TCR_Public/961112.MBX




InterNet Bankruptcy Library - News for November 12, 1996






Bankruptcy News For November 12, 1996



  1. Raytech announces third quarter results for 1996

  2. Ames Reports Third-Quarter Profit: Year-To-Date Performance Shows Improvement

  3. Cincinnati Microwave Reports Third Quarter Results

  4. Delphi Information Systems Announces Second Quarter Results

  5. EA Industries, Inc. reports third quarter and nine-month results; Announces conference call

  6. Hanover Direct reports 1996 third quarter and nine month results

  7. Marvel 3Q96 Results and Performance Update

  8. Sunbelt Nursery Group Reports Improved First Quarter Results

  9. Sixx Holdings, Inc. Terminates Agreement to Purchase Sfuzzi Assets




Raytech announces third quarter results for 1996


SHELTON, Conn.--Nov. 12, 1996--Raytech Corporation (NYSE:RAY) today announced net income for the
13-week period ended Sept. 29, 1996 amounting to $4,754 or $1.38 per share as compared with $1,586 or 47
cents per share for the corresponding period in 1995.


For the 39-week period net income amounted to $13,037 or $3.78 per share compared with net income of
$11,808 or $3.46 per share for the same period in 1995. Included in 1995 net income is a one-time after-tax gain
of approximately $2.7 million which resulted from a favorable judgment in regard to a product disparagement
lawsuit.


Excluding the item mentioned above, net income was up 43% over last year. The improvement in net income as
compared to the prior year is a direct result of additional sales volume within the domestic on highway vehicular
manufacturers, original equipment, automotive aftermarket and off highway vehicular market segments. However,
the company did experience weak sales volume within the European market due to the continuation of weak
economic conditions in this region.


During the first quarter of 1996, the company acquired certain assets from Advanced Friction Materials Company
("AFM") in Sterling Heights, Mich. and also acquired a 47% equity interest in AFM.


Net sales for the 39-week period ended Sept. 29, 1996 increased 20.8% to $165,839 as compared with $137,303
for the same period one year ago. Net sales for the 13-week period ended Sept. 29, 1996 increased 28.7% to
$53,660 as compared with $41,685 for the same period one year ago. The overall improvement is primarily due
to additional sales of approximately $17,400 related to the Sterling Heights operations and additional volume
within the domestic product market segments. Excluding Sterling Heights, domestic sales increased by $14,100
compared to last year. However, European sales decreased by $3,000 primarily due to a continued decline in the
European economy.


The company has been under the protection of the U.S. Bankruptcy Court relating to asbestos personal injury and
environmental liabilities since March 1989. The ultimate liability of the company with respect to
asbestos-related, environmental or other claims cannot presently be determined.


Raytech Corporation is headquartered in Shelton, with operations serving world markets for energy absorption
and power transmission products, as well as custom-engineered components.  


                                 Raytech Corporation
                  Condensed Consolidated Statements of Operations
                        (000's omitted, except share data)
        

        Comparative results are as follows:
                           For the 13 weeks ended  For the 26 weeks ended
                           Sept. 29,      Oct. 1,  Sept. 29,     Oct. 1,
                             1996          1995      1996          1995
        

        Net sales               $ 53,660     $ 41,685   $165,839   $137,303
        Net income              $  4,754     $  1,586   $ 13,037   $ 11,808
        Net income per share(a) $   1.38     $    .47    $  3.78   $   3.46
        Weighted average shares
        

         outstanding            3,454,092   3,389,401   3,450,410  3,414,572
        

(a) The company has been under the protection of the U.S. Bankruptcy Court relating to asbestos personal injury
and environmental liabilities since March 1989. The ultimate liability of the company with respect to
asbestos-related, environmental or other claims cannot presently be determined.


CONTACT: Raytech Corporation A.A. Canosa, 203/925-8000




Ames Reports Third-Quarter Profit: Year-To-Date Performance Shows Improvement


ROCKY HILL, Conn., Nov. 12, 1996 - Ames Department Stores, Inc. (Nasdaq: AMES) today reported
third-quarter net income of $421 thousand, or $0.02 per share, for the period ended October 26, 1996, compared
with last year's third-quarter net loss of $4.9 million, or $0.24 loss per share.


The net loss for the 39 weeks ended October 26, 1996, was $2.1 million, or $0.10 loss per share, compared with
a net loss of $12.8 million, or $0.64 loss per share, last year. The year-to-date loss before other gains was $3.3
million, a $21.2 million improvement compared with last year's loss before other gains of $24.5 million.


Net sales for the third quarter were $516.9 million, compared with $501.6 million in the prior year's third
quarter, an increase of 3.1 percent. Net sales for the year to date were $1.455 billion, compared with $1.440
billion last year. Comparable-store sales for the quarter increased 1.2 percent while comparable-store sales for
the year to date decreased 0.5 percent.


Joseph R. Ettore, President and Chief Executive Officer, said, "Our third- quarter net income was a significant
improvement over the $3.3 million loss projected in the business plan. This third quarter improvement is
attributable to a combination of factors, including better-than-plan sales and gross margin rate as well as
controlled levels of merchandise inventories. Merchandise inventories at the end of the quarter were $41.5
million below the same period last year.


"On September 26, we opened two new stores in Dover, N.J., and Trexlertown, Pa., to enthusiastic customer
response," Ettore said. "In total, we opened 13 new stores during 1996 - the largest number of store openings
since 1989. The combination of these 13 productive new locations, combined with the early 1996 closing of 17
unprofitable store locations, has contributed to our improved operating performance."


"We expect that the fourth quarter will be extremely competitive and have planned a strong advertising and
merchandising program to take advantage of promotional opportunities," Ettore said.


"At the same time, our intention is to minimize margin exposure to the fullest extent possible by ensuring that
inventories are maintained in line with anticipated sales levels," he said. "With the added contributions of our
new stores and an increase in consumer optimism, we took forward to a strong holiday season."


Ames, which operates 303 stores in 14 Northeastern states and the District of Columbia, is the nation's
fifth-largest discount retailer with annual total sales of $2.1 billion.


                    AMES DEPARTMENT STORES, INC. AND SUBSIDIARIES
                   CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                       (In Thousands, Except Per Share Amounts)
                                     (Unaudited)
        

                                        For the Thirteen    For the Thirty-nine
                                           Weeks Ended           Weeks Ended
                                        Oct. 26,  Oct. 28,   Oct. 26,   Oct. 28
                                          1996     1995        1996      1995
        

        TOTAL SALES                    $540,607  $524,421  $1,521,501 $1,508,114
        Less: Leased department sales    23,731    22,871      66,851     68,064
        NET SALES                       516,876   501,550   1,454,650  1,440,050
        

        COSTS, EXPENSES AND (INCOME):
        Cost of merchandise sold        375,652   367,413   1,056,299  1,054,568
        Selling, general and
         administrative expenses        141,163   140,504     403,574    410,762
        Leased department and other
             operating income                (7,466)   (7,182)    (20,461)
        (21,144)
        

        Depreciation and
         amortization expense             2,646     2,343       7,915      6,427
        Amortization of the excess of
         revalued net assets over equity
             under fresh-start reporting     (1,538)   (1,538)    (4,615)
        (4,615)
        

        Interest and debt expense, net    5,821     7,014     15,266      18,550
        

        INCOME (LOSS) BEFORE OTHER (CHARGES)
             AND GAINS                          598    (7,004)    (3,328)
        (24,498)
        

        Gain on disposition of properties   ---       ---        395       6,090
        

        INCOME (LOSS) BEFORE
             INCOME TAXES                       598    (7,004)    (2,933)
        (18,408)
        

