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AIRBORNE FREIGHT REPORTS FOURTH-QUARTER 1991 RESULTS

 AIRBORNE FREIGHT REPORTS FOURTH-QUARTER 1991 RESULTS
 SEATTLE, Jan. 28 /PRNewswire/ -- Airborne Freight Corp. (NYSE: ABF), which operates under the trade name Airborne Express, today reported fourth quarter and yeults lower than in 1990.
 Year-end revenues increased 15.5 percent to $1,367,047,000 from $1,181,890,000 in 1990. Net earnings available to common shareholders were $27,239,000 or $1.40 per share, compared to $31,029,000, or $1.76 per share, last year.
 For the fourth quarter ended Dec. 31, earnings available to common shareholders were $5,953,000, or 31 cents per share, compared to $5,225,000, or 27 cents per share, reported for the fourth quarter of 1990. Fourth quarter revenues increased 13 percent to $359,167,000, over 1990 fourth quarter revenues of $316,988,000.
 Domestic shipments for the quarter increased 27 percent to 28,804,000, from 22,685,000, while international shipments increased 26 percent to 752,000, from 597,000 in 1990. Revenue growth for the quarter showed domestic revenues up 14.5 percent to $300,153,000 and international revenues up 8 percent to $59,014,000. Adjusting for the fuel surcharge revenue reflected in last year's fourth quarter, the growth rate for domestic and international this year would be 16.5 percent and 8.5 percent respectively.
 For the full year, shipments grew 23.5 percent domestically to 106,219,000, while international shipments increased 20 percent to 2,777,000. The resulting revenue growth for the year showed domestic revenues up 16.5 percent to $1,144,791,000, and international revenues up 11 percent to $222,256,000.
 "The recessionary economy had a negative effect on both the fourth quarter and full-year results," said Roy Liljebeck, chief financial officer. "This is reflected in the revenue growth rate which is much lower than the shipment growth rate. Due to the slow economy, shippers utilized the lower-priced deferred service in lieu of overnight service. In addition, slower growth rates forced competitors to lower their prices in an attempt to gain market share, and Airborne responded with its own aggressive pricing.
 "Overall, the increased use of the lower-yielding deferred service product, and the pricing competition, lowered Airborne's revenue yields."
 "On a more positive note, the company, for the eighth consecutive year, was the fastest growing carrier in the domestic express industry measured by percentage growth in shipment volume," added Liljebeck. "Further, our operating costs per shipment handled were lowered by 5 percent during the year, a result of productivity gains and improved utilization of existing assets."
 Airborne Express serves corporate America with the delivery of time-sensitive letters, documents, small packages, and freight. Airborne services its customers throughout the United States with a wide range of products that 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 EARNINGS
 Three Months Ended Dec. 31: 1991 1990
 Revenues $359,167,000 $316,988,000
 Earnings before income taxes 9,854,000 9,103,000
 Net earnings 6,649,000 5,920,000
 Net earnings available to
 common shareholders 5,953,000 5,225,000
 Net earnings per common share $ 0.31 $ 0.27
 Average shares outstanding 19,484,000 19,211,000
 Year Ended Dec. 31: 1991 1990
 Revenues $1,367,047,000 $1,181,890,000
 Earnings before income taxes 48,415,000 55,439,000
 Net earnings 29,999,000 33,577,000
 Net earnings available to
 common shareholders 27,239,000 31,029,000
 Net earnings per common share $1.40 $1.76
 Average shares outstanding 19,471,000 17,626,000
 AIRBORNE FREIGHT CORP.
 FINANCIAL RESULTS
 (In thousands, except per-share data)
 Three Months Year
 Ended Dec. 31: 1991 1990 1991 1990
 Domestic Revenues $300,153 $262,276 $1,144,791 $ 982,268
 International Revenues 59,014 54,712 222,256 199,622
 Total Revenues 359,167 316,988 1,367,047 1,181,890
 Operating Expenses 345,474 305,771 1,304,145 1,112,475
 Earnings from Operations 13,693 11,217 62,902 69,415
 Other Expense:
 Interest, net 3,149 1,656 10,842 8,857
 Profit sharing 690 458 3,645 5,119
 Earnings Before Income Taxes 9,854 9,103 48,415 55,439
 Income Taxes 3,205 3,183 18,416 21,862
 Net Earnings 6,649 5,920 29,999 33,577
 Preferred Stock Dividends 696 695 2,760 2,548
 Net Earnings Available to
 Common Shareholders $ 5,953 $ 5,225 $ 27,239 $ 31,029
 Net Earnings per Common
 Share $ 0.31 $ 0.27 $ 1.40 $ 1.76
 Average Common Shares
 Outstanding 19,484 19,211 19,471 17,626
 OPERATING STATISTICS
 Shipments (in thousands)
 Domestic:
 Overnight
 Letter 6,866 6,691 27,272 26,434
 0-2 lbs. 8,500 8,220 33,013 31,191
 3-99 lbs. 7,282 5,558 27,678 21,151
 Select Delivery Service
 0-2 lbs. 3,733 1,255 10,945 4,046
 3-99 lbs. 2,341 881 6,990 2,770
 100 lbs. & Over 82 80 321 318
 Total Domestic 28,804 22,685 106,219 85,910
 International:
 Express 650 503 2,390 1,935
 All other 102 94 387 375
 Total International 752 597 2,777 2,310
 Total Shipments 29,556 23,282 108,996 88,220
 Average Lbs. Per Shipment:
 Domestic 4.9 5.0 5.0 5.0
 International 54.1 67.5 55.4 68.1
 Average Revenue Per Lb.:
 Domestic $ 2.11 $ 2.31 $ 2.17 $ 2.28
 International $ 1.44 $ 1.37 $ 1.44 $ 1.28
 -0- 1/28/92
 /CONTACT: Roy Liljebeck of Airborne Express, 206-281-1003/
 (ABF) CO: Airborne Freight Corp. ST: Washington IN: TRN SU: ERN


SC-LM -- SE002 -- 4181 01/28/92 11:22 EST
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