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USTRAILS REPORTS SECOND QUARTER RESULTS

USTRAILS REPORTS SECOND QUARTER RESULTS
    DALLAS, Feb. 14 /PRNewswire/ -- USTrails Inc. (OTC), formerly NACO Finance Corporation (NFC), today reported results for the six months and three months ended Dec. 31, 1991.  Results for both the six months and three months reflect the effects of accounting adjustments made in connection with the company's emergence from Chapter 11 reorganization on Dec. 31, 1991.
    Results for both the six months and three months ended Dec. 31, 1991, include an extraordinary gain of $23.1 million arising from the conversion of a portion of old notes for new USTrails equity securities pursuant to the company's plan of reorganization.
    For the six months ended Dec. 31, 1991, USTrails reported net income of $10.3 million.  Revenues for the first half of fiscal 1992 totaled $63.7 million.
    For the three months ended Dec. 31, 1991, USTrails reported net income of $15.2 million on total revenues of $28.6 million.
    Results for the year-earlier periods are not comparable because they do not include the operations of National American Corporation (NACO) and Thousand Trails, Inc., which were acquired by the company on June 30, 1991.
    Effective Dec. 30, 1991, the company adopted "fresh start reporting."  Under this method, the company's assets and liabilities were restated to reflect estimated fair value at the date of reorganization.  Using "fresh start reporting", the company reported stockholders' equity of approximately $17 million at Dec. 31, 1991.
    Excluding the gain of discharge of debt and other non-recurring charges and credits, the company would have had a net loss of approximately $10 million and $6 million for the six months and three months ended Dec. 31, 1991, respectively.  The company attributed the loss primarily to lower sales volume in its subsidiaries as it assesses its marketing strategies and product design in an effort to improve results from sales activities, and to losses at the company's full service resorts.
    USTrails also reported that it has engaged Arthur Andersen & Co. as the company's independent accountants, replacing Kenneth Leventhal & Company.
    USTrails Inc., through its subsidiaries, National American Corporation and Thousand Trails, Inc., is the nation's leading operator of membership-based campground sites and recreational properties. USTrails' common stock and notes are traded over-the-counter.
                              USTRAILS INC.
                      Selected Financial Results(A)
                         (Dollars in millions)
     Periods ended Dec. 31, 1991     Three Months            Six Months
    Revenues                            $28.6                   $63.7
    Net income (loss)
     before extraordinary item           (7.9)                  (12.8)
    Extraordinary item(B)                23.1                    23.1
    Net income                           15.2                    10.3
    Net income per share(C)                --                      --
    (A) -- Results for prior periods are not comparable because they do not include the operations of National American Corporation (NACO) and Thousands Trails, Inc., which were acquired on June 30, 1991.
    (B) -- Gain on conversion of portion of debt to equity pursuant to plan of reorganization.
    (C) -- Not meaningful due to reorganization and revaluation entries, stock split and issuance of new shares.
    -0-                      2/14/92
    CONTACT:  Susan A. Seiter of Susan Seiter Associates, 817-488-3142, for USTrails
CO:    USTRAILS INC.
IN:    LEI
ST:    TX


-- NY033 -- 9002 02/14/92
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Date:Feb 14, 1992
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