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AIR EXPRESS INTERNATIONAL ANNOUNCES STOCK SPLIT AND 30 PERCENT INCREASE IN DIVIDEND

 AIR EXPRESS INTERNATIONAL ANNOUNCES STOCK SPLIT AND
 30 PERCENT INCREASE IN DIVIDEND
 DARIEN, Conn., June 25 /PRNewswire/ -- Air Express International Corporation (AMEX: AEX) announced this morning at its 1992 annual meeting of shareholders that its board of directors has declared a three-for-two split of the common stock to be distributed in the form of a stock dividend on July 31, 1992, to record holders on July 13, 1992.
 In addition, the board has declared a quarterly dividend of 3-1/2 cents per share on the split shares. The dividend is payable on Aug. 31, 1992, to shareholders of record on Aug. 17, 1992. The 3-1/2 cents quarterly dividend on the split shares is a 30 percent increase over the existing dividend paid by the company.
 Guenter Rohrmann, president and chief executive officer, stated, "The market value of the company's common stock has risen approximately 50 percent since the previous three-for-two stock split which was declared one year ago. The stock split declared today will increase the company's outstanding shares of common stock and should expand the company's shareholder base and provide greater liquidity for its shares."
 Rohrmann further stated that "we are pleased that one year after the reinstatement of the cash dividend to our shareholders, the company's solid financial performance has allowed our board of directors to authorize the increase in the quarterly cash dividend."
 Air Express International is the oldest U.S.-based international air freight forwarder, and was voted "Best Air Freight Forwarder" 1990-1992 by the 15th International Air Cargo Forum.
 The company reported earnings for the quarter ended March 31, 1992, of $3,229,000 or $.42 per share on revenues of $155,492,000.
 -0- 6/25/92
 /CONTACT: Dennis M. Dolan of Air Express International, 203-655-7900/
 (AEX) CO: Air Express International Corporation ST: Connecticut IN: AIR SU: DIV


GK-AH -- NY042 -- 3801 06/25/92 13:08 EDT
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Publication:PR Newswire
Date:Jun 25, 1992
Words:314
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