        Income tax benefit (provision)     (177)    2,120        870       5,571
        

            NET INCOME (LOSS)                   $421  ($4,884)   ($2,063)
        ($12,837)
        

        WEIGHTED AVERAGE NUMBER OF COMMON
         AND COMMON EQUIVALENT
         SHARES OUTSTANDING               21,974   20,127     20,465      20,127
        

            NET INCOME (LOSS) PER SHARE        $0.02   ($0.24)    ($0.10)
        ($0.64)
        

        Results of Operations as a Percent of Net Sales:
            Net sales                          100.0%   100.0%     100.0%
        100.0%
        

        Cost of merchandise sold            72.7     73.3       72.6        73.2
        Gross margin                        27.3     26.7       27.4        26.8
        Selling, general and
         administrative expenses            27.3     28.0       27.7        28.5
        Leased department and other
             operating income                   (1.4)    (1.4)      (1.4)
        (1.5)
        

        Depreciation and
         amortization expense                0.5      0.5        0.5         0.4
        Amortization of the excess of
         revalued net assets over equity
             under fresh-start reporting        (0.3)    (0.3)      (0.3)
        (0.3)
        

        Interest and debt expense, net       1.1      1.4        1.0         1.3
        Income (loss) before other
             (charges) and gains                 0.1     (1.4)      (0.2)
        (1.7)
        

        Gain on disposition of properties    ---      ---        ---         0.4
            Income (loss) before income taxes    0.1     (1.4)      (0.2)
        (1.3)
        

        Income tax benefit (provision)       ---      0.4        0.1         0.4
            Net income (loss)                    0.1%    (1.0)%     (0.1)%
        (0.9)%
        

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

                    AMES DEPARTMENT STORES, INC. AND SUBSIDIARIES
                        CONSOLIDATED CONDENSED BALANCE SHEETS
                                    (In Thousands)
                                     (unaudited)
        

                                                           Oct. 26,  Jan.
        27, Oct. 28,
        

                                                         1996      1996    1995
        

                                        ASSETS
        Current Assets:
              Cash and short-term investments               $20,577  $14,185
        $19,998
        

              Receivables                                    45,055   14,478
        39,293
        

              Merchandise inventories                       558,727  402,177
        600,230
        

              Prepaid expenses and other current assets      15,620   12,793
        19,017
        

                 Total current assets                       639,979  443,633
        678,538
        

             Fixed Assets                                    91,597   78,487
        69,316
        

           Less -- Accumulated
                depreciation and amortization               (27,919)
        (20,259) (14,239)
        

                  Net fixed assets                           63,678   58,228
        55,077
        

            Other assets and deferred charges                 4,792    3,965
        4,176
        

            Total                                          $708,449 $505,826
        $737,791
        

                         LIABILITIES AND STOCKHOLDERS' EQUITY
        Current Liabilities:
         Accounts payable:
              Trade                                        $218,439 $112,682
        $203,134
        

              Other                                          40,919   43,636
        38,119
        

                Total accounts payable                      259,358  156,318
        241,253
        

                Note payable -- revolver                    141,507    4,284
        175,747
        

          Current portion or long-term debt
               and capital lease obligations                 16,260   17,347
        19,049
        

              Self-insurance reserves                        35,395   39,003
        43,808
        

          Accrued expenses and other
               current liabilities                           55,509   54,943
        51,868
        

              Restructuring reserve                          18,515   30,623
        1,144
        

                Total current liabilities                   526,544  302,518
        532,869
        

            Long-term debt                                   12,599   23,159
        25,445
        

            Capital lease obligations                        26,966   29,372
        33,967
        

            Other long-term liabilities                       5,793    6,322
        7,922
        

            Unfavorable lease liability                      17,442   18,672
        21,491
        

        Excess of revalued net assets over
             equity under fresh-start reporting              37,865   42,480
        44,018
        

            Commitments and contingencies
        ---      ---      ---
        

        Stockholders' Equity:
         Common stock                                      205      205      201
         Additional paid-in capital                     80,759   80,759   80,759
             Retained earnings (accumulated deficit)           276    2,339
        (8,881)
        

           Total stockholders' equity                   81,240   83,303   72,079
         Total                                        $708,449 $505,826 $737,791
        

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

                 Condensed Notes to News Release Financial Statements
        

            Basis of Presentation: In the opinion of management, the
        accompanying consolidated condensed financial statements of Ames
        Department Stores, Inc., and subsidiaries (collectively the
        "Company") contain all adjustments necessary for a fair presentation
        of such financial statements for the periods presented.  Certain
        prior year items have been reclassified to conform to the current
        year presentation.  Due to the seasonality of the Company's
        operations, the results of operations for the interim period ended
        October 26, 1996 may not be indicative of total results for the full
        year.  Certain information normally included in financial statements
        prepared in accordance with generally accepted accounting principles
        has been condensed or omitted. The accompanying financial statements
        should be read in conjunction with the financial statements and
        notes thereto included in the Company's Form 10-K filed in April,
        1996.
        

            Earnings Per Common Share: Earnings per share was determined
        using the weighted average number of common and common equivalent
        shares outstanding. Common stock equivalents and fully diluted
        earnings per share were excluded for the periods with net losses as
        their inclusion would have reduced the reported loss per share.
        Fully diluted earnings per share was equal to primary earnings per
        share for the quarter ended October 26, 1996.
        

            Inventories: Inventories are valued at the lower of cost or
        market.  Cost is determined by the retail last-in, first-out (LIFO)
        cost method for all inventories.  No LIFO reserve was necessary at
        October 26, 1996, January 27, 1996 and October 28, 1995.
        

            Debt: The Company has an agreement with BankAmerica Business
        Credit, Inc., as agent, and a syndicate consisting of seven other
        banks and financial institutions, for a secured revolving credit
        facility of up to $300 million, with a sublimit of $100 million for
        letters of credit (the "Credit Agreement").  The Credit Agreement is
        in effect until June 22, 1997, is secured by substantially all of
        the assets of the Company, and requires the Company to meet certain
        quarterly financial covenants.  The Company is in compliance with
        these financial covenants through the quarter ended October 26,
        1996.
        

            Income Taxes: The Company's estimated annual effective income
        tax rate for each year was applied to the loss incurred before
        income taxes for the thirty- nine weeks ended October 26, 1996 and
        October 28, 1995 to compute non-cash income tax benefits of $0.9
        million and $5.6 million, respectively.  The same method was used to
        compute the income tax provision of $0.2 million for the third
        quarter of 1996 and the non-cash income tax benefit of $2.1 million
        for the third quarter of 1995.  The Company currently expects that,
        as a result of the seasonality of the Company's business, this
        year's income tax benefit will be offset by non-cash income tax
        expense in the remaining interim periods. The income tax benefits
        are included in other current assets in the balance sheets as of
        October 26, 1996 and October 28, 1995.
        

SOURCE Ames Department Stores, Inc./CONTACT: Marge Wyrwas, 860-257-2659 or Lynn Riemer,
860-257-2666, both of Ames




Cincinnati Microwave Reports Third Quarter Results


CINCINNATI, Nov. 12, 1996 - Cincinnati Microwave, Inc. (Nasdaq: CNMW) today reported results for its third
quarter and nine months ended September 29, 1996. For the third quarter, net sales were $10.5 million compared
with $22.1 million a year earlier. The net loss was $6.4 million, or 40 cents per share, compared with a loss of
$2.6 million, or 18 cents, in the third quarter of 1995.


