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AIR EXPRESS INTERNATIONAL REPORTS SECOND QUARTER RESULTS

 DARIEN, CT., July 29 /PRNewswire/ -- Air Express International (AMEX: AEX) today reported net income of $5,351,000, an increase of 5 percent over 1992 second quarter net income of $5,088,000. Primary and fully diluted earnings per share for the second quarter were $.46 and $.44, respectively, compared to $.44 for the second quarter 1992.
 For the six months ended June 30, 1993, net income was $8,803,000, an increase of 6 percent over the $8,317,000 for the first six months of 1992. Earnings per share for the first six months of 1993 were $.75 primary and $.74 fully diluted compared to $.71 for the same period of 1992.
 Revenues for the second quarter and first six months of 1993 were $168,516,000 and $321,860,000 or 1 percent lower than the comparable 1992 periods. The decline in revenues was attributable to weaker foreign currencies, particularly the United Kingdom pound sterling. Operating earnings for the second quarter of 1993 rose $1,096,000, or 13 percent, to $9,496,000, and $1,277,000, or 9 percent, to $15,373,000 for the first six months.
 In commenting on the results, Dennis M. Dolan, vice president and chief financial officer, stated, "In view of the continued weakness in many worldwide economies, particularly Europe, and severe competition throughout the air freight industry, we are very pleased with another increase in quarterly earnings. For the first six months of 1993, our European operating results were below 1992, while our United States, United Kingdom and Far East operations reported improved results."
 AIR EXPRESS INTERNATIONAL
 (Unaudited, dollars in thousands except per share)
 Period ended Quarter Six months
 June 30, 1993 1992 1993 1992
 Gross revenues $168,516 $170,479 $321,860 $325,971
 Income before taxes 8,495 8,121 13,974 13,415
 Provision for
 income taxes 3,144 3,033 5,171 5,098
 Net income 5,351 5,088 8,803 8,317
 Earnings per share:
 Primary .46 .44 .75 .71
 Fully Diluted .44 .44 .74 .71
 Weighted average
 number of common
 shares (000):
 Primary 11,712 11,688 11,721 11,668
 Fully Diluted 13,906 11,688 13,550 11,668
 -0- 7/29/93
 /CONTACT: Dennis M. Dolan, vice president and chief financial officer of Air Express International, 203-655-5824/
 (AEX)


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

MP-MG -- NY068 -- 7228 07/29/93 13:10 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
Words:408
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