TCR_Public/970121.MBX




InterNet Bankruptcy Library - News for January 21, 1997






Bankruptcy News For January 21, 1997



  1. Bradlees Receives Extension of Exclusivity Rights

  2. USA Waste Announces Proposed Asset Acquisition of Mid-American Waste Through
    Bankruptcy Proceeding

  3. Performance Nutrition, Inc. Announces Filing for Reorganization

  4. Whirlpool reports improvement in fourth-quarter results; full-year operating results
    down, as expected

  5. Work Recovery, Inc. in Compliance with SEC Filing Requirements

  6. Deluxe Reports Fourth Quarter, Year-End Results

  7. Reynolds Metals Reports Fourth-Quarter and Year-End Results




Bradlees Receives Extension of Exclusivity Rights


BRAINTREE, Mass., Jan. 21, 1997 - The US Bankruptcy Court today granted Bradlees,
Inc.
(NYSE: BLE) a six month extension of its right to exclusively file a plan of
reorganization with the Court. The decision, which was supported by the Company's
creditor constituencies, will facilitate Bradlees continuing efforts to restore the company
to profitability.


This decision follows recent approval by the Company's debtor- in- possession (DIP)
lender of an amendment to Bradlees' DIP financing agreement which provides more
flexible minimal earnings covenants for both year-end fiscal 1996 and the first quarter of
fiscal 1997.


In response to today's decision, Peter Thorner, Bradlees' new chairman and chief
executive officer commented, "Bradlees is pleased with today's approval and we will
continue to move forward with modifications to our merchandising and advertising
programs and cost structure to return the Company to profitability. While the task at hand
is challenging, we are confident that our creditors and vendors share our enthusiasm and
we appreciate their continued support."


Bradlees, Inc. operates 110 discount department stores in Maine, New Hampshire,
Massachusetts, Connecticut, New York, New Jersey and Pennsylvania. Bradlees' common
stock is listed and traded on the New York Stock Exchange under the symbol "BLE." For
additional Bradlees' press releases, please call 1-800-758-5804, ext. 105750.


SOURCE Bradlees, Inc. /CONTACT: Coleman Nee of Rasky & Co., 617-742-7077/




USA Waste Announces Proposed Asset Acquisition of Mid-American Waste Through
Bankruptcy Proceeding


HOUSTON, TX - Jan. 21, 1997 - USA Waste Services, Inc. (NYSE: UW) announced
today that it had executed a definitive agreement to acquire substantially all the assets of
Mid-American Waste Systems, Inc. (NYSE: MAW) for approximately $180 million. The
purchase price includes the proposed assumption of $49 million of debt with the balance
of the price being paid in cash, or a combination of cash and up to $90 million in USA
Waste common stock. Since the purchase price is significantly less than Mid- American's
total outstanding indebtedness, Mid-American and its related subsidiaries today filed a
proceeding under Chapter 11 of the Bankruptcy Code with the United States Bankruptcy
Court for the District of Delaware. Under the proposed arrangement, USA Waste will
acquire the assets subject only to agreed liabilities and is afforded protection from future
creditor claims against the assets acquired. USA Waste will purchase 11 operating
landfills, 11 collection operations, 6 transfer stations and 3 recycling centers operating in
Ohio, Illinois, Indiana, Kentucky, Pennsylvania, South Carolina, and West Virginia.
Mid-American had annual revenues for 1996 of approximately $123 million. The
transaction is subject to approval of the Bankruptcy Court, antitrust clearance and other
customary closing conditions. Depending upon the timing of the court approval, the
transaction could close during the first half of 1997.


John E. Drury, CEO of USA Waste, stated, "This transaction will be accretive to our 1997
earnings per share, and is made possible by the creative structure involving
Mid-American's Bankruptcy filing. That structure affords USA Waste the benefits of
protecting the assets from third party claims we have not expressly agreed to assume.
Combining these new operations with our existing businesses will allow us to achieve
cost savings and operational efficiencies while providing additional opportunities for
growth in these markets."


USA Waste, based in Houston, Texas is an integrated, non- hazardous, solid waste
management company serving municipal, commercial, industrial and residential customers
in 36 states, the District of Columbia, Canada, the Commonwealth of Puerto Rico and
Mexico.


Certain statements provided in this release constitute forward looking statements that
involve a number of risks and uncertainties. These risks and uncertainties may cause actual
results to differ materially from our expected results and are described in detail in the
company's Securities and Exchange Commission Filings.


SOURCE USA Waste Services, Inc. /CONTACT: Lew Nevins of USA Waste Services,
713-512-6228/




Performance Nutrition, Inc. Announces Filing for Reorganization


DALLAS, TX - Jan. 21, 1997 - Performance Nutrition, Inc. (OTC: PNII) announced today
that it has filed this date for Reorganization under Chapter 11 of the Bankruptcy Code in
the Federal Bankruptcy Court in Dallas, Texas to seek relief from ongoing litigation.
Under a Chapter 11 proceeding, a debtor continues its operation while reorganizing its
debt and capital structure.


SOURCE Performance Nutrition, Inc. /CONTACT: David E. Wynne of Performance
Nutrition, Inc., 972-250-2274/




Whirlpool reports improvement in fourth-quarter results; full-year operating results down,
as expected


BENTON HARBOR, Mich.--Jan. 21, 1997-- Whirlpool Corporation (NYSE:WHR) today
said continued strong performances by its North American and Latin American businesses
and improvement in its European appliance unit produced a sharp year-over-year increase
in fourth-quarter earnings. As anticipated, full-year operating results were down from
those for 1995.


