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HARPER GROUP RELEASES SECOND QUARTER EARNINGS

 SAN FRANCISCO, Aug. 3 /PRNewswire/ -- The Harper Group, Inc. (NASDAQ: HARG) reported financial results for the second quarter ended June 30.
 Second quarter 1993 net income was $4,105,000, vs. $5,004,000 reported in the second quarter of 1992. Net income per share was $.25 on 16,647,000 average shares outstanding compared to $.30 per share on 16,667,000 average shares outstanding in 1992. Second quarter 1993 gross revenue increased 3 percent from $106,448,000 for the second quarter of 1992 to $109,569,000 for the second quarter of 1993. This gain in gross revenue was offset by reduced yields in airfreight shipments in North America, Europe and the Far East. Second quarter 1993 net revenue was $45,334,000 compared with $49,637,000 recorded during the same period of 1992.
 For the six months ended June 30, gross revenue was $204,793,000 compared to $212,061,000 for the same period in 1992. Net revenue for the six month period in 1993 was $89,007,000 compared to $96,319,000 for the same period of 1992. Net income decreased to $7,102,000 in 1993 from $9,803,000 in 1992 for the six months ended June 30. Net income per share was $.43 on 16,648,000 average shares outstanding compared to $.59 on 16,679,000 average shares outstanding for the same period in 1992.
 The Harper Group, Inc. is headquartered at 260 Townsend St., San Francisco, CA 94107, telephone 415-978-0600. Major subsidiaries include Circle Airfreight Corporation, Circle Freight International, Harper Robinson & Co., Sekin Transport International, Max Gruenhut International and Harper Freight International air and ocean freight forwarding, transportation management and customs brokerage operations.
 FINANCIAL HIGHLIGHTS
 Three months ended Six months ended
 6/30/93 6/30/92 6/30/93 6/30/92
 (in thousands except per share amounts)
 Revenue $109,569 $106,448 $204,793 $212,061
 Freight consolidation
 costs 64,235 56,811 115,786 115,742
 Net revenue 45,334 49,637 89,007 96,319
 Other costs and expenses:
 Salaries and related costs 24,284 25,759 49,527 50,448
 Administrative and selling 16,349 17,555 31,930 33,257
 Total other costs and exps. 40,633 43,314 81,457 83,705
 Income from operations 4,701 6,323 7,550 12,614
 Other inc. (exp.) - net 1,553 1,138 3,140 1,802
 Income before taxes on
 income 6,254 7,461 10,690 14,416
 Taxes on income 2,149 2,457 3,588 4,613
 Net income $ 4,105 $ 5,004 $ 7,102 $ 9,803
 Earnings per share $ .25 $ .30 $ .43 $ .59
 Avg. common and common
 equivalent shares 16,647 16,667 16,648 16,679
 -0- 8/3/93
 /CONTACT: Nanci Tangeman, public relations manager of The Harper Group, 415-978-0782/
 (HARG)


CO: The Harper Group, Inc. ST: California IN: TRN SU: ERN

BR -- NYON2 -- 8667 08/03/93 07:33 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
Words:496
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