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MERCURY AIR GROUP REPORTS YEAR-END RESULTS

 LOS ANGELES, Sept. 14 /PRNewswire/ -- Mercury Air Group Inc. (AMEX: MAX, MAX.WS.A, MAX.PR.A) today announced results for the fiscal year ended June 30, 1993.
 Revenues for fiscal 1993 increased approximately 18 percent from $71,746,000 in fiscal 1992 to a record high of $84,543,000 in fiscal 1993. Net income for the year ended June 30, 1993 was $1,950,000, also a record high, or $.68 per primary share and $.43 per fully diluted share, compared to $359,000 or $.01 per primary and fully diluted share in the prior year.
 Included in net income for fiscal 1993 is $615,000 ($.28 per primary share and $.14 per fully diluted share) related to a legal judgment against St. Paul Fire & Marine Insurance Co. on the forfeiture of a bond. On Sept. 10, 1993, Mercury received $1.5 million in payment of this judgment and is entitled to receive interest in the approximate amount of $140,000. Income from the judgment is net of certain fees and a receivable that was carried on the company's books associated with the litigation.
 Seymour Kahn, chairman, commented, "All four segments of our business made meaningful contributions to the results of fiscal 1993 and we anticipate even better results for fiscal 1994."
 Mercury Air Group is a leading provider of aviation services to commercial airlines, general aviation aircraft, foreign passenger airlines, international air cargo and U.S. government civilian and military airplanes. Based at Los Angeles International Airport (LAX), Mercury operates air centers at four locations in California and one location in Nevada.
 MERCURY AIR GROUP INC.
 Consolidated Statements of Income
 Year Ended June 30,
 1993 1992
 Revenues $84,543,000 $71,746,000
 Operating income 8,903,000 6,492,000
 Income before taxes 3,363,000 616,000
 Provision for taxes 1,413,000 257,000
 Net income $1,950,000 $359,000
 Weighted average shares outstanding 2,210,499 2,176,501
 Earnings per common share:
 Primary $.68 $.01
 Fully diluted $.43 $.01
 -0- 9/14/93
 /CONTACT: Randy Ajer, CFO of Mercury Air Group, 310-646-2994, or 310-215-5729/
 (MAX MAX.WS.A MAX.PR.A)


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

MF-LM -- LA008 -- 1623 09/14/93 09:15 EDT
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Publication:PR Newswire
Date:Sep 14, 1993
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