Whirlpool's fourth-quarter net earnings were $45 million, or 60 cents per share, up from
$18 million, or 25 cents per share, one year ago. Revenues for the period increased by 3
percent to $2.17 billion.


Full-year 1996 net earnings totaled $156 million, or $2.08 per share, including a
third-quarter charge related to streamlining Whirlpool's Asian headquarters and a North
American refrigeration operation. Without the charge, 12-month earnings were $175
million, or $2.33 per share, off from $209 million, or $2.80 per share, in 1995. Revenues
reached $8.70 billion, 4 percent better than in the prior year.


Whirlpool Chairman and CEO David R. Whitwam said that the company last year
accomplished several significant objectives associated with its global strategy to create
long-term value. He acknowledged that "bottom-line financial results were disappointing,"
but added that profitability varied widely from region to region.


"The operating performances of our North American and Latin American appliance groups
in 1996 were outstanding, and we expect further solid results from them this year," said
Whitwam. "We believe that our European business is on a trend of gradual improvement
that will carry through 1997, and we anticipate better results from Whirlpool Asia as our
volumes in that important market continue to grow."


Whirlpool North America turned the cumulative effects of ongoing efficiency gains and
more favorable material costs into a 17-percent jump in quarterly operating results. The
company is benefiting from strong consumer receptivity to its new KitchenAid
dishwashers, KitchenAid and Whirlpool built-in ovens and Whirlpool free-standing
ranges, all of which were introduced during third-quarter 1996. In the latter category, the
redesigned products from its new Tulsa, Okla., manufacturing division helped Whirlpool
pick up market share in the second half of the year.


According to Whitwam, regional industry shipments were up by 5 percent in 1996,
including disproportionate gains by air conditioners and microwave ovens. Industry totals
are expected to be down slightly this year primarily because retail inventories of air
conditioners remain high from last season.


In Europe, Whirlpool was profitable in the fourth quarter, extending a run of improved
performance since second-quarter 1996, but suffered a slight full-year operating loss.
While the overall economic and industry environment in Western Europe remains weak,
the company achieved product-shipment and revenue increases on both quarterly and
annual bases. For the year, strong acceptance of several new products led Whirlpool
volumes up even as the industry slipped by almost 2 percent. Flat industry shipments are
forecasted for 1997.


Total Latin American earnings were up by 30 percent in the fourth quarter, 19 percent for
the year, as Whirlpool's Brazilian affiliates contributed a third straight quarter of markedly
higher equity earnings. Whitwam said that industry shipments in Brazil are likely to cool
somewhat from last year's 20-percent increase, but are still expected to expand at a
double-digit rate in 1997. The company anticipates that Argentina and other key Latin
markets will maintain their slow recovery from recent depressed levels.


Whirlpool Asia reported a substantial rise in quarterly sales, although, as planned,
strategic spending in that fast-growing region resulted in fourth-quarter and full-year
operating losses. In late 1996, the Whirlpool brand was introduced to China in three of the
four major appliance categories -- microwave ovens, washers and air conditioners -- on
products that feature new aesthetics and higher levels of manufacturing and functional
quality.


Whirlpool Corporation is the world's leading manufacturer and marketer of major home
appliances. Headquartered in Benton Harbor, the company manufactures in 13 countries
and markets products under 11 major brand names in about 140 countries.


        CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
        (UNAUDITED) WHIRLPOOL CORPORATION AND SUBSIDIARIES
        THREE MONTHS ENDED December 31 (millions of dollars
        except share data)   

                              Whirlpool Corporation
                                 (Consolidated)
                              ____________________            
                                       

                                 1996      1995   
                              _________  _________            
                                        

        REVENUES
        Net sales                 $   2,126  $   2,046        
                     Financial services               39      
          47
                              _________  _________   
                                  2,165      2,093

        EXPENSES
        Cost of products sold         1,644      1,591
        Selling and administrative      421        429
        Financial services
         interest                        21         17
        Intangible amortization           8          9
        Restructuring costs               -          -
                              _________  _________   
                                  2,094      2,046
                              _________  _________   
        OPERATING PROFIT                 71         47

        OTHER INCOME (EXPENSE)
        Interest and sundry              (3)       (11)
        Interest expense                (40)       (37)
                              _________  _________   
        EARNINGS BEFORE TAXES
         AND OTHER ITEMS                 28         (1)

        Income taxes                     23          4
                              _________  _________   
        EARNINGS BEFORE EQUITY
         EARNINGS AND OTHER
         ITEMS                            5         (5)

        Equity in WFC                     -          -
        Equity in affiliated
         companies                       32         23
        Minority interests                8          -
                              _________  _________   

        NET EARNINGS                  $  45      $  18
                              _________  _________   
                              _________  _________   
        Per share of
         Common Stock:
           Net earnings             $  0.60    $  0.25
                              _________  _________   
                              _________  _________   

           Cash dividends           $  0.34    $  0.34
                              _________  _________   
                              _________  _________   
        See notes to
         consolidated condensed
         financial statements

                                   Supplemental Consolidating
                                   Data
                              ________________________________
                              __________
                               Whirlpool with WFC   Whirlpool
                               Financial on an Equity Basis   
                               Corporation (WFC)
                              ____________________
                              ____________________
                                 1996      1995        1996   
                                   1995
                              _________  _________  _________
                              _________
        REVENUES
        Net sales                 $   2,126  $   2,046  $     
         -  $       - Financial services                -     
            -         59         56
                              _________  _________  _________
                              _________
                                  2,126      2,046         59
                                         56

