Correcting years in tabular information of first and third tables.

HOUSTON--(BUSINESS WIRE)--Nov. 14, 1995--EqualNet Holding Corp. (NASDAQ:ENET) today reported results for the first quarter ended Sept. 30, 1995.

Long-distance revenues increased 114.8% to $23.9 million for the first quarter ended Sept. 30, 1995, up from $11.1 million for the same period in fiscal 1995. Net income for the first quarter of 1996 was $880,668, or 15 cents per share, in comparison with pro forma net income of $125,896, or 3 cents per share, for the same period in 1995.

In commenting on the results, Michael L. Hlinak, senior vice president and CFO said, "EqualNet's earnings were consistent with our expectations for the quarter. We are excited about the possibilities both the agreement to acquire ALD Communications Inc. and our new line of credit commitment will provide. We look forward to continued growth through acquisitions and expansion of company-owned, direct marketing offices."

EqualNet's customer base increased to approximately 138,000 as of Sept. 30, 1995, up from 53,000 for the same date in fiscal 1995. EqualNet's number of customer minutes has also increased to approximately 77.4 million for the first quarter ended Sept. 30, 1995, up from 37 million for the same period in 1995.

EqualNet completed its initial public offering of common stock during March of 1995. Until that time, the company reported for federal income tax purposes as a Subchapter S Corporation under the Internal Revenue Code of 1986, as amended, and was similarly treated for state income tax purposes under comparable state laws.

EqualNet is a nationwide long-distance company offering discounted major carrier transmission services to small and medium-sized businesses, which are made possible by the company's large volume commitments to its underlying carriers. EqualNet's focus is on managing profitable growth while remaining adaptable in the highly competitive long-distance industry. -0-

                           EqualNet Holding Corp.
                      Consolidated Statements of Income
                               (Unaudited)

                  Three Months Ended
                        Sept. 30,
                   1994         1995

Revenues        $11,134,812  $23,920,169
Cost of revenues  9,216,622   18,212,061
                  1,918,190    5,708,108
Selling, general
 and administrative
 expenses         1,674,253    4,202,183
Operating income    243,937    1,505,925
Other income (expense)
Interest income       3,662       44,740
Interest expense    (39,981)    (107,579)
Miscellaneous        (1,905)      (4,087)
                    (38,224)     (66,926)
Income before federal
 income taxes       205,713    1,438,999
Provision for
 federal income
 taxes                   --      558,331
Net income          205,713      880,668
Pro forma adjustment
 for taxes(1)        79,817          --
Pro forma net
 income             125,896      880,668
Pro forma income net
 per share              .03          .15
Weighted average number
 of shares        4,000,000    6,023,750
(1) From July 1, 1992, through March 7, 1995, the company reported
for federal income tax purposes as an S Corporation.  Accordingly,
all taxable earnings of the company during that period were taxed
directly to the shareholders of the company at their individual tax
rates.  A pro forma adjustment to reflect the federal and state
income taxes as if the company were a C Corporation is presented for
the first quarter of 1994 at the company's effective tax rate of 39%.

                              EqualNet Holding Corp.
                            Consolidated Balance Sheets

                              June 30,       Sept. 30,
                               1995           1995
                              (Note)       (Unaudited)

Assets
Current assets             $ 3,526,543     $ 4,026,591
Accounts receivable, net
 of allowance for doubtful
 accounts of $1,219,154 at
 June 30, 1995 and $1,461,566
 at Sept. 30, 1995          20,866,661      20,243,857
Receivable from officers        37,071          37,071
Prepaid commissions                --        1,757,671
Prepaid expenses and other      62,250          99,325
Deferred tax assets            395,516         395,516
Total current assets        24,888,041      26,560,031

Property and equipment
Computer equipment           3,084,648       4,065,339
Office furniture and fixtures 1,001,450      1,393,574
Leasehold improvements         715,685       1,006,683
Accumulated depreciation and
 amortization                 (886,205)     (1,191,274)
                             3,915,578       5,274,322

Customer acquisition costs,
 net of accumulated amortization
 of $814,080 at June 30, 1995 and
 $1,599,631 at
 Sept. 30, 1995             10,231,560      11,935,562
Other assets                   280,390          12,008
Total assets                39,315,569      43,781,923

Liabilities and shareholders'
 equity
Current liabilities
Accounts payable             2,899,460       1,975,365
Accrued expenses               698,818         633,536
Accured sales taxes          3,075,073       2,485,458
Brokerage commissions payable   71,613             --
Payable to providers of
 long distance services      9,689,249      10,330,034
Income taxes payable           528,462         590,915
Current maturities of capital
 lease obligations             153,000         153,000
Total current liabilities   17,115,675      16,168,308
Revolving line of credit     1,052,640       5,577,693
Long term obligations under
 capital leases                 90,000          63,000
Deferred income taxes          351,530         351,530
Shareholders' equity
Preferred stock (non-voting),
 1 cent par value 1 million
 shares authorized and 0 shares
 issued and outstanding
Common stock, 1 cent par value
 20 million shares authorized
 and 6,023,750 shares issued
 and outstanding                60,237          60,237
Additional paid in capital  20,065,199      20,065,199
Deferred compensation         (659,175)       (624,175)
Retained earnings            1,239,463       2,120,131
Total shareholders' equity  20,705,724      21,621,392
Total liabilities and
 shareholders' equity       39,315,569      43,781,923

Note: The balance sheet at June 30, 1995 has been derived from the
audited financial statements at that date.

                           EqualNet Holding Corp.
                      Consolidated Statements of Cash Flow
                               (Unaudited)

                        Three Months Ended
                            Sept. 30,
                        1994          1995

Operating activities
Net income            $ 205,713     $ 880,668
Adjustments to
 reconcile net income
 to cash provided by
 (used in) operating
 activities
Depreciation and
 amortization           128,279     1,090,620
Provision for bad debt  123,347       242,412
Compensation expense
 recognized for common
 stock issue                 --        35,000
Change in operating
 assets and liabilities:
Accounts receivable   (1,436,313)     380,392
Prepaid commissions          --    (1,757,671)
Prepaid expenses and
 other                  (250,141)     (37,075)
Other assets             (77,568)     268,382
Accounts payable and
 accrued liabilities   1,103,773     (947,367)
Net cash provided by
 (used in) operating
 activities             (202,910)     155,361

Investing activities
Purchase of property
 and equipment          (706,438)  (1,663,813)
Proceeds from certificates
 of deposit              300,000          --
Proceeds from notes
 receivable               21,524          --
Purchase of customer
 accounts               (501,904)  (2,489,553)
Net cash used in investing
 activities             (886,818)  (4,153,366)

Financing activities
Repayments on long term
 debt                    (17,405)         --
Proceeds from revolving
 line of credit        9,109,361  20,822,663
Repayments on revolving
 line of credit       (7,629,273) (16,297,610)
Repayments on capital
 lease obligations           --       (27,000)
Shareholder distributions (85,481)        --
Net cash provided by
 financing activities  1,377,202    4,498,053
Net increase in cash     287,474      500,048
Cash, beginning of
 period                  194,571    3,526,543
Cash, end of period      482,045    4,026,591

CONTACT: EqualNet Holding Corp.

Michael Hlinak, 713/556-4600