TCR_Public/970220.MBX




InterNet Bankruptcy Library - News for February 20, 1997






Bankruptcy News For February 20, 1997



  1. El Paso Electric Company Announces Fourth Quarter Financial Results

  2. Bonneville Pacific Corporation Announces Settlement

  3. BACK YARD BURGERS REPORTS FOURTH QUARTER RESULTS

  4. BROADWAY & SEYMOUR REPORTS FOURTH QUARTER AND YEAR END 1996 RESULTS

  5. Imo Reports Losses For Fourth Quarter And Full Year 1996; Credit Agreement Amended

  6. Meridian Gold Inc. Reports 34% Production Increase in 1996

  7. Tandy Corporation Reports Fourth Quarter and Full Year 1996 Results

  8. Wickes Lumber Reports Significant Improvement in Fourth Quarter and Full Year Net Income




El Paso Electric Company Announces Fourth Quarter Financial Results


EL PASO, Texas, Feb. 20, 1997 - El Paso Electric Company (AMEX: EE) reported net income applicable to its common stock of  
approximately $4.9 million, $.08 per share, for the quarter ended December 31, 1996. A change in estimate related to the accrued  
professional fees as a result of the Company's Bankruptcy Court proceedings contributed approximately $1.7 million, $0.03 per share, net of  
income tax.


EE's net income applicable to common stock for the period February 12, 1996 to December 31, 1996, was approximately $31.4 million,  
$.52 per share. A non-recurring gain of $2.3 million, $0.04 per share, net of income tax, on the sale of an investment and a change in estimate  
related to the accrued professional fees as a result of Bankruptcy Court proceedings of $1.7 million, $0.03 per share, net of income tax,  
contributed to the performance. These results reflect the operations of EE since its emergence from bankruptcy on February 12, 1996, and the  
application of "fresh- start" reporting. Therefore, the results reported are not comparable to EE's financial information reported prior to its  
reorganization.


For the fourth quarter, retail kilowatt hour sales were up 4.9% and wholesale kWh sales were up 21.4% over the comparable period last  
year. For the twelve months ended December 31, 1996, retail sales were up 4.4% and wholesale sales were up 6.5% compared to the same  
period in 1995.


EE continues to use a portion of its available cash flow to reduce fixed asset obligations by making open market purchases of first mortgage  
bonds. For the fourth quarter, EE repurchased $53.3 million of first mortgage bonds, while repurchases for the year to date totaled $118.0  
million. Since December 31, 1996, an additional $21.7 million of first mortgage bonds have been repurchased.


On January 16, 1997, the Board of Directors declared a dividend of $2.85 per share on EE's 11.40% Series A Preferred Stock. This  
dividend was paid on February 1, 1997, to shareholders of record as of January 21, 1997. The dividend was paid in additional shares of  
Series A Preferred Stock, with fractional share dividends paid in cash.


EE is an electric utility serving approximately 279,000 retail customers in El Paso, Texas and areas of the Rio Grande Valley in West Texas  
and Southern New Mexico, as well as wholesale customers in Southern California, New Mexico, Texas and Mexico.


El Paso Electric Company's results of operations for the 49-day period February 12, 1996 to March 31, 1996; the three months ended June  
30, 1996, September 30, 1996 and December 31, 1996; and the period February 12, 1996 to December 31, 1996 are as follows (in  
thousands except share data):


                             Period From

                             February 12             Three Months Ended
                             to March 31,      June 30,  Sept. 30,   Dec. 31,
                                1996             1996      1996        1996
        

        Operating revenues    $ 69,907        $144,388  $ 166,656   $ 143,023

        Operating expenses     (55,159)       (110,292)  (122,293)   (115,489)
        Other income, net          463             844      3,041/a    2,996/b
        Interest charges       (13,522)        (25,440)   (24,634)   (22,570)
        Net income               1,689           9,500     22,770      7,960
        Preferred stock
         dividend requirements   1,552           2,897      2,977      3,062
        Net income applicable
         to common stock           137           6,603     19,793      4,898
        Net income per
         weighted average
         share of common
         stock                $   0.00        $   0.11  $   0.33    $   0.08
        Weighted average
         number of common
         shares outstanding  59,999,981 60,055,696/c 60,104,981/c 60,126,277/c
        

                                       Period From

                                       February 12
                                       to Dec. 31,
                                           1996
        

        Operating revenues             $ 523,974

        Operating expenses              (403,233)
        Other income, net                  7,344/a/b
        Interest charges                 (86,166)
        Net income                        41,919
        Preferred stock dividend
         requirements                     10,488
        Net income applicable to
         common stock                     31,431
        Net income per weighted
         average share of common
         stock                         $    0.52
        Weighted average number of
         common shares outstanding     60,126,277/c
        

        /a Includes gain on sale of an investment of approximately

           $2.3 million, net of income taxes.
        /b Includes a change in estimate related to the accrued bankruptcy-
           related professional fees of approximately $1.7 million, net of
           income taxes.
        /c Includes weighted average number of restricted common shares and
           common share equivalents, when dilutive, issued in accordance with
           the Company's 1996 Long-Term Incentive Plan.
        

                Quarter Ended December 31, 1996 (In thousands):

        

                                  1996           1995           Increase

                                                               (Decrease)
        

        Electric KWH Sales:

         Retail Customers       1,321,187     1,259,581            4.9%
         Other Utilities          427,409       352,142           21.4%
          Total                 1,748,596     1,611,723            8.5%
        

        Operating Revenues:

         Retail Customers      $  115,345
         Other Utilities           27,678
          Total                $  143,023
        

        Capital Expenditures   $   11,414   $    15,431

        Cash Interest
         Payments              $   20,089
        Depreciation and
         Amortization          $   22,819
        Federal and State
         Income Taxes (2)      $    2,815
        EBITDA (3)             $   57,657
        

        Period From February 12, 1996 to December 31, 1996 (In thousands):

        

                                  1996           1995           Increase

                                                               (Decrease)
        

        Electric KWH Sales(1):

         Retail Customers       5,652,907     5,416,902            4.4%
         Other Utilities        1,753,553     1,646,357            6.5%
          Total                 7,406,460     7,063,259            4.9%
        

        Operating Revenues:

         Retail Customers      $  427,507
         Other Utilities           96,467
          Total                $  523,974
        

        Capital Expenditures   $   35,653   $    71,803

        Cash Interest
         Payments              $   53,000
        Depreciation and
         Amortization          $   79,772
        Federal and State
         Income Taxes (2)      $   26,670
        EBITDA(3)              $  234,527
        

        (1)  Twelve Months Ended December 31, 1996 and 1995.

        (2)  Federal and state income tax refunds, net of amounts paid, were
             $2,857 and $2,504 for the quarter ended December 31, 1996 and for
             the period from February 12, 1996 to December 31, 1996,
             respectively.
        (3)  EBITDA should not be considered an alternative to net income as
             an indicator of operating performance or an alternative to cash
             flows as a measure of liquidity.
        

SOURCE El Paso Electric Company/CONTACT: Media: Teresa Souza, 915-543-5823, or Analysts: Leslie Beal, 915-543-2213, both of El  
Paso Electric Company/




Bonneville Pacific Corporation Announces Settlement


SALT LAKE CITY, UT - Feb. 20, 1997 - Bonneville Pacific Corporation (BPCO), through its Chapter 11 Bankruptcy Trustee (Roger G.  
Segal), announced today that a settlement has been reached with the last of the remaining defendants in connection with the civil action  
originally entitled Segal v. Portland General, et. al., United States District Court for the District of Utah, Case No. 92-C- 364J.


The settlement is with Dinuba Energy, Inc. ("Dinuba"), an Idaho corporation, and Ronald C. Yanke ("Yanke"), of Boise, Idaho. The Trustee's  
claims against Dinuba and Yanke were severed from the above referenced civil action into a separate action entitled Segal (Trustee) v.  
Dinuba Energy, Inc., and Ronald C. Yanke, United States District Court for the District of Utah, Case No 92-CV-1116J. The settlement,  
which has been presented on the record to the United States District Court and which is subject to documentation, provides for payment by  
Dinuba and Yanke to Bonneville Pacific Corporation of Four Million Five Hundred Thousand Dollars ($4,500,000) by not later than March  
20, 1997. The settlement is conditioned upon approval by the United States District Court (the Honorable Bruce S. Jenkins) and by the  
United States Bankruptcy Court (the Honorable John H. Allen).