        EXPENSES
        Cost of products sold         1,644      1,591        
         -          - Selling and administrative      403     
          407         38         32 Financial services
         interest                         -          -        
         23         21
        Intangible amortization           8          9        
         -          - Restructuring costs               -     
            -          -          -
                              _________  _________  _________
                              _________
                                  2,055      2,007         61
                                         53
                              _________  _________  _________
                              _________
        OPERATING PROFIT                 71         39        
        (2)         3

        OTHER INCOME (EXPENSE)
        Interest and sundry             (15)       (13)       
        12          3 Interest expense                (38)    
          (34)         -          -
                              _________  _________  _________
                              _________
        EARNINGS BEFORE TAXES
         AND OTHER ITEMS                 18         (8)       
         10          6

        Income taxes                     19          1        
         4          2
                              _________  _________  _________
                              _________
        EARNINGS BEFORE EQUITY
         EARNINGS AND OTHER
         ITEMS                           (1)        (9)       
          6          4

        Equity in WFC                     5          4        
         -          - Equity in affiliated
         companies                       32         23        
          -          -
        Minority interests                9          -        
        (1)         -
                              _________  _________  _________
                              _________

        NET EARNINGS                  $  45      $  18       $
         5       $  4
                              _________  _________  _________
                              _________ _________  _________
                              _________  _________
        See notes to
         consolidated condensed
         financial statements

        CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
        (UNAUDITED) WHIRLPOOL CORPORATION AND SUBSIDIARIES
        TWELVE MONTHS ENDED December 31 (millions of dollars
        except share data)   

                              Whirlpool Corporation
                                 (Consolidated)
                              ____________________            
                                       

                                 1996      1995   
                              _________  _________            
                                        

        REVENUES
        Net sales                 $   8,523  $   8,163        
                     Financial services              173      
         184
                              _________  _________   
                                  8,696      8,347

        EXPENSES
        Cost of products sold         6,623      6,245
        Selling and administrative    1,637      1,609
        Financial services
         interest                        71         66
        Intangible amortization          35         31
        Restructuring costs              30          -
                              _________  _________   
                                  8,396      7,951
                              _________  _________   
        OPERATING PROFIT                300        396

        OTHER INCOME (EXPENSE)
        Interest and sundry              (5)       (13)
        Interest expense               (165)      (141)
                              _________  _________   
        EARNINGS BEFORE TAXES
         AND OTHER ITEMS                130        242

        Income taxes                     81        100
                              _________  _________   
        EARNINGS BEFORE EQUITY
         EARNINGS AND OTHER
         ITEMS                           49        142

        Equity in WFC                     -          -
        Equity in affiliated
         companies                       93         72
        Minority interests               14         (5)
                              _________  _________   

        NET EARNINGS                  $ 156      $ 209
                              _________  _________   
                              _________  _________   
        Per share of
         Common Stock:
           Net earnings             $  2.08    $  2.80
                              _________  _________   
                              _________  _________   

           Cash dividends           $  1.36    $  1.36
                              _________  _________   
                              _________  _________   
        See notes to
         consolidated condensed
         financial statements

                                   Supplemental Consolidating
                                   Data
                              ________________________________
                              __________
                               Whirlpool with WFC   Whirlpool
                               Financial on an Equity Basis   
                               Corporation (WFC)
                              ____________________
                              ____________________
                                 1996      1995        1996   
                                   1995
                              _________  _________  _________
                              _________
        REVENUES
        Net sales                 $   8,523  $   8,163  $     
         -  $       - Financial services                -     
            -        224        219
                              _________  _________  _________
                              _________
                                  8,523      8,163        224
                                        219

        EXPENSES
        Cost of products sold         6,623      6,245        
         -          - Selling and administrative    1,557     
        1,521        131        123 Financial services
         interest                         -          -        
         81         79

        Intangible amortization          35         31        
         -          - Restructuring costs              30     
            -          -          -
                              _________  _________  _________
                              _________
                                  8,245      7,797        212
                                        202
                              _________  _________  _________
                              _________
        OPERATING PROFIT                278        366        
        12         17

        OTHER INCOME (EXPENSE)
        Interest and sundry             (23)       (23)       
        18         11 Interest expense               (155)    
         (129)         -          -
                              _________  _________  _________
                              _________
        EARNINGS BEFORE TAXES
         AND OTHER ITEMS                100        214        
         30         28

        Income taxes                     70         90        
        11         10
                              _________  _________  _________
                              _________
        EARNINGS BEFORE EQUITY
         EARNINGS AND OTHER
         ITEMS                           30        124        
         19         18

        Equity in WFC                    15         14        
         -          - Equity in affiliated
         companies                       93         72        
          -          -
        Minority interests               18         (1)       
        (4) (4)
                              _________  _________  _________
                              _________

        NET EARNINGS                  $ 156      $ 209       $
        15       $ 14
                              _________  _________  _________
                              _________ _________  _________
                              _________  _________
        See notes to
         consolidated condensed
         financial statements

        CONSOLIDATED CONDENSED BALANCE SHEETS
        WHIRLPOOL CORPORATION AND SUBSIDIARIES
        (millions of dollars)

                              Whirlpool Corporation
                                 (Consolidated)
                              ____________________            
                                       

                               Dec. 31,   Dec. 31,
                                 1996      1995   
                             (Unaudited) (Audited)
                              _________  _________            
                                        

