InterNet Bankruptcy Library - News for December 10, 1996

Bankruptcy News For December 10,

  1. Braun's Fashions Corporation Reports Sharp Increase in Third Quarter Sales
    and Earnings From Continuing Operations

  2. Consilium(R) Reports Record Revenues for Fiscal 1996

  3. HMI Industries Inc. Announces Financial Results for the Fourth Quarter and
    Fiscal 1996 and Senior Management Changes

  4. MobileMedia Corporation

  5. Darden Reports Second-Quarter Results

Braun's Fashions Corporation Reports Sharp Increase in Third Quarter Sales and
Earnings From Continuing Operations

MINNEAPOLIS, MN - Dec. 10, 1996 - Braun's Fashions Corporation
(Nasdaq-NNM: BFCI) today announced that sales and earnings for its continuing
operations in its third quarter ended November 30, 1996 increased sharply over last
year's comparable period. Same store sales (sales in stores open more than one year)
in the Company's 170 continuing stores increased 15% over the prior year. Operating
income in the continuing stores was $4,311,000, up 152% from $1,708,000 last year.
Total Company sales (including stores closed in the quarter) were $27,154,000, a
1% decrease from last year due to operating 50 fewer stores. Net income in the third
quarter (including a $899,000 one- time gain related to a reversal of Chapter 11
bankruptcy reorganization expense previously recorded in the second quarter) totaled
$4,829,000, or $1.12 per share, as compared to $569,000, or $.15 per share, in the
prior year's period.

For the nine months ended November 30, 1996 (during five of which the Company
was operating in Chapter 11), same store sales in the 170 continuing stores increased
7% over the prior year. Operating income in the continuing stores was $4,609,000,
up 666% from $602,000 last year. Total Company sales (including sales from stores
closed during the period) were $71,436,000, a 1% increase over the prior year. The
net loss for the nine months ended November 30, 1996 (including $8,171,000 of
reorganization expense incurred due to the Company's Chapter 11 bankruptcy action)
was $4,926,000 or $1.26 per share compared to a net loss of $1,506,000 or $.40 per
share the prior year.

Nicholas H. Cook, Chairman and Chief Executive Officer stated, "Sales in our
continuing store group have exceeded our expectations since early July when we
initiated our Chapter 11 reorganization effort, particularly during the third quarter.
Our 15% same store increase for the quarter is especially encouraging considering
that this sales increase comes on top of an 11% increase in these stores in the third
quarter last year. Gross margins have also exceeded projections due primarily to the
performance of our expanded direct import program. Operating income in the quarter,
as a result of these factors, was very strong."

As stated earlier, in the third quarter the Company recorded a $899,000 one-time
gain primarily related to a reversal of reorganization expense previously charged in
the second quarter. This gain is the net result of the acceptance by landlords
representing 49 rejected store leases of a cash settlement equal to 25% of their
allowed claims, which was partially offset by professional fees and costs related to
the rejection of an additional two store leases (bringing to 49 the number of store
leases rejected during the reorganization).

On November 22, 1996, the Company's Second Amended Plan of Reorganization
was confirmed by the United States Bankruptcy Court for the District of Delaware
and on December 3, 1996, the Company officially emerged from bankruptcy. Initial
distributions to creditors are scheduled to begin by January, 1997. Mr. Cook stated,
"We are pleased to have completed our Chapter 11 reorganization swiftly and
successfully. We can now focus full attention on our continuing group of stores. The
results of the third quarter are the product of our dedicated employee group and we
look forward with enthusiasm to our future opportunities."

Braun's Fashions Corporation is based in Minneapolis, Minn., and is a specialty
retailer of women's fashions. Braun's currently has 170 continuing stores in 20 states,
primarily in the Midwest and Pacific Northwest.

                             Braun's Fashions Corporation

                Proforma Financial Highlights - 170 Continuing
                                (Dollars in thousands)

                              Three Months Ended
                       November 30, 1996    November 25, 1995
        Net sales           $ 26,441           $ 22,762
        Operating Income    $  4,311           $  1,708

                                        Three Months Ended
                                                    % of
        % of

                               November 30, 1996    Sales   
                               November 25,
        1995   Sales

            Net sales                $ 26,441       100.0     
               $ 22,762

            Cost of sales              16,128        61.0     

            Gross profit               10,313        39.0     

        Selling, general
             and administrative         5,433        20.5     

        Depreciation and
             amortization                 569         2.2     

            Operating income         $  4,311        16.3     
               $  1,708

                                 Financial Highlights
                   (Dollars in thousands except per share

                                 Three Months Ended
                         November 30, 1996    November 25,
        Net sales               $27,154            $ 27,443
        Net income              $ 4,829(a)         $    569
        Net income per
         common share(b)        $  1.12(a)         $   0.15

                                   Three Months Ended
                                            % of              
                                                       % of
                       November 30, 1996   Sales     November
                       25, 1995   Sales
        Net sales           $ 27,154       100.0          $
        27,443       100.0 Cost of sales         17,041       
        62.8            18,973        69.1 Gross profit       
          10,113        37.2             8,470        30.9
        Selling, general
         and administrative    5,576        20.5            
         6,388        23.3
        Depreciation and
         amortization            580         2.1              
         792         2.9
        Operating income       3,957        14.6            
        1,290         4.7 Interest, net             27        
        0.1               428         1.6 Income before
         income taxes and
          expense reversal     3,930        14.5              
          862         3.1
        Reorganization expense
         reversal                899(a)      3.3              
          --         0.0
        Income before taxes    4,829        17.8              
        862         3.1 Income tax provision      --        
        0.0               293         1.0 Net income         
        $  4,829        17.8          $    569         2.1 Net
        income per
         common share(b)    $   1.12          --          $  
         0.15          --

            (a)  Includes a one-time gain of $899,000
            primarily related to a
        reversal of reorganization expense previously charged
        in the second quarter.

