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MERCURY AIR GROUP REPORTS THIRD QUARTER AND NINE-MONTH RESULTS

 LOS ANGELES, May 4 /PRNewswire/ -- Mercury Air Group Inc. (AMEX: MAX; MAX.PR.A; MAX.WS.A) today announced results for the period ended March 31, 1993.
 Revenues for the third quarter of fiscal 1993 rose approximately 26 percent to $21,235,000 from $16,842,000 for the same period last year. Net income in the current third quarter rose to $347,000 compared to net income of $59,000 for the same period last year. Primary earnings per common share in the third quarter ended March 31, 1993, were $.10 compared to a $.01 in the same period last year. Fully diluted earnings per common share were $.08 in the current period compared to $.01 last year.
 Revenues for the nine months ended March 31, 1993, increased 13 percent to $61,835,000 from $54,602,000 for the same period last year. Net income for the nine-month period rose to $1,106,000 in the current year compared with $237,000 for the same period last year. Primary earnings per common share rose to $.34 in the current period compared to $.02 a year ago, and fully diluted earnings per share increased to $.25 vs. $.02 last year.
 Seymour Kahn, chairman and chief executive officer, said, "The increase in revenues and income for the first nine months of fiscal 1993 reflect higher commercial fuel sales and increases in the company's military refueling and fixed base operating 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 March 31,
 1993 1992
 Revenues $21,235,000 $16,842,000
 Operating income 2,264,000 1,646,000
 Income before taxes 586,000 103,000
 Provision for taxes 239,000 44,000
 Net income $347,000 $59,000
 Dividend on
 preferred stock (114,000) (43,000)
 Income applicable to
 common stock $233,000 $16,000
 Weighted average shares
 outstanding 2,210,499 2,175,851
 Earnings per common
 share:
 Primary $.10 $.01
 Fully diluted $.08 $.01
 Nine Months Ended March 31,
 1993 1992
 Revenues $61,835,000 $54,602,000
 Operating income 6,546,000 4,957,000
 Income before taxes 1,895,000 415,000
 Provision for taxes 789,000 178,000
 Net income $1,106,000 $237,000
 Dividend on
 preferred stock (344,000) (195,000)
 Income applicable to
 common stock $762,000 $42,000
 Earnings per common
 share:
 Primary $.34 $.02
 Fully diluted $.25 $.02
 Weighted average shares
 outstanding 2,210,499 2,166,353
 -0- 5/4/93
 /CONTACT: Randy Ajer, CFO of Mercury Air Group, 310-646-2994 or 310-215-5729/
 (MAX)


CO: Mercury Air Group ST: California IN: AIR SU: ERN

EH-LS -- LA004 -- 4187 05/04/93 09:15 EDT
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Publication:PR Newswire
Date:May 4, 1993
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