For the nine month period, net sales were $46.5 million compared with $54.8 million in the first nine months of
1995. The net loss for the nine months was $12.8 million, or 81 cents per share, compared with $4.0 million, or
28 cents, in the comparable prior period. In the 1995 first quarter, the Company recorded a nonoperating gain of
$1.4 million reflecting the release of certain tax reserves to income as a result of the closure of the Company's
1991 Federal income tax return.


Net Sales

Net sales for the third quarter of 1996 were down 53 percent from the comparable prior period primarily
because of a 66 percent decline in sales of radar detectors. The decline in detector unit sales was primarily due
to weak retail sales, the loss of a major customer, and the Company's focus on major retailers while reducing its
unprofitable activity as an OEM manufacturer. Midway through the quarter, several marketing executives were
added to fill marketing positions which had been vacant since the beginning of the year. While these marketing
personnel are expected to have a positive impact on future marketing efforts, their impact on the third quarter was
minimal. Sales of the Company's cordless telephones with SureLink(TM) technology fell 40 percent for the third
quarter with unit volume down 38 percent reflecting significantly decreased volume to OEM customers.


Other sales rose 180 percent to $864,000 due to an almost five-fold increase in the number of cellular digital
packet data (CDPD) modems sold. The market for CDPD appears to be growing, albeit more slowly than market
analysts had projected, as cellular carriers continue deployment of digital capabilities in their networks, and new
applications reach the market.


For the first nine months of 1996, net sales were down 15 percent reflecting a 38 percent decline in detector
revenues partially offset by a 42 percent increase in cordless telephone revenues.


Gross Margin

The Company's gross loss was 2 percent for the third quarter compared with gross profit of 17 percent for the
comparable period in 1995 and 11 percent for the nine months ended September 29, 1996 versus 24 percent for
1995. Margins were impacted by inventory liquidation efforts, lower production volume, which impacts factory
utilization and efficiency, and continued high material costs due to the Company's inability to make volume
purchases because of the lower production volume, on hand inventory, and cash flow constraints.


Operating Expenses

Operating expenses for the third quarter of 1996 declined 3 percent to $6 million although they increased to 57
percent of net sales from 28 percent in the comparable period in 1995. A 23 percent decline in research and
development expense for the third quarter resulted from lower labor costs. Selling expenses increased 9 percent
from last year primarily due to the rise in telephone and recruiting expenses. Administrative expenses were
relatively unchanged from last year.


Total operating expenses for the first nine months of 1996 remained relatively unchanged as compared with the
corresponding period in 1995. However, as a percent of sales, operating expenses increased to 38 percent in the
first nine months of 1996 from 32 percent in 1995. A 23 percent decrease in research and development costs
reflects the reduction in labor costs and the use of an engineering development credit from a customer and was
primarily offset by a 22 percent increase in administrative expenses caused by an increase in professional fees.


Balance Sheet Review

During the first nine months of 1996, the Company generated cash from operating activities of $940,000 as
compared with the utilization of cash of $23.1 million in the prior year period. The primary source of cash was
the $13.7 million reduction in inventory and the $4.7 million decline in accounts receivable during the period.
Available cash was used to fund the current $12.8 million loss from operations and reduce accounts payable by
$7.4 million between year-end and September 29, 1996.


The $13.7 million reduction in inventory included a $3.9 million decrease in raw materials and work in process
and a $10.8 million decrease in finished goods inventory. The $4.7 million decrease in accounts receivable was
due to lower third quarter sales to OEM and major account customers.


On July 31, 1996, the Company secured a three-year, $15 million credit facility from Foothill Capital
Corporation. The new credit facility is comprised of a $5 million term loan and a revolving credit facility of up
to $15 million with a combined availability of $15 million. The available borrowings under the revolving credit
facility are based on the level of the company's accounts receivable and finished goods inventory. The new
facility is secured by substantially all of the Company's assets and is subject to the maintenance of certain
financial covenants. At September 29, 1996 the Company was in compliance with the financial covenants.


The recent significant decline in sales performance combined with the disadvantageous mechanics of the credit
facility have severely restricted the amount of credit available to the Company. The amount of available
borrowings under the credit facility are based primarily upon the Company's accounts receivable balances, with
additional borrowings against inventory based upon a multiple of that available against accounts receivable. The
Company has traditionally reached the consumer market via its highly successful direct marketing
cash-on-delivery approach. In recent years the Company has sought to expand the market for its products through
OEMs and major retailers who buy on terms, resulting in accounts receivable balances. Unless the Company
experiences significant sales to OEM and major retailers with corresponding accounts receivable balances, the
available borrowings under the current facility will continue to decline.


During the third quarter, the Company increased its focus on major retailers, while reducing its unprofitable
activity as an OEM manufacturer. Although the opportunity to market the Company's products has been well
received by several major retailers, their buying for the Christmas season had been largely completed prior to the
Company's initiative. Consequently, although some major retailer volume is anticipated for the first quarter of
next year, very little volume is expected for the fourth quarter of 1996. At September 29, 1996 total borrowings
under the revolving credit facility were $3.3 million and the amount of available incremental borrowings was
$300,000.


Due to the severity of the Company's cash shortage, which has worsened during October and early November, the
Company has been unable to meet the payment plans previously established with its vendors and the
corresponding pressure from its vendors is increasing. As a result, the Company is required by many of its
vendors to pay in advance for its production requirements. This has caused periodic scheduling and downtime
problems in manufacturing and increases in the related expenses. The Company continues to reduce its cost of
business and, in mid-November, reduced its work force by 26 percent which, when combined with the 54 percent
reduction in employees in June, has resulted in a 70 percent overall reduction since December 1995.


As a result of the cash shortage, and the prospect of lower than anticipated sales through the fourth quarter, the
Company may not have sufficient resources to finance its operations. Since the Company is at, or close to, its
maximum borrowing limit under the current facility, it has liquidated some finished goods inventories at or below
cost. In addition, the Company is considering additional equity offerings and is also exploring various strategic
alliances, including the potential merger, sale of all or a portion of its business, as well as possibly filing for
reorganization pursuant to Chapter 11 of the Bankruptcy Reform Act of 1978. Based upon results through
mid-November, the Company is considering reorganizing its business and product lines which may necessitate
reducing the carrying values of some assets based upon their estimated net realizable values. The resulting charge
to operating results could be significant.


About the Company

Cincinnati Microwave designs, manufactures and markets ultrahigh frequency and microwave wireless
communications products. The company's product lines include radar warning devices, digital spread spectrum
cordless telephones and wireless data modems for use on the Cellular Digital Packet Data (CDPD) network. The
company's products combine its experience in ultrahigh frequency and microwave wireless technology, including
digital signal processing, with its high volume manufacturing capabilities.


The company markets its products both under the ESCORT(R) brand name through direct advertising and as an
Original Equipment Manufacturer (OEM) supplier. The company's strategy for entering new markets is to align
with companies that have established sales leadership and market positions. This strategy is designed to provide
broader access to the end user. The company produces digital spread spectrum telephones for some leading
marketers of consumer telephones. The company's common stock is traded on the Nasdaq National Market under
the symbol CNMW.