        ASSETS

        CURRENT ASSETS

        Cash and equivalents      $     129  $     149
        Trade receivables, less
         allowances
         (1996:  $45; 1995:  $39)       966      1,031
        Financing receivables and
         leases, less allowances
         (1996:  $12; 1995:  $12)     1,400      1,086
        Inventories                   1,034      1,029
        Other current assets            293        246
                              _________  _________   
        TOTAL CURRENT ASSETS          3,822      3,541

        Investments and other
         assets                         818        777
        Financing receivables
         and leases, less
         allowances
         (1996:  $37; 1995:  $30)       704        772
        Intangibles, net                870        931
                              _________  _________   
                                  2,392      2,480

        Property, plant and
         equipment                    3,839      3,662
        Accumulated depreciation     (2,041)    (1,883)
                              _________  _________   
                                  1,798      1,779
                              _________  _________   
        TOTAL ASSETS              $   8,012  $   7,800
                              _________  _________   
                              _________  _________   

        See notes to 
         consolidated condensed
         financial statements

                                   Supplemental Consolidating
                                   Data
                              ________________________________
                              __________
                               Whirlpool with WFC   Whirlpool
                               Financial on an Equity Basis   
                               Corporation (WFC)
                              ____________________
                              ____________________
                               Dec. 31,   Dec. 31,   Dec. 31,
                                Dec. 31,
                                 1996      1995        1996   
                                   1995
                             (Unaudited) (Audited) (Unaudited)
                             (Audited)
                              _________  _________  _________
                              _________
        ASSETS

        CURRENT ASSETS

        Cash and equivalents      $     102  $     125  $     
        27  $      24 Trade receivables, less
         allowances
         (1996:  $45; 1995:  $39)       966      1,031        
          -          -
        Financing receivables and
         leases, less allowances
         (1996:  $12; 1995:  $12)         -          -     
         1,400      1,086
        Inventories                   1,034      1,029        
         -          - Other current assets            301     
          235          6         11
                              _________  _________  _________
                              _________
        TOTAL CURRENT ASSETS          2,403      2,420     
        1,433      1,121

        Investments and other
         assets                       1,101      1,046        
          -          -
        Financing receivables
         and leases, less
         allowances
         (1996:  $37; 1995:  $30)         -          -       
         704        772
        Intangibles, net                870        931        
         -          -
                              _________  _________  _________
                              _________
                                  1,971      1,977        704
                                        772

        Property, plant and
         equipment                    3,820      3,638        
         19         24
        Accumulated depreciation     (2,030)    (1,867)      
        (11) (16)
                              _________  _________  _________
                              _________
                                  1,790      1,771          8
                                          8
                              _________  _________  _________
                              _________
        TOTAL ASSETS              $   6,164  $   6,168  $  
        2,145  $   1,901
                              _________  _________  _________
                              _________ _________  _________
                              _________  _________
        See notes to
         consolidated condensed
         financial statements

        CONSOLIDATED CONDENSED BALANCE SHEETS
        WHIRLPOOL CORPORATION AND SUBSIDIARIES
        (millions of dollars)

                              Whirlpool Corporation
                                 (Consolidated)
                              ____________________            
                                       

                               Dec. 31,   Dec. 31,
                                 1996      1995   
                             (Unaudited) (Audited)
                              _________  _________            
                                        

        LIABILITIES AND 
         STOCKHOLDERS' EQUITY

        CURRENT LIABILITIES

        Notes payable             $   2,157  $   1,998
        Accounts payable                983        977
        Other current liabilities       858        854
                              _________  _________   
        TOTAL CURRENT LIABILITIES     3,998      3,829

        Long-term debt                  955        983
        Postemployment benefits         563        517
        Other liabilities               388        415
                              _________  _________   
                                  1,906      1,915

        Minority interests              182        179

        STOCKHOLDERS' EQUITY
        Common stock                     81         81
        Paid-in capital                 246        229
        Retained earnings             1,918      1,863
        Unearned restricted stock        (7)        (8)
        Currency translation                        
         adjustments                    (76)       (53)
        Treasury stock - at cost       (236)      (235)
                              _________  _________   
        TOTAL STOCKHOLDERS'
         EQUITY                       1,926      1,877
                              _________  _________   
        TOTAL LIABILITIES AND
         EQUITY                   $   8,012  $   7,800
                              _________  _________   
                              _________  _________

        See notes to
         consolidated condensed
         financial statements

                                   Supplemental Consolidating
                                   Data
                              ________________________________
                              __________
                               Whirlpool with WFC   Whirlpool
                               Financial on an Equity Basis   
                               Corporation (WFC)
                              ____________________
                              ____________________
                               Dec. 31,   Dec. 31,   Dec. 31,
                                Dec. 31,
                                 1996      1995        1996   
                                   1995
                             (Unaudited) (Audited) (Unaudited)
                             (Audited)
                              _________  _________  _________
                              _________
        LIABILITIES AND
         STOCKHOLDERS' EQUITY

        CURRENT LIABILITIES

        Notes payable             $     704  $     765  $  
        1,453  $   1,233 Accounts payable                886  
             896        111         81 Other current
        liabilities       852        844          6         10
                              _________  _________  _________
                              _________
        TOTAL CURRENT LIABILITIES     2,442      2,505     
        1,570      1,324

        Long-term debt                  887        870        
        68        113 Postemployment benefits         557     
          517          6          - Other liabilities         
             270        295        118        120
                              _________  _________  _________
                              _________
                                  1,714      1,682        192
                                        233

