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GENERAL PARCEL SERVICE REPORTS RESULTS

 GENERAL PARCEL SERVICE REPORTS RESULTS
 JACKSONVILLE, Fla., March 31 /PRNewswire/ General Parcel Service,


Inc. (NASDAQ: GPSX) today announced record revenues in 1991 of $12,617,379 which was $4,416,413 (or 54 percent) higher than revenue in 1990. The company reported a net loss of $1,884,312 ($.88 per share) compared to a 1990 loss of $2,555,313, (or $1.67 per share).
 According to GPS President E. Hoke Smith Jr., the company's operating results were impacted by the economy.
 "GPS along with many of its core customers struggled with the recession throughout 1991. Despite the economic climate we were able to achieve impressive revenue growth and a significant reduction in our operating losses. Our ratio of operating costs to revenue improved by almost 15 points, from 125.3 percent in 1990 to 110.4 percent in 1991. We think that the improvement in our operating ratio reflects the economies of scale and increased efficiency which result from increased volume and is a clear indication that profitability is just around the corner."
 In addition, the company announced that on March 26, 1992, it entered into a letter of agreement with an investment banking firm to raise $5 million of equity capital through a best efforts private placement of 1 million units, comprised of convertible preferred stock and common stock purchase warrants. The issue is subject to shareholder approval of an amendment to the company's Articles of Incorporation to create a new class of preferred stock and further subject to the successful marketing of the units. The company's annual meeting of shareholders is scheduled for May 14, 1992.
 -0- 3/31/92
 /CONTACT: Hoke Smith or Joe McDonald of General Parcel Service, Inc., 800-227-1311, ext. 3018/
 (GPSX) CO: General Parcel Service ST: Florida IN: SU: ERN


JB-AW -- FL014 -- 3562 03/31/92 16:20 EST
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Publication:PR Newswire
Date:Mar 31, 1992
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