FlightSafety International reports record 1994 fourth quarter, full year revenues.

LA GUARDIA AIRPORT, N.Y.--(BUSINESS WIRE)--Feb. 1, 1995-- FlightSafety International (NYSE:FSI) today reported earnings and record revenues for the fourth quarter and full year ended Dec. 31.

Fourth quarter earnings were $23,501,000, equal to 75 cents per share of common stock, compared with $19,636,000, or 61 cents per share, in the 1993 quarter.

Record revenues for the 1994 fourth quarter amounted to $83,558,000 vs. $76,824,000 in the year earlier period.

For all of 1994, net income totalled $74,475,000, equal to $2.35 per share, compared with $66,414,000, or $2.01 per share, in 1993. Due to an increase in the federal income tax rate in 1993, deferred income taxes of $3.4 million, or 10 cents per share, were recorded in 1993 to reflect an increase in deferred tax liabilities that arose in years prior to 1993.

Revenues for the 1994 year were a record as well, amounting to $301,299,000 compared with $297,096,000 in 1993.

Depreciation and amortization increased to $11,890,000 in the fourth quarter of 1994 from $11,304,000 for the 1993 quarter and to $46,711,000 from $44,337,000 for the full year 1994 vs. 1993.

A.L. Ueltschi, chief executive officer and president of this leading high technology aviation and marine training company, stated that total revenues were a result of higher training revenues from strong business aviation and commercial airline training demand and an increase in government contracts offset by reduced product sales in 1994 due to lower sales to outside customers. -0-

                       FlightSafety International Inc.
                                (Unaudited)

                               For the Three Months Ended Dec. 31,
                                        1994           1993

Operating revenues
Training                             $75,670,000      $65,712,000
Product sales                          7,888,000       11,112,000
Total                                 83,558,000       76,824,000

Operating income:
Training                              31,256,000       25,947,000
Product sales                          2,754,000        3,130,000
Total                                 34,010,000       29,077,000
Income before income taxes            36,339,000       31,064,000
Net income                            23,501,000       19,636,000
Earnings per share                      75 cents         61 cents

Deprecation and amortization         11,890,000       11,304,000
Weighted average shares outstanding  31,396,603       32,236,325

                                    For the Year Ended Dec. 31,
                                        1994           1993

Operating revenues
Training                            $271,743,000     $244,784,000
Product sales                         29,556,000       52,312,000
Total                                301,299,000      297,096,000

Operating income:
Training                             101,236,000       88,339,000
Product sales                          5,749,000       12,845,000
Total                                106,985,000      101,184,000
Income before income taxes           115,966,000      109,549,000
Net income                            74,475,000       66,414,000(a)
Earnings per share                       2.35            2.01    (a)
Deprecation and amortization         46,711,000       44,337,000
Weighted average shares outstanding  31,706,635       33,089,261

(a) Due to an increase in the federal income tax rate, additional deferred income taxes of $3.4 million, or 10 cents per share, were recorded in 1993 related to increased deferred income tax liabilities recorded prior to 1993.

CONTACT: FlightSafety International

Kenneth W. Motschwiller, 718/565-4140