                              CINCINNATI MICROWAVE, INC.
                               STATEMENT OF OPERATIONS
                       (AMOUNTS IN THOUSANDS EXCEPT SHARE DATA)
                                     (UNAUDITED)
        

                                  THREE MONTHS ENDED         NINE MONTHS ENDED
                                  Sep 29,  Oct 1,  PERCENT   Sep 29,   Oct
        1,  PERCENT
        

                                   1996     1995    CHANGE    1996      1995
        CHANGE
        

            RADAR DETECTORS       4,502    13,256    (66%)   24,432
        39,344    (38%)
        

            CORDLESS TELEPHONES   5,131     8,552    (40%)   20,526
        14,430     42%
        

            OTHER                   864       309    180%     1,552
        1,008     54%
        

            NET SALES           $10,497   $22,117    (53%)  $46,510
        $54,782    (15%)
        

            COST OF SALES        10,692    18,391    (42%)   41,193
        41,817     (1%)
        

            GROSS PROFIT           (195)    3,726   (105%)    5,317
        12,965    (59%)
        

        OPERATING EXPENSES:
          RESEARCH &
                DEVELOPMENT       1,571     2,029    (23%)    4,331
        5,631    (23%)
        

              SELLING EXPENSES    3,038     2,792      9%     8,803
        8,307      6%
        

          ADMINISTRATIVE
                EXPENSES          1,341     1,293      4%     4,377
        3,575     22%
        

                  TOTAL           5,950     6,114     (3%)   17,511
        17,513      0%
        

        OPERATING LOSS       (6,145)   (2,388)    --    (12,194)   (4,548)    --
        OTHER EXPENSE, NET     (219)     (249)    --       (628)     (892)    --
        LOSS BEFORE INCOME
          TAXES              (6,364)   (2,637)    --    (12,822)   (5,440)    --
        INCOME TAX BENEFIT        0         0     --          0    (1,438)    --
        NET LOSS            ($6,364)  ($2,637)    --   ($12,822)  ($4,002)    --
        

        LOSS PER SHARE       ($0.40)   ($0.18)    --     ($0.81)   ($0.28)    --
        

        WEIGHTED AVERAGE
              SHARES OUTSTANDING 15,762    14,672      7%    15,736
        14,175     11%
        

                              CINCINNATI MICROWAVE, INC.
                                    BALANCE SHEET
                                (AMOUNTS IN THOUSANDS)
        

                                                            AS OF:
                                                      Sept. 29,  Dec. 31,
                                                         1996      1995
                                                     (UNAUDITED) (AUDITED)
        ASSETS
          CASH & INVESTMENTS                                10        11
          ACCOUNTS RECEIVABLE, NET                       6,235    10,923
          INVENTORIES, NET                              11,648    25,370
          OTHER CURRENT ASSETS                           1,155       779
            TOTAL CURRENT ASSETS                        19,048    37,083
          RESTRICTED CASH                                  881       429
          PROPERTY, PLANT & EQUIPMENT                   12,765    14,649
          INTANGIBLES                                    1,422     2,035
            TOTAL ASSETS                                34,116    54,196
        

        LIABILITIES & SHAREHOLDERS' EQUITY
          ACCOUNTS PAYABLE                               8,379    15,729
          CURRENT PORTION OF LONG-TERM DEBT              4,509     6,934
          ACCRUED EXPENSES                               3,659     4,293
          UNEARNED REVENUE                                 511       684
          CURRENT LEASE OBLIGATIONS                      1,038     1,075
            TOTAL CURRENT LIABILITIES                   18,096    28,715
          UNEARNED REVENUE-NONCURRENT                      211       350
          LONG-TERM CAPITAL LEASE OBLIGATIONS              337       753
          LONG-TERM DEBT                                 3,542         0
          SHAREHOLDERS' EQUITY                          11,930    24,378
           TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY    34,116    54,196
        

SOURCE Cincinnati Microwave, Inc./CONTACT: Elaine Bacon of Cincinnati Microwave, 513-489-5400, or
shinfocnmw.com; or Bill Schmidle, Analyst Inquiries, 312-640-6753, or Karl Plath, General Inquiries,
312-640-6738, both of the Financial Relations Board/




Delphi Information Systems Announces Second Quarter Results


ROLLING MEADOWS, Ill., Nov. 12, 1996 - Delphi Information Systems, Inc. (Nasdaq: DLPH) today announced
revenues of $7,243,000 for the second quarter ended September 30, 1996, compared with revenues of
$11,271,000 for the second quarter of the prior fiscal year. The revenue decrease is primarily due to the
company's decision to partner with Pioneer-Standard Electronics for fulfillment of hardware. The net loss prior
to restructuring charges of $2,606,000, or 9 cents per share, compares to a net loss of $1,337,000, or 16 cents per
share, for the same quarter of the prior fiscal year. The restructuring charges of $1,297,000, or 4 cents per share,
provided for severance payments due to the reduction of headcount announced in August, 1996, and a provision
for obsolete material resulting from the company's exit from the hardware business. The year-to-date revenues of
$15,412,000 and net loss prior to restructuring charges of $4,743,000 compares to $23,292,000 and $2,148,000
for revenues and net loss respectively for fiscal 1996. The per share calculation includes the additional shares
from the private placement in April 1996 and the conversion of preferred stock and subordinated notes.


James A. Harsch, Vice President, Administration and Chief Financial Officer, said, "These results are consistent
with our expectations and we are taking the actions necessary to restore the company to long-term, sustained
profitability. September results indicated we are on course to meet our expectations." Harsch added, "We remain
focused on our longterm growth opportunities including our recent expansion into the global brokerage market
with the previously announced acquisition of Complete Broking Systems and continue to take steps to control the
growth of our expenses so that they remain in line with our revenue expectations. Our debt-free balance sheet
allows us to leverage off Delphi's significant industry position and expertise to implement change and build
value."


Statements regarding future financial performance and results and the other statements that are not historical facts
contained in this release are forward-looking statements subject to numerous risks and uncertainties, and other
factors detailed in the company's Securities and Exchange Commission filings.


Delphi Information Systems, Inc., is a leading vendor of automation systems for independent property and
casualty insurance agencies, brokerages, managing general agencies, wholesalers, and insurers in North America.
The company develops, markets and supports application software systems and provides its customers with
complete consulting and educational services. Delphi provides technology-based solutions for sales management,
policy and claims administration, accounting, financial reporting, rating and electronic information exchange.


                            DELPHI INFORMATION SYSTEMS, INC.
                          CONSOLIDATED STATEMENT OF OPERATIONS
                          (In thousands, except per share data)
        

                                     Three Months Ended      Six Months Ended
                                         September 30,        September 30,
                                       1996       1995       1996       1995
                                         (Unaudited)            (Unaudited)
        Revenues:
          Systems                     $2,074     $3,845     $4,009     $8,309
          Services                     5,169      7,426     11,403     14,983
            Total revenues            $7,243    $11,271    $15,412    $23,292
        

        Costs of revenues:
          Systems                      2,341      3,061      4,386      6,227
          Services                     3,290      4,375      7,062      8,874
            Total costs of revenues    5,631      7,436     11,448     15,101
        

        Gross margin:
          Systems                       (267)       784       (377)     2,082
          Services                     1,879      3,051      4,341      6,109
            Total gross margin         1,612      3,835      3,964      8,191
        

        Operating expenses:
          Product development          1,354      1,164      2,602      2,432
          Sales and marketing          1,538      1,719      3,147      3,425
          General and administrative   1,259      1,717      2,764      3,361
          Amortization of goodwill,
            customer                      95        377        193        754
          Restructuring charges        1,297          0      1,297          0
            Total operating expenses   5,543      4,977     10,003      9,972
        Loss from operations          (3,931)    (1,142)    (6,039)    (1,781)
        

        Interest income (expense) net     21       (169)        27       (310)
        

        Loss before income taxes      (3,910)    (1,311)    (6,012)    (2,091)
        

        Provision for income taxes         7        (26)       (28)       (57)
        

        Net loss                     $(3,903)   $(1,337)   $(6,040)   $(2,148)
        

