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METRO AIRLINES ANNOUNCES THIRD QUARTER RESULTS

 METRO AIRLINES ANNOUNCES THIRD QUARTER RESULTS
 DALLAS, March 2 /PRNewswire/ -- Metro Airlines, Inc. (NASDAQ: MAIRC)


today announced results for the fiscal third quarter and nine months ended Jan. 31, 1992. For the third quarter, operating revenues were $27.7 million, and the net loss was $427,000, or 7 cents per share. For the nine months ended Jan. 31, 1992, operating revenues were $88.5 million, and net income was $5.2 million, or 85 cents per primary share (64 cents fully diluted).
 For the comparable periods of last fiscal year, third-quarter revenues were $51.3 million, and the net loss was $15.6 million, or $2.54 per share. For the nine months ended Jan. 31, 1991, revenues were $175.3 million, and the net loss was $15.6 million, or $2.55 per share. The decline in operating revenues and improvement in operating results are primarily attributable to the disposal of company operations in the southeastern and northeastern U.S. and the Caribbean. Metro and two of its subsidiaries filed for protection under Chapter 11 of the United States Bankruptcy Code on April 1, 1991.
 Metro Airlines, Inc. serves 26 cities in the southwestern United States, operating as American Eagle from its Dallas/Fort Worth hub.
 METRO AIRLINES, INC.
 (In thousands, except per share amounts)
 Three months ended Jan. 31: 1992 1991
 Operating revenues $27,714 $51,295
 Operating loss (661) (13,862)
 Loss before extraordinary item (279) (15,550)
 Extraordinary item (A) (148) --
 Net loss (427) (15,550)
 Per share:
 Before extraordinary item (.05) (2.54)
 Extraordinary item (A) (.02) --
 Per share $ (.07) $ (2.54)
 Common shares outstanding
 (weighted average) 6,114 6,114
 Nine months ended Jan. 31: 1992 1991
 Operating revenues $88,475 $175,286
 Operating income (loss) 3,674 (10,492)
 Income (loss) before
 extraordinary item 3,417 (15,566)
 Extraordinary item (B) 1,784 --
 Net income (loss) $ 5,201 $(15,566)
 Per share (primary):
 Before extraordinary item $ .56 $ (2.55)
 Extraordinary item (B) .29 --
 Net income (loss) $ .85 $ (2.55)
 Common shares outstanding
 (weighted average) 6,114 6,113
 Per share (fully diluted):
 Before extraordinary item $ .42 $ (2.55)
 Extraordinary item (2) .22 --
 Net income (loss) $ .64 $ (2.55)
 Common shares outstanding
 (weighted average) 8,140 6,113
 (A) -- Reversal of net operating loss carryforward.
 (B) -- Utilization of net operating loss carryforward.
 -0- 3/2/92
 /CONTACT: Brian K. Miller, chief financial officer of Metro Airlines, 214-453-4400 or Larry Howell of Howell Communications, 214-340-9994, for Metro Airlines/
 (MAIRC) CO: Metro Airlines Inc. ST: Texas IN: AIR SU: ERN


TS -- NY054 -- 4002 03/02/92 13:04 EST
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Date:Mar 2, 1992
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