Although Dinuba and Yanke have agreed to the settlement, they each continue to deny all of the Trustee's allegations of wrongdoing or  
liability.


The litigation was being prosecuted on behalf of the Trustee by the law firm of Beus, Gilbert & Morrill (Phoenix) pursuant to a contingent  
fee agreement. That contingent fee agreement, which has been approved by the bankruptcy Court, provides that Beus, Gilbert & Morrill is  
entitled, as a fee, after deduction of litigation costs, to thirty-three percent (33%) of any litigation recoveries received by the Trustee less  
fees paid to the Trustee's local counsel, Cohne, Rappaport & Segal (Salt Lake). Any fees must be allowed (approved) by the Bankruptcy  
Court.


SOURCE Bonneville Pacific Corp. /CONTACT: Roger G. Segal, 801-532-2666/




BACK YARD BURGERS REPORTS FOURTH QUARTER RESULTS


MEMPHIS, Tenn.--Feb. 20, 1997--Back Yard Burgers, Inc. (Nasdaq Small Cap:BYBI; CHX:BYB) today announced results for the fourth  
quarter and fifty-two weeks ended December 28, 1996.


Total revenues for the thirteen weeks ended December 28, 1996, rose 9.5% to $6,192,000 from $5,655,000 in the fourth quarter of 1995,  
reflecting primarily sales from the addition of one new Company-operated store and the increased royalty fees from the addition of eleven  
franchised units in 1996. The Company reported a net loss for the quarter of $56,000 or $.01 per share compared with a net loss of  
$2,966,000 or $.65 per share in the same period last year. For 1995, the fourth quarter results include a non-cash charge of $2,564,000 or  
$.57 per share for impaired assets (related to the adoption of a new accounting standard), as well as a charge of $100,000 related to a note  
receivable from a former modular building supplier which declared bankruptcy. Excluding the above charges, the Company reported a net  
loss of $302,000 or $.07 per share for the thirteen weeks ended December 30, 1995.


For the fifty-two weeks ended December 28, 1996, total revenues rose 5.7% to $24,041,000 compared with $22,743,000 for the prior year.  
Net income was $357,000 or $.08 per share compared with a net loss of $2,953,000 or $.65 per share in 1995. Excluding the charges  
detailed above, the net loss for 1995 was $289,000 or $.06 per share. The improved earnings are the result of efficiencies in operating  
procedures, a decrease in food costs, new franchised store openings and a reduction in depreciation and amortization stemming from the  
Company's 1995 adoption of Statement of Financial Accounting Standards No. 121, "Accounting for the Impairment of Long-Lived Assets  
and for Long-Lived Assets to Be Disposed Of."


Same-store sales at Company-operated stores were even for the fourth quarter and declined 4.2% for the year. On a system-wide basis,  
which includes franchised units, same-store sales increased 1.3% for the fourth quarter. For the full year, system-wide same-store sales  
remained slightly negative at 0.2%.


Commenting on the results, Lattimore M. Michael, Chairman and Chief Executive Officer, stated, "Although the Company posted a net loss  
for the quarter, the results were significantly better than the prior year and continued the positive direction reported in the previous two  
quarters. We continue to be encouraged by the improvement in earnings compared with the prior year. Same-store sales at  
Company-operated units were flat during the fourth quarter, however, this breaks a string of seven quarters of negative same-store  
comparisons at Company-operated units. We are continuing our focus on restaurant operations and marketing programs to restore sales  
growth to acceptable levels.


"We remain committed to improving our system," Michael said. "This includes converting certain of our double drive-thru restaurants to  
single drive-thru units with indoor dining facilities. The latest conversion was our restaurant in Bartlett, Tennessee, which was completed on  
January 20, 1997. We are moving forward with plans to convert additional double drive-thru restaurants to the dine-in/drive-thru format.  
Our strategy is to utilize this delivery system as our norm for the future. The units which have undergone this conversion have experienced an  
increase in sales almost immediately. We remain committed to strengthening our support and assistance to our franchisees to help them  
improve their systems, and we encourage their expansion."


During the fourth quarter of 1996, one new franchised restaurant opened in Paducah, Kentucky, the first store in that state. Also, one new  
Company-operated restaurant opened in Benton, Arkansas. In other actions, one franchised restaurant was converted to a Company-operated  
store and one Company-operated restaurant, the first Back Yard Burgers restaurant, was converted to a franchised unit.


As of December 28, 1996, the Company's restaurant system comprised 81 units, including 34 Company-operated stores and 47 franchised  
stores. Subsequent to December 28, 1996, a franchised restaurant in Springfield, Missouri, closed, leaving one Back Yard Burgers unit  
there. Additionally, in January 1997, an underperforming Company-operated restaurant was closed at no material cost to the Company.


Back Yard Burgers operates and franchises quick-service restaurants in Memphis, Little Rock, Nashville and other markets across 16 states.  
The Company features gourmet hamburgers and chicken sandwiches, name-brand condiments and beverages as well as hand-dipped  
milkshakes, fresh-squeezed lemonade and fresh-baked cobblers.


          
                                BACK YARD BURGERS, INC.
                            Unaudited Financial Highlights
        

                              13 Weeks Ended            52 Weeks Ended

                           12/28/96     12/30/95     12/28/96    12/30/95        
        

        Restaurant sales     $5,718,000   $5,294,000   $22,281,000

        $21,196,000
         Total revenues       6,192,000    5,655,000    24,041,000
        22,743,000
           Income (loss)
           before income
           taxes                (56,000)  (3,101,000)      357,000
        (3,060,000)
         Income tax provision         -     (135,000)
        -    (107,000)
        Net income (loss)    $  (56,000) $(2,966,000)  $   357,000
        $(2,953,000)
         Earnings (loss)
          per share          $     (.01) $      (.65)  $       .08 $
        (.65)
        Weighted average
         shares  
         outstanding          4,549,000    4,534,000     4,543,000
        4,533,000   
        

               

CONTACT: Back Yard Burgers Inc., Memphis Stephen J. King, 901/367-0888




BROADWAY & SEYMOUR REPORTS FOURTH QUARTER AND YEAR END 1996 RESULTS


CHARLOTTE, N.C.--Feb. 20, 1997--Broadway & Seymour, Inc. (NASDAQ:BSIS) reported today, for the three months ended December  
31, 1996, net income of $1.1 million, or $0.13 per share, as compared with a net loss of $16.7 million, or $1.84 per share, for the three  
months ended December 31, 1995. The Company also reported a net loss for the year ended December 31, 1996 of $2.2 million, or $0.25  
per share, on revenue of $89.4 million as compared with a net loss of $11.4 million, or $1.26 per share, on revenue of $114.7 million for the  
year ended December 31, 1995.


Commenting on the results, David A. Finley, Executive Vice President and Chief Financial Officer, said, "We are encouraged by the results  
of the fourth quarter of 1996. At an operational level, the Company broke even during the fourth quarter, a significant improvement over the  
previous four quarters, reflecting the results of our restructuring and the sale of non-core businesses. Net income of $0.13 per share for the  
fourth quarter reflects a gain from the sale of the Company's Corbel subsidiary to Sungard, completed in November 1996, and continuing  
income from the sale of the Company's Asset Management Group to Fidelity Investments, completed in May 1996. Further, the balance sheet  
at December 31, 1996 reflects a strong financial position with substantial working capital, liquidity and no bank debt."


Alan Stanford, Chairman and Chief Executive Officer, said, "We have successfully completed our transformation and are experiencing  
strong customer interest and acceptance of our focused solutions in our chosen markets. We're also hard at work to achieve our objectives of  
customer satisfaction, performance improvement and being the best employment choice for our people."