        Minority interests               82        104       
        110         75

        STOCKHOLDERS' EQUITY
        Common stock                     81         81        
         8          8 Paid-in capital                 246     
          229         26         26 Retained earnings         
           1,918      1,863        242        234 Unearned
        restricted stock        (7)        (8)         -      
           - Currency translation            
         adjustments                    (76)       (53)       
         (3)         1
        Treasury stock - at cost       (236)      (235)       
         -          -
                              _________  _________  _________
                              _________
        TOTAL STOCKHOLDERS'
         EQUITY                       1,926      1,877       
         273        269
                              _________  _________  _________
                              _________
        TOTAL LIABILITIES AND
         EQUITY                   $   6,164  $   6,168  $  
         2,145  $   1,901
                              _________  _________  _________
                              _________ _________  _________
                              _________  _________
        See notes to
         consolidated condensed
         financial statements

CONTACT: Whirlpool Corporation, Benton Harbor T.R. Reid, 616/923-3417
T.R._Reid@email.whirlpool.com




Work Recovery, Inc. in Compliance with SEC Filing Requirements


TUCSON, Ariz., Jan. 21, 1997 - Work Recovery, Inc. (WRI) announced today the filing on
January 15 of all of its delinquent fiscal 1996 quarterly Form 10-Q reports. The filing of
these reports brings the Company in compliance with the filing requirements of the
Securities and Exchange Commission. The Company now plans to apply for listing of its
securities with a major stock exchange. Nasdaq has advised that on the Effective Date of
the Company's emergence from bankruptcy, the Company's stock will be upgraded to the
Bulletin Board from the Pink Sheets. The Company previously filed on a timely basis its
Form 10-K for the fiscal year ended June 30, 1996 which included the financial
information in these recently filed quarterly reports.


Following a damaging article in the Wall Street Journal, the company's previous
management failed to file the quarterly reports on time. The previous management's
delinquency resulted in the Company's securities being delisted from the Nasdaq stock
market. Former management was removed from the Company in January of 1996.


Currently under new management, Work Recovery has managed to work through Chapter
11 Bankruptcy and plans to officially emerge on February 1, 1997. In an effort to inform
investors, the Company plans to send an explanation of the terms and process of
emergence to its shareholders this week.


WRI's Acting President and Chief Executive Officer Dorcas R. Hardy said, "The filing of
the 1996 quarterly reports and our emergence from Bankruptcy are two very significant
accomplishments. We now have to concentrate on making this Company healthy and
restoring value to our shareholders."


Work Recovery, Inc. manufactures, markets and licenses its proprietary and objective
Functional Capacity Evaluation (FCE) technology, ERGOS(R), for the evaluation of
injured workers.


SOURCE Work Recovery, Inc.  /CONTACT: Jodi Stefaniak of Work Recovery, Inc.,
520-322-6634/




Deluxe Reports Fourth Quarter, Year-End Results


ST. PAUL, Minn., Jan. 21, 1997 - Deluxe Corporation (NYSE: DLX) reports that sales for
the fourth quarter were $480,476,262, down 4.1 percent from $501,124,045 last year,
while net earnings were negative $25,037,961, or negative $.30 per share, compared to
negative $5,927,171, or negative $.07 per share, a year ago. Fourth quarter 1996 results
include net pretax charges totaling $107.4 million, or $.85 per share after tax for goodwill
impairment, restructuring, gains and losses on sales of businesses, and other costs.


Fourth quarter 1995 net earnings included a $4,809,132 after-tax loss from the
discontinued operations of the company's ink business. The 1995 fourth quarter loss from
continuing operations of $1,118,039, or negative $.01 per share, included a non-recurring
pretax charge of $62,477,300 related to production consolidation, elimination of
unprofitable product lines and overhead, and other balance sheet adjustments.


Excluding the fourth quarter one-time charges from both years and the loss from
discontinued operations in 1995, Deluxe recorded 1996 fourth quarter net earnings of $.55
per share, compared to $.46 per share in 1995.


Deluxe's sales increased for the 58th consecutive year to a record $1,895,664,264, an
increase of 2.0 percent, compared to $1,857,980,721 in 1995. Net income for the same
period was $65,462,725, or $.80 per share, compared to $87,020,503, or $1.06 per share,
a year ago.


1996 results include net pretax charges totaling $142.3 million, or $1.10 per share after
tax, for goodwill impairment, restructuring, gains and losses on sales of businesses, and
other costs. 1995 net income included a $7,413,518 after-tax loss from the discontinued
operations of the company's ink business. Income from continuing operations for the year
was $94,434,022, or $1.15 per share, and included the $62,477,300 pretax non-recurring
charge.


Excluding the restructuring and one-time charges in both years, Deluxe recorded 1996 net
earnings of $1.90 per share, compared to $1.62 per share in 1995.


Dividends of $1.48 per share were paid to shareholders in both 1996 and 1995, totaling
$121,975,899 and $122,142,043, respectively. The company had an average of
82,155,084 shares outstanding for the fourth quarter and an average of 82,310,806 shares
outstanding for the year.


Deluxe said fourth quarter performance among its three market- serving units was mixed.
Deluxe Financial Services' revenues increased 6 percent and its pretax income increased
10 percent. Revenues at the financial institution (FI) check printing business were up 3
percent and pretax income was up 14 percent. Order units were up in the fourth quarter but
were flat overall in 1996. Deluxe said FI check printing continued to feel the impact of
pricing pressure in 1996.


Deluxe Electronic Payment Systems' revenues were down 6 percent in the fourth quarter
and the unit continued to experience operating losses. Deluxe Data Systems, the largest
business in the unit, is undergoing a major restructuring that is expected to run throughout
1997.


