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AIR EXPRESS INTERNATIONAL REPORTS FIRST QUARTER RESULTS

 DARIEN, Conn., April 29 /PRNewswire/ -- Air Express International Corporation (AMEX: AEX) today reported net income of $3,452,000 for the first quarter of 1993, an increase of 7 percent over the first quarter 1992 net income of $3,229,000. Net income per share for the quarter was $.29 per share compared to $.28 per share for the first quarter 1992.
 Gross revenues for the first quarter of 1993 were $153,344,000, a decline of $2,148,000 or 1 percent when compared to the same period last year. The decline in revenues was attributable to weaker foreign currencies, particularly the UK Pound Sterling. Operating earnings for the quarter were $5,877,000, a 3 percent increase over the first quarter of 1992. Net income for the quarter benefited from a lower effective tax rate.
 In commenting on the results, Dennis M. Dolan, vice president and chief financial officer, stated, "A record performance in the month of March more than compensated for the weak results from the earlier part of the first quarter. We are very pleased to report a small improvement in operating earnings for the first quarter, which was achieved despite a significant negative variance reported by our German company due to the ongoing recession in the German economy. Operations in the United States and throughout the world performed well and were able to offset the German deficit.
 AIR EXPRESS INTERNATIONAL
 (Dollars in thousands, except per share data)
 Quarter ended March 31 1993 1992
 (unaudited)
 Gross revenues $153,344 $155,492
 Income before income taxes 5,479 5,294
 Provision for taxes on income 2,027 2,065
 Net income 3,452 3,229
 Earnings per share .29 .28
 Weighted average number of
 common shares 11,733 11,666
 -0- 4/29/93
 /CONTACT: Dennis Dolan, vice president and chief financial officer of Air Express International, 203-655-7900/
 (AEX)


CO: Air Express International Corporation ST: Connecticut IN: SU: ERN

AH-OS -- NY099 -- 2776 04/29/93 15:06 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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