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GENERAL PARCEL SERVICE REPORTS RESULTS

 JACKSONVILLE, Fla., April 27 /PRNewswire/ -- General Parcel Service, Inc. (NASDAQ: GPSX) today announced an operating profit of $153,873 and a net profit of $7,756 for the first quarter of 1993 on revenues of $3,915,778. Revenue was increased by $412,123 (or 12 percent) over 1992's first quarter revenue of $3,503,655. The pre-interest operating profit represents an improvement of $480,811 when compared to the 1992 first quarter operating loss of $326,938. The company's net profit of $7,756 (or $.002 per share) compares to a net loss of $490,162 (or $.179 per share) reported in the first quarter of 1992. The company's operating ratio (ratio of pre-interest expenses to revenue) was reduced from 109.3 percent in the first quarter of 1992 to 96.1 percent in the first quarter of 1993.
 According to GPS President, E. Hoke Smith Jr., 1993 could be the turnaround year for GPS.
 "Our $.5 million turnaround in net operating results for the first quarter is clear evidence that our business strategy is working. In the first quarter of 1992 we implemented a plan aimed at eliminating unprofitable business and improving the overall productivity of our operation. In each of the subsequent quarters of 1992, we reported dramatically improved results compared to the same periods of the previous year. In the first quarter of 1993, we maintained our productivity improvements and finally achieved the volume of business which we have been projecting would make us profitable. We achieved these results while improving service, enhancing our information systems, and enlarging our fleet for continued growth. If we meet our sales and operating targets for the remainder of the year, 1993 will be the turnaround year for GPS."
 GPS is a regional business-to-business small package delivery company, which began operations in Jacksonville, Fla. in 1985 with one vehicle. Since then, the company has expanded to 15 terminals serving Florida, Georgia and North Carolina with 315 vehicles. GPS is a publicly traded company whose common stock and common stock purchase warrants are listed on NASDAQ under the symbol GPSX and GPSXW, respectively.
 -0- 4/27/93
 /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-SB -- FL001 -- 1127 04/27/93 08:08 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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