At its Board of Directors meeting also held today, Steven S. Elbaum was elected director to replace John A. "Jack" Tate, a director since  
1986, who retired. Mr. Elbaum, 48, is Chairman and Chief Executive Officer of Superior TeleCom, Inc. and The Alpine Group. Previously  
he was a partner of Gifford, Woody, Palmer & Serles, Esq. in New York.


Mr. Stanford stated, "We are pleased to have Mr. Elbaum join our Board. His experience and wisdom will be invaluable to the future  
success of Broadway & Seymour. Jack Tate has been a long and faithful contributor to Broadway & Seymour. We will sincerely miss his  
participation and leadership."


Broadway & Seymour is an industry-specialized software and services company providing integrated, information technology-enabled  
business solutions for the financial services and professional services markets. Its focused capabilities and people position Broadway &  
Seymour as a leading provider of rapidly implemented systems, technologies and processes to assist its customers in achieving success.


                          Broadway & Seymour, Inc.

                         Consolidated Balance Sheet
                              (In thousands)
                                                 

                                           Dec. 31,  Dec. 31,

                                             1996      1995
                  Assets                          
        Current assets:                               
        Cash and cash equivalents          $15,010    $2,053
        Receivables                         25,706    28,233
        Income tax receivable                  --      2,100
        Inventories                            890       417
        Other current assets                 5,725     6,315
            Total current assets            47,331    39,118
        Property & equipment, net                6,291     9,299
        

        Software costs                           4,748     9,865

        

        Intangible assets                        7,346    24,578

        

        Other assets                               758       385

                                           $66,474   $83,245
                                                 

          Liabilities and Stockholders' Equity

        Current liabilities:                          
        Notes payable and current                 
         portion of debt                      $473    $6,263
        Accounts payable, trade              5,836     6,408
        Accrued compensation                 2,615     2,796
        Estimated liabilities for            
         contract losses                     2,922     5,246
        Other accrued liabilities            4,554     5,079
        Deferred revenue                    12,476    12,561
        Income taxes payable                 2,548       275
            Total current liabilities       31,424    38,628
        

        Long-term debt                             138     1,327

        

        Deferred tax liability                   2,557     7,096

        

        Other liabilities                          165     3,757

        

        Stockholders' equity:                         
        

        Common stock                            90        88

        Paid-in capital                     36,276    34,277
        Retained deficit                    (3,684)   (1,436)
        

                                            32,682    32,929

        

        Less - Treasury stock at cost         (492)     (492)

        

          Total stockholders' equity        32,190    32,437

                                           $66,474   $83,245
        

CONTACT: Broadway & Seymour, Inc. David A. Finley or Lorin E. Brigden, 800-274-9287 email: lorin.brigden@bsis.com




Imo Reports Losses For Fourth Quarter And Full Year 1996; Credit Agreement Amended


LAWRENCEVILLE, N.J., Feb. 20, 1997 - Imo Industries Inc. (NYSE: IMD) today reported a net loss of $32.9 million or $1.92 a share on  
sales of $114.1 million in the fourth quarter of 1996, compared with a net loss of $8 million or 47 cents a share on sales of $111.3 million in  
the fourth quarter of the previous year.


For the year ended December 31, 1996, Imo had a net loss of $58.4 million or $3.41 a share on sales of $468.6 million. In 1995, Imo had net  
income of $29.7 million or $1.74 per share on sales of $472.4 million for the year.


Both the fourth quarter and the full year results were negatively impacted by charges related to the previously announced withdrawal from  
sale of Roltra-Morse, the Company's Italian subsidiary. Imo withdrew Roltra-Morse from divestiture in November 1996, because threats  
made by an unsuccessful bidder made it impossible for the Company to receive fair value for the business. Imo has filed a lawsuit to resolve  
the matter. The Company has reclassified Roltra-Morse as a continuing operation and restated the prior year results to reflect this change.


Roltra-Morse had an operating loss before interest, taxes and minority interest of $10.2 million for the fourth quarter of 1996 and an $8.9  
million loss for the year, compared to income of $6.3 million for the full year 1995. The 1996 loss corresponds to a decrease in sales for the  
year of $18.9 million or 19%, reflecting the decline in Fiat auto sales in Italy, the major market for the auto components produced by  
Roltra-Morse. In addition, the 1996 loss includes $6.2 million in restructuring charges and write-off of goodwill. These restructuring  
measures will reduce operating expenses, improve the effectiveness of engineering resources and produce cost savings in 1997.


In addition, 1996 results were severely impacted by $27.1 million in other charges necessitated by the withdrawal from sale of  
Roltra-Morse, including a $17.1 million charge to reflect the expected realizable values of other assets approved for sale in replacement of  
Roltra-Morse and the reversal of $10 million of favorable tax benefits associated with the planned Roltra-Morse divestiture.


The 1996 results also reflect charges of $8.1 million related to previously sold discontinued operations and $8.5 million related to the  
Company's debt refinancing in May 1996. "Despite these disappointing results at Roltra-Morse, the underlying foundation of Imo's business  
remains solid," Imo Chairman and CEO Donald K. Farrar said. "Imo's four other core businesses - Pumps, Power Transmission,  
Instrumentation and Morse Controls - produced strong earnings and cash flow for the year, with segment operating income totaling $36.5  
million, up 10% over fiscal 1995. Sales for the four units totaled $388.4 million, a 4% increase over 1995. Bookings and backlog also  
continue strong," he said.


"This year, we will begin to see positive results from actions taken during 1996, particularly from the restructuring investments we have  
made in Italy, Germany, the U.K. and at Warren Pumps in the U.S. We expect 1997 to be a profitable year for Imo," Farrar said. Farrar also  
said that Imo had reached agreement with its senior lenders to amend the financial covenants of its senior debt agreement, which extends  
through the year 2003. All previous defaults have been waived. Under terms of the amendment, Imo will sell approximately $50 million of  
non-core assets, about half of which is unused real estate, and use the proceeds from these sales to reduce senior debt.


Approximately $25 million of the $50 million of assets to be sold are now either under contract for sale or in the final stages of negotiation.  
As a part of this program, Imo sold the property formerly occupied by its Baird subsidiary in Bedford, MA for approximately $5 million on  
December 31, 1996.


Pumps

Segment operating income of $2.3 million in the fourth quarter was up 40% over 1995's comparable period, on an 11% increase in sales  
revenue to $27.5 million for the quarter. Results were aided somewhat by the operations of Imo Pompes SA, a French licensee acquired last  
year. The outlook for the Company's pump business remains bullish, driven by a global increase in capital spending in power generation and  
crude oil processing. Commercial marine sales have also been strong in Europe.


Power Transmission

Fourth quarter sales and earnings were about the same as last year's comparable period. Sales were off 6% for the year as a whole. The  
Boston Gear order rate is holding up, but the dollar value per order has slipped slightly, indicating that distributors are becoming more  
cautious about taking on inventory. Boston has successfully launched two compact new AC variable speed drives for controlling electric  
motors from 1/6-to-1-horsepower, a range that covers 40% of the total market for packaged drives in North America. Designed primarily for  
use on pumps and ventilator fans, the new "micro" inverter has more features and a lower price than competitive units.


Instrumentation

Total sales of $19.9 million were up 7% for the fourth quarter compared to last year's fourth quarter, and segment operating income  
improved as well. The North American operation posted a remarkable fourth quarter, with sales up nearly 25% and segment operating  
income up almost 50% over the comparable period of 1995. However, these results were offset by poor sales and profitability in Europe for  
the fourth quarter. The new management team at Gems' European operation is beginning to show improved results, particularly in relation to  
solving the chronic problem of delayed shipments from the U.K. facility.


Morse Controls

Sales of $25.7 million for the fourth quarter were up 6% over last year's comparable period. Segment operating income totaled $1.2 million,  
compared to a $1.9 million loss in last year's fourth quarter. Bookings were also strong compared with last year's fourth quarter. Segment  
operating income in Europe was up significantly on a modest increase in sales due primarily to improvements at the unit's operation in  
Germany, which was restructured last year to consolidate facilities and reduce costs. Late in the year, Morse secured several important new  
OEM contracts to supply equipment for Yamaha personal watercraft in the U.S., J. I. Case farm tractors in Europe and the U.S., and Massey  
Fergus on farm equipment in France.