Deluxe Direct, the company's catalog-based unit, showed continued profitability
improvement in the fourth quarter. Though management actions caused Deluxe Direct's
revenues to decline 18 percent, reflecting the divestitures of Colwell Systems and
T/Maker and the elimination of unprofitable product lines, the unit's pretax income
increased 44 percent.


"We made significant progress this past year in building the new Deluxe," said J.A.
Blanchard, Deluxe Chairman and Chief Executive Officer. "Our progress included
streamlining our operations, reducing our costs, and restructuring our businesses to focus
on the important financial institution and retail markets. We also divested many of our
non-strategic businesses and began to develop our long-term growth opportunities through
alliances and acquisitions."


Deluxe sold three businesses in the fourth quarter: Colwell Systems, Financial Alliance
Processing Services, Inc., and Deluxe U.K. Ltd. The company indicated that it expects to
sell Current Social Expressions, PaperDirect, and Nelco, Inc., during the first half of '97.


"I am extremely pleased with our progress," Blanchard said. "Now slightly past the
midway point of the massive restructuring that began in late 1995, we've not only hit our
operating earnings target, but we are very close to having the sort of lean, effective Deluxe
that can take advantage of the many opportunities awaiting us in the global financial
services and retail risk management marketplace."


Blanchard said he's optimistic about Deluxe hitting the announced target of $2.15 earnings
per share in 1997. "Once we complete the sale of these final three units, we will have
removed some $380 to $400 million in revenues from the company, eliminated
approximately 80 percent of purchase-related goodwill from our balance sheet,
overhauled and improved the operational and earnings capabilities of our remaining units,
and strengthened our cash position. I am confident that in 1997 we will build on the
earnings from operations momentum we established in 1996."


The company will hold a teleconference today at noon central time. Senior management
will meet with security analysts and portfolio managers in New York on February 5.


Deluxe is a leading payment services provider to financial institutions and retailers.


Statements made in this release concerning the company's or management's intentions,
expectations, or predictions about future results or events are "forward looking statements"
within the meaning of the Private Securities Reform Act of 1995. Such statements are
necessarily subject to risks and uncertainties that could cause actual results to vary from
stated expectations, and such variations could be material and adverse. Additional
information concerning the factors that could cause actual results to differ materially from
the company's current expectations is contained in item 5 of the company's quarterly report
on form 10-Q for the quarter ended September 30, 1996.


                                  DELUXE CORPORATION
                            CONDENSED STATEMENTS OF INCOME
                              QUARTER ENDED DECEMBER 31
                         DOLLARS IN MILLIONS EXCEPT PER SHARE
                                      UNAUDITED
        

                                                              1996      1995
        

        Sales                                               $480.5    $501.1
        Cost of Goods Sold                                   224.0     246.0
             Gross Profit                                    256.5     255.1
        

        Selling/General & Administrative                     198.6     222.7
        Goodwill Impairment Charge                           111.9        --
        Employee Sharing                                      14.7      16.6
        Non-Operating (Income) Expense                       (32.0)     13.4
        

        Pretax (Loss) Income                                 (36.7)      2.4
        

        Income Tax (Benefit) Expense                         (11.7)      3.5
        

        (Loss) From Continuing Operations                    (25.0)     (1.1)
        

        Loss from Discontinued Operations
         (Net of Income Tax)                                    --      (4.8)
        

        Net (Loss) Income                                   $(25.0)    $(5.9)
        

        Earnings Per Share:
          Continuing Operations                              $(.30)    $(.01)
          Discontinued Operations                               --      (.06)
        

        Earnings Per Share                                   $(.30)    $(.07)
        

                                  DELUXE CORPORATION
                            CONDENSED STATEMENTS OF INCOME
                           TWELVE MONTHS ENDED DECEMBER 31
                         DOLLARS IN MILLIONS EXCEPT PER SHARE
        

                                                          Unaudited
                                                              1996       1995
        

        Sales                                             $1,895.7   $1,858.0
        Cost of Goods Sold                                   895.9      860.3
             Gross Profit                                    999.8      997.7
        

        Selling/General & Administrative                     728.8      734.9
        Goodwill Impairment Charge                           111.9         --
        Employee Sharing                                      71.9       79.0
        Non-Operating (Income) Expense                       (31.6)      14.5
        

        Pretax Income                                        118.8      169.3
        

        Income Tax                                            53.3       74.9
        

        Income From Continuing Operations                     65.5       94.4
        

        Loss from Discontinued Operations
         (Net of Income Tax)                                    --       (7.4)
        

        Net Income                                           $65.5      $87.0
        

        Earnings Per Share:
          Continuing Operations                               $.80      $1.15
          Discontinued Operations                               --      $(.09)
        

        Earnings Per Share                                    $.80      $1.06
        

                                  DELUXE CORPORATION
                               CONDENSED BALANCE SHEET
                                       MILLIONS
        

                                                      Unaudited
                                                        Dec. 31, 1996   Dec.
        31, 1995
        

        ASSETS
            Current Assets                                     $450.4
        $381.1
        

            Property, Plant, & Equipment - NET                  446.9
        494.2
        

            Other  Investments                                   59.0
        48.1
        

            Intangibles - NET                                   220.9
        371.7
        

               TOTAL ASSETS                                  $1,177.2
        $1,295.1
        

        LIABILITIES & EQUITY
            Current Liabilities                                $345.8
        $368.8
        

