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CCAIR REPORTS QUARTERLY LOSS

 CCAIR REPORTS QUARTERLY LOSS
 CHARLOTTE, N.C., Oct. 23 /PRNewswire/ -- CCAIR, Inc. (NASDAQ: CCAR),


an independent airline providing service as USAir Express in the southeast United States reported today a first quarter 1993 (July - September) loss of $1,690,000.
 In addition the company elected to make an accounting change and write off an additional $679,000 of preoperating expense associated with implementing four de Havilland Dash 8 aircraft to its system this past summer, bringing the loss for the quarter to $2,369,000.
 "As was stated in the Company's annual report on Form 10-K, we expected a substantial loss in the quarter ended Sept. 30, 1992. Unrealistically low fares caused by industry fare wars were the principal culprit," said Ken Gann, President and Chief Executive Officer. "Management believes second quarter results should show significant improvement. We are not sure if the second fiscal quarter will be positive or negative, however, the results will be far better than the first quarter. We expect each of the remaining three quarters to be significantly better, as the worst is behind us," Gann further stated.
 Separately, the write-off of $679,000 in preoperating expenses will reduce amortization by approximately $137,000 annually for each of the next five years.
 In September the Company began to see positive results of its cost containment program and passenger yield improvement.
 First Quarter 1993 (000)
 Operating revenues $15,634
 Operating expense 17,170
 Total operating loss (1,536)
 Non-operating expense ( 154)
 Net loss before extraordinary item (1,690)
 Extraordinary item ( 679)
 Net loss (2,369)
 Loss per share (.35)
 First Quarter 1993 - Performance Results
 Passengers enplaned 249,687
 Revenue passenger miles 37,133,840
 Available seat miles 74,760,621
 Load factor (percent) 49.7
 Average passenger miles 148.7
 -0- 10/23/92
 /CONTACT: Kenneth W. Gann, CCAIR, Inc., 704-359-8990/
 (CCAR) CO: CCAIR, Inc. ST: North Carolina IN: AIR SU: ERN


SB -- CH009 -- 4351 10/23/92 17:09 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
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