            (b)  Based on the weighted average number of
            outstanding shares
        of common stock and common stock equivalents of
        4,310,099 for the period ended November 30, 1996
        (including the 617,516 shares, for the applicable time
        period, related to the Company's equity for debt
        exchange) and 3,791,272 for the period ended November
        25, 1995.

                Proforma Financial Highlights - 170 Continuing
                                (Dollars in thousands)

                                Nine Months Ended
                              November 30, 1996    November
                              25, 1995
        Net sales                   $ 62,738           $
        57,832 Operating income            $  4,609          
        $    602

                                Nine Months Ended
                                           % of               
                                                     % of
                      November 30, 1996    Sales    November
                      25, 1995    Sales
        Net sales           $ 62,738       100.0          $
        57,832       100.0 Cost of sales         41,109       
        65.5            40,485        70.0 Gross profit       
          21,629        34.5            17,347        30.0
        Selling, general
         and administrative   15,307        24.4           
         15,086        26.1
         and amortization      1,713         2.7            
         1,659         2.9
        Operating income    $  4,609         7.4           $  
        602         1.0

                                 Financial Highlights
                   (Dollars in thousands, except per share

                            Nine Months Ended
                             November 30, 1996    November 25,
        Net sales                 $ 71,436            $ 70,916
        Net income (loss)         $ (4,926)(a)        $
        (1,506) Net income (loss)
         per common share(b)      $  (1.26)(a)        $

                                          Nine Months Ended
                                              % of            
                              November 30, 1996    Sales   
                              November 25,
        1995   Sales

            Net sales               $ 71,436       100.0      
              $ 70,916

            Cost of sales             49,130        68.8      

            Gross profit              22,306        31.2      

        Selling, general
             and administrative       17,370        24.3      

             and amortization          2,009         2.8      

            Operating income (loss)    2,927         4.1      

            Interest, net                533         0.8      

        Income (loss) before
         income taxes and
             reorganization expense    2,394         3.3      

            Reorganization expense     8,171(a)     11.4
        --         0.0

        Income (loss)
             before taxes             (5,777)       (8.1)     

        Income tax provision
             (benefit)                  (851)       (1.2)     

            Net income (loss)       $ (4,926)       (6.9)     

        Net income (loss) per
             common share(b)        $  (1.26)          --     

            (a)  Includes $8,171,000 of reorganization expense
            as a result
        of the Company's July 2, 1996 Chapter 11 Bankruptcy

            (b)  Based on the weighted average number of
            outstanding shares
        of common stock and common stock equivalents of
        3,896,587 for the period ended November 30, 1996
        (including the 617,516 shares, for the applicable time
        period, related to the Company's equity for debt
        exchange) and 3,791,272 for the period ended November
        25, 1995.

SOURCE Braun's Fashions Corporation /CONTACT: Stephen W. Clark, Vice
President and Chief Financial Officer of Braun's Fashion Corporation,

Consilium(R) Reports Record Revenues for Fiscal 1996

MOUNTAIN VIEW, Calif., Dec. 9, 1996 - Consilium, Inc. (Nasdaq: CSIM), the
leading independent supplier of manufacturing execution systems (MES) software
and services, today reported results for its fiscal fourth quarter and year ended
October 31, 1996. Revenues for the fiscal fourth quarter were $10,494,000, an
increase of 23% over revenues of $8,543,000 for the fourth quarter of fiscal 1995.
Net loss for the fourth quarter was $872,000, or $0.11 per share, compared with a
net loss for the 1995 fourth quarter of $338,000, or $0.04 per share.

Fiscal 1996 revenues were $38,147,000, the largest in the Company's history. This
represents a 15% increase from revenues of $33,125,000 for 1995. Net loss for the
year was $3,459,000, or $0.44 per share, compared with net income of $141,000, or
$0.02 per share last year.

According to Laurence Hootnick, president and chief executive officer at Consilium,
"We are pleased with our overall level of growth in 1996. Losses in the fourth
quarter and year occurred due to our continued investment in both our target
industries, where the mix of business is at present uneven. Our core semiconductor
and electronics business remains very healthy, with 41% growth in our WorkStream
DFS(TM) product line in the fourth quarter compared with the same quarter last year,
and 24% growth year over year. In our health care product and process industries
business, orders continue to fluctuate from quarter to quarter, as is typical in the
development stage of a new market."

During the quarter, Consilium received several orders for its WorkStream DFS
product family, including those from Hewlett-Packard Company, Integrated Device
Technology, Siemens AG, dpiX division of Xerox, Hyundai Electronics and SGS
Thomson. In addition, the Company received four contracts for systems integration
projects, including two in Taiwan. These contracts are valued at over $12 million,
and are scheduled to be completed over approximately the next twelve months.

Consilium also announced separately today the creation of a new systems integration
business to serve the global semiconductor industry. Systems integration is a critical
component in the automation of new semiconductor fabrication facilities. The
Company also announced the appointment of Wynn Bowman to head its systems
integration operations for the Semiconductor and Electronics Business Group.

In accordance with United States Private Securities Litigation Reform Act of 1995,
Consilium notes that forward looking statements in this release involve a number of
uncertainties and risks. Actual events or results could differ materially from such
expectations. The factors which could effect results or events include, without
limitation, a significant slowdown in capital spending by the semiconductor industry;
the failure of the pharmaceutical industry to develop into a strong market for the
Company's FlowStream(R) product; the failure of the Company to successfully
manage systems integration projects; increased competition; and the high average
selling price of the Company s products relative to the number of orders per quarter,
coupled with timing of new orders.