            Long-Term Debt                                      109.1
        111.0
        

            Deferred Credits                                      9.4
        34.9
        

            Shareholders' Equity                                712.9
        780.4
        

               TOTAL LIABILITIES & EQUITY                    $1,177.2
        $1,295.1
        

            SHARES OUTSTANDING                                   82.1
        82.4
        

SOURCE Deluxe Corporation/CONTACT: Stuart Alexander, Vice President, Corporate
Public Relations, 612-483-7358; Charles M. Osborne, Senior Vice President, Chief
Financial Officer, 612-483-7355, both of Deluxe/




Reynolds Metals Reports Fourth-Quarter and Year-End Results


RICHMOND, Va., Jan. 21, 1997 - Reynolds Metals Company (NYSE: RLM; CHX) today
reported fourth-quarter net income of $1 million. After deducting a $9 million dividend on
the company's 7% PRIDES(SM) preferred stock, Reynolds reported a net loss for the
quarter of 13 cents per common share. This compares to net income of $84 million, or
$1.15 per common share, for the fourth quarter of 1995. Reynolds PRIDES were redeemed
for 9.02 million shares of common stock effective Dec. 31, 1996.


Results for the 1996 fourth quarter include a favorable effect from LIFO inventory
liquidations of $9 million or 14 cents per share. These liquidations are a result of the
company's ongoing program to permanently reduce inventories on a days-of-supply basis.
The results also include a loss on the disposition of certain assets of $5 million or 8 cents
per share.


Revenues for the fourth quarter declined 7% to $1.75 billion, compared with $1.87 billion
in the 1995 quarter, primarily due to the continued softness in ingot and fabricated
aluminum product selling prices. Aluminum shipments were 418,000 metric tons,
compared with 419,000 metric tons in the fourth quarter of 1995.


For 1996, Reynolds reported net income of $89 million, or 82 cents per common share,
compared with $389 million, or $5.35 per share for 1995. The 1996 results are after a
charge of $38 million, or 60 cents per share, for the effects of an accounting change and
restructuring charges recorded in the first quarter.


The 1996 results also include a favorable effect from LIFO inventory liquidations of $19
million or 29 cents per share. For the year, inventories were reduced more than $100
million, which enabled the company to minimize short-term borrowings and maintain its
debt-to-equity ratio the same as year- end 1995.


Revenues for 1996 declined 3% to $7.02 billion, compared with $7.25 billion in 1995, as
a result of the lower selling prices particularly in the second half of the year. Aluminum
shipments in 1996 of 1.65 million metric tons were slightly lower than the 1.67 million
metric tons shipped in 1995.


Commenting on the company's 1996 results, Jeremiah J. Sheehan, chairman and chief
executive officer said, "Depressed prices for the entire year, higher costs in our alumina
business, the sluggish European economy, and a slowdown in our U. S. can business were
the major contributors to the decline."


"Lower U.S. beverage can and can stock shipments were primarily due to lower beer can
shipments for both Reynolds and the U.S. brewing industry. In the fourth quarter, this was
partially offset by higher shipments of our seasonally strong consumer and packaging
products," said Mr. Sheehan.


"Looking forward, we expect 1997 to show improvement over 1996. We have identified
1997 performance improvements, exclusive of price changes, of $100 million pre-tax. Our
optimism is further fueled by improving industry and economic fundamentals and the
aluminum ingot price rally experienced so far this year.


"For the first quarter, our optimism is somewhat contained because of the normal lag
before we begin to realize the full benefit of improving industry fundamentals. In addition,
the first quarter is seasonally our weakest, and we will not have the benefit of robust
consumer products sales as we did in the fourth quarter. Therefore, while we believe the
first quarter should be somewhat better than the fourth, more significant improvements
should follow later in the year," said Mr. Sheehan.


                               Reynolds Metals Company
                     Consolidated Statement of Income
                     (Unaudited)

                                   Quarter ended         Year
                                   ended
                                    December 31         
                                    December 31
        (In millions, except
        per share amounts)       1996       1995       1996   
           1995

        REVENUES
        Net sales               $1,736     $1,857     $6,972  
          $7,213 Equity, interest
          and other income          13         15         44  
                39
                                 1,749      1,872      7,016  
                                    7,252
        COSTS AND EXPENSES
        Cost of products sold    1,507      1,506      5,899  
           5,772 Selling/administrative/
          general expenses         123        123        445  
               449
        Depreciation and
          amortization              81         82        322  
               311
        Interest                    37         43        160  
             172 Operational
          restructuring costs        -          -         37  
                 -
                                 1,748      1,754      6,863  
                                    6,704

        Income before
          income taxes and
          cumulative effect of
          accounting change           1        118       153  
               548
        Taxes on income               -         34        49  
             159 Income before cumulative
          effect of accounting
          change                      1         84       104  
               389
        Cumulative effect of
          accounting change           -          -       (15)
                 -
        NET INCOME                    1         84        89  
             389 Preferred stock dividends     9          9   
            36         36 Net income (loss)
          available to common
          stockholders             ($ 8)      $ 75      $ 53  
             $ 353

        Earnings per share

        Income (loss) before
          cumulative effect of
          accounting change      $(0.13)     $1.15     $1.06  
             $5.35
        Cumulative effect of
          accounting change        -          -        (0.24)
              -
        Net income (loss)        $(0.13)     $1.15     $0.82  
           $5.35

        Cash dividends per
          common share            $0.35      $0.35     $1.40  
             $1.20
        Average shares outstanding:
          Common shares      63,970,000 63,593,000 63,730,000
          63,050,000 Common share
                equivalents          -   9,662,000     -      
                9,705,000
                             63,970,000 73,255,000 63,730,000
                             72,755,000

