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CONQUEST AIRLINES CORP. REPORTS FISCAL 1992 RESULTS

 CONQUEST AIRLINES CORP. REPORTS FISCAL 1992 RESULTS
 AUSTIN, Texas, Aug. 27 /PRNewswire/ -- Conquest Airlines Corp. (NASDAQ: CAIR), a regional airline serving Texas and Louisiana, "had operating income of $123,809 in the fourth quarter ended May 31, 1992 which is the second consecutive quarter with operating profits since the company's founding in 1986. This compares with an operating loss in last year's fourth quarter and follows the third quarter of this year which was Conquest's first profitable quarter," Victor M. Rivas, Conquest's chairman and chief executive officer announced today.
 For the year ended May 31, 1992, passenger revenues were $8,397,748 compared with $10,263,487 in the prior year. Operating loss in fiscal 1992 was $340,837 versus $2,294,685 in fiscal 1991. Net loss in the current year before extraordinary gain and tax benefit was $1,018,869, or $0.14 per share, compared with a loss of $5,097,129, or $1.24 per share, in the prior year. After tax benefit of $145,005 and extraordinary gain of $7,784,890, or $1.29 per share, final net in fiscal 1992 was $6,911,026, or $1.15 per share. The extraordinary gain is related to the return of previously owned aircraft in accordance with a settlement with the manufacturer. Average shares for the two periods were 6,024,298 in 1992 and 4,102,982 in 1991.
 Based in Austin, Texas, Conquest Airlines Corp currently operates some 1700 flights per month serving 11 cities in Texas and Louisiana with six Fairchild Metro III 19-seat aircraft.
 CONQUEST AIRLINES CORP.
 Condensed Statement of Operations
 Year ended May 31 1992 1991
 Passenger revenues $8,397,748 $10,263,487
 Operating expenses 8,738,585 12,558,172
 Operating loss (340,837) (2,294,685)
 Other (income) expense 678,032 2,802,444
 Loss before income tax
 benefit and extraordinary gain (1,018,869) (5,097,129)
 Income tax benefit (145,005) --
 Loss before extraordinary gain (873,864) (8,097,129)
 Extraordinary gain - extinguishment
 of debt net of applicable income
 taxes of $245,005 7,784,890 --
 Net income (loss) 6,911,026 (5,097,129)
 Net income (loss) applicable
 to common stock 6,891,101 (5,097,129)
 Per share of common stock:
 Primary:
 Loss before extraordinary gain (0.14) (1.24)
 Extraordinary gain 1.29 --
 Net income (loss) 1.15 (1.24)
 Number of shares 6,024,298 4,102,982
 -0- 8/27/92
 /CONTACT: Bonner Hardegree, vice president & CFO of Conquest Airlines Corp. 512-929-6706/
 (CAIR) CO: Conquest Airlines Corp. ST: Texas IN: AIR SU: ERN


LR-OS -- NY039 -- 3904 08/27/92 11:15 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
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