Consilium is the world's leading independent supplier of integrated manufacturing
execution systems (MES) software and services. Integrated MES software monitors
and controls every step in the manufacturing process in real time, enabling
manufacturers to enhance performance in the areas of cost, quality, customer service
and speed. For more than 18 years, Consilium's MES products have been helping
world class manufacturers achieve best practices in their manufacturing operations
through better visibility and control of the plant floor. Consilium's customers include
such leading companies as GlaxoWellcome, Hewlett-Packard Company, Hyundai
Electronics Industries, Lederle Laboratories, LG Semicon, SGS Thomson
Microelectronics, Siemens AG, United Microelectronics Corporation, Warner
Lambert and Winbond Electronics. The Company's corporate headquarters are in
Mountain View, California.

Information about Consilium and its products can be found on the World Wide Web

NOTE: Consilium and FlowStream are registered trademarks and WorkStream DFS
is a trademark of Consilium, Inc.

                                   CONSILIUM, INC.
                                    (In thousands)

                                       October 31, 1996       
                                       October 31, 1995
        Current assets:
          Cash and cash equivalents        $ 8,094            
                $10,686 Short term investments            
          1,000                     1,478 Accounts receivable,
          net           9,139                     7,578 Other
          current assets               1,114                  
            1,055 Total current assets              19,347    
        Property and equipment (net)         4,827            
                2,425 Software production costs (net)     
        3,094                     5,121 Other assets          
                      1,725                       325 TOTAL
        ASSETS                       $28,993                  


        Current liabilities
          Accounts payable                 $ 4,114            
                $ 1,800 Other current liabilities         
          4,015                     4,364
        ?  and accrued expenses
          Note payable                       1,792            
                      0 Deferred revenue                  
          5,694                     5,621
        Total current liabilities           15,615            
               11,785 Deferred revenue                       
        41                     1,325 Deferred income taxes    
                      --                       158 Accrued
        lease obligation                --                    
           17 TOTAL LIABILITIES                   15,656      


        Total stockholders' equity          13,337            
               15,383 TOTAL LIABILITIES AND
         STOCKHOLDERS' EQUITY              $28,993            

                                   CONSILIUM, INC.
                   (In thousands, except per share data;
                             Three months ended        Twelve
                             months ended
                                October 31,               
                                October 31,
                             1996        1995           1996  

         Product            5,109       4,068          19,073
             16,115 Services           4,955       4,232      
            17,268      15,979 Development          430       
          243           1,806       1,031
        Total revenues     10,494       8,543          38,147

        Costs and expenses:
          Product           1,250         843           4,461
               3,022 Services          2,388       1,430      
              6,778       4,734 Research and
           development      3,424       2,920          13,665
          Selling and
           marketing        3,116       3,263          12,361
          General and
           administrative     860         671           3,711
          Restructuring Charge --        -211              --
        Total operating
         expenses          11,038       8,916          40,976
        Income (loss) from
         operations          (544)       (373)         (2,829)
        Interest, net          67         138             344
               578 Income (loss) before
         income taxes        (477)       (235)         (2,485)
        Provision for income
         taxes                395         103             974
        Net income (loss)    (872)       (338)         (3,459)
               141 Net income (loss)
         per share          (0.11)      (0.04)          (0.44)
        Shares used in per share
         calculations:      7,895       7,691           7,804

SOURCE Consilium Inc. /CONTACT: Darby Dye, Manager, Investor Relations of
Consilium, Inc., 415-691-6100/

HMI Industries Inc. Announces Financial Results for the Fourth Quarter and Fiscal
1996 and Senior Management Changes

CLEVELAND, OH - Dec. 10, 1996 - HMI Industries Inc. (Nasdaq: HMII) announced
today its fourth quarter and fiscal 1996 financial results. Sales for the fourth quarter
were $31,711,000 compared to $31,509,000 for the same quarter last year. Sales
within the Manufactured Products operations increased over 1995 levels by
$2,200,000, indicating that the Manufactured Products group has recovered from the
Bliss labor disruption over a year ago. Sales within the Consumer Products Division
were below 1995 levels due to a softening of the North American market as a result
of tightening consumer credit and due to decreased sales in the Asian market.

The Company reported a net loss for the quarter of $3,635,000 or $.74 per share
which includes charges of $1,500,000 for discontinued operations, compared with
net income of $1,489,584 or $.30 per share in the fourth quarter of 1995. During the
quarter, the Company decided to exit its direct sales operation in Mexico due to the
deteriorating economic conditions within Mexico since the Peso devaluation in early
1995. As such, these operations and the loss on the disposal are reported as
discontinued operations resulting in a total loss of $1,823,000. The loss from
continuing operations for the quarter of $2,135,000 includes a $2,012,000 pretax
charge to record the write-off of advances to Holland Electro B.V., a former supplier
with which the Company no longer has any ties. During the quarter, the Company
determined that recovery of these advances was not likely. Accordingly, the
Company has recorded a charge for the write-off of these advances.

Sales for the fiscal year ending September 30, 1996 were $114,228,000 which
represents a $12,900,000 or 10% decrease from fiscal 1995 revenues of
$127,108,000. The majority of the decrease occurred in the Manufactured Products
Division following the UAW labor disruption in late 1995. The Company's
Consumer Goods business also experienced a decline in revenue due to a softening in
its North American and Asian markets. The Company reported a net loss of
$9,334,000 or $1.90 per share for the year ended September 30, 1996 compared with
net income of $5,614,675 or $1.15 per share for the year ended September 30, 1995.

Overall, the Company experienced a decline in its profitability for the year due to
several factors including decreased sales and increased selling, general and
administrative costs. The increase in selling, general and administrative costs
included among other expenses approximately $2,200,000 for new product
development and introduction costs.

In order to refocus the Company on new growth and profit objectives, the Board of
Directors has named James R. Malone as Chairman of the Board of Directors. Mr.
Kirk Foley will remain President and Chief Executive Officer of the Company and
will continue to run the day-to-day operations of the Company. Mr. Malone, currently
Chairman and Acting President of Anchor Glass Container Corporation, will focus
his attention toward building, along with Mr. Foley, a new senior management team
of experienced executives who will provide leadership and hands-on direction in
aggressively implementing a formal turnaround strategy for the Company to enhance
shareholder value.