        Net loss per share            $(0.13)    $(0.16)    $(0.21)    $(0.26)
        

        Weighted average shares       30,374      8,551     29,347      8,334
        

        Net loss without
          restructuring charges      $(2,606)   $(1,337)   $(4,743)   $(2,148)
        

        Net loss per share without
          restructuring charges       $(0.09)    $(0.16)    $(0.16)    $(0.26)
        

                            DELPHI INFORMATION SYSTEMS, INC.
                             CONSOLIDATED BALANCE SHEETS
                                   (In thousands)
        

                                       ASSETS
        

                                                                  Sept. 30,
        March 31,
        

                                                                 1996       1996
                                                             (Unaudited)
        Assets
          Cash, cash equivalents, short-term investments       $1,555      $920
          Accounts receivable, net                              6,247     8,079
          Inventory, prepaid and other assets                     289       957
        Total current assets                                    8,091     9,956
        

        Property and equipment, net                             2,697     2,869
        

        Other assets, net                                       8,981     7,564
        

        Total assets                                          $19,769   $20,389
        

                         LIABILITIES & STOCKHOLDERS' EQUITY
        

        Current liabilities
          Accounts payable and accrued liabilities             $8,743    $8,262
          Other current liabilities                             7,886    13,061
        Total current liabilities                              16,629    21,323
        Long-term liabilities                                     559     2,412
        Stockholders' equity                                    2,581    (3,346)
        Total liabilities and stockholders' equity            $19,769   $20,389
        

SOURCE Delphi Information Systems, Inc. /CONTACT: James A. Harsch, VP Admin-CFO, of Delphi,
847-506-3100, or General Information, Jack Queeney, 312-640-6726, or Analyst Inquiries, Julie Creed,
312-640-6724, both of The Financial Relations Board/




EA Industries, Inc. reports third quarter and nine-month results; Announces conference call


WEST LONG BRANCH, N.J.--Nov. 12, 1996--EA Industries, Inc. (NYSE: EA), a diversified contract
electronics manufacturer, today reported results for the third quarter and nine months ended September 28, 1996.
The Company also announced it has implemented the second phase of a plan to refocus its activities on its core
contract manufacturing business. Additionally, EA announced that it has engaged an investment banker to act as
placement agent for a note in the aggregate amount of $3 million to finance equipment purchases that are needed
to support growth in EA's contract manufacturing subsidiary, Tanon Manufacturing, Inc., and to provide for
working capital for EA and Tanon.


For the nine-month period e nded September 28, 1996, EA had sales of $64,008,000, an increase of 14% above
sales for the same period of 1995. Gross profit from contract manufacturing increased to $2,838,000 (4.4% of
sales) in the first nine months of 1996 from $413,000 (0.7% of sales) in the first nine months of 1995. EA's net
loss decreased to $9,566,000, or $0.52 per share, during the first nine months of 1996 and compares with a net
loss of $26.8 million for the first nine months of 1995.


Sales for the third quarter of 1996 were $17,595,000, a decrease of $1.3 million from sales reported for the third
quarter of 1995. The Company noted that sales during the third quarter of 1996 were lower than anticipated,
primarily as a result of reduced orders from three large customers, who have shifted delivery schedules from the
third and fourth quarters to early 1997. Moreover, Tanon incurred additional carrying inventory costs associated
with delayed orders as raw materials were held on the behalf of customers. The cost of sales as a percentage of
sales increased from 98.7% to 100.8%, primarily as a result of revenue being insufficient to cover Tanon's fixed
overhead costs. EA expects that orders from these three large customers will begin rebounding in early 1997, and
combined with orders from new customers, Tanon will continue its improvements in both sales volume and profit
margin as seen during the first and second quarters of 1996.


As part of EA's previously announced restructuring plan, the Company focused on improved sales and marketing,
first on the East Coast and later on the West Coast. During the third quarter of 1996, sales at the East Coast
facility increased to $6,473,843, a 12.8% gain over the like figure from the third quarter of 1995. Sales from that
facility during the nine month period ended September 28, 1996 were $24,945,693, a 74% increase from the
same period of 1995. The Company expects that benefits from improved marketing efforts will show up in the
West Coast operation in early 1997.


Through the strategic plan, the Company seeks to focus the contract manufacturing business to include integrated
PC board fabrication and prototype manufacturing capabilities, as these businesses carry higher margins than
pure-play assembly. The previously announced letter of intent to acquire Tri-Star Technologies, Co., Inc. is EA's
first step toward developing a business with broader capabilities and higher margin operations.


Finally, EA continues to implement its plan to obtain independent funding for BarOn Technologies and to
evaluate future business opportunities with respect to the joint venture with Israel Aircraft Industries, as well as
alternate means to fund this interest.


Irwin L. Gross, Chairman of EA, stated, "We continue to move forward with our plan to expand Tanon
Manufacturing, Inc. Although recent results have not met our expectations, we remain confident that our actions
have positioned EA for much stronger performance in 1997. We believe the sales and marketing efforts in Tanon
that have worked on the East Coast will begin to bear fruit on the West Coast in early 1997, and a larger Tanon
with broader contract manufacturing capabilities will be better able to meet the challenges of expansion."


Except for historical matters contained in this press release, statements made in this press release are forward-
looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that these forward-looking statements reflect numerous assumptions and involve
risks and uncertainties which may affect EA's business and prospects and cause actual results to differ materially
from these forward-looking statements, including loss of current customers, reductions in orders from current
customers, or delays in ordering by current customers, failure to obtain anticipated contracts or orders from new
customers, or expected order volume from such customers, failure to obtain financing, higher material or labor
costs, unfavorable results in litigation against EA, failure to consummate the acquisition of Tri-Star
Technologies, Inc., economic, competitive, technological, governmental, and other factors discussed in EA's
filings with the Securities and Exchange Commission.


EA Industries, Inc., through its subsidiary, Tanon Manufacturing, Inc., is a diversified contract manufacturing
company serving the electronics industry from manufacturing facilities in West Long Branch, New Jersey and
Fremont, California. Through certain investments, the Company also develops and markets new, high technology
products. EAI's stock has been traded on the New York Stock Exchange since 1962.


                  EA INDUSTRIES, INC. AND SUBSIDIARIES
             Consolidated Condensed Statements of Operations
                               (UNAUDITED)
              (thousands of dollars, except per share data)
                                    

                                Quarter Ended     Nine Months Ended
                              9/28/96   9/30/95  9/28/96  9/30/95
        

        Sales                    $ 17,595  $ 18,895 $ 64,008 $ 56,128
        Cost of Sales              17,737    18,645   61,170   55,715
        Selling, general and
          administrative expenses   4,080     2,076    8,773    6,262
        Purchased research and
          development                 959    13,534      959   19,546
         

        Total                      22,776    34,255   70,902   81,523
         

        Loss from operations      (5,181)  (15,360)   (6,894) (25,395)
        Interest expense              667       315    1,660      993
        Interest income             (182)     (111)     (495)    (188)
        Other expense                 599       222     1,507      671
        Net loss                  ($6,265) ($15,786)  ($9,566)($26,871)
        Loss per common share     ($0.31)    ($1.21)   ($0.52)  ($2.35)
         

        Weighted average common
          shares outstanding   20,154,063 13,088,865 18,568,941 11,437,851
        -0-
         

                    Selected Balance Sheet Line Items
                               (UNAUDITED)
                        (In thousands of dollars)
         

                                              9/28/96          12/31/95
        

        Total current assets                      $34,412           $44,514
        Total assets                               64,091            66,625
        Total current liabilities                  27,806            25,938
        Total liabilities                          44,536            43,541
        Accumulated deficit since January 1, 1986  (58,436)         (43,532)
        Total stockholders equity                   16,012           19,390
        *T                                
        -0-
                                  

                         EA Industries, Inc.
                         (NYSE Symbol:  EA)
                           The Management
                                 of
                         EA Industries, Inc.
               will be conducting a conference call on
             Tuesday, November 12, 1996 at 4:15 p.m. EST
            to review the Company's third quarter results
          for the period ended September 28, 1996.  Results will be
         released on Tuesday, November 12th before the market opens.
        A question and answer session will follow the review.
                                  