Roltra-Morse

Sales of $18.6 million for the quarter were 13% below last year's comparable period. For the year as a whole, sales were off by 19%.  
Economic and political uncertainty and reduced government spending has depressed auto sales volumes in Italy, Roltra-Morse's major  
market, and the strong lira has made exports more expensive. Consumers delayed their purchases in the final quarter in anticipation of  
government incentives to car buyers, which were announced in January and are expected to boost sales in 1997. Roltra has now expanded its  
manufacturing operations into Poland, Brazil and Turkey to supply auto components to Fiat and other automakers, while maintaining its  
leading supplier role in Italy. The popular new mid-size Fiat Marea, launched in 1996, is fitted with Roltra-Morse window regulators and  
seat latches, as well as accelerator, clutch and brake cables. During the year, new business was also secured from a number of other  
European automakers, including Opel, Saab, Porsche, Rover and Rolls Royce.


Imo Industries is a diversified manufacturer of pumps, fluid sensors, power transmission products, remote control systems, and automotive  
components, with operations worldwide.


                         IMO INDUSTRIES INC. AND SUBSIDIARIES

                      Condensed Consolidated Statements of Income
                    (Amounts in thousands, except per share data)
        

                                                        Three Months

                                                      Ended December 31
                                                         (Unaudited)
                                                        1996         1995
        

        Net Sales                              (a)  $ 114,147   $  111,336

        

        Gross Profit                                   31,595       28,919

        

        Segment Operating Income  (Loss)       (a)(b)  (3,699)       2,222

        

        Income (Loss) From Continuing Operations

          Before Income Taxes, Minority Interest and
          Extraordinary Item                   (a)(b) (31,616)     (14,068)
        

        Income Taxes                           (a)(c)     806      (16,548)

        Minority Interest                      (a)       (270)        (762)
        

        Income (Loss) From Continuing Operations

          Before Extraordinary Item                   (32,152)       3,242
        

        Discontinued Operations, Net of Taxes: (a)(d)

          Estimated Gain (Loss) on Disposal              (793)     (11,238)
        

        Extraordinary Item                     (e)      ---          ---

        

        Net Income (Loss)                           $ (32,945)  $   (7,996)

        

        Earnings Per Share:

          Continuing Operations
            Before Extraordinary Item               $   (1.87)  $     0.19
          Discontinued Operations                   $   (0.05)  $    (0.66)
          Extraordinary Item                        $   ---     $    ---
          Net Income (Loss)                         $   (1.92)  $    (0.47)
        

        Average Shares Outstanding                     17,124       17,083

        See attached notes.
        

                         IMO INDUSTRIES INC. AND SUBSIDIARIES

        

                     Condensed Consolidated Statements of Income

                    (Amounts in thousands, except per share data)
        

                                                        Twelve Months

                                                       Ended December 31
                                                          (Unaudited)
                                                        1996         1995
        

        Net Sales                              (a)  $ 468,645   $  472,367

        

        Gross Profit                                  132,628      131,898

        

        Segment Operating Income  (Loss)       (a)(b)  27,965       39,272

        

        Income (Loss) From Continuing Operations

          Before Income Taxes, Minority Interest and
          Extraordinary Item                   (a)(b) (28,368)      (2,114)
        

        Income Taxes                           (a)(c)  13,700      (13,918)

        Minority Interest                      (a)       (295)        (725)
        

        Income (Loss) From Continuing Operations

          Before Extraordinary Item                   (41,773)      12,529
        

        Discontinued Operations, Net of Taxes: (a)(d)

          Estimated Gain (Loss) on Disposal            (8,142)      21,625
        

        Extraordinary Item                     (e)     (8,455)      (4,444)

        

        Net Income (Loss)                           $ (58,370)  $   29,710

        

        Earnings Per Share:

          Continuing Operations
            Before Extraordinary Item               $   (2.44)  $     0.73
          Discontinued Operations                   $   (0.48)  $     1.27
          Extraordinary Item                        $   (0.49)  $    (0.26)
          Net Income (Loss)                         $   (3.41)  $     1.74
        

        Average Shares Outstanding                     17,100       17,049

        See attached notes.
        

                         IMO INDUSTRIES INC. AND SUBSIDIARIES

        

                     Segment Information and Financial Highlights

                           Excludes Discontinued Operations
                                (Dollars in thousands)
        

                                                        Three Months

                                                       Ended December 31
                                                          (Unaudited)
                                                        1996         1995
        Net Sales:                             (a)
                    Power Transmission              $  22,396   $   22,439
                    Pumps                              27,540       24,839
                    Instrumentation                    19,868       18,604
                    Morse Controls                     25,716       24,158
                    Roltra-Morse                       18,627       21,296
                      Total Net Sales                 114,147      111,336
        

        Segment Operating Income :             (a)(b)

                    Power Transmission                  2,207        2,191
                    Pumps                               2,291        1,637
                    Instrumentation                       362          220
                    Morse Controls                      1,210       (1,863)
                    Roltra-Morse                       (9,769)          37
            Total Segment Operating Income             (3,699)       2,222
        

        Equity in Income (Loss) of

              Unconsolidated Companies                   (495)          25
        

        Corporate Expense                      (b)    (19,123)      (8,677)

        

        Net Interest Expense                   (d)     (8,299)      (7,638)

        

        Income (Loss) From Continuing Operations

          Before Income Taxes, Minority Interest and
          Extraordinary Item                  (a)(b)$ (31,616)  $  (14,068)
        Memo:
        Unusual Items Included Above:          (b)
           Instrumentation                          $     890   $      896
           Morse Controls                                 300        1,494
           Roltra-Morse                                 6,243        1,188
                                      Subtotal          7,433        3,578
           Corporate Expense                           17,140        6,630
                           Total Unusual Items      $  24,573   $   10,208
        

        See attached notes.

        

                                                         Three Months

                                                       Ended December 31
                                                          (Unaudited)
                                                        1996         1995
        Memo:
        Income Before Interest, Taxes, Depreciation
          and Amortization (EBITDA):
          Income (Loss) From Continuing Operations
            Before Income Taxes, Minority Interest and
            Extraordinary Item                      $ (31,616)  $  (14,068)
          Add Back: Interest Expense           (d)      8,824        8,173
                    Depreciation and Amortization       4,856        4,448
                                        EBITDA        (17,936)      (1,447)
          Add Back: Unusual Items              (b)     24,573       10,208
              EBITDA (Excluding Unusual Items)      $   6,637   $    8,761
        

        Bookings:                              (a)

                    Power Transmission              $  20,144   $   21,065
                    Pumps                              22,361       19,541
                    Instrumentation                    18,185       19,175
                    Morse Controls                     27,028       25,848
                    Roltra-Morse                       18,148       24,966
                              Total                 $ 105,866   $  110,595
        See attached notes.
        

                         IMO INDUSTRIES INC. AND SUBSIDIARIES

        

                     Segment Information and Financial Highlights

                           Excludes Discontinued Operations
                                (Dollars in thousands)
        

                                                        Twelve Months

                                                       Ended December 31
                                                          (Unaudited)
                                                        1996         1995
        Net Sales:                             (a)
                    Power Transmission              $  89,456   $   95,075
                    Pumps                             107,567       94,375
                    Instrumentation                    78,911       76,113
                    Morse Controls                    112,488      107,664
                    Roltra-Morse                       80,223       99,140
                      Total Net Sales                 468,645      472,367
        

        Segment Operating Income :             (a)(b)

                    Power Transmission                  8,965       11,348
                    Pumps                              11,538        9,884
                    Instrumentation                     7,373        6,746
                    Morse Controls                      8,581        5,292
                    Roltra-Morse                       (8,492)       6,002
            Total Segment Operating Income             27,965       39,272
        

        Equity in Income (Loss) of

              Unconsolidated Companies                   (552)         302
        

        Corporate Expense                      (b)    (23,988)     (12,454)

        

        Net Interest Expense                   (d)    (31,793)     (29,234)

        

        Income (Loss) From Continuing Operations

          Before Income Taxes, Minority Interest and
          Extraordinary Item                  (a)(b)$ (28,368)  $   (2,114)
        

        Memo:

        Unusual Items Included Above:          (b)
           Instrumentation                          $     890   $      896
           Morse Controls                                 300        1,494
           Roltra-Morse                                 6,243        1,188
                                      Subtotal          7,433        3,578
           Corporate Expense                           17,140        6,630
                           Total Unusual Items      $  24,573   $   10,208
        

        See attached notes.

