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CCAIR REPORTS FISCAL YEAR RESULTS

 CHARLOTTE, N.C., Oct. 12 /PRNewswire/ -- CCAIR, Inc. (NASDAQ-NMS: CCAR), an independent airline providing service as USAir Express in the southeast United States, reported results today for fiscal year ended June 30, 1993.
 The company reported a net loss of $2,783,433 or 43 cents per share on revenue of $63,178,794.
 Total revenue increased $10,005,012 or 18.8 percent while operating expense increased $12,993,689 or 24.8 percent over fiscal year 1992 which included the write-down of $684,000 in preoperating cost attributed to the implementation of four Dash 8 aircraft in June 1992.
 Revenue was depressed throughout the year by industrywide fare discounting with the quarter ended Sept. 30, 1992, loss of $2,369,565 constituting 85 percent of the annual net loss.
 Revenue passenger miles increased 27.6 percent and available seat miles increased 35.0 percent compared to the prior year.
 Costs per available seat miles decreased to 22.9 cents from 24.8 cents in 1992. Yield per revenue passenger mile decreased to 45.9 cents from 47.9 cents in 1992.
 CCAIR, Inc.
 Fiscal Year 1993
 1st 2nd 3rd 4th Fiscal
 Revenues Qtr. Qtr. Qtr. Qtr. Year End
 Operating rev-
 enues $15,633,998 $15,942,468 $16,111,969 $15,490,360 $63,178,794
 Operating
 expense 17,849,968 15,704,509 15,325,457 16,353,460 65,233,394
 Total
 operating
 profit
 (loss) (2,215,970) 237,959 786,512 ( 863,100) (2,054,599)
 Non-operating
 expense ( 153,595) ( 218,705) ( 18,911) ( 337,622) ( 728,834)
 Net income
 (loss) $(2,369,565) $ 19,254 $ 767,600 $(1,200,722)$(2,783,433)
 Earnings
 (loss) per
 share $ (.36) $ .00 $ .11 $ (.18) $ (.43)
 Traffic
 Passengers
 enplaned 249,687 232,986 199,040 216,433 898,146
 Revenue
 passenger
 miles 37,133,840 34,941,240 30,463,049 35,165,938 137,704,067
 Available
 seat
 miles 74,760,621 69,904,530 65,094,666 74,663,815 284,423,632
 Passenger
 load
 factor(pct.) 49.7 50.0 46.8 47.1 48.4
 Fiscal Year 1992
 1st 2nd 3rd 4th Fiscal
 Revenues Qtr. Qtr. Qtr. Qtr. Year End
 Operating rev-
 enues $13,046,538 $13,078,735 $13,246,205 $13,802,304 $53,173,782
 Operating
 expense 12,863,271 12,754,686 12,596,895 14,024,853 52,239,705
 Total
 operating
 profit
 (loss) 183,267 324,049 649,310 ( 222,549) 934,077
 Non-operating
 expense ( 151,417) ( 102,544) ( 276,520) ( 147,100) ( 677,580)
 Income before
 extraordinary
 item 31,850 221,505 372,790 ( 369,649) 256,497
 Extraordinary
 gain 5,831,268 267,090 6,098,357
 Tax
 provision ( 4,000) ( 10,500) ( 5,000) 19,500
 Net income
 (loss) $5,859,118 $ 211,005 $ 634,880 $( 350,149) $ 6,354,854
 Earnings per
 share $ .95 $ .03 $ .10 $ .05 $ .97
 Traffic
 Passengers
 enplaned 205,399 205,745 166,049 203,325 780,518
 Revenue
 passenger
 miles 27,735,193 27,722,889 23,031,794 29,416,555 107,906,431
 Available
 seat
 miles 50,704,976 50,586,287 50,253,176 59,086,871 210,631,310
 Passenger
 load
 factor(pct.) 54.7 54.8 45.8 49.8 51.2
 -0- 10/12/93
 /CONTACT: Kenneth W. Gann of CCAIR, 704-359-8990/
 (CCAR)


CO: CCAIR, Inc. ST: North Carolina IN: AIR SU: ERN

CM-SB -- CH008 -- 1260 10/12/93 16:06 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
Words:578
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