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GENERAL PARCEL SERVICE REPORTS RESULTS

 JACKSONVILLE, Fla., March 29 /PRNewswire/ -- General Parcel Service, Inc. (NASDAQ: GPSX) today reported an operating loss of $639,212 for 1992 on revenues of $13,891,969. The pre-interest operating loss was reduced by $677,236 (or 51 percent) compared to the 1991 operating loss of $1,316,448. Revenue was increased by $1,274,590 (or 10 percent) over 1991 revenue. The company reported a net loss for 1992 of $1,267,864 (or $.41 per share) compared to the net loss of $1,884,312 (or $.88 per share) reported in 1991.
 According to GPS President, E. Hoke Smith Jr., the company is turning the corner on its operating losses.
 "Our primary focus in 1992 was on improving the efficiency of our operating network. In the first quarter of 1992 we implemented a downsizing plan which was designed to eliminate unprofitable business (primarily residential accounts) and to improve the productivity of our delivery route drivers. We increased our average number of delivered packages per delivery route by 6.5 percent and our average revenue per route by 14.8 percent compared to the previous year's averages. Despite the substantial operating loss reported in the first quarter of 1992, which resulted from a high level of transition costs related to our downsizing action, we were able to reduce our operating losses in the second, third and fourth quarters by 61 percent, 72 percent and 80 percent, respectively, compared to the same periods of 1991. Although we did not achieve a profitable quarter in 1992, we did record four monthly profits during the year. We anticipate a modest operating profit (and a small net loss) for the first quarter of 1993 and we view 1993 as the turnaround year for GPS."
 -0- 3/29/93
 /CONTACT: Hoke Smith or Joe McDonald of General Parcel Service, Inc., 800-227-1311, ext. 3018/
 (GPSX)


CO: General Parcel Service, Inc. ST: Florida IN: SU: ERN

JB-JJ -- FL004 -- 0493 03/29/93 11:47 EST
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Publication:PR Newswire
Date:Mar 29, 1993
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