        

                                                          Twelve Months

                                                        Ended December 31
                                                           (Unaudited)
                                                        1996         1995
        Memo:
        Income Before Interest, Taxes, Depreciation
          and Amortization (EBITDA):
          Income (Loss) From Continuing Operations
            Before Income Taxes, Minority Interest and
            Extraordinary Item                      $ (28,368)  $   (2,114)
          Add Back: Interest Expense           (d)     33,317       31,463
                    Depreciation and Amortization      18,601       18,024
                                        EBITDA         23,550       47,373
          Add Back: Unusual Items              (b)     24,573       10,208
              EBITDA (Excluding Unusual Items)      $  48,123   $   57,581
        Bookings:                              (a)
                    Power Transmission              $  88,682   $   93,998
                    Pumps                             105,500       94,458
                    Instrumentation                    78,932       80,004
                    Morse Controls                    111,896      106,728
                    Roltra-Morse                       77,163       99,442
                                   Total            $ 462,173   $  474,630
        Backlog                                     $ 103,926   $  110,398
        See attached notes.
        

(a) As shown on the Segment Information and Financial Highlights, the Company's Continuing Operations are comprised of the Power  
Transmission, Pumps, Instrumentation, Morse Controls, and Roltra-Morse business segments.


On November 8, 1996, the Company announced that it is withdrawing its Roltra-Morse business from its divestiture program because threats  
made by one of the bidders has made it impossible for the Company to receive fair value for the business. Due to the withdrawal of  
Roltra-Morse from potential sale, the Company has reclassified prior year results to reflect Roltra-Morse as a continuing operation. The  
Company had been accounting for its Roltra- Morse business as a discontinued operation since its plan to sell the operation was announced  
on February 7, 1996.


The Company sold substantially all of its Electro-Optical Systems business segment and its Turbomachinery business segment in 1995.  
These business segments have been accounted for as discontinued operations and, accordingly, their operations are shown in the Condensed  
Consolidated Statements of Income as Discontinued Operations.


(b) The twelve months ended December 31, 1996 include unusual charges of $24.6 million. These charges include $4.6 million related to the  
restructuring and cost reduction programs within certain of the Company's operating units ($.3 million included in the Morse Controls  
segment, $.9 million included in the Instrumentation segment and $3.4 million included in the Roltra-Morse segment), $2.8 million related to  
the impairment of certain long-lived assets included in the Roltra-Morse segment, and $17.1 million related to the write-down of certain  
businesses being offered for sale and certain non-operating real estate being held for sale to current fair market value included in Corporate  
expense.


The three and twelve month periods ended December 31, 1995, include unusual charges of $10.2 million. These charges include provisions  
of $5.2 million related to the restructuring and cost reduction programs within certain of the Company's operating units and corporate  
headquarters ($1.5 million included in the Morse Controls segment, $.9 million included in the Instrumentation segment, $1.2 million  
included in the Roltra-Morse segment and $1.6 million included in Corporate Expense), and a $5.0 million write-down of certain  
non-operating real estate being held for sale to current fair market value included in Corporate expense.


(c) The 1996 and 1995 tax expense for continuing operations represents a provision for foreign and state taxes. The Company is utilizing  
existing U.S. net operating loss carryforwards on its domestic earnings.


Included in the 1996 state and foreign tax provision for the twelve month period ended December 31, 1996 is the $10 million reversal of a  
favorable tax benefit. Offsetting the 1995 foreign and state tax provision in the three and twelve month periods ended December 31, 1995, is  
a benefit of $17.0 million, representing a reduction in the deferred tax valuation allowance against U.S. net operating loss carryforwards.  
The valuation allowance was recorded in 1993 against deferred tax assets in accordance with FASB Statement No. 109. The Company is  
recognizing these benefits only as reassessment demonstrates that it is more likely than not that they will be realized.


(d) Interest amounts included in income from continuing operations exclude interest allocated to the Discontinued Operations of $.5 million  
for the three months ended December 31, 1996 and 1995, respectively, and $1.8 million and $5.0 million for the twelve months ended  
December 31, 1996 and 1995, respectively. The amounts allocated are included in income from operations of discontinued operations, net of  
taxes.


Amounts indicated as net are net of interest income of $.5 million for the three months ended December 31, 1996 and 1995, respectively, and  
$1.5 million and $2.2 million for the twelve months ended December 31, 1996 and 1995, respectively.


(e) The twelve months ended December 31, 1996 include an extraordinary charge of $8.5 million ($.49 per share) representing the costs  
incurred in connection with the early extinguishment of debt as well as the write-off of previously deferred loan costs. The twelve months  
ended December 31, 1995 include an extraordinary charge of $4.4 million ($.26 per share), representing the non-cash write-off of  
previously deferred loan costs in connection with the early extinguishment of debt.


SOURCE Imo Industries Inc. /CONTACT: R.A. Derr II, V.P. & Treasurer, Director, Investor Relations of Imo Industries, 609-896-7632/




Meridian Gold Inc. Reports 34% Production Increase in 1996


RENO, Nev.--Feb. 20, 1997--In 1996, Meridian Gold Inc. realized a 33 percent year-over-year increase in revenue and a 34 percent  
increase in gold production mainly reflecting the first full year of production at the Beartrack mine in Idaho. The Company realized a loss for  
both the fourth quarter and full year as a result of the emphasis on the exploration and development programs, as well as reserves for  
one-time special charges.


In the fourth quarter, the Company reported a loss of $10.9 million or 15 cents per share compared with earnings of $7.6 million or 10 cents  
per share in the same quarter last year. The fourth quarter 1996 was impacted by one-time charges of $7.6 million, while the prior year  
fourth quarter benefited from the sale of Paradise Peak with a realized gain of $6.2 million. Production totaled 55,000 ounces in the quarter  
versus 63,000 ounces in the fourth quarter of 1995.


Gold production in 1996 totaled 202,000 ounces with Beartrack producing 109,000 ounces and the Jerritt Canyon mine, in Nevada,  
producing 93,000 ounces for the Company. Beartrack's 1996 production represents the largest annual production of any single gold mine in  
Idaho's history.


Meridian Gold stated at the time of the secondary offering in July 1996 that its emphasis would be on generating significant long-term growth  
through an aggressive exploration and development program. The Company did not expect to generate earnings in the short-term. Earnings  
for 1996 reflect these goals, as the exploration program of $13.4 million and one-time special charges of $7.6 million contributed to losses  
of $15.9 million, or 22 cents per share versus earnings of $2.3 million or 3 cents per share in 1995.


Late in the fourth quarter of 1996, a new closure cost estimate was developed by an outside engineering firm to complete reclamation of the  
Royal Mountain King mine in California. Based on the new estimate, the Company increased its reclamation reserve by $5.6 million,  
reflecting increasingly stringent environmental regulations, changing project conditions, and higher physical works costs. In December 1996,  
Meridian Gold was notified that a $2 million promissory note receivable, associated with the sale of the Paradise Peak mine, in Nevada,  
would not be paid when due by Arimetco, Inc., which declared bankruptcy under Chapter 11 in 1996.


Meridian Gold's balance sheet remains strong, with cash resources of almost $83 million at year-end to support its growth plans. Cash flow  
from operations was $14 million in 1996.