                                  
                 For access to the call, please call
                                  

             Tama Davis, Director of Investor Relations,
                                 at
                                  

                            212-734-4237.
                                  

        The call will be rebroadcast from 9:00 A.M. to 12:00 Noon on
                                  

           Wednesday, November 13, 1996.  To hear the rebroadcast
                                  

         call 800-633-8284 and enter the number 2168656, followed by
                             the # key.
        

           

CONTACT: Stanley O. Jester Chief Financial Officer EA Industries (215) 625-8555 or Investor Contact:Richard
Foote/John Heilshorn Lippert/Heilshorn & Associates, Inc. (212) 838-3777 E-Mail: RICK@LHAI.COM




Hanover Direct reports 1996 third quarter and nine month results


WEEHAWKEN, N.J.--Nov. 12, 1996--Obtains agreement in principle for $30 million letter of credit facility
Hanover Direct Inc. (AMEX: HNV) today reported financial results for the third quarter and nine months ended
Sept. 28, 1996.


For the quarter ended Sept. 28, 1996, Hanover Direct reported revenues of $156.7 million, compared to revenues
of $169.2 million for the third quarter of 1995. Revenues from continuing catalogs increased from $150.8 million
for the third quarter of 1995 to $153.7 million for the current quarter. The net loss for the 1996 third quarter
before an extraordinary item was ($28.4) million, or ($0.25) per common share, compared to a net loss before an
extraordinary item of ($7.7) million or ($0.08) per common share for the prior year period. Giving effect to the
extraordinary item for both periods, the net loss for the 1996 third quarter was ($29.6) million, or ($0.26) per
common share, compared to a net loss of ($9.6) million, or ($0.10) per common share in the third quarter of
1995. The 1996 third quarter results are based on 114,251,875 weighted average shares outstanding, which
increased from 93,005,117 weighted shares outstanding for the 1995 third quarter, due to a $50 million
shareholder rights offering completed in August 1996.


For the nine months ended Sept. 28, 1996, Hanover Direct reported revenues of $502.5 million, compared to
revenues of $528.5 million for the nine months ended Sept. 30, 1995. Revenues from continuing catalogs
increased from $456.8 million to $480.5 million for the nine months ended Sept. 28, 1996. The net loss before an
extraordinary item for the first nine months of 1996 was ($50.4) million, or ($0.51) per common share, compared
to a net loss before an extraordinary item of ($20.1) million, or ($0.22) per common share for the 1995 period.
Giving effect to the extraordinary item for both periods, the net loss for the first nine months of 1996 was ($51.6)
million, or ($0.52) per common share, compared to a net loss of ($22.0) million, or ($0.24) per common share,
for the first nine months of 1995. The results for the first nine months of 1996 are based on 100,365,678 weighted
average shares outstanding, which increased from 92,880,477 weighted average shares outstanding for the 1995
nine-month period, due to a $50 million shareholder rights offering completed in August 1996.


The net losses for the 1996 and 1995 third quarters and nine months, respectively, include extraordinary items of
($1.1) million, or ($0.01) per common share, associated with the early extinguishment of debt relating to the
company's 9.25% Senior Subordinated Notes held by NAR, the company's majority shareholder and ($1.8)
million, or ($0.02) per common share, associated with the early extinguishment of debt relating to the company's
previous credit facility.


President and Chief Executive Officer Rakesh K. Kaul stated that, "The third quarter losses are unacceptably high
and mandate more fundamental changes than I had initially envisioned. The catalogs are currently taking steps to
significantly reduce our risk exposure to new product inventory, and shift marketing focus away from prospecting
to competitively servicing and cost efficiently mining our profitable core customers.


"Organizationally we intend to decentralize the Company and restructure the catalogs so as to achieve narrowed
focus, improved liquidity management, lower fixed costs and bottom line accountability on the part of catalog
Presidents. Those catalogs which are profitable and growing will no longer be cash cows in the Hanover
portfolio, but are being managed to maximize their market opportunities and enhance shareholder value. I believe
that Hanover's database, information and fulfillment common platform which will support its catalog profit
centers will be unique in the industry, attractive to non-Hanover catalogs and a new cornerstone of Hanover's
long-term portfolio growth and profitability."


Kaul continued: "In order to permit the Company to optimize its performance during the important upcoming
holidays, the Company has reached an agreement in principle with an affiliate of its majority shareholder to
obtain from it as soon as possible a $30 million letter of credit facility so that the company may meet its financial
needs during the holiday and spring seasons. This should allow our merchants to partner with our loyal vendors
in quickly expediting and filling our holiday demand. Obtaining the facility is subject to the execution of a
definitive agreement with those affiliates.


"In the intermediate term, the Company is working with its majority shareholder to accurately estimate and to
obtain adequate funds for the long-term capital needs of the business, which however it may not be able to
procure on terms satisfactory to it. Ongoing discussions include a review of Hanover's current balance sheet and
the balance sheets of each of its catalog subsidiaries. The Company will seek counsel from its investment bankers
to develop a capital plan which adequately addresses its long-term needs, and which seeks to treat its minority
shareholders fairly."


Kaul further stated: "In spite of the third quarter results, we are achieving significant positive results in the
turnaround initiatives announced earlier. The new target marketing and lifestyle positioning of the Domestications
franchise have generated positive results. The Roanoke facility retrofit and mobile equipment have been installed
and labor productivity is improving. The installation of the new customer ordering and warehouse management
system has been successfully completed.


"I have considerable strengthened the senior management team with the additions of Larry Svoboda as Chief
Financial Officer, Mike Ippolito as President of Domestications, John Fermelia as Vice President and General
Manager of the Home Fashions Distribution Center in Roanoke, Virginia, and Dawn Carlson as Vice President
and General Manager of Fulfillment Operations in Hanover, Pennsylvania.


"Most importantly, we have made significant improvements to our operating costs in telemarketing and other
areas and will enter 1997 with lower run rates due to tighter financial and management disciplines being in
place."


Hanover Direct Inc. is a leading direct specialty retailer that markets, via a portfolio of branded specialty
catalogs, home fashions, general merchandise and apparel, with 1995 total company revenues of $750 million.
Hanover Direct titles include Domestications, a leading specialty home textiles catalog; The Company Store, an
upscale direct marketer of down comforters and other down and related products for the home; Colonial Garden
Kitchens, featuring work saving and lifestyle enhancing items for the kitchen and home; International Male,
offering unique men's fashions with an international flair; Tweeds, the European-inspired women's fashion
catalog; Kitchen & Home, an upscale kitchen and home products catalog; Gump's, a leading upscale catalog of
exclusive gifts; The Safety Zone, a direct marketer of safety, prevention and protection products; Silhouettes,
featuring everyday, workout, special occasion and career fashions for larger-sized women; Undergear, a leader
in activewear, workout wear and fashion underwear for men; Austad's, a direct marketer of golf equipment,
related apparel and accessories; and Improvements, a leading do-it-yourself home improvement catalog. The
company has a venture with Sears in which it mails several of its catalogs under various names to Sears
customers.


