TCR_Public/970519.MBX



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InterNet Bankruptcy Library - News for May 19, 1997







Bankruptcy News For May 19, 1997




        
  1. Topro, Inc. Announces Preliminary Fiscal
            1996 Results






Call Now, Inc. Announces First Quarter



MIAMI SHORES, Fla., May 19, 1997 - Call Now, Inc. (OTC
Bulletin Board: CNOW) announced that net income for the quarter
ended March 31, 1997 totaled $2,232,686 or $.29 per share. The
Company's net income was principally derived from the profits on
the exchange defeasance of its Retama Development Corporation
bonds.



The Retama Development Corporation owns Retama Park, a
thoroughbred and quarter horse racetrack in San Antonio, Texas
constructed in 1995. Retama successfully emerged from a Chapter 9
bankruptcy proceeding in March, 1997.



As part of the bankruptcy proceedings, the Company exchanged
approximately $26,137,000 in 1993 bonds and $19,887,500 in Series
1993 notes for $48,841,000 in Series 1997 A & B bonds. The
bonds are tax-free municipals.



Subsequently, on April 7, 1997 the Company purchased 48% of
the Retama Development Corporation bonds, giving it 100% of the
Retama Series A & B bonds, totaling $93,925,000 of principal
amount.



                                    Call Now, Inc.
                                                       Three Months Ended
                                                             March 31
                                                   1997
  1996
  


      Revenues                              $3,929,909
  $1,824,299
  


      Net Income                             2,232,686
  989,187
  


      Per Share                                   $.29
  $.14
  


        Weighted average number of common
       shares outstanding                    7,572,519
  7,243,700
  


SOURCE Call Now, Inc./CONTACT: Bryan P. Brown, President,
305-751-5115, or Joel Bernstein, 305-751-3008, both of Call Now,
Inc./