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ALLIED HOLDINGS INC. REPORTS RESULTS

 ATLANTA, Oct. 22 /PRNewswire/ -- Allied Holdings Inc. (NASDAQ: HAUL) ("Allied") reported third-quarter revenues of $56.9 million, a 12 percent increase over the $50.9 million recorded for the same period last year.
 Net income for the three months ending Sept. 30 totaled $1.3 million, or $.17 per share, vs. $460,000, or $.06 per share during the third quarter of 1992. For the first nine months of 1993, revenues were $175 million compared to $154 million through the third quarter of 1992. The net income for the first nine months of 1993 was $2.4 million, or $.30 per share compared to $2 million, or $.26 per share through the third quarter of last year.
 As of Jan. 1, Allied adopted Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Post-Retirement Benefits Other Than Pensions." This statement requires the accrual of the cost of providing post-retirement benefits for medical and life insurance coverage over the active service period of the employee. Allied elected to immediately recognize the accumulated liability, measured as of Jan. 1, during the first quarter of 1993. The cumulative prior years' effect of this change in accounting principle is included in the results of the nine months ended Sept. 30 and reduced 1993 net income by $2.6 million, after applicable pro forma income taxes of $1.6 million. Net income before cumulative effect of accounting change for the nine months ended Sept. 30 was $4.9 million, or $.64 per share.
 The foregoing net income and earnings per share amounts are actual results and do not reflect the pro forma adjustments to reflect the initial stock offering and the application of the proceeds as if the offering had been completed as of Jan. 1, 1992. Such adjustments primarily would reduce interest expense. After giving effect to such adjustments, pro forma net income and earnings per share for the three months ended Sept. 30 would be $1.9 million, and $.24, respectively, compared to $1.3 million and $.16, respectively, for the same period in 1992. Also, pro forma net income before cumulative effect of accounting change and earnings per share for the nine months ended Sept. 30 would be $7.2 million, and $.93, respectively, compared to $4 million, and $.52, respectively, for the same period in 1992.
 Allied's Chief Financial Officer A. Mitchell Poole Jr. said: "The automobile industry continues to recover from reduced sale levels through the third quarter and this recovery is reflected in our third quarter earnings. Our market remains strong, and we look forward to the balance of the year."
 Allied completed its initial public offering of 3,225,000 shares of common stock for $14 per share in October 1993. The proceeds of the offering will be used to reduce debt and redeem a Limited Partnership Interest. Allied is an automobile transporter based in Decatur, Ga., specializing in transporting automobile and light trucks throughout the eastern two-thirds of the U.S. The company's common stock is traded over the counter under the NASDAQ symbol of HAUL.
 ALLIED HOLDINGS INC.
 ACTUAL RESULTS
 (In thousands, except per share amt.)
 Quarter ended Sept. 30 1993 1992
 Revenues $ 56,922 $ 50,912
 Net income 1,349 460
 Earnings per share .17 .06
 9 mos. ended Sept. 30 1993 1992
 Revenues $ 175,305 $ 153,799
 Income before cumulative
 effect of accounting change 4,944 2,009
 Net income 2,352 2,009
 Earnings per share --
 Income before cumulative
 effect of accounting change .64 .26
 Net income .30 .26
 PRO FORMA RESULT REFLECTING STOCK OFFERING
 (In thousands, except per share amt.)
 Quarter ended Sept. 30 1993 1992
 Net income $ 1,888 $ 1,258
 Earnings per share .24 .16
 9 mos. ended Sept. 30 1993 1992
 Income before cumulative
 effect of accounting change $ 7,151 $ 4,031
 Net income 4,559 4,031
 Earnings per share --
 Income before cumulative
 effect of accounting change .93 .52
 Net income .59 .52
 -0- 10/22/93
 /CONTACT: A. Mitchell Poole Jr., executive vice president and chief financial officer, Allied Holdings Inc., 404-370-4208/
 (HAUL)


CO: Allied Holdings Inc. ST: Georgia IN: TRN SU: ERN

RA-BN -- AT014 -- 5875 10/22/93 16:14 EDT
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Date:Oct 22, 1993
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