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HARPER GROUP RELEASES THIRD QUARTER EARNINGS

 SAN FRANCISCO, Nov. 2 /PRNewswire/ -- The Harper Group, Inc. (NASDAQ: HARG) reported financial results for the third quarter ended Sept. 30, 1993.
 Third quarter revenue was $109,000,000 versus $107,900,000 reported in the third quarter of 1992. Third quarter net revenue was $46,300,000 compared to $50,000,000 recorded during the same period in 1992. Net income was $7,500,000 or $.45 per share for the third quarter of 1993, compared to a net loss of $ 8,200,000 or $.49 per share reported during the third quarter of 1992. Included in third quarter 1993 other income -- net are non-operating pre-tax gains related to buildings, including the sale of a building in Hong Kong, and the sale of 70 percent of the company's investment in Intercargo Corporation. The combined non- operating gains totaled $5,300,000 ($3,500,000 after tax, or $.21 per share). Included in the third quarter of 1992 was a $14,700,000 pre-tax special charge ($12,600,000 after tax, or $.75 per share).
 Third quarter 1993 net income excluding non-operating gains was $4,000,000 or $.24 per share. Net income excluding special charges was $4,400,000 or $.26 per share for the third quarter of 1992.
 Revenue for the nine months ended Sept. 30, 1993 was $313,800,000 compared to $319,900,000 reported during 1992. Net revenue was $135,300,000 compared to $146,400,000 reported during the first nine months of 1992. Net income was $14,600,000 or $.88 per share for the first nine months of 1993 compared to $1,600,000 or $.10 per share in the 1992 comparable period.
 Excluding the non-operating gains recorded in the third quarter of 1993 and the special charge recorded in the third quarter 1992, net income was $11,100,000 or $.67 per share for the nine months ended Sept. 30, 1993 compared to $14,200,000 or $.85 per share for the nine months ended Sept. 30, 1992.
 THE HARPER GROUP, INC.
 Financial Summary
 (unaudited, in thousands, except per share amounts)
 Periods Ended Three Months Nine Months
 Sept. 30 1993 1992 1993 1992
 Revenue $108,985 $107,869 $313,778 $319,930
 Freight consolidation costs 62,705 57,830 178,491 173,572
 Net revenue 46,280 50,039 135,287 146,358
 Other costs and expenses:
 Salaries and related costs 25,003 26,580 74,530 77,028
 Administrative and selling 16,398 17,350 48,328 50,607
 Special charges -- 14,680 -- 14,680
 Total 41,401 58,610 122,858 142,315
 Income (loss) from operations4,879 (8,571) 12,429 4,043
 Other income - net 6,620 610 9,760 2,412
 Income (loss) before
 taxes on income 11,499 (7,961) 22,189 6,455
 Taxes on income (loss) 4,001 245 7,589 4,858
 Net income (loss) 7,498 (8,206) 14,600 1,597
 Earnings (loss) per share $.45 $(.49) $.88 $.10
 Dividends declared per share $-- $-- $.10 $.10
 Average common and common
 equivalent shares 16,642 16,589 16,637 16,671
 Income Summary
 North America $6,870 $7,568 $18,710 $20,908
 Europe 634 1,457 1,481 5,430
 Far East 760 488 1,897 2,686
 Other Areas 1,159 860 3,453 1,999
 Corporate Overhead & Other (4,544) (4,264) (13,112) (12,300)
 Special Charges & Non-
 Operating Income (loss) 6,620 (14,070) 9,760 (12,268)
 Taxes on Income (4,001) (245) (7,589) (4,858)
 Net Income (Loss) 7,498 206 $14,600 $1,597
 Business Segment Information
 Certain information regarding the company's operations by region, is summarized below.
 THE HARPER GROUP, INC.
 (in thousands)
 North America Europe Far East Other Areas
 Three months ended Sept. 30, 1993:
 Revenue from customers $55,188 $20,607 $25,313 $7,877
 Revenue from affiliates 509 767 664 1,149
 Total revenue 55,697 21,374 25,977 9,026
 Net revenue 24,289 11,427 5,190 5,374
 Income (loss) from
 operations 6,870 634 760 1,159
 Three months ended Sept. 30, 1992:
 Revenue from customers $58,232 $23,443 $22,268 $3,926
 Revenue from affiliates 701 1,055 913 1,581
 Total revenue 58,933 24,498 23,181 5,507
 Net revenue 24,004 16,473 5,438 4,124
 Income (loss) from
 operations 7,568 1,457 488 860
 Nine months ended Sept. 30, 1993:
 Revenue from customers $159,839 $60,171 $68,995 $24,773
 Revenue from affiliates 1,208 1,819 1,574 2,725
 Total revenue 161,047 61,990 70,569 27,498
 Net revenue 70,402 34,282 15,249 15,354
 Income (loss) from
 operations 18,710 1,481 1,897 3,453
 Nine months ended Sept. 30, 1992:
 Revenue from customers $168,397 $75,517 $59,887 $16,129
 Revenue from affiliates 1,562 2,351 2,034 3,523
 Total revenue 169,959 77,868 61,921 19,652
 Net revenue 70,103 47,394 15,189 13,672
 Income (loss) from
 operations 20,908 5,430 2,686 1,999
 Corporate Overhead Eliminations Consolidated
 Three months ended Sept. 30, 1993:
 Revenue from customers $ 0 $ 0 $ 108,985
 Revenue from affiliates 0 (3,089) 0
 Total revenue 0 (3,089) 108,985
 Net revenue 0 0 46,280
 Income (loss) from
 operations (4,544) 0 4,879
 Three months ended Sept. 30, 1992:
 Revenue from customers $ 0 $ 0 $ 107,869
 Revenue from affiliates 0 (4,250) 0
 Total revenue 0 (4,250) 107,869
 Net revenue 0 0 50,039
 Income (loss) from
 operations (4,264) 0 6,109
 Nine months ended Sept. 30, 1993:
 Revenue from customers $ 0 $ 0 $ 313,778
 Revenue from affiliates 0 (7,326) 0
 Total revenue 0 (7,326) 313,778
 Net revenue 0 0 135,287
 Income (loss) from
 operations (13,112) 0 12,429
 Nine months ended Sept. 30, 1992:
 Revenue from customers $ 0 $ 0 $ 319,930
 Revenue from affiliates 0 (9,470) 0
 Total revenue 0 (9,470) 319,930
 Net revenue 0 0 146,358
 Income (loss) from
 operations (12,300) 0 18,723
 Revenue from affiliates represents approximate amounts that would be charged if the services were provided by an unaffiliated company. Total region revenue is reconciled with total consolidated revenue by eliminating inter-regional revenue. Regional income (loss) from operations excludes corporate overhead charges. Prior period amounts have been reclassified to conform to the 1993 presentation.
 1992 income (loss) from operations excludes the effect of special charges of $14.7 million.
 -0- 11/2/93
 /CONTACT: Michael E. Cromar, vice president and chief financial officer, 415-978-0519, or Nanci Tangeman, public relations manager, 415-978-0782, both of the Harper Group, Inc./
 (HARG)


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

LD -- NY007 -- 9498 11/02/93 08:52 EST
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Publication:PR Newswire
Date:Nov 2, 1993
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