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AIRBORNE FREIGHT CORP. REPORTS THIRD-QUARTER 1992 RESULTS

 AIRBORNE FREIGHT CORP. REPORTS THIRD-QUARTER 1992 RESULTS
 SEATTLE, Oct. 26 /PRNewswire/ -- Airborne Freight Corp. (NYSE: ABF), which operates under the trade name Airborne Express, today reported net earnings for the third quarter ended Sept. 30, 1992, decreased from the third quarter of 1991, but improved over the results of the second quarter of 1992.
 After reflecting the preferred stock dividend of $694,000, net earnings available to common shareholders for the third quarter were $1,370,000, or 7 cents per share, compared to $7,750,000, or 40 cents per share, for the same period last year. The net earnings of 7 cents per share in the third quarter compares to a net loss per share of 22 cents in this year's second quarter. Revenues for the third quarter were $371,648,000, up 6 percent from $350,078,000 reported during the 1991 period.
 Domestic revenues were $316,390,000, up 7 percent compared to revenues of $295,522,000 in 1991. International revenues were up 1.3 percent to $55,258,000 from $54,556,000 last year.
 For the nine-month period, a net loss of $2,435,000, or 13 cents per share, was attributable to common shares, compared to net earnings of $21,286,000, or $1.09 per share, for the first nine months of 1991. Revenues were $1,091,429,000, up 8.3 percent from $1,007,880,000 for the nine-month period in 1991.
 The total number of shipments was 33,816,000, up 19 percent from the same period last year. Domestic shipments climbed 19 percent to 32,988,000 versus 27,766,000 in 1991. International shipments increased 17.5 percent to 828,000 from 705,000 in the third quarter of 1991.
 "The general level of business activity produced improving trends during the third quarter, versus what we were seeing in this year's second quarter," said Airborne chief financial officer, Roy Liljebeck. "Whereas growth rates were trending down each month in the second quarter, the third quarter resulted in a higher growth rate in domestic shipments in each successive month.
 "Overall, the growth rate in domestic shipments for the third quarter was 19 percent, versus 17 percent in the second quarter, and the growth rate of the higher-yielding overnight shipments was 8 percent in the third quarter versus 6 percent in this year's second quarter," continued Liljebeck. "During the third quarter, the growth rate of the deferred service shipments, Select Delivery Service (SDS), continued to grow at a rapid pace of 67 percent. SDS shipments accounted for 26 percent of total domestic shipments in the third quarter 1992, versus 18.5 percent in the third quarter of 1991.
 "Internationally, the stronger growth rate continued in the small package express business which was up 19 percent. With the bigger share of the growth occurring in the small package area, it produces a more moderate revenue growth for international, which increased 1.3 percent in the third quarter," added Liljebeck. "However, the gross margin on international business improved 12 percent over last year's third quarter.
 "Operating cost per shipment handled decreased 8 percent in this year's third quarter from the level experienced in the same period last year, in part the result of a 7.5 percent improvement in employee productivity. Continuing to lower operating expenses is a key ingredient to improving operating margins," concluded Liljebeck.
 Airborne Express serves the air express needs of corporate customers with the delivery of time-sensitive documents, letters, small packages and freight throughout the world. Airborne's wide range of products include next-morning, next-afternoon, second-day and same-day delivery services. In its fifth decade of international service, Airborne delivers to more than 200 countries worldwide.
 AIRBORNE FREIGHT CORP.
 CONDENSED STATEMENT OF EARNINGS
 Three Months Ended Sept. 30: 1992 1991
 Revenues $371,648,000 $350,078,000
 Earnings before income taxes 3,375,000 13,987,000
 Net earnings 2,064,000 8,444,000
 Net earnings available to
 common shareholders 1,370,000 7,750,000
 Net earnings per common share $ 0.07 $ 0.40
 Average common shares outstanding 19,307,000 19,574,000
 Nine Months Ended Sept. 30: 1992 1991
 Revenues $1,091,429,000 $1,007,880,000
 Earnings before income taxes 378,000 38,561,000
 Net earnings (368,000) 23,350,000
 Net earnings available to
 common shareholders (2,434,000) 21,286,000
 Net earnings per common share $ 0.13 $ 1.09
 Average common shares outstanding 19,453,000 19,467,000
 AIRBORNE FREIGHT CORP.
 FINANCIAL RESULTS
 (In thousands, except per-share data)
 Three Months Nine Months
 Period Ended Sept. 30: 1992 1991 1992 1991
 Domestic Revenues $316,390 $295,522 $923,600 $844,638
 International revenues 55,258 54,556 167,829 163,242
 Total revenues 371,648 350,078 1,091,429 1,007,880
 Operating expenses 362,897 332,310 1,077,212 958,671
 Earnings from operations 8,751 17,768 14,217 49,209
 Other Expense:
 Interest, net (5,346) (2,985) (13,809) (7,693)
 Profit sharing (30) (796) (30) (2,955)
 Earnings before
 income taxes 3,375 13,987 378 38,561
 Income taxes (1,311) (5,543) (747) (15,211)
 Net earnings (loss) 2,064 8,444 (369) 23,350
 Preferred stock dividends (694) (694) (2,066) (2,064)
 Net earnings (loss):
 Available to common
 shareholders $ 1,370 $ 7,750 $ (2,435) $ 21,286
 Net earnings (loss)
 per common share $ 0.07 $ 0.40 $ (0.13) $ 1.09
 Average common
 shares outstanding 19,307 19,574 19,429 19,467
 OPERATING STATISTICS
 Shipments (in thousands)
 Domestic:
 Overnight
 Letter 7,345 6,803 21,872 20,406
 0-2 lbs. 9,448 8,584 27,250 24,513
 3-99 lbs. 7,530 7,168 22,041 20,396
 Total 24,323 22,555 71,163 65,315
 Select Delivery Service
 0-2 lbs. 5,728 3,111 14,703 7,212
 3-99 lbs. 2,851 2,015 7,866 4,649
 Total 8,579 5,126 22,569 11,861
 100 lbs.+ 86 85 248 239
 Total Domestic 32,988 27,766 93,980 77,415
 International:
 Express 727 612 2,141 1,740
 All other 101 93 312 285
 Total International 828 705 2,453 2,025
 Total Shipments 33,816 28,471 96,433 79,440
 Average Pounds per Shipment:
 Domestic 4.8 5.0 4.8 5.0
 International 45.3 52.5 47.1 55.9
 Average Revenue per Pound:
 Domestic $2.00 $2.13 $2.06 $2.20
 International $1.49 $1.47 $1.46 $1.44
 -0- 10/26/92
 /CONTACT: Roy C. Liljebeck of Airborne Freight, 206-281-1003/
 (ABF) CO: Airborne Freight Corp. ST: Washington IN: AIR TRN SU: ERN


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Date:Oct 26, 1992
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