Mr. Malone stated, "I am pleased to join forces with Kirk Foley and Ivan Winfield to
build and expand the operations and strategy of HMI. We have an excellent platform
from which to build and grow the company to enhance shareholder value. We are
identifying a core senior management team to join me within the next 60 to 90 days,
and along with current management, we will begin an aggressive turnaround of HMI's

Mr. Foley stated, "HMI shareholders, employees and suppliers are fortunate to bring
Jim Malone's experience and leadership to HMI. Jim's experience in corporate
turnarounds as well as creating shareholder value will greatly enhance current
management's existing knowledge of existing markets and products. The company has
recently been through a very difficult and disappointing operating period, and I
personally encouraged Jim Malone to join The Board as Chairman because I believe
he and others he recruits will bring the strategic vision to refocus our direction and
energize the Company's turnaround. In connection with this refocused, turnaround
effort, we intend to look at all available avenues for increasing shareholder value,
including possible transactions that would provide more liquidity to all

Background information on Mr. Malone follows, information about the other
members of the team will be provided later.

This new management team is expected to be fully in place by the first quarter of
calendar 1997 and Mr. Malone's election as Director and Chairman of the Board will
be placed before the shareholders at the next Annual Shareholders meeting.

Kirk Foley, President and Chief Executive Officer of the Company stated, "The
Board of Directors believes that while the Company has gone through a difficult and
disappointing period, this should not diminish the Company's potential for
profitability in its core business areas. Our products are of top quality and appeal,
the facilities are renewed and adequate for the tasks and our human resources are
trained and motivated to achieve the objectives of the Company."

The businesses of HMI Industries Inc. are evenly divided between the direct selling
of consumer products, principally the Filter Queen line of home cleaning and
filtration systems and the diversified manufacturing of intermediary and complete
products for both consumer and industrial use. The Company operates internationally,
with sales, distribution and production facilities in the United States, Canada and

        AND 1995

                                  THREE MONTHS ENDED          
                                  YEAR ENDED
                                     SEPTEMBER 30,           
                                     SEPTEMBER 30,
                                  1996        1995         
                                  1996        1995
          Net Sales           $31,711,363 $31,509,219
          $114,227,733 $127,107,900 Financing revenue
            and other             177,379     139,150      
            728,075      556,604 Total              31,888,742
             31,648,369   114,955,808  127,664,504

        Operating costs and expenses:
          Cost of products
           sold                22,958,348  21,916,248   
           83,604,293   91,004,487
          Selling, general
           and administrative
           expenses             9,293,278   7,620,553   
           31,921,078   26,060,841
          Interest expense       504,739      354,756    
          1,769,285    1,452,427 Loss on investment
           in Holland-Electro   2,012,356          --    
           2,012,356           --
          Other expenses          188,507    (207,392)     
          663,282      346,204 Special charges          29,103
                   --     1,571,027           --
            Total expenses     34,986,331  29,684,165  
            121,541,321  118,863,959

        Income (loss) before
          income taxes         (3,097,589)  1,964,204   
          (6,585,513)   8,800,545

        Provision for
          income taxes           (963,000)    (27,478)  
          (2,043,000)   2,065,799

        Income (loss) before
          operations           (2,134,589)   1,991,682  
          (4,542,513)   6,734,746

        Loss from discontinued
              operations - Mexico    (342,555)    (741,852)

        Loss on disposal of
         Mexican Operations -
          Currency loss
           previously reflected
            as component
            of equity          (2,396,509)          --  
            (2,396,509)          --
          Loss on disposal        (84,335)          --     
          (84,335)          -- Tax benefit           1,000,000
                    --    1,000,000           --
        Loss on disposal
          - Mexico             (1,480,844)          --  
          (1,480,844)          --

        Income (loss) from
              operations - HRS        323,397      239,754  

        Loss on disposal - HRS         --           --    
        (800,000)          --

        Net income (loss)     $(3,634,591)  $1,489,584 
        $(9,334,042)  $5,614,675

        Weighted average
          number of shares
          outstanding           4,919,408    4,900,429   
          4,912,135    4,876,599

        Earnings per common share:
          Income (loss) before
            operations             $(0.44)       $0.40      
            $(0.93)       $1.38
          Loss from
                operations             $(0.00)      $(0.10)   

          Loss from disposal       $(0.30)          --      
          $(0.46)          -- Net income (loss)        $(0.74)
                $0.30       $(1.90)       $1.15

        Cash dividends per common
          share                      $ --       $0.088      
          $0.263       $0.346

James R. Malone

Nationally-recognized Chief Executive Officer with a specialization in successful
corporate turnarounds...thoroughly experienced in every aspect of corporate
management from the plant floor to sophisticated financial packages, from
acquisitions and joint ventures to plant closings, from hostile takeover defenses to
sales of business units...negotiating...manager of change for and
industry spokesperson. Thrives in competitive market, building high morale
environment using aggressive proactive strategies and vision focused on above
average growth and returns. Entrepreneurial while disciplined and focused.

Chairman, President and Chief Executive Officer Anchor Glass Container
Corporation (Private Company with Public Debt) 1993 - Current

Joined Anchor, the second largest glass container manufacturing company in North
America in May 1993 as president and CEO. Anchor is a classic case of an LBO
capital structure, combined with the problems inherent with having paid a substantial
premium to acquire a company in an industry suffering from over capacity in a market
which had diminished from one-third of the rigid packaging market to less than
twenty percent. We immediately implemented a three-fold plan to turn red ink into
black: 1) financial, 2) operating and 3) new product/marketing. Additionally, when,
what had been a historically stable industry entered into a period of steep decline
(worst industry conditions in 30 years), the following accomplishments allowed the
company to survive in these difficult industry conditions. Today, Anchor is well
positioned in a highly competitive marketplace through the following
accomplishments within the context of the three-fold plan. Today, this private
company with public debt supplies in excess of 40% of the North American market.
Employing 13,000 people in 27 manufacturing plants in the Americas, the newly
integrated Anchor and Vitro Envases has annual sales of more than $1.6 billion.


