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AIRBORNE FREIGHT CORP. REPORTS FIRST-QUARTER 1992 RESULTS

 AIRBORNE FREIGHT CORP. REPORTS FIRST-QUARTER 1992 RESULTS
 SEATTLE, April 27 /PRNewswire/ -- Airborne Freight Corp. (NYSE: ABF), which operates under the trade name Airborne Express, today said net earnings for the first quarter ended March 31 decreased from the first quarter of 1991.
 Net earnings available to common shareholders were $380,000, or 2 cents per share, compared to earnings of $3,931,000, or 20 cents per share, for the same period last year. Revenues for the first quarter were $359,917,000, up 13 percent from $318,434,000 reported during the 1991 period.
 Domestic revenues were $304,413,000, up 15 percent compared to revenues of $264,358,000 in 1991. International revenues were up 3 percent to $55,504,000 from $54,076,000 last year. A fuel surcharge in the first quarter of 1991 accounted for approximately 2.9 percent of domestic revenues and 3.5 percent of international revenues in 1991.
 Domestic shipments increased 29 percent to 30,297,000, from 23,395,000 in the first quarter of last year. Adjusted to reflect an additional day in this year's first quarter, domestic shipments were up 27 percent on a per-day basis. International shipments increased 25 percent to 794,000, from 637,000 in 1991, a 23 percent increase on a per-day basis.
 "The continuation of the weak economy had a negative effect on the company's performance in the first quarter," said Roy Liljebeck, chief financial officer. "As was pointed out in reporting the results for last year, the economic environment has resulted in lowering the revenue yield primarily for two reasons. First, the slow economy has resulted in shippers utilizing lower-priced deferred service in lieu of overnight service. While total domestic shipments grew on a per day basis at 27 percent, the overnight component only grew 11.5 percent."
 "The second issue impacting revenue yield is the competitive pricing pressure. With slower overall growth rates, some competitors have chosen to lower prices in an attempt to gain or protect market share, and Airborne has decided to respond with its own aggressive pricing," said Liljebeck.
 "With lower revenue yields the company has heightened its efforts in the area of cost control," continued Liljebeck. "In this year's first quarter, the operating cost per shipment handled decreased 11 percent from the level of the first quarter of 1991, primarily the result of a 9.5 percent improvement in productivity, as measured by shipments handled per paid employee hours."
 Airborne Express is the nation's fastest growing air express company, serving corporate customers with the delivery of time- sensitive documents, letters, small packages and freight throughout the world. Airborne's wide range of products include next-morning, next-afternoon, second-day and same-day delivery services. Entering its fifth decade of international service, Airborne delivers to 195 countries worldwide.
 AIRBORNE FREIGHT CORP.
 CONDENSED STATEMENT OF OPERATIONS
 Three Months Ended March 31: 1992 1991
 Revenues $359,917,000 $318,434,000
 Earnings before income taxes 1,903,000 7,772,000
 Net earnings 1,066,000 4,612,000
 Net earnings available to
 common shareholders 380,000 3,931,000
 Net earnings per common share $ 0.02 $ 0.20
 Average common shares outstanding 19,582,000 19,362,000
 AIRBORNE FREIGHT CORP.
 FINANCIAL RESULTS
 (In thousands, except per-share data)
 Three Months Ended March 31: 1992 1991
 Domestic revenues $304,413 $264,358
 International revenues 55,504 54,076
 Total revenues 359,917 318,434
 Operating expenses 353,620 307,806
 Earnings from operations 6,297 10,628
 Other Expense:
 Interest, net 4,250 2,271
 Profit sharing 144 585
 Earnings before income taxes 1,903 7,772
 Income taxes 837 3,160
 Net earnings 1,066 4,612
 Preferred stock dividends 686 681
 Net earnings available to
 common shareholders $380 $3,931
 Net earnings per common share $0.02 $0.20
 Average common shares outstanding 19,582 19,362
 OPERATING STATISTICS
 Shipments (in thousands)
 Domestic:
 Overnight
 Letter 7,329 6,741
 0-2 lbs. 8,845 7,702
 3-99 lbs. 7,290 6,272
 Total 23,464 20,715
 Select Delivery Service
 0-2 lbs. 4,280 1,548
 3-99 lbs. 2,473 1,058
 Total 6,753 2,606
 100 lbs.+ 80 74
 Total Domestic 30,297 23,395
 International:
 Express 690 544
 All other 104 93
 Total International 794 637
 Total Shipments 31,091 24,032
 Average Pounds per Shipment:
 Domestic 4.7 4.9
 International 49.4 58.2
 Average Revenue per Pound:
 Domestic $2.13 $2.29
 International $1.42 $1.48
 -0- 4/27/92
 /CONTACT: Roy C. Liljebeck of Airborne Freight Corp., 206-281-1003/
 (ABF) CO: Airborne Freight Corp. ST: Washington IN: SU: ERN


LM -- SE005 -- 2963 04/27/92 09:08 EDT
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Date:Apr 27, 1992
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