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FRITZ COMPANIES REPORTS EARNINGS

    SAN FRANCISCO, Nov. 16 ~PRNewswire~ -- Fritz Companies Inc. (NA SDAQ: FRTZ) reported operational results for the third quarter and nine months ended Sept. 30, 1992.
    For the third quarter 1992, revenue increased 20.9 percent to $68,498,000 from $56,639,000, and net revenue, which represents revenue less freight consolidation costs, increased 13.8 percent to $37,248,000 from $32,718,000 for the same quarter of 1991.  Pro forma net income increased 31.0 percent to $3,480,000 from $2,657,000 for the same quarter of 1991, and pro forma earnings per share increased to 45 cents per share compared to 34 cents per share in 1991.
    For the nine months of 1992, revenue increased 24.2 percent to $179,000,000 from $144,122,000 for the same period of 1991, and net revenue increased 16.7 percent to $102,595,000 from $87,944 for the same period of 1991.  Pro forma net income increased 93.8 percent to $7,655,000 compared to the same period of 1991, and pro forma earnings per share increased to 99 cents per share from 51 cents per share for the same period in 1991.  Management believes its continued marketing efforts focusing on providing integrated transportation logistics services and continued geographic expansion, led to increased business from existing customers, as well as new customers.
    Fritz Companies Inc. is a leader in international transportation logistics and related information services.  The company provides customs brokerage, international air and ocean freight forwarding, warehousing and distribution and other value-added services for the international movement of goods.
    NOTE:  Fritz Companies Inc. is headquartered at 708 Mission St., San Francisco, CA 94103, telephone: 415-904-8360.  The company's shares are traded in the Over-the-Counter market, NASDAQ symbol FRTZ.
    For futher information contact:  John H. Johung, chief financial officer, 415-904-8300.  Financial summary below.
                           FRITZ COMPANIES INC.
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                  (In thousands, except per share amounts)
                                (Unaudited)
                              Three Months Ended   Nine Months Ended
                                   Sept. 30,            Sept. 30,
                               1992      1991      1992       1991
    Revenues                $ 68,498  $ 56,639   $179,000   $144,122
    Freight consolidation
      costs                   31,250    23,921     76,406     56,178
    Net revenues              37,248    32,718    102,595     87,944
    Operating expenses:
    Salaries and related
      costs                   21,082    18,715     60,229     53,410
    Administrative and
      selling                 10,706     9,064     29,767     26,435
    Total expenses            31,788    27,779     89,996     79,845
    Income from operations     5,460     4,939     12,599      8,099
    Other income (expense)      (446)     (663)    (1,522)    (1,719)
    Income before taxes
      on income                5,014     4,276     11,077      6,380
    Taxes on income              366       255        789        403
    Net income              $  4,648  $  4,021   $ 10,288    $ 5,977
    Pro Forma Information:(A)
    Income before taxes
      on income             $  5,014  $  4,276   $ 11,077    $ 6,380
    Pro forma adjustment for
      acquisition of minority
      interest                   339       151        698        201
    Pro forma income before
      income taxes on income   5,353     4,427     11,775      6,581
    Pro forma net income    $  3,480  $  2,657   $  7,655    $ 3,949
    Pro forma net income
      per share                 0.45      0.34       0.99       0.51
    Weighted average shares
      outstanding (B)          7,763     7,763      7,763      7,763
    Supplemental pro forma net
      income per share (C)      0.40      0.31       0.88       0.46
    (A)  The pro forma data reflects adjustments assuming the company had not elected S Corp. status for income tax purposes, including the repurchase of the minority interest in its subsidiaries sold to the sole stockholder to qualify for S Corp. status.  The provisions for federal and state income taxes assume effective tax rates of 40 percent for 1991 and 35 percent for 1992.
    (B) Assumes as outstanding during all periods, 113,439 shares, which represent the approximate number of shares sold to fund the repurchase by the company of the minority interest in its subsidiaries.
    (C) Supplemental pro forma net income per share reflects the issuance of shares to fund the payment of the undistributed S Corp. earnings ($12,700,000) to the company's stockholder upon the termination of the company's status as an S Corp.  The calculation is based upon the weighted average shares outstanding used in the calculation of pro forma net income per share plus 924,892 additional shares outstanding during all periods, which represent the approximate number of shares sold to fund the $12,700,000 distribution.
    -0-             11~16~92
    CONTACT:  John H. Johung, chief financial officer of Fritz Companies, 415-904-8300
    (FRTZ) CO:  FRITZ COMPANIES INC. IN:  TRN SU:  ERN ST:  CA


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Date:Nov 16, 1992
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