Cautionary Statements:

In accordance with the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, we
have identified the following forward-looking statements contained herein:


This should allow our merchants to partner with our loyal vendors in quickly expediting and filing our holiday
demand.


The following are important factors, among others, that could cause the company's actual results to differ
materially from those expressed in any forward-looking statements made by, or on behalf, of the company:


A general deterioration in the economic conditions in the United States leading to increased competitive activity
including a business failure of a substantial size company in the retail industry; and a reduction in consumer
spending generally or specifically with reference to the types of merchandise that the company offers in its
catalogs;


an increase in the failure rate of consumer indebtedness generally; and an increase in credit sales by the company

accompanied by an increase in its bad debt experience with respect to consumer debt;


a delay in the implementation of the actions to be taken by the company to increase the efficiency of its
operations; rapid increases and decreases in the volume of merchandise that passes through the company's
warehouse facilities;


incurring larger than anticipated losses in future interim periods;


the failure of the company to stem the losses attributed to Domestications;


the failure of the company to achieve quarterly profitable operating results by the end of fiscal 1996;


the failure of the company achieve to solve any remaining material operating problems at the new Roanoke
fulfillment center;


an increase in paper costs.


 


                           Hanover Direct Inc.
                      Consolidated Operating Summary
         (in thousands except per share data and number of shares)
        

                                 13 Weeks Ended       39 Weeks Ended
                               Sept. 28,  Sept.30,  Sept. 28,  Sept. 30,
                                 1996       1995       1996       1995
        

        Revenues                   $156,732   $169,175   $502,454   $528,540
        

        Operating costs and expenses
         Cost of sales and
          operating expenses        115,580    113,420    344,301    340,985
         Write-down of inventory
          of discontinued catalogs       --        365      1,100      4,310
         Provision for facility
          closings                      300         --        300        530
         Selling expenses            44,842     42,380    142,259    144,212
         General and administrative
          expenses                   18,775     16,585     48,407     48,675
         Depreciation and
          amortization                2,856      2,467      9,337      6,004
        

        Income (loss) from
         operations                 (25,621)    (6,042)   (43,250)
        (16,176)
        

        Interest expense, net        (2,683)    (1,542)    (6,766)
        (3,680)
        Interest income                 123        135        338        418
        

        Income (loss) before
         income taxes               (28,181)    (7,449)   (49,678)
        (19,438)
        

        Income tax provision           (250)      (300)      (750)
        (703)
        

        Net income (loss) before
         extraordinary item         (28,431)    (7,749)   (50,428)
        (20,141)
        

        Extraordinary loss - debt
         refinancing costs           (1,134)    (1,837)    (1,134)
        (1,837)
        

        Net income (loss)           (29,565)    (9,586)   (51,562)
        (21,978)
        

        Preferred stock dividends       (59)       (66)      (177)
        (171)
        

        Net income (loss) applicable
         to common shareholders    ($29,624)   ($9,652)  ($51,739)
        ($22,149)
        

        Net income (loss) per share: 
          Net income (loss) before
           extraordinary item        ($0.25)    ($0.08)    ($0.51)
        ($0.22)
          Extraordinary item - debt
           refinancing costs          (0.01)     (0.02)     (0.01)
        (0.02)
        Net income (loss) per share  ($0.26)    ($0.10)    ($0.52)
        ($0.24)
        

        Weighted average shares
         outstanding            114,251,875 93,005,117 100,365,678
        92,880,477
        

CONTACT: Hanover Direct Inc., Weehawken Larry J. Svoboda Sr. VP - Chief Financial Officer 201/319-3466
e-mail: lsvoboda@hanoverdirect.com




Marvel 3Q96 Results and Performance Update


NEW YORK, NY - Nov. 12, 1996- Marvel Entertainment Group, Inc. (NYSE: MRV) announced results for the
third quarter and nine months ended September 30, 1996.


For the third quarter, Marvel reported a net loss of ($0.12) per share compared to net income of $0.19 in the year
ago period. For the nine months, Marvel reported a net loss of ($0.27) per share compared to net income of $0.10
in the year ago period. Current year results were affected by lower publishing, trading card and licensing net
revenues partially offset by increased toy and sticker net revenues. Current year results also include a
non-recurring after-tax gain of approximately $0.12 per share from the sale of shares of Toy Biz, Inc. (NYSE:
TBZ) in August 1996.


As a result of continuing trends in its businesses, Marvel expects to report a loss for its fourth quarter ending
December 31, 1996 of ($0.25) to ($0.30) per share and a loss for the full year ending December 31, 1996 of
($0.52) to ($0.57) per share; estimates of the 1996 loss are expected to include, before corporate overhead and
new business development activities, an operating loss of $10-$15 million from Marvel Comics Group
publishing and licensing operations, an operating loss of $10-$15 million from Fleer/SkyBox trading card
operations, and an operating profit of $15-$20 million from the Panini international operation. Losses for the
fourth quarter and year ending December 31, 1996 do not include any special charges as discussed below.


Marvel reported a net loss of ($0.58) per share for the quarter ended December 31, 1995, which included $25
million in restructuring charges and $70 million in additional return and inventory obsolescence reserves, and a
net loss of ($0.48) for the year ended December 31, 1995, which also included $40 million in additional return
reserves and inventory obsolescence from the quarter ended June 30, 1995.


Given the unfavorable market conditions in trading cards and publishing, Marvel is evaluating whether there has
been an impairment to goodwill and other intangible assets and is considering restructuring and other actions, all
of which could result in substantial 1996 year end charges. As of September 30, 1996, Marvel had on its balance
sheet goodwill and other intangible assets totaling approximately $600 million of which approximately $375
million relates to trading card operations.


Based on preliminary planning, anticipated market conditions and restructuring and other actions as described
above, the Company is currently forecasting an improvement in operating results in 1997, although it is not
anticipated that such improvement would generate sufficient cash to service its existing debt. Preliminary
estimates of the 1997 improvement are expected to include, before corporate overhead and new business
development activities, an operating contribution of $5-$15 million from Marvel Comics Group, an operating
contribution of $25-$35 million from Panini, and an operating loss of $10 million to a break even performance
from Fleer/SkyBox. These estimates could be materially adversely affected by, among other things, changes in the
Company's markets beyond current expectations.


As previously announced, as a result of Marvel's third quarter loss, the Company failed to satisfy certain
financial covenants contained in its credit agreements and had commenced discussions with its agent bank
seeking waivers of these covenants and a restructuring of the credit agreements to provide for its cash
requirements. Such a restructuring will ultimately require an infusion of new equity capital. Until Marvel
receives these waivers, it will not be able to borrow additional amounts under its domestic credit facilities. In
addition, as a result of Marvel's failure to satisfy certain financial covenants and in the absence of waivers as of
this date, Marvel has re- classified the balance of its long-term debt to current liabilities.


Marvel Entertainment Group, Inc. is a leading youth entertainment company. Operations include publishing of
comic books, trading cards and activity stickers; marketing and distribution of toys; and licensing of its characters
for consumer products, media and advertising promotions.