        Earnings Per Share Note:
            In the fourth quarter and year of 1996, earnings
            per share
        equals net income, minus dividends on the Company's 7%
        PRIDES(SM), Convertible Preferred Stock (PRIDES),
        divided by the weighted- average number of common
        shares outstanding during the periods. In the fourth
        quarter and year of 1995, earnings per share equals
        net income divided by the weighted-average number of
        common shares and common share equivalents outstanding
        during the periods. The number of common share
        equivalents outstanding was based on the assumed
        conversion of the PRIDES.  This methodology was not
        applicable in the fourth quarter or year of 1996 since
        its effect would have been anti-dilutive.  In late
        1996, all of the outstanding PRIDES were redeemed for
        or converted into shares of common stock.  If this
        exchange had occurred on January 1, 1996, earnings per
        share (net income) would have been $0.01 for the
        fourth quarter of 1996 and $1.22 for the year of 1996.

                               Reynolds Metals Company
                   Condensed Consolidated Balance Sheet
                   (Unaudited)

                                          December 31        
                                          December 31
        (In millions, except share data)      1996            
          1995

        ASSETS
        Current assets
          Cash and cash equivalents         $   38            
            $   39 Receivables, less allowances of $18 (1995 -
          $20)                  961                1,043
          Inventories                          787            
               891 Prepaid expenses and other            87   
                         41
                Total current assets         1,873            
                   2,014

        Unincorporated joint ventures
          and associated companies           1,337            
             1,286
        Property, plant and equipment        6,813            
           6,600 Less allowances for depreciation
          and amortization                   3,576            
             3,377
                                             3,237            
                                                3,223

        Deferred taxes and other assets      1,069            
           1,217

            Total assets                    $7,516            
              $7,740

        LIABILITIES AND STOCKHOLDERS' EQUITY

        Current liabilities
        Accounts payable, accrued
          and other liabilities             $1,020            
            $1,155 Short-term borrowings                217   
                        111 Long-term debt                    
             96                  101

            Total current liabilities        1,333            
                1,367

        Long-term debt                       1,793            
            1,853 Postretirement benefits              1,087  
                      1,213 Environmental, deferred taxes
          and other liabilities                669            
                690
        Stockholders' equity
          Preferred stock                        -            
                505 Common stock                       1,451  
                          941
            Retained earnings                1,220            
                1,256 Cumulative currency
              translation adjustments          (37)           
                    (22)
            Pension liability adjustment         -            
                  (63)

                Total stockholders' equity    2,634           
                     2,617
        Total liabilities and
          stockholders' equity               $7,516           
              $7,740

        Common shares outstanding        72,719,000           
        63,598,000

        Shipments and Net Sales
        (Shipments in thousands of metric tons,
          dollars in millions)

                                           FOURTH QUARTER

                                      1996                  
                                      1995
                             Shipments  Net Sales   Shipments
                              Net Sales

        Finished products and
          other sales
          Packaging and containers:
            Aluminum              88      $447           93   
               $480 Nonaluminum                    169        
                        161 Other aluminum        40       131
                      38        135 Other nonaluminum         
                140                     140

                                 128       887          131   
                                     916

        Production and processing
          Primary aluminum        96       149           98   
              180 Sheet and plate        101       293        
           101        337 Extrusions              52       178
                    46        180 Other aluminum          41  
              122           43        121 Other nonaluminum   
                      107                     123
                                 290       849          288   
                                     941

        Total                    418     1,736          419   
         $1,857 Average realized price
          per pound
          Fabricated aluminum products    $1.73               
            $1.87 Primary aluminum                $0.70       
                    $0.83

        Principal Markets (based on sales dollars)
                                                FOURTH QUARTER
                                                1996      1995

        Packaging and Containers                 44%       45%
        Building and Construction                14        12
        Automotive and Transportation            13        13
        Distributors and Fabricators             11        12
        Other                                    18        18

        Total                                   100%      100%

        Shipments and Net Sales
        (Shipments in thousands of metric tons,
          dollars in millions)

                                                  YEAR

                                      1996                  
                                      1995
                             Shipments  Net Sales   Shipments
                              Net Sales

        Finished products and
          other sales
          Packaging and containers:
            Aluminum             355      $1,850        368   
               $1,871 Nonaluminum                      603    
                            556 Other aluminum       163      
              552        163          580 Other nonaluminum   
                        533                     528
                                 518       3,538        531   
                                     3,535

        Production and processing
          Primary aluminum       386          634       346   
                684 Sheet and plate        381        1,168   
             409        1,350 Extrusions             204      
             706       200          765 Other aluminum        
          164          481       179          494 Other
          nonaluminum                   445                   
          385
                               1,135        3,434     1,134   
                                   3,678

        Total                  1,653       $6,972     1,665   
           $7,213

        Average realized
          price per pound
          Fabricated aluminum products      $1.79             
             $1.84 Primary aluminum                  $0.74    
                      $0.90

        Principal Markets (based on sales dollars)
                                                     YEAR
                                               1996       
                                               1995

        Packaging and Containers                44%        
        44% Building and Construction               13        
         13 Automotive and Transportation           13        
         13 Distributors and Fabricators            12        
         13 Other                                   18        
         17

        Total                                  100%       
        100%

SOURCE Reynolds Metals Company /CONTACT: Lou Anne J. Nabhan of Reynolds
Metals, 804-281-2171 or, home, 804-359-2986/