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METRO AIRLINES, INC. ANNOUNCES RESULTS

 DALLAS, July 29 /PRNewswire/ -- Metro Airlines, Inc. (OTC) today announced results for the fiscal year ended April 30, 1993. The company reported income from continuing operations of $788,000 and net income of $7,981,000, or $1.31 per primary share ($.98 per share fully diluted). The results include a gain of $2,924,000 from disposal of operations and a loss from discontinued operations of $1,658,000, net of applicable income taxes. The company had income from continuing operations of $259,000 in the prior year and net income of $6,336,000, or $1.04 per share.
 On Dec. 22, 1992, the company sold substantially all of the assets of Metroflight, Inc., the company's primary operating subsidiary. Subsequent to the asset sale, the company's activities have been limited to the liquidation of remaining assets and implementation of its reorganization plan, which was confirmed in the United States Bankruptcy Court on Dec. 11, 1992. The company is currently seeking approval of certain post-confirmation modifications to its reorganization plan.
 METRO AIRLINES, INC.
 (In thousands, except per share amounts)
 Year ended Jan. 31 1993 1992
 Revenues from continuing operations $ -- $ --
 Income from continuing operations 788 259
 Discontinued operations:
 Income (loss) from operations
 (net of applicable income taxes) (1,658) 2,880
 Gain on disposal
 (net of applicable income taxes) 2,924 739
 Income before extraordinary items 2,054 3,878
 Extraordinary items:
 Utilization of net operating
 loss carryforward 5,698 2,458
 Extinguishment of debt (net of
 applicable income taxes) 229 --
 Net income 7,981 6,336
 Per share (primary):
 Income from continuing operations .13 .05
 Discontinued operations:
 Income (loss) from operations (.27) .47
 Gain on disposal .48 .12
 Income before extraordinary items .34 .64
 Extraordinary items .97 .40
 Net income $ 1.31 $ 1.04
 Common shares outstanding
 (weighted average) 6,114 6,114
 Per share (fully diluted):
 Income from continuing operations .09 .03
 Discontinued operations:
 Income (loss) from operations (.20) .36
 Gain on disposal .36 .09
 Income before extraordinary items .25 .48
 Extraordinary items .73 .30
 Net income $ .98 $ .78
 Common shares outstanding
 (weighted average) 8,140 8,140
 -0- 7/29/93
 /CONTACT: Brian K. Miller, president of Metro Airlines, Inc., 214-929-5117, or Larry Howell of Howell Communications, Inc., 214-340-9994, for Metro Airlines/


CO: Metro Airlines, Inc. ST: Texas IN: AIR SU: ERN

SM -- NY074 -- 7250 07/29/93 13:26 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
Words:394
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