1,711      1,512        1,755      1,553
        Average NGL Sales (MGal/D)     3,595      2,832        3,562      2,867
        Average Gas Prices ($/Mcf)     $2.01      $1.40        $2.04      $1.45
            Average NGL Prices ($/Gal)      $.39       $.30         $.37

SOURCE Western Gas Resources, Inc. /CONTACT: Ron Wirth of Western Gas Resources, 800-933-5603/

New Company Formed From Assets of Two Bidermann Divisions Cluett Designer Group Exits Chapter 11

NEW YORK, NY - Nov. 6, 1996 - Certain assets of two Bidermann Industries U.S.A., Inc. subsidiaries, Cluett,
Peabody & Co., Inc. and Bidermann Tailored Clothing Inc., have been sold and combined to form a new
company, Cluett Designer Group. Cluett Designer Group will market and sell clothing under licensed Yves Saint
Laurent and Burberrys brand names.

The new company received $15 million in funding from The CIT Group, to be used to fund the asset purchases
and for working capital purposes. Cluett Designer Group expects to achieve net sales of approximately $40
million in its first full year of operation.

The transaction was approved by the judge overseeing Bidermann Industries' Chapter 11 proceedings in the U.S.
Bankruptcy Court for the Southern District of New York. The new company will not be involved in the
bankruptcy proceedings.

"This is an exciting new company with an enormous amount of potential," said Jean Kolloff, President of Cluett
Designer Group, "With our license for Burberrys shirts and a master license for Yves Saint Laurent menswear we
will have a very strong retail presence with widely recognized and highly regarded brand names. In addition, the
Cluett name has a long, distinguished history in the tailored clothing industry and a reputation which we will be
proud to uphold."

Cluett, Peabody was founded in 1854 as a collar manufacturer in Troy, New York. It was purchased by
Bidermann Industries in 1990.

Ms. Kolloff was previously President of Bidermann Industries' Burberrys and Yves Saint Laurent operations.
From 1988 to 1993 she was with German hosiery company Falke Group where she held the position of President
of that company's North American business. Prior to that she was President of Bill Robinson, a subsidiary of
Bidermann Industries.

Cluett Designer Group is based in New York and employs approximately 35 people.

SOURCE Cluett Designer Group  /CONTACT: Robert Mead for Cluett Designer Group, 212-484-6701/