.. Successfully arranged and negotiated a total restructuring of the company's $550
million debt without relinquishing any ownership equity or with any adverse impact
on the debt-holders.

.. Forged a successful integration of the parent-company's glass manufacturing and
distribution operations in South America, Mexico and the United States with
anticipated annual savings of $40 million.

.. In three quarters turned an $11 million loss into a $6 million profit.


.. Closed, without incident, four of the company's seventeen manufacturing plants in
the United States with a subsequent reduction of 30% of the company's workforce
and 25% of excess manufacturing capacity.

.. Broke an industry-wide pattern of one-sided labor agreements by gaining timing
and productivity concessions.

.. Exited shrinking, unprofitable commodity market such as soft drink packaging
ahead of competition.

.. Re-allocated capital spending into targeted growth and efficiency returns (8 month
payback criteria)

.. Compressed new product development cycle time (speed to market) by 75%.

.. Recognized by CFO Magazine as having the lowest S,G&A in the industry - "Dec

.. Created strong talented pool of executives.

.. Refocused to long term contracts and alliances with customers.


.. Changed corporate culture from "commodity glass manufacturer" to market driven,
consumer products company with an emphasis on new product development.
Rewarded by Glass Packaging Institute with six of nine "new product" introduction
awards the past two years and recognition for introducing 65% of the new products
in the industry during the past year.

.. Implemented market segmentation strategy which reduced exposure to unattractive
markets and grew market share in attractive/growing markets resulting in significant
margin enhancement.

.. Created joint ventures with major customers (including Coors - 100% supplier for
10 years) to create win-win business opportunities.

.. Strategic alliance with Bacardi for Western Hemisphere .. Grew from 26 to 141
number of new product introduction and brand extension developments.

.. Developed Western Hemisphere business strategy to leverage parent company's
Mexico and South American relationships with international customer base.

.. Honored as "Supplier of the Year" by numerous customers. .. Responded to Joint
Venture opportunity in India.

Chairman and CEO

Grimes Aerospace Company (FL Industries LBO) - 1990 - 1993 (formerly
Midland-Ross Companies) - NYSE ($1.4 billion at acquisition)

Brought in (May 1990) to turn around a depressed and disorganized company
(privately owned via an LBO) that had key assets to build upon: leadership in
aviation interior and exterior lighting, plus expertise in the design and production of
engine valves, electronic systems and avionics. Grimes Aerospace was in 11
facilities in 4 countries, employing approximately 3,500 associates.

.. Named Boeing Supplier of the Year for 1991 and 1992. .. Increased company's
share of Boeing's business four-fold by increasing ship set value of Grimes products
at Boeing from an average of $50,000 to $250,000 OEM - a value of $1.6 billion to
the company for Boeing's 777 program, including spares stream.

.. Reduced total number of employees by 30% and reduced excess manufacturing
capacity by 35%.

.. Negotiated labor contract give back.

.. Maintained margins of 17% despite worst downturn in the history of the aerospace

...Negotiated successful joint operating agreements in Singapore and United
Kingdom, and joint development programs in Japan and Korea.

.. Developed new, state-of-the-art LCD avionics cockpit display.

.. Established new product support agreements with Pratt & Whitney and General
Electric Aerospace.

.. Earned back repair and spares business with American Airlines, British Airways,
among others.

.. Created joint developments program with Federal Express for avionics display
retrofit program.

Chairman and Chief Executive Officer, and President and Chief Operating Officer

Facet Enterprises, Inc. (NYSE) 1979 - 1990

Facet Enterprises was a floundering NYSE-listed company which had been spun-off,
by government decree, from Bendix Corporation and was on the brink of bankruptcy
when joined in 1979. Three financial statistics reflect the scope of the
accomplishment: 1) Revenue grew from $56 million in 1979 to $480 million in 1990,
2) Company's stock grew from 3-1/4 to 32. 3) Market capitalization of the company
increased from approximately $10 million to $250 million, and company (renamed
Purolator Products) became the world's largest manufacturer and marketer of
automotive and aerospace filtration products. Upon leaving the renamed Purolator
Products, the company's revenues approached $500 million (18% foreign) and had
4,700 employees, 21 plants and 6 joint ventures in 11 countries.

.. Restructured finances through leverage, renegotiated debt agreements, Euro
convertible bonds, an odd-lot common stock buy-back and subsequent public
offerings, and balance sheet renewal.

.. Developed favorable Wall Street security analysts following where none had
previously existed.

.. Made five highly successful acquisitions in Europe as well as joint ventures in
Europe, India and Asia.

.. Created highly successful brand equity in targeted segments.

.. Successfully led the team which, against large odds, purchased the automotive filter
assets of the Purolator Company and, through that acquisition and internal growth,
increased the company's marketshare from less than 5% to in excess of 40%, as a
result of a market segmentation and brand positioning strategy.

.. Forged a long-term, 100% supply agreement with Ford and gained access to the
Original Equipment Market (OEM).

.. Reduced corporate office staff by 43% (to less than 30 people) and moved two
plants from rust belt locations to more favorable environments in Virginia and North

.. Avoided potential bankruptcy through unprecedented successful settlement (with
the Pension Benefit Guaranty Corporation, an independent government agency) of an
inherited unfunded pension liability.

.. Managed successful defense against hostile tender offer that resulted in company
being sold to a major customer in a friendly transaction that netted shareholders one
of the highest price/earnings multiples in the history of the automotive aftermarket.