The aggressive exploration program in 1996 continued to improve the long-term growth opportunities of Meridian Gold. At El Penon, in  
Region 3 of northern Chile (see attached map(1)) Meridian controls 230 square miles of exploration concessions at an elevation of only  
5,900 feet above sea level and 25 miles off the Pan American Highway. As previously announced in November, Meridian Gold outlined a  
geological resource of 1.2 million ounces of gold and 28.7 million silver ounces in three separate deposits at Quebrada Orito, Discovery  
Wash, and Cerro Martillo (see attached map(1)). Exploration drilling in 1996 concentrated at the 6200 foot long Quebrada Orito zone, the  
largest of the three deposits.


Late 1996 drilling continued to be successful in extending mineralization at Quebrada Orito along strike to both the north and the south,  
where the new Orito Norte and Orito Sur zones have been identified. The Orito Sur zone is a major extension at least 3,280 feet in length and  
is still open to the south and at depth. Within this continuous north-south structure, gold-silver mineralization occurs in a major quartz vein  
and breccia zone that is similar to the previously identified mineralization at Quebrada Orito. At Orito Sur, mineralization occurs over true  
widths of 10 to 75 feet, with an approximate true width of 50 feet. The zone dips to the west approximately 75 degrees and has a vertical  
extent of at least 500 feet. Drilling has not yet defined the zones' ultimate depth.


The attached map details the new Orito Sur zone with the surface projection of mineralization, drill hole number, and surface projection of  
the drill hole trace. Mineralized intervals listed on the drill hole summary below are not true widths.


A full El Penon resource update is in progress and will be released later in March. Current drilling on the property is supporting the ongoing  
Kvaerner Davy feasibility study. Exploration drilling is slated to start in March.


Preliminary feasibility on the Quebrado Orito and Cerro Martillo zones indicates that they could be mined by both open pit and underground  
methods, while Discovery Wash and Orito Sur could be mined underground. Spending of $11 million is planned for El Penon in 1997. Six  
million dollars will be spent to expand the resource, $3 million to complete the underground investigation of the Quebrada Orito mineralized  
zone, and $2 million to complete the feasibility study with the engineering firm of Kvaerner Davy. A production decision is planned by  
year-end.


        Hole No.          Angle  Interval    Intercept   Gold      Silver

                  (Degrees)    (feet)       (feet)  (opt)       (opt)
        PQ216              -55    610-630         20    0.180        0.70
        PQ220              -50    538-597         59    0.176        1.30
        PQ221              -65    669-781        112    0.135        0.70
        PQ223              -50    558-590         32    0.134        2.30
        PQ224              -70    210-223         13    0.101        0.80
        PQ227              -70    610-682         72    0.140        1.10
        PQ228              -70    682-787        105    0.190        1.10
        PQ229              -55    518-538         20    0.170        1.20
        PQ230              -75    518-636        118    0.220        6.60
        PQ231              -75    682-787        105    0.198        2.50
        PQ232              -70    630-643         13    0.150        2.10
        PQ240              -75    518-545         27    0.200        5.80
                              617-663         46    0.116        2.60
        PQ242              -75    518-643        125    0.630       18.00
                              669-735         66    0.140       3.30
        PQ243              -65    373-446         73    0.090        1.60
        PQ245              -70    446-492         46    0.180        5.30
        PQ251              -75    905-958         53    0.520        4.90
        PQ253              -75   899-1004        105    0.330        4.40
        PQ254              -75  1030-1050         20    1.130       25.50
        

Hole PQ254 was the last hole of the program.


Meridian Gold Inc. is a proven exploration oriented gold producer, well financed and led by a strong management team committed to  
growth. Currently, annual production is 200,000 ounces of gold from two producing properties: Beartrack in Idaho (100% owned) and  
Jerritt Canyon (30% owned) in Nevada. At year-end 1995, the Company had reserves of 1.5 million ounces of gold. In addition, Meridian  
holds an active inventory of exploration properties in Chile and the United States.


Meridian was formed in 1996 and is the successor to the business of FMC Gold Company, formerly a 80% owned subsidiary of FMC  
Corporation. The common shares of Meridian are traded on the Toronto Stock Exchange (MNG) and the New York Stock Exchange (MDG).


Financial statements and a map of El Penon are attached(1).


(1) For a fax copy of the map please call 800/866-4736.


                              Meridian Gold Inc.   
                    Consolidated Statements of Operations
             (Unaudited and in millions, except per share data)
        

                                   (Unaudited)          (Unaudited)

                                  Three Months        Twelve Months
                             Ended December 31   Ended December  31
                               1996       1995     1996        1995  
        

        Sales                    $ 20.0     $ 24.2   $ 76.2      $ 57.4

        

         Costs and expenses

         Operating expenses        17.6        9.4     56.1        29.9
         Depreciation, depletion
         & amortization             5.3        8.0     21.1        21.3
         Exploration costs          5.7        1.8     13.4        10.9
         Selling, general and  
          administrative
          expenses                  3.4        1.1      6.4         5.1
         Total costs and expenses  32.0       20.3     97.0        67.2
        

         Income (loss) before

         interest and taxes       (12.0)       3.9    (20.8)       (9.8)
        

         Gain on sale of assets     --         1.7      --          1.7

        

         Interest income            1.1        1.3      4.9         5.9

        

         Income (loss) before  
         income taxes             (10.9)       6.9    (15.9)       (2.2)
        

         Provision for income

         taxes                      --        (0.7)     --         (4.5)
         

         
         Net income (loss)      $ (10.9)     $ 7.6  $ (15.9)      $ 2.3
        

         Loss per common share  $ (0.15)    $ 0.10  $ (0.22)     $ 0.03

        

         Number of common shares

         used in earnings per
         share computations        73.6       73.5     73.6        73.5
        

                            Meridian Gold Inc.   
                        Operating Data (Unaudited)
        

                                   Three Months        Twelve Months

                            Ended December 31      Ended December 31
                            1996         1995      1996         1995
        Beartrack Mine
         Gold production -
         Heap leach (ounces)    31,229     36,426   108,599       49,134
         Tons mined (thousands):
         Ore                       760      1,688     4,324        4,150
         Waste                   1,175      1,899     4,394        3,753
          Total                  1,935      3,587     8,718        7,903
        

        Average heap leach  
        grade (ounce/ton)      0.026      0.033     0.026        0.034
        

        Total cost of

         production/ounce       $249       $247      $285         $260
        Cash cost of
         production/ounce       $197       $151      $190         $166
        

        Jerritt Canyon Joint Venture

         Gold production (Meridian Gold 30 % share ounces):
         Milling                23,641     26,493    92,429      96,823
         Heap leach                122        257       565       1,096
           Total                23,763     26,750    92,994      97,919
         Tons mined (thousands):
         Ore                       370        399     1,589       2,050
         Waste                   7,081      4,038    16,772      21,185
           Total                 7,452      4,437    18,362      23,235
        

         Mill tons processed

         (thousands)               698        780     2,668       2,947
         Average mill ore grade
         (ounces/ton)            0.129      0.131     0.131       0.129
         Mill recoveries          87.4%      86.3%     87.5%       86.1%
        

        Total cost of

         production/ounce         $377       $468      $425        $431
        Cash cost of
         production/ounce         $259       $284      $297        $250
        

        Paradise Peak (Discontinued in 1995)

         Gold production
         - Heap leach              --         125       --        3,633
         

        Total cost of

         production/ounce      $   --     $   --    $   --       $  155
        

        Total

        Ounces of gold produced 54,992     63,298   201,593     150,686
        Ounces of gold sold     51,782     62,806   197,193     149,759
        Average realized
         price/ounce              $392       $396      $392        $389
        Average cash cost of
         production               $224       $206      $239        $221
        

 


CONTACT: Meridian Gold Inc. Wayne M. Humbert, 702/827-7130 702/827-7133 (FAX)




Tandy Corporation Reports Fourth Quarter and Full Year 1996 Results


FORT WORTH, Texas, Feb. 20, 1997 - Tandy Corporation (NYSE: TAN) announced today that for the quarter ended December 31, 1996  
sales and operating revenues were $2,050,796,000, slightly lower than the $2,087,468,000 realized in the comparable prior year period. In  
the quarter ending December 31, 1996 the Company achieved income before charges of $1.01 per average share outstanding compared to  
$1.40 per share in the same quarter last year. The previously announced charges were $3.40 per share resulting in a net loss for the quarter  
of $2.39 per share. Tandy earned net income of $1.39 per share for the quarter ended December 31, 1995.