                           MARVEL ENTERTAINMENT GROUP, INC.
                   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                     (Dollars in millions, except per share data)
                                     (unaudited)
        

                                                    Three Months    Nine Months
                                                       Ended Sept. 30, Ended
        Sept. 30,
        

                                                    1996    1995    1996    1995
            Net revenues                               $209.4  $269.0
        $581.2  $596.1
        

        Operating Expenses:
            Cost of sales                               143.1   138.8
        372.4   352.6
        

            Selling, general & administrative expenses   60.5    62.4
        168.1   156.0
        

            Depreciation & amortization                   6.3     4.9
        15.6    12.4
        

              Total Operating Expenses                  209.9   206.1
        556.1   521.0
        

        Amortization of goodwill, intangibles &
              deferred charges                            5.8     5.3
        16.8    12.6
        

            Interest expense, net                        15.2    11.9
        42.7    30.2
        

            Foreign exchange loss/(gain), net             0.6
        --     2.1    (0.8)
        

            Gain on sale of Toy Biz common stock         22.0
        --    22.0    14.3
        

        Equity in net (loss) income of
              unconsolidated subsidiaries                (0.8)    0.8
        (0.6)    1.6
        

        (Loss) income before provision (benefit) for income taxes,
              minority interest & extraordinary item     (0.9)   46.5
        (15.1)   49.0
        

            Provision (benefit) for income taxes          3.0    21.0
        (0.7)   25.6
        

        (Loss) income bef. minority interest &
              extraordinary item                         (3.9)   25.5
        (14.4)   23.4
        

            Minority interest in earnings of Toy Biz      8.6     5.9
        13.5    10.0
        

            (Loss) income before extraordinary item     (12.5)   19.6
        (27.9)   13.4
        

            Extraordinary item, net of taxes
        --      --      --    (3.3)
        

            Net (loss) income                          ($12.5)  $19.6
        ($27.9)  $10.1
        

        (Loss) earnings per share:
            (Loss) income before extraordinary item    ($0.12)  $0.19
        ($0.27)  $0.13
        

            Extraordinary item
        --      --      --   (0.03)
        

            Net (loss) income                          ($0.12)  $0.19
        ($0.27)  $0.10
        

        Weighted average number of common &
          common equivalent shares outstanding
              (in millions)                             101.8   104.2
        101.8   104.0
        

Forward Looking Statements: When used in this news release, the words "intend", "estimated", "believe",
"expect" and similar expressions which are not historical are intended to identify forward-looking statements that
involve risks and uncertainties. Such statements include, without limitation, Marvel's expectations as to financial
performance for the remainder of 1996 and for 1997. In addition to factors that may be described in the
Company's Securities and Exchange Commission filings, the following factors, among others, could cause the
Company's financial performance to differ materially from that expressed in any forward-looking statements
made by, or on behalf of, the Company: (i) continued weakness in the comic book market which cannot be
overcome by the Company's new editorial and production initiatives in comic publishing; (ii) continued general
weakness in the trading card market; (iii) the failure of fan interest in baseball to return to traditional levels that
existed prior to the 1994 baseball strike, and the potential for decreased fan interest due to a possible disruption
of play in 1997 as a result of the failure of the owners and players to agree on a collective bargaining agreement,
thereby negatively impacting the Company's baseball card business; (iv) the effectiveness of the Company's
changes to its trading card and publishing distribution; (v) a decrease in the level of media exposure or popularity
of the Company's characters resulting in declining revenues based on such characters; (vi) the lack of continued
commercial success of properties owned by major licensors which have granted the Company licenses for its
sports and entertainment trading card and sticker businesses; (vii) unanticipated costs or delays in completing
projects associated with the Company's new ventures including media, interactive software and on-line services
and theme restaurants; (viii) consumer acceptance of new product introductions, including those for toys; (ix)
imposition of tariffs or import quotas on toy manufacturers in China as a result of a deterioration of trade
relations between the U.S. and China; and (x) the outcome of the Company's discussions for the restructuring of
the Company's credit agreements and related anticipated transactions.


SOURCE Marvel Entertainment Group, Inc./CONTACT: Terry Stewart of Marvel Entertainment Group,
212-696-0808; or Gary Fishman or David Pasquale, Investor Relations, 212-685-6890/




Sunbelt Nursery Group Reports Improved First Quarter Results


FORT WORTH, Texas--Nov. 12, 1996--Sunbelt Nursery Group, Inc., (ASE: SBN), reported a net loss of $2.8
million, equivalent to $0.32 per share, on sales of $18.2 million for the quarter ended Sept. 29, 1996.


This compares to a $4.3 million net loss, equivalent to $0.50 per share, on sales of $22.2 million for the same
period in the prior year. Same store sales for the first quarter of fiscal 1997 decreased by 8.8 percent compared
to the same year period in fiscal 1996 primarily as a result of the company's inventory management program
implemented in 1996.


The company attributes the improved first quarter results to elimination of many non-performing stores, the
company's intensified focus on inventory control and margin improvement and a $700,000 gain on the sale of
operating assets.


Additionally, the company announced that it had closed 14 stores during the period from June to September 1996,
most of which were under performing stores and were deemed non-essential to the company's long range plan.
The elimination of these stores "removes an anchor that has been weighing down our operating results,"
according to Sunbelt Chairperson and CEO, Timothy R. Duoos.


In addition to the store restructuring plan, the company recently announced the addition of three experienced retail
executives to the company's senior management to assist the company on the execution of its turnaround program.


Sunbelt Nursery Group, Inc., is a leading specialty nursery retailer in six major metropolitan areas in Texas,
Arizona and California with 74 stores that feature nursery stock and lawn and garden products.


                        Sunbelt Nursery Group, Inc.
                 (In thousands, except per share amounts)
                               (unaudited)
        

                                               Three Months Ended
                                               ------------------
                                         Sept. 29, 1996    Oct. 1, 1995
                                         --------------    ------------
        

        Sales                              $  18,243         $  22,168
                                                    

        Net loss                           $  (2,760)        $  (4,291)
                                                    

        Net loss per share                 $   (0.32)        $   (0.50)
                                                    

CONTACT: Sunbelt Nursery Group, Inc., Richard R. Dwyer or Timothy R. Duoos, 817/624-7253




Sixx Holdings, Inc. Terminates Agreement to Purchase Sfuzzi Assets


DALLAS, TX - Nov. 12, 1996 - Sixx Holdings, Inc. (Nasdaq: SIXX) owner of two Patrizio Restaurants in
Dallas, Texas today announced that it has notified Sfuzzi, Inc. that it has elected to terminate the purchase
agreement for Sfuzzi's assets.


Following the confirmation of its plan by the Bankruptcy Court on Oct. 18, Sixx learned that certain conditions
precedent to closing either were not finalized or were still outstanding.


Sixx requested the Court to grant a 10-day extension of the effective date of Oct. 29 for the purposes of (1)
finalizing the issuance of certain liquor licenses which had not yet been issued, (2) resolving with the Debtor in
Possession (Sfuzzi, Inc.) the mechanics of claims objections which would determine the initial amount of the
7-year notes to be issued by Sixx to the Sfuzzi creditors, and (3) substituting another bank for Bank One, Dallas
as the issuer of a Letter of Credit to guarantee payment of the notes to creditors.


This request for a 10-day extension was heard on Oct. 28 and was opposed by the attorneys for Sfuzzi, Inc., the
Debtor-in-Possession. Over the objections of both Sfuzzi and Sixx, the Court vacated its order of Oct. 18
confirming the Sixx plan for the purchase of the Sfuzzi assets. On Oct. 30, the Court vacated its order of Oct. 28
vacating the order of confirmation granted on Oct. 18, 1996.


Sfuzzi, Inc. has indicated that it would seek other buyers for the company, which remains in Chapter 11
bankruptcy. Accordingly, Sixx has notified Sfuzzi that it has elected to terminate the purchase agreement.


SOURCE Sixx Holdings, Inc./CONTACT: Dorothy L. Douglas of Sixx Holdings, Inc., 214-855-8803/