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PRESTON CORPORATION REPORTS RESULTS

 PRESTON CORPORATION REPORTS RESULTS
 PRESTON, Md., April 21 /PRNewswire/ -- Preston Corporation


(NASDAQ: PTRK) reported today its operating results for the three months ended March 31, 1992.
 For the first quarter, the company's operating income was $3,563,000 compared to $1,548,000 in the first quarter of 1991. Revenues increased 2.7 percent in the period to $139,319,000 from $135,666,000 last year. The company took an after-tax charge to earnings of $837,000 as a result of a change in the method of revenue recognition in response to a consensus of the Financial Accounting Standards Board's Emerging Issues Task Force. After recording this change, the company incurred a net loss of $533,000 or $.09 per share compared to a net loss of $733,000 or $.13 per share for the same period last year. Before the accounting change, earnings per share for the quarter were $.05.
 William B. Potter, chairman and president, said that the performance in the first quarter reflects the strong revenue gains and outstanding cost control at Saia as well as the turn-around in operating results at both Smalley and Preston Trucking Company.
 The improvement by Preston Trucking Company is attributed to the steps taken in the fourth quarter of 1991 to improve the line-haul process while concentrating exclusively on the overnight, short-haul less-than-truckload (LTL) markets within the Central states and Middle Atlantic/Northeastern states. This focus has enabled Preston Trucking Company to increase line-haul productivity in the quarter and offer extremely competitive overnight service in both of these regions. Approximately 8 percent fewer drivers handled essentially the same tonnage as last year's first quarter and ran 12.3 percent fewer miles. The load average was 7.6 percent greater. Going forward, excess line- haul miles are not expected to be the cost issue for Preston Trucking Company in 1992 that they were in 1991.
 Potter also said that its three subsidiaries benefited from the recent rate increases which averaged around 5.5 percent. He added that the retention of the rate increase is critical for Preston Trucking company to offset the April 1 wage increase of 3.6 percent for its union associates.
 Preston Corporation is a holding company which, through its subsidiaries, transports freight by truck for a wide range of manufacturers, wholesalers and retailers. The subsidiaries include Preston Trucking Company, Inc. of Preston, Md.; Saia Motor Freight Line, Inc. of Houma, La.; and Smalley Transportation Company of Tampa, Fla.
 PRESTON CORPORATION
 Consolidated Revenues and Net Loss
 (In Thousands Except Share Amounts, unaudited)
 Three Months Ended
 March 31 1992 1991
 Revenues $139,319 $135,666
 Net earnings (Loss) before
 accounting charge 304 (733)
 Accounting charge (A) (837) --
 Net loss (533) (733)
 Earnings (loss) per share before
 accounting charge $0.05 ($0.13)
 Accounting charge per share ($0.14) --
 Loss per share ($0.09) ($0.13)
 Average shares outstanding 5,758,701 5,758,701
 (A) The company took an after-tax charge to earnings of $837,000, or $.14 per share, as a result of a change in the method of revenue recognition in response to a consensus of the Financial Accounting Standards Board's Emerging Issues Task Force.
 -0- 4/21/92
 /CONTACT: William B. Potter of Preston Corporation, 301-673-7151/
 (PTRK) CO: Preston Corporation ST: Maryland IN: TRN SU: ERN


AH -- NY070 -- 0688 04/21/92 13:03 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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