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GENERAL PARCEL SERVICE ANNOUNCES THIRD QUARTER RESULTS

 GENERAL PARCEL SERVICE ANNOUNCES THIRD QUARTER RESULTS
 JACKSONVILLE, Fla., Nov. 10 /PRNewswire/ -- General Parcel Service,


Inc. (NASDAQ: GPSX) today released its third quarter financial results. The company reported revenue of $3,376,479 which was $311,474 (or 10 percent) higher than the third quarter of 1991. The company's loss from operations at $100,581 was reduced by $260,160 (or 72 percent) and its net loss of $254,719 was reduced by $248,012 (or 49 percent) compared to the third quarter of 1991. The net loss per share was $.08 for the third quarter of 1992 compared to $.22 for the same period in 1991.
 According to GPS president E. Hoke Smith Jr., a revision in the company's business strategy is paying off.
 "In January 1992 we adopted a business strategy which is focused on the quality of our revenue base and the productivity of our delivery network. We are looking for the medium to large business shipper whose service requirements fit the capabilities of our operating system. Our results for the past two quarters are clear indicators that the strategy is working. Although our rate of revenue growth has been much slower because of our having been more selective in accepting new accounts, we have posted significant productivity gains in virtually every area of our operation. As a result our year-over-year increase in operating costs for the third quarter was only 1.5 percent while our revenue increase was 10 percent. Our operating ratio (ratio of pre-interest operating expenses to revenue) improved from 111.8 percent in last year's third quarter to 103 percent this year.
 "Although our operating losses have continued in the second and third quarters, we are encouraged by the reduction in the rate of loss. We recorded modest profits in the months of September and October, and we anticipate that continued revenue growth and productivity gains will soon enable us to report profitable quarterly results on a consistent basis."
 GPS is a regional business-to-business small package delivery company, which began operations in Jacksonville, Fla. in 1985 with one truck. Since then, the company has expanded to 13 terminals serving Florida and Georgia with 300 vehicles. GPS is a publicly traded company whose common stock and common stock purchase warrants are listed on NASDAQ under the symbols GPSX and GPSXW, respectively.
 -0- 11/10/92
 /CONTACT: Hoke Smith or Joe McDonald, 800-227-1311, ext. 3018, of General Parcel Service, Inc./ CO: General Parcel Service ST: Florida IN: SU: ERN


JJ-AW -- FL001 -- 9076 11/10/92 08:05 EST
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Publication:PR Newswire
Date:Nov 10, 1992
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