ASA Holdings, Inc. Reports Record Earnings for First Quarter 1998.

ATLANTA--(BUSINESS WIRE)--April 22, 1998--ASA Holdings, Inc. (parent company of Atlantic Southeast Airlines, Inc.) today reported record traffic, revenues, and net income for the first quarter of 1998.

For the first quarter of 1998, net income increased 24.2% to $13.3 million, or $0.44 per share, compared with $10.7 million, or $0.36 per share, for the similar period of 1997. Total revenues increased 4.6% to $93.7 million primariy due to an 8.5% increase in revenue passenger miles, offset by a 3.7% decline to 41.4 cents in yield per revenue passenger mile.

Commenting on the results, Ronald V. Sapp, senior vice president of the Atlanta-based airline, said, "We are pleased with the record results for the first quarter and with the markets' acceptance of our Canadian Regional Jet (CRJ) service. We look forward to providing additional jet service to many of our existing markets in order to better serve our customers and improve our market share."

ASA Holdings, Inc. operates Atlantic Southeast Airlines, Inc., Atlanta's largest regional air carrier, and offers service to 21 cities from a second hub in Dallas/Fort Worth, Texas. ASA Holdings, Inc.'s stock is traded on The Nasdaq Stock Market's National Market under the symbol ASAI. -0-

                          ASA HOLDINGS, INC.
                    Unaudited Financial Highlights

                             Three Months Ended March 31,
Financial Highlights             1998            1997         % Change
Total revenues               $93,748,000    $ 89,615,000         4.6%
Operating expenses            74,389,000      73,865,000          .7%
Operating income              19,359,000      15,750,000        22.9%
Non-operating expense (income) 2,048,000       1,278,000        60.3%
Income before taxes           21,407,000      17,028,000        25.7%
Provision for taxes            8,081,000       6,296,000        28.4%
Net income                   $13,326,000    $ 10,732,000        24.2%
Net income per share         $      0.44    $       0.36        22.2%
Average shares outstanding    30,023,000      30,031,000          --

Operating Highlights
Passengers                       869,162         836,455         3.9%
Revenue passenger miles (000)    221,177         203,799         8.5%
Available seat miles (000)       423,148         433,175        (2.3%)
Load factor                         52.3%           47.0%        5.3pts.
Yield/RPM                    $     0.414    $       0.43        (3.7%)

-0-

With the exception of historical factual information, the statements made in this press release constitute forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations and involve certain assumptions, risks and uncertainties that could cause actual results to differ materially from those included in or contemplated by the statements. These assumptions, risks and uncertainties include, but are not limited to, those detailed in the Company's Annual Report on Form 10-K for the period ended December 31, 1997, including those set forth under the heading, "Factors Affecting Future Performance" therein, and in other publicly available documents filed by the Company with the Securities and Exchange Commission. The Company disclaims any obligation to update any forward-looking statements as a result of developments occurring after the issuance of this press release.

CONTACT: ASA Holdings Inc., Atlanta

Ronald V. Sapp, 404/766-1400