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GENERAL PARCEL SERVICE REPORTS RESULTS

 GENERAL PARCEL SERVICE REPORTS RESULTS
 JACKSONVILLE, Fla., Aug. 10 /PRNewswire/ -- General Parcel Service,


Inc. (NASDAQ: GPSX) today released its second quarter financial results. The company reported revenue of $3,230,545 which was $399,749 (or 14 percent) higher than the second quarter of 1991. The company's loss from operations at $92,289 was reduced by $143,234 (or 61 percent) and its net loss of $247,337 was reduced by $133,205 (or 35 percent) compared to the second quarter of 1991. The net loss per share was $.09 for the second quarter of 1992 compared to $.19 for the same period in 1991.
 According to GPS President E. Hoke Smith Jr., the company's relatively small increase in revenue in uncharactertistic, given its history of consistent year-over-year revenue growth of 50 percent or more.
 "The weakness of the economy is adversely impacting many of our core customers, plus we have become more selective about the types of new accounts that we solicit. We are looking for the medium to large business shipper whose service requirements fit the capabilities of our operating network. We are focused on profitable revenue growth and the productivity of our delivery system. Although we are not happy with the level of revenue growth, we are encouraged by the progress we have made in increasing productivity and in reducing our operating ratio (ratio of pre-interest operating expenses to revenue). As a result of the productivity gains we have achieved in the first six months of this year, our second quarter operating ratio at 102.9 percent was improved by 5.4 points compared to our 108.3 percent ratio of last year. We are confident that as we continue to grow our revenue base and increase our productivity that we will soon become a consistently profitable operation."
 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- 8/10/92
 /CONTACT: Hoke Smith or Joe McDonald of General Parcel Service, 800-227-1311, ext. 3018/
 (GPSX) CO: General Parcel Service ST: Florida IN: SU: ERN


JB-JJ -- FL006 -- 8453 08/10/92 10:56 EDT
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Publication:PR Newswire
Date:Aug 10, 1992
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