MERCURY AIR GROUP REPORTS FIRST QUARTER RESULTS
MERCURY AIR GROUP REPORTS FIRST QUARTER RESULTS LOS ANGELES, Nov. 4 /PRNewswire/ -- Mercury Air Group Inc.
(AMEX: MAX) today announced results for the first quarter ended Sept. 30, 1992.
Revenues for the first quarter of fiscal 1993 rose approximately 11 percent to $19,956,000 from $17,933,000 for the same period last year. Net income in the current first quarter rose 20 percent to $300,000, compared to $251,000 for the same period last year. Primary earnings per common share in the first quarter ended Sept. 30, 1992, were $0.08, compared to $0.05 in the same period last year. Fully diluted earnings per common share were $.07 in the current period, compared to $.05 last year. Seymour Kahn, chairman, said, "The increase in revenues and income for the first period in fiscal 1993 reflect higher commercial fuel sales and increases in the company's military refueling activities." Mercury Air Group, headquartered at Los Angeles International Airport, is a leading provider of aircraft services to commercial, military and general aviation industries. The company acts as a general sales agent and also provides air cargo palletization and air freight brokerage to Europe and the Middle East as well as to Central and South America. MERCURY AIR GROUP INC. Consolidated Statements of Income Three months ended Sept. 30, 1992 1991 Revenues $19,956,000 $17,933,000 Operating income 1,944,000 1,868,000 Income before taxes 517,000 441,000 Provision for taxes 217,000 190,000 Net income $300,000 $251,000 Dividend on preferred stock (115,000) (133,000) Income applicable to common stock $185,000 $118,000 Earnings per common share: Primary $.08 $.05 Fully diluted $.07 $.05 Weighted average shares outstanding 2,210,499 2,161,655 -0- 11/4/92 /CONTACT: Randy Ajer, CFO of Mercury Air Group, 310-646-2994/ (MAX) CO: Mercury Air Group Inc. ST: California IN: AIR SU: ERN
JL-JB -- LA032 -- 2618 11/04/92 15:21 EST
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|Date:||Nov 4, 1992|
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