President and Chief Executive Officer Pennhurst Corporation (Private) 1974 - 1979

As majority shareholder of this Pittsburgh, Pennsylvania closely-held company, built
it from $600,000 in volume and negative retained earnings and borrowed capital of
$25,000 into a $22 million per year holding company that was sold to Gulf &
Western. Company was composed of units in manufacturing, plastic molding, metal
stamping and assembly, serving the appliance, electrical and filter industries.

Vice President of Manufacturing Haskell of Pittsburgh

Joined this $21 million manufacturer of middle-price steel office furniture and
seating in 1971 to direct all production, distribution, engineering and service

From 1965 to 1971, served in a variety of management and supervisory positions for
Bendix Corp., Cummins Engine Co., and General Motors.

Current Board of Director or Trustee affiliations:

.. Glass Packaging Institute, Washington, D.C. ... (immediate past Chairman)

.. United Nations Business Council, New York, New York ... (Business Community
Advocate for U.N.)

.. Eckerd College, St. Petersburg, Florida ... (Private Liberal Arts College)

.. Department of Energy, Washington, D.C. ... (Chairman Glass Industry Council)

.. AmSouth Bancorporation, Birmingham, AL ... ($18 Billion NYSE Bank) .. Ametek,
Paoli, PA ... (NYSE Component and System manufacturer)

Honors and Awards: CEO of the Year (Bronze Award) Automotive Industry by
"Financial World" Magazine, Outstanding Entrepreneur of Oklahoma in 1989, and
Silver and Bronze National Junior Achievement Leadership Awards.

Personal: Married (Linda) with four children (two grown/two in college), enjoy fine
and performing arts, worldwide adventure travel, and golf, ski (no more double
diamonds) and bird shooting. Stamp collector since the age of 11.

Education: Graduate of Indiana University in Bloomington, Indiana, and Kellogg
Graduate School of Business, Institute of International Management in Burgenstock,

SOURCE HMI Industries Inc./CONTACT: Kirk Foley or Ivan Winfield of HMI
Industries, Inc., 216-432-1990, or fax, 216-432-0013/

MobileMedia Corporation

(Nasdaq: MBLM) today announced that, in order to conserve cash for operations, it
did not make a scheduled interest payment of approximately $5.6 million due under
its Credit Agreement on December 9, 1996.

As previously disclosed, the Company has been seeking to modify payment terms
with certain of its larger vendors, some of which have not been paid in accordance
with scheduled payment terms. Motorola, Inc., the Company's largest supplier of
paging equipment and parts, has informed the Company that it will require credit
support to assure payment of approximately $34 million past due accounts payable.
MobileMedia's bank lenders have been supportive of the Company's efforts to reach
an accommodation with Motorola, and the Steering Committee of the bank lenders
has indicated that it would recommend the issuance of letters of credit to support the
obligation to Motorola. The Company and Motorola have not yet been able to reach
agreement, and Motorola has informed the Company that, until the matter is resolved,
Motorola will not make shipments to the Company. The Company is continuing to
explore with its bank lenders and Motorola ways to develop a satisfactory
arrangement. There can be no assurance that the Company will be able to develop
such an arrangement.

The failure of the Company to make its scheduled interest payment is an Event of
Default under the Credit Agreement. As previously disclosed, the Company did not
make an interest payment under its 9-3/8% Senior Subordinated Notes due November
1, 2007 within the allowed grace period; this failure to pay interest constitutes an
Event of Default under the terms of the related Indenture.

The Events of Default under the Credit Agreement permit the Banks, and the Event of
Default under the 9-3/8% Notes permits the trustee under the relevant Indenture or
holders of not less than 25% in outstanding principal amount of the 9-3/8% Notes, to
exercise various remedies, including acceleration of the relevant debt obligations.
The Company and its advisors are in discussions with the Company's bank lenders
regarding the Company's Events of Default under the Credit Agreement. The
Company and its financial advisor commenced informal discussions with certain
holders of the Company's 9-3/8% Notes and holders of the Company's 10-1/2%
Senior Subordinated Deferred Coupon Notes due December 1, 2003. There can be
no assurance that the Company will be able to reach accommodations with its
suppliers or creditors. Failure to reach such accommodations will likely result in the
Company seeking protection under Chapter 11 of the Federal Bankruptcy Code. In the
event of a Chapter 11 filing, the Company believes that it will enter into a
debtor-in-possession credit agreement that will provide it with sufficient working
capital to sustain its business operations in Chapter 11.

MobileMedia Corporation is the second largest provider of paging and personal
communications services in the United States, offering local, regional and nationwide
coverage to approximately 4.5 million subscribers in all 50 states. Canada and the
Caribbean. The Company operates two one-way nationwide networks and holds two
nationwide narrowband PCS licenses.

Statements contained in this release that are not based on historical fact are "forward
looking statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. The "Risk Factors" and cautionary statements identifying important
factors that could cause actual results to differ materially from those in the forward
looking statements are detailed in the Company's 1995 10- K filing with the
Securities and Exchange Commission.

SOURCE MobileMedia Corporation /CONTACT: Santo J. Pittsman, Senior Vice
President & CFO, 201-393-4693, or Laura E. Wilker, Investor Relations,

Darden Reports Second-Quarter Results

ORLANDO, Fla., Dec. 10, 1996 - Darden Restaurants, Inc.(NYSE: DRI) reported
today that actions taken to enhance long-term performance at Red Lobster contributed
to a net loss of 7 cents per share for the second fiscal quarter ended November 24,
1996. New menu items, bolder flavors, lower prices and service improvements that
provide a better customer experience are all part of the Red Lobster changes.
Customer response has been dramatic, with customer traffic counts averaging more
than 8% higher than in the prior- year period since these changes were implemented
on September 16. The Olive Garden continued its strong performance, logging its
ninth consecutive quarter of same-store sales increases.

