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AIRBORNE FREIGHT CORP. REPORTS IMPACT ON EARNINGS FROM CHANGES IN ACCOUNTING

 SEATTLE, April 21 /PRNewswire/ -- Airborne Freight Corp. (NYSE: ABF), which operates under the trade name Airborne Express, today disclosed that changes in accounting methods the company is required to make in 1993 will add 20 cents per share, on a primary earnings share basis, to Net Earnings Available to Common Shareholders in the first quarter ended March 31, 1993. Results for the first quarter will be released on Monday, April 26.
 The changes in accounting methods are required by new accounting standards that must be adopted in 1993. The first of these standards requires the company's deferred tax liabilities be adjusted to reflect current enacted rates rather than the statutory rates that were effective when the liabilities were established. This change results in a credit to earnings of $5.5 million. The other change requires that expected post-retirement health care benefit costs be accrued over the applicable employee service period. This change results in a charge to earnings, net of taxes, of $1.7 million. These two changes on a combined basis increase earnings in the first quarter of 1993 by $3.8 million.
 -0- 4/21/93
 /CONTACT: Roy C. Liljebeck of Airborne Freight, 206-281-1003/
 (ABF)


CO: Airborne Freight Corp. ST: Washington IN: AIR TRN SU:

LM -- SE010 -- 8759 04/21/93 12:45 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
Words:216
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