For the year ended December 31, 1996 sales increased 8% to $6,285,486,000 from $5,839,067,000 during calendar year 1995. For the  
calendar year, Tandy reported income before charges and adoption of FAS 121 of $2.20 per share compared to income of $3.13 per share  
during the comparable prior year period. Charges recorded in 1996 were $3.84 per share resulting in a net loss per share of $1.64. The loss  
compares to net income per share of $3.12 for the twelve months of calendar 1995.


Below is a table outlining the effect on earnings per share of the restructuring and other charges and adoption of FAS 121 which were  
recorded throughout calendar 1996.


                                         Quarter Ending       Year Ending

        Earnings Per Share                December 31,        December 31,
                                         1996      1995      1996      1995
        

        Net income (loss)              $(2.39)   $ 1.39    $(1.64)   $ 3.12

        

        Restructuring and other

         charges - 4th Quarter           3.40      0.01      3.31      0.01
        Restructuring and other
         charges - 2nd Quarter             --        --      0.26        --
        Adoption of FAS 121 -
         1st quarter                       --        --      0.27        --
        Income before charges          $ 1.01    $ 1.40    $ 2.20    $ 3.13
        

"Calendar 1996 represented a very difficult year for the entire consumer electronics industry and a major re-engineering year for Tandy. Our  
strategy for 1997 is focused on major initiatives at RadioShack and Computer City. Our financial strategy is focused on maximization of cash  
flow to support our business initiatives and support our share repurchase program to enhance shareholder value," stated John V. Roach,  
Chairman and Chief Executive Officer.


Tandy Corporation, one of the la rgest retailers of consumer electronics, sells its products through approximately 6,800 RadioShack(SM)  
and 92 Computer City(R) outlets. Statements made in this announcement which are forward- looking statements involve risks and  
uncertainties including, but not limited to, economic conditions, volatility of securities markets, product demand, competitive pricing,  
availability of products and other risks indicated in Company filings with the Securities and Exchange Commission.


http://www.tandy.com/

  
                          TANDY CORPORATION AND SUBSIDIARIES

                    Consolidated Statements of Income (Unaudited)
                       (In thousands, except per share amounts)
        

                                 Three Months Ended       Twelve Months Ended

                                    December 31,             December 31,
                                  1996        1995        1996        1995
        

        Net sales and

         operating revenues    $2,050,796  $2,087,468  $6,285,486  $5,839,067
        Cost of products sold   1,478,289   1,384,170   4,263,056   3,764,884
        

        Gross profit              572,507     703,298   2,022,430   2,074,183

        

        Expenses:

        Selling, general and
         administrative           530,751     525,653   1,761,067   1,646,436
        Depreciation and
         amortization              28,921      24,935     108,643      91,990
        Provision for
         restructuring cost       136,583       1,100     162,083       1,100
        Impairment of long-lived
         assets                    86,771          --     112,804          --
        

           Total expenses         783,026     551,688   2,144,597   1,739,526

        

        Income (loss) before

         interest and
         income taxes            (210,519)    151,610    (122,167)    334,657
        

        Interest income             2,932       4,618      12,983      42,322

        Interest expense          (11,340)    (11,003)    (36,404)    (33,706)
        

          Total                    (8,408)     (6,385)    (23,421)      8,616

        

        Income (loss) before

         income taxes            (218,927)    145,225    (145,588)    343,273
        

        Provision for

         income taxes             (81,255)     55,051     (54,017)    131,299
        

        Net income (loss)        (137,672)     90,174     (91,571)    211,974

        

        Preferred dividends         1,544       1,606       6,319       6,537

        

        Net income (loss)

         available to
         common shareholders   $ (139,216) $   86,568  $  (97,890) $  205,437
        

        Net income (loss)

         available per
         average common
         and common
         equivalent share      $    (2.39) $     1.39  $    (1.64) $     3.12
        

        Average common and

         common equivalent
         shares outstanding        58,211      63,717      59,832      65,928
        

        Dividends declared per

         common share          $     0.20  $     0.20  $     0.60  $     0.74
        

                          TANDY CORPORATION AND SUBSIDIARIES

                       Consolidated Balance Sheets (Unaudited)
                                    (In thousands)
        

                                                  December 31,  December 31,

                                                      1996          1995
        

        Cash                                      $  121,492    $  143,498

        Accounts Receivable, net                     227,172       320,588
        Inventories                                1,420,496     1,511,984
        Other Current Assets                         170,590        72,175
        

           Total Current Assets                    1,939,750     2,048,245

        

        Property, Plant and Equipment, net           545,639       577,720

        Other Assets, net of accumulated
         amortization                                 98,019        96,098
        

           Total Assets                           $2,583,408    $2,722,063

        

        Short-Term Debt                           $  258,030    $  189,861

        Accounts Payable                             404,845       365,131
        Accrued Expenses                             425,259       321,939
        Income Taxes Payable                         105,340        82,978
        

           Total Current Liabilities               1,193,474       959,909

        

        Long-Term Debt and Capital Leases            104,281       140,813

        Other Non-Current Liabilities                 20,810        20,006
        

        Total Stockholders' Equity                 1,264,843     1,601,335

        

        Total Liabilities and Equity              $2,583,408    $2,722,063

        

SOURCE Tandy Corporation/CONTACT: Martin O. Moad, Vice President, Investor Relations of Tandy Corporation, 817-390-3730/





Wickes Lumber Reports Significant Improvement in Fourth Quarter and Full Year Net Income


VERNON HILLS, Ill., Feb. 20, 1997 - Wickes Lumber Company (Nasdaq: WIKS) today reported a 400% improvement in fourth quarter  
income from operations before restructuring and unusual items, compared with the fourth quarter of 1995. For the full year, income from  
operations before restructuring and unusual items improved 40% over 1995. The Company reported full year net income of $0.5 million, or  
$0.07 per common share, and fourth quarter net income of $2.0 million, or $0.24 per common share. Fourth quarter and full year 1996 results  
exceeded analysts' expectations.


For the quarter, sales were $211.7 million, a 5.3% decline from $223.6 reported in 1995's fourth quarter. Net income of $2.0 million, or  
$0.24 per common share for the quarter, compares favorably to the 1995 net loss of $15.4 million or $2.50 per share. Adjusting for  
restructuring and unusual items, earnings per share of $0.36 in the 1996 fourth quarter compares favorably to the net loss of $0.41 per  
common share in the 1995 quarter. The increases in earnings per share were partially offset by an increase in the average number of shares  
outstanding, increasing to 8.2 million during the last half of 1996 compared to 6.2 million shares outstanding during 1995.


"We are pleased with the substantially improved operating results for the quarter," said J. Steven Wilson, Chairman, President and CEO.  
"1996 was a transition year as we were challenged with the integration of Gerrity, better aligning our cost structure to our sales base,  
improving our balance sheet, reducing our leverage and improving sales productivity and profitability. We were successful in all these areas  
and are now better positioned to grow market share to our core customers, the residential and commercial contractors."


Total same store sales for the quarter were up slightly from the fourth quarter of 1995. Same store sales to the Company's core customer,  
residential and commercial contractors, increased 2.2% from the fourth quarter of 1995. Lumber inflation contributed an estimated $6.0  
million to sales in the fourth quarter.


For the quarter, the Company's income from operations before restructuring and unusual charges improved to $9.1 million, or 4.3% of sales,  
compared with $1.8 million, or 0.8% of sales, reported in the fourth quarter of 1995. These results reflect the continued improvement in  
reducing SG&A expense in both dollars and as a percent of sales, declining from 20.5% of sales in fourth quarter 1995 to 19.1% in fourth  
quarter 1996, and a 90 basis point increase in our fourth quarter gross margin. Improved credit experience and collection of previously  
reserved accounts, reduced labor costs and recoveries from insurance carriers each contributed to the SG&A improvement. In addition,  
lumber inflation had an estimated impact of $0.6 million on operating income during the quarter.