"I am especially pleased that Red Lobster's customer visits are exceeding our
expectations," said Joe Lee, Chairman and Chief Executive Officer. "While we are
not pleased with our second-quarter financial performance, we are encouraged with
the results of our new strategy. We are committed to providing our guests with great
food, service and value, and will make whatever near-term investments are
necessary to assure favorable long-term performance."

Darden Restaurant's sales of $748.8 million in the second quarter were up 2.4
percent compared to last year. The second-quarter after tax loss was $11.2 million or
7 cents per share, compared to earnings after tax of $16.3 million or 10 cents per
share in the second quarter of fiscal 1996. The second-quarter net loss was caused by
reduced operating profits at Red Lobster.

The Olive Garden's results were on target and showed a modest operating profit gain
in the second quarter. Red Lobster's loss was caused by a combination of one-time
expenses of about $15 million to introduce the new menu and service changes and
reduced margins caused by the lower prices and other repositioning actions.

For the first six months of fiscal 1997, sales of $1.6 billion were approximately the
same as in the prior year, which included $16 million from the discontinued China
Coast operation. After-tax earnings before restructuring charges were $9.3 million or
6 cents per share, down from $49.1 million or 31 cents per share in the first half of
the prior year. In last year's first quarter, the company recorded a $44.8 million
after-tax restructuring charge ($0.28 per share) to discontinue China Coast.
Six-month net earnings including this unusual item were $4.3 million or 3 cents per
share in fiscal 1996.

Operating Highlights

All cost elements as a percent of sales in the second quarter were affected by Red
Lobster's pricing actions. Food and beverage costs for the quarter were 34.5% of
sales compared to 33.0% last year because of the strategy to lower check averages
and increase portions at Red Lobster. Restaurant labor increased to 33.7% of sales
compared to 30.7% last year due to one-time training costs at Red Lobster to launch
the new menu, continued wage rate inflation, and higher manager salaries. The Olive
Garden also experienced higher training costs to introduce its "Vino Riserva" wine
program. Restaurant expenses increased slightly to 16.0% of sales compared to
15.3% last year primarily because of one-time expenses for smallware supplies and
maintenance at Red Lobster. As a result of these increased costs, the store-level
profit margin decreased to 15.8% in the second quarter of fiscal 1997 compared to
21.0% last year.

The increase in second-quarter selling, general and administrative expenses to 12.5%
of sales compared to 12.2% of sales last year, was a result of additional field
personnel support for the restaurants and the initial heavy advertising to introduce to
customers the changes at Red Lobster.

The effective tax rate for the second quarter of fiscal 1997 was 29.4% compared to
37.2% last year. The estimated effective annual tax rate for fiscal 1997 is
approximately 29.0%, which is down from last year's effective tax rate before
unusual items of 36.8% because of higher tax credits and lower pretax income for the

Division Results

Red Lobster's sales of $437.6 million were roughly the same as in last year's second
quarter. Same-store sales in the U.S. were down 3.6% for the entire second quarter,
primarily because of sharply lower sales early in September before the new menu
was introduced. Because of the one-time costs associated with the new menu roll-out
and lower margins, Red Lobster reported an operating loss for the second quarter.
Customers responded very favorably to Red Lobster's new menu and service
initiatives. Since September 16, customer traffic has averaged more than 8% higher
than in the prior year. Because of the lower entree prices and somewhat reduced
preference for appetizers and other add-ons, the average customer check also
declined by more than 8%, resulting in a very slight decline in same-store sales
compared to an industry sample which had a decline of over 3%. Furthermore,
overall customer satisfaction, as measured by independent market research surveys,
improved by 26%, compared to the first quarter, and the corresponding value rating
increased 25%. More importantly, the "intent to return" score increased 28%,
confirming a favorable response to the new menu and service initiatives.

The second-quarter investment behind new and exciting food, lower prices and
extensive store-level training, was critical and marks the beginning of Red Lobster's
turnaround" said Jeff O'Hara, President and Chief Operating Officer. "We are very
pleased with our customers' response to the changes at Red Lobster as demonstrated
by the improvement in the satisfaction, value, and intent to return scores, but more
importantly by the very significant increase in customer traffic."

During the second quarter, Red Lobster opened four stores and closed one for a total
of 733 stores compared to 710 stores last year. Also, Red Lobster relocated five
stores during the quarter, four of which utilized former China Coast sites, and intends
to relocate 11 more stores during the remainder of the fiscal year. Also, during the
second quarter, 35 restaurants were remodeled with the wharfside decor package at
an average cost of under $200,000 each. The balance of restaurants scheduled to be
remodeled are expected to be completed by the end of the fiscal year.

The Olive Garden continued its positive momentum in the second quarter as sales
increased 6% to $309.6 million. Same-store sales in the U.S. increased 2.5%,
marking the ninth consecutive quarter of same-store sales increases. This sales
performance compares favorably to a broad-based sample of competitive casual
dining companies, as measured by the independent Knapp Track survey, which had a
same-store sales decline of about 3% during the most recent quarter. The Olive
Garden's second-quarter operating profits were slightly ahead of last year as a result
of the successful "Never Ending Pasta Bowl" and "Chicken Alfredo" promotions.
Also, The Olive Garden introduced a new wine service program in October where
customers pour their own wine and pay on the honor system. This program has shown
promising results, has increased overall guest satisfaction and boosted alcoholic
beverage sales. During the second quarter, The Olive Garden opened two stores and
closed one for a total of 491 restaurants compared to 478 restaurants last year.

The initial Bahama Breeze restaurant in Orlando continues to deliver strong
performance. Construction has commenced on a second unit in the Orlando market,
with opening planned for May 1997.

