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GENERAL PARCEL SERVICE REPORTS RESULTS

 JACKSONVILLE, Fla., Aug. 16 /PRNewswire/ -- General Parcel Service, Inc. (NASDAQ: GPSX) today announced an operating loss of $70,506 and a net loss of $212,429 ($.06 per share) for the second quarter of 1993 on revenues of $3,792,506. The company also reported an operating profit of $83,367 and a net loss of $204,673 ($.06 per share) on revenues of $7,708,284 for the first six months of 1993. In 1992 the company reported a second quarter operating loss of $92,289 and a net loss of $247,337 ($.09 per share) on revenues of $3,230,545. For the first six months of 1992 the company's operating loss was $419,227 and its net loss was $737,499 ($.26 per share) on revenues of $6,734,200.
 According to GPS president, E. Hoke Smith Jr., the company's losses for the second quarter resulted from a weak economy.
 "Our core business was off in the second quarter compared to the first as the economy adversely impacted many of our key shippers. We offset part of the lost revenue by starting several new bulk delivery accounts, but we were unable to offset the loss of productivity on our regular delivery routes which resulted from lower volume. As a result our costs increased as a percentage of revenue. In addition, we expanded our service area in Georgia and North Carolina which also resulted in higher costs in relation to revenue."
 GPS is a regional business-to-business small package delivery company, which began operations in Jacksonville, Fla., in 1985 with one vehicle. Since then, the company has expanded to 15 terminals serving Florida, Georgia and North Carolina with 315 vehicles. GPS is a publicly traded company whose common stock and common stock purchase warrants are listed on NASDAQ under the symbols GPSX and GPSXW, respectively.
 -0- 8/16/93
 /CONTACT: Hoke Smith or Joe McDonald of General Parcel Service, Inc. 800-227-1311, ext. 3018/
 (GPSX)


CO: General Parcel Service, Inc. ST: Florida IN: SU: ERN

AW-PC -- FL007 -- 2884 08/16/93 08:40 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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