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AIR EXPRESS INTERNATIONAL REPORTS IMPROVED SECOND QUARTER RESULTS

 AIR EXPRESS INTERNATIONAL REPORTS IMPROVED SECOND QUARTER RESULTS
 DARIEN, Conn., Aug. 4 /PRNewswire/ -- Air Express International Corporation (AMEX: AEX) today reported net income of $5,088,000, an increase of 38 percent over 1991 second quarter net income of $3,697,000. For the six months ended June 30, 1992, the company reported net income of $8,317,000, an increase of 37 percent over the $6,080,000 reported for the first six months of 1991.
 After adjusting for the three-for-two stock split, which was effective July 31, 1992, earnings per share for the second quarter of 1992 were $.44 per share compared to $.32 per share for the second quarter of 1991. For the six months ended June 30, 1992, earnings per share were $.71 compared to $.53 per share for 1991.
 The $170,479,000 of revenues for the second quarter 1992 reflect an increase of $25,659,000 or 18 percent over the second quarter of last year. The increased revenues are attributable to greater shipment and weight volumes and stronger foreign currency values. Operating earnings for the quarter rose $2,100,000 or 33 percent to $8,400,000.
 In commenting on the results, Dennis Dolan, vice president and chief financial officer, stated, "Despite recessionary problems in most parts of the world and continued industry-wide pricing pressures, we posted another solid quarter. All parts of our worldwide organization contributed to the improved results. With a good first half of 1992 behind us, we are determined to continue this favorable trend or the remainder of the year."
 AIR EXPRESS INTERNATIONAL
 (dollars in thousands except per share data--unaudited)
 Periods ended Quarter Six months
 June 30 1992 1991 1992 1991
 Gross revenues $170,479 $144,820 $325,971 $288,165
 Income before taxes 8,121 6,044 13,415 10,189
 Provisions for income
 taxes 3,033 2,347 5,098 4,109
 Net income 5,088 3,697 8,317 6,080
 Earnings per share (A):
 Primary .44 .32 .71 .53
 Weighted average number
 of common shares (000)
 (A) 11,688 11,495 11,668 11,436
 (A) Adjusted for three-for-two stock split
 -0- 8/4/92
 /CONTACT: Dennis Dolan, vice president and CFO of Air Express International, 203-655-5713/
 (AEX) CO: Air Express International Corporation ST: Connecticut IN: SU: ERN


KD-LR -- NY023 -- 6573 08/04/92 10:37 EDT
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Publication:PR Newswire
Date:Aug 4, 1992
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