The Company's equity in the loss of its affiliate engaged in lumber related operations in Russia was $0.9 million for the 1996 fourth quarter  
and $3.2 million for full year 1996, which compares favorably to last year's loss of $3.5 million for the fourth quarter and the year. The 1996  
losses are non-cash charges and have reduced the Company's book investment to approximately $2.0 million at year end. In the fourth  
quarter, this affiliate completed the previously announced sale of 50% of its equity to two investment funds for $10.0 million.


For the year ended December 28, 1996, sales were $848.5 million, a 12.8% decline, while income from operations before restructuring and  
unusual charges improved to $27.5 million, or 3.2% of sales, compared with $19.7 million, or 2.0% of sales, reported in 1995. On a same  
store basis, sales declined 6.4% for the year. More importantly, sales to residential and commercial contractors declined only 1.1%. The  
improvement in operating income was led by the significant improvement in SG&A expense, declining from 20.0% of sales in 1995 to  
19.1% in 1996, partially offset by continued gross margin compression. The Company reported net income for the year of $0.5 million, or  
$0.07 per common share compared with a net loss of $15.6 million or $2.54 per common share in 1995. Adjusting for the effect of the  
restructuring and unusual items in both years, the Company reported earnings of $0.40 per common share in 1996, compared with a loss per  
common share of $0.44 in 1995.


Additionally, the Company was able to reduce its debt by $29 million, or 14.1%, during 1996 as a result of better working capital  
management and the liquidation of non productive assets.


Mr. Wilson added, "Substantial effort and energy by all our associates led to these improved results. We have clearly demonstrated we can  
control costs and manage our balance sheet. Our efforts are now being directed to improving our top line and market share growth to achieve  
the operating leverage which will further improve our results. We are focusing significant attention on the top residential builders in the  
United States and the benefits of a business partnership with Wickes Lumber Company."


Headquartered in Vernon Hills, IL, Wickes Lumber Company is one of the largest suppliers of building materials in the United States.  
Serving primarily building and remodeling professionals, the Company distributes materials nationally and internationally, and operates  
building material centers in 24 states in the Midwest, Northeast and South. The Company's component manufacturing facilities produce  
pre-hung door units, window assemblies, roof and floor trusses and framed wall panels. Wickes Lumber's website, WickesNet, offers a full  
range of business and information service at http://www.wickes.com.


                       WICKES LUMBER COMPANY AND SUBSIDIARIES

                UNAUDITED CONSOLIDATED SUMMARY STATEMENTS OF OPERATIONS
                       (in thousands, except per share data)
        

                                      13 Weeks    13 Weeks   52 Weeks  52 Weeks

                                       Ended       Ended      Ended     Ended
                                      12/28/96    12/30/95   12/28/96  12/30/95
        

        Net sales                     $211,679    $223,629   $848,535  $972,612

        Cost of Sales                  163,812     175,173    659,072   751,800
          Gross Profit                  47,867      48,456    189,463   220,812
        

        Selling, general and

          administrative expense        40,345      45,834    162,329   194,629
        Depreciation, goodwill and
          trademark amortization         1,301       1,401      5,367     5,882
        Provision for doubtful accounts    (30)        892      1,067     6,482
        Other operating income(b)       (2,897)     (1,447)    (6,796)   (5,831)
          Total                         38,719      46,680    161,967   201,162
            Income from operations
              before restructuring
              and unusual charges        9,148       1,776     27,496    19,650
        

        Restructuring and

        

          unusual charges(a)               745      17,798        745    17,798

          Income (loss) from operations  8,403     (16,022)    26,751     1,852
        

        Interest expense                 5,103       5,985     21,750    24,351

        Equity in loss of Riverside
          International, Inc. unit(c)      931       3,543      3,183     3,543
          Income (loss) before
            income taxes                 2,369     (25,550)     1,818   (26,042)
        

        Provision (benefit) for income taxes:

          Current                          111       1,485      1,010     1,353
          Deferred                         300     (11,796)       300   (11,796)
        Minority interest                   --         159         --        --
            Net income (loss)           $1,958    ($15,398)      $508  ($15,599)
        

        Per share data:

        Fully taxed net earnings
          (loss) before unusual items(d) $0.36      ($0.41)     $0.40    ($0.44)
          Restructuring and unusual
            charges                      (0.06)      (1.74)     (0.06)    (1.75)
          Equity in loss of
            Riverside International,
            Inc. unit                    (0.07)      (0.35)     (0.27)    (0.35)
        

          Net income (loss) per

            common share                 $0.24      ($2.50)     $0.07    ($2.54)
        

          Weighted average

            common and common
            equivalent shares
            outstanding               8,169,875  6,157,964  7,219,754  6,151,771
        

           EBITDA(e)                     10,449      3,177     32,863     25,532

        

        (a)  These charges relate to the restructuring plan announced in the

                 fourth quarter of 1995, which included centers closed on
        December 29,
        

             1995, other restructuring during 1996 and certain unusual items.

            (b)  In the 1996 fourth quarter, a $560 thousand gain on the
        sale of real
        

             estate held for sale is included in other income.

        (c)  The accounting for our Riverside International unit was changed to
             the equity method in the fourth quarter of 1995 to reflect the
             transaction with NIS Regional Fund and Russia Partners Company.
        (d)  The per share unusual items data, reported below fully taxed net
             earnings (loss) before unusual items, is net of income taxes at a
             39.7% rate in 1995 and a 39.07% rate in 1996.
            (e)  EBITDA is defined as income from operations before
        restructuring and
        

             unusual charges plus depreciation, goodwill and trademark

             amortization.
        

                         WICKES LUMBER COMPANY AND SUBSIDIARIES

                               CONSOLIDATED BALANCE SHEETS
                            (in thousands except share data)
        

                                                             Dec. 28,  Dec. 30,

                                                               1996      1995
        ASSETS
        Current assets:
        Cash                                                  $1,933       $87
        Accounts receivable, less allowance for doubtful
          accounts of $4,289 in 1996 and $8,208 in 1995       71,210    81,792
        Inventory                                            100,672   110,639
            Deferred tax asset                                    10,331
        15,237 (a)
        

        Prepaid expenses                                         915     1,051

          Total current assets                               185,061   208,806
        

        Property, plant and equipment, net                    50,171    56,545

        Trademark (net of accumulated amortization
          of $10,052 in 1996 and $9,830 in 1995)               6,948     7,170
            Deferred tax asset                                    15,525
        10,919 (a)
        

        Other assets (net of accumulated amortization

          of $6,487 in 1996 and $4,464 in 1995)               15,137    19,075
            Total                                           $272,842  $302,515
        

        LIABILITIES & STOCKHOLDERS' EQUITY

        Current liabilities:
          Current maturities of long-term debt                  $133      $424
          Accounts payable                                    41,039    41,457
          Accrued liabilities                                 27,118    37,972
        

            Total current liabilities                         68,290    79,853

        

        Long-term debt, less current maturities              176,376   205,221

        Other long-term liabilities                            2,677     2,312
        Commitments and contigencies
        

        Common stockholders' equity:

          Common stock (8,159,273 issued and outstanding
            in 1996 and 6,143,473 shares issued and
            outstanding in 1995)                                  82        61
          Additional paid-in capital                          86,613    76,772
          Accumulated deficit                                (61,196)  (61,704)
            Total                                             25,499    15,129
          Total common stockholders' equity                 $272,842  $302,515
        

            (a) Certain reclassifications have been made to the 1995 Balance

        Sheet to
        

            more appropriately classify deferred tax assets between current and

            long-term.
        

SOURCE Wickes Lumber Company /CONTACT: George A. Bajalia, Chief Financial Officer, of Wickes Lumber Company, 847-367-3400,  
or Jeff Wescott of The Financial Relations Board, 312-640-6732/