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METRO AIRLINES, INC. ANNOUNCES RESULTS

 DALLAS, Dec. 9 /PRNewswire/ -- Metro Airlines, Inc. (OTC) today announced results for the fiscal second quarter and six-month period ended October 31, 1993. For the quarter, the Company reported a loss from continuing operations of $12,000. After income from discontinued operations and a loss from disposal of operations, net of applicable inocme taxes, net income for the quarter was $140,000, or $.02 per share. The Company had a loss from continuing operations of $28,000 in the comparable quarter a year ago and a net loss of $188,000, or ($.03) per share.
 For the six months, the Company reported a loss from continuing operations of $92,000. After income from discontinued operations and a loss from disposal of operations, net of applicable income taxes, net income was $50,000, or $.01 per share. For the comparable period a year ago, the Company had a loss from continuing operations of $88,000 and net income of $501,000, or $.08 per share ($.06 per share fully diluted).
 On December 22, 1992, the Company sold substantially all of the assets of Metroflight, Inc., the Company's primary operating subsidiary. Subsequent to the asset sale, the Company's activities have been limited to the liquidation of remaining assets and implementation of its reorganization plan, which was confirmed in the United States Bankruptcy Court on December 11, 1992. The Company is currently seeking approval of certain post-confirmation modifications to its reorganization plan.
 METRO AIRLINES, INC.
 (In thousands, except per share amounts)
 Three months ended October 31: 1993 1992
 Operating revenues $ --- $ ---
 Loss from continuing operations (12) (28)
 Discontinued operations:
 Income (loss) from operations
 (net of applicable income taxes) 245 (164)
 Loss on disposal
 (net of applicable income taxes) (93) (3)
 Income (loss) before extraordinary item 140 (195)
 Extraordinary item--utilization of
 net operating loss carryforward --- 7
 Net income (loss) $ 140 $ (188)
 Per share (primary):
 Loss from continuing operations $ --- $ ---
 Discontinued operations:
 Income (loss) from operations .04 (.03)
 Gain (loss) on disposal (.02) ---
 Income (loss) before extraordinary item .02 (.03)
 Extraordinary item --- ---
 Net income (loss) $ .02 $ (.03)
 Common shares outstanding
 (weighted average) 6,114 6,114
 Per share (fully diluted):
 Loss from continuing operations $ --- $ ---
 Discontinued operations:
 Income (loss) from operations .03 (.03)
 Gain (loss) on disposal (.01) ---
 Income (loss) before extraordinary item .02 (.03)
 Extraordinary item --- ---
 Net income (loss) $ .02 $ (.03)
 Common shares outstanding
 (weighted average) 8,140 6,114
 (In thousands, except per share amounts)
 Six months ended October 31: 1993 1992
 Operating revenues $ --- $ ---
 Loss from continuing operations (92) (88)
 Discontinued operations:
 Income from operations
 (net of applicable income taxes) 245 277
 Gain (loss) on disposal
 (net of applicable income taxes) (103) 11
 Income before extraordinary item 50 200
 Extraordinary item--utilization of
 net operating loss carryforward --- 301
 Net income $ 50 $ 501
 Per share (primary):
 Loss from continuing operations $ (.01) $ (.01)
 Discontinued operations:
 Income from operations .04 .04
 Gain (loss) on disposal (.02) ---
 Income before extraordinary item .01 .03
 Extraordinary item --- .05
 Net income $ .01 $ .08
 Common shares outstanding
 (weighted average) 6,114 6,114
 Per share (fully diluted):
 Loss from continuing operations $ (.01) $ (.01)
 Discontinued operations:
 Income from operations .03 .03
 Gain (loss) on disposal (.01) ---
 Income before extraordinary item .01 .02
 Extraordinary item --- .04
 Net income $ .01 $ .06
 Common shares outstanding
 (weighted average) 8,140 8,140
 -0- 12/9/93
 /CONTACT: Brian K. Miller, president, Metro Airlines, Inc., 214-929-5117 or Larry Howell, Howell Communications, Inc., 214-340-9994/
 -0- 12/9/93


CO: Metro Airlines, Inc. ST: Texas IN: AIR SU: ERN

LG -- NY035 -- 2171 12/09/93 11:25 EST
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Publication:PR Newswire
Date:Dec 9, 1993
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