Darden Restaurants, with headquarters in Orlando, Florida is the world's largest
publicly traded casual dining company, with 1,225 restaurants operating under the
Red Lobster, The Olive Garden and Bahama Breeze brands, approximately 115,000
employees and annual sales of $3.2 billion.

                          DARDEN RESTAURANTS, INC.
                     (In Millions, Except per Share Data)

                                 13 Weeks Ended              26 Weeks Ended
                                 11/24/96      11/26/95      11/24/96
        11/26/95 (1)

         Sales                $748.8        $731.2       $1,554.3     $1,567.2
         Net Earnings (Loss)  $-11.2         $16.3           $9.3         $4.3
         Earnings (Loss) per
           Share              $-0.07         $0.10          $0.06        $0.03
         Average Common Shares
           Outstanding         157.5         158.9          157.6        158.7

         Earnings (Loss) Before
           Restructuring Charges

           Operations before
           charges            $-11.2         $16.3           $9.3        $49.1
          EPS from Operations
           before restructuring
           charges            $-0.07         $0.10          $0.06        $0.31

        (1)  The first quarter of fiscal 1996 included a $44.8 million after tax
             restructuring charge (28 cents per share) to close all China Coast

                              DARDEN RESTAURANTS, INC.
                        (In Thousands, Except per Share Data)

                                   13 Weeks Ended              26 Weeks Ended
                                11/24/96    11/26/95        11/24/96    11/26/95

            Sales                   $748,757    $731,184       $1,554,312

        Costs and Expenses:
        Cost of sales:
              Food and beverages     258,105     240,964          525,797

              Restaurant labor       252,497     224,683          499,208

              Restaurant expenses    119,966     111,669          243,183

                Total cost of sales  630,568     577,316        1,268,188

        Selling, general and
              administrative (1)      93,315      89,558          192,391

        Depreciation and
              amortization            35,070      32,862           70,103

            Interest, net              5,623       5,448           10,556

            Restructuring                  0           0                0

        Total Costs and
              Expenses               764,576     705,184        1,541,238

        Earnings (Loss) before
              Income Taxes           -15,819      26,000           13,074

            Income Taxes               4,650      -9,672           -3,770

            Net Earnings (Loss)     $-11,169     $16,328           $9,304

            Earnings (Loss) per Share $-0.07       $0.10            $0.06

        Average Common Shares
              Outstanding            157,500     158,900          157,600

         (1)  Includes marketing expense.
         (2)  Operating results before restructuring charges were as follows:

                                                                26 Weeks Ended

                Pretax Earnings before Restructuring Charges      $13,074

                Income Taxes                                       -3,770

                Net Earnings before Restructuring Charges          $9,304

               Earnings per Share before Restructuring Charges     $0.06

         (3)  The after tax effect of the fiscal 1996 restructuring charges was
                  $44,849 ($0.28 per share).  The restructuring charges are
        related to

              the closing of all China Coast restaurants.

                             DARDEN RESTAURANTS, INC.
                           CONSOLIDATED BALANCE SHEETS
                                (In Thousands)

                                        (Unaudited)     (Unaudited)
        ASSETS                            11/24/96       11/26/95        5/26/96
        Current Assets:
          Cash and cash equivalents       $20,607         $16,991        $30,343
          Receivables                      28,899          26,930         24,772
          Prepaid income taxes             11,225           4,284              0
          Inventories                     139,902         171,374        120,725
          Net assets held for disposal     42,087          45,593         31,762
          Prepaid expenses and other
           current assets                  17,940          18,798         17,298
          Deferred income taxes            55,638          57,325         63,080
             Total Current Assets        $316,298        $341,295       $287,980

        Land, Buildings and Equipment   1,692,163       1,677,887      1,702,861
        Other Assets                       95,317          70,557         97,663
             Total Assets              $2,103,778      $2,089,739     $2,088,504

        Current Liabilities:
          Accounts payable               $129,658        $128,621       $128,196
          Short-term debt                  90,300         100,700         72,600
          Current portion of long-term debt     4              79             54
          Accrued payroll                  53,279          52,111         53,677
          Accrued income taxes                  0               0         12,522
          Other accrued taxes              21,950          21,033         18,921
          Other current liabilities       153,026         184,774        159,336
             Total Current Liabilities   $448,217        $487,318       $445,306

        Long-term Debt                    314,727         303,749        301,151
        Deferred Income Taxes             101,697         103,191        101,109
        Other Liabilities                  18,482          17,615         18,301
             Total Liabilities           $883,123        $911,873       $865,867
        Stockholders Equity:
          Common stock and surplus     $1,267,536      $1,257,265     $1,266,212
          Retained Earnings (Deficit)      64,728          -2,067         61,708
          Treasury Stock (1)              -34,229               0        -25,037
          Cumulative foreign currency
            adjustment                     -8,543          -9,361        -10,351
          Unearned compensation           -68,837         -67,971        -69,895
             Total Stockholders Equity $1,220,655      $1,177,866     $1,222,637

        Total Liabilities and Stockholders
          Equity                       $2,103,778      $2,089,739     $2,088,504

            (1)  Includes 2.9 million shares as of November 24, 1996, and
        1.9 million

             shares as of May 26, 1996.

                           DARDEN RESTAURANTS, INC.
                           NUMBER OF RESTAURANTS

        5/26/96                             11/26/95            11/24/96

          677        Red Lobster USA           658                 681
           52        Red Lobster Canada         52                  52
          729        Total Red Lobster         710                 733

          471        Olive Garden USA          461                 475
           16        Olive Garden Canada        17                  16
          487        Total Olive Garden        478                 491

            1        Bahama Breeze               0                   1

        1,217        Total Restaurants       1,188               1,225

SOURCE Darden Restaurants, Inc./CONTACT: Analysts - Ted Blood,
407-245-5212, or Media - Rick Walsh, 407-245-5366, both of Darden Restaurants,