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PRESTON REPORTS RESULTS

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


(NASDAQ: PTRK) reported today its operating results for the fourth quarter and the year ended Dec. 31, 1991. For the quarter, the company incurred a net loss of $4,626,000 or $0.80 per share versus a net loss of $316,000 or $0.05 per share in 1990. Revenues for the fourth quarter of 1991 were $138,076,000, a decline of 3.6 percent from $143,171,000 in the fourth quarter of 1990.
 For the year ended Dec. 31, 1991, Preston reported a net loss of $3,392,000 or $0.59 per share compared to a net loss of $18,749,000 or $3.26 per share in the same period of 1990. The operating results for 1990 included a $17.8 million after-tax loss reserve ($3.08 per share) recorded in the third quarter in connection with the closing of Reeves Transportation Company and Pioneer Transportation Systems. Revenues for the year were $564,610,000 versus $643,087,000 in 1990 which included Reeves and Pioneer.
 William B. Potter, chairman and president, said that although tonnage levels increased during the fourth quarter, earnings at Preston Trucking Company were depressed as a result of lower less-than-truckload (LTL) rates and increased line-haul expenses.
 Potter added that increased reserves for both Workers' Compensation and insurance costs, as well as higher wages, negatively impacted earnings at Smalley Transportation Company and Saia Motor Freight Line in the fourth quarter. While lower LTL rates and tonnage also affected Smalley's earnings, increases in Saia's LTL rates and tonnage were not enough to offset Saia's increased costs.
 Looking to the future, Potter said that the company expects first quarter 1992 tonnage to be flat; however, Jan. 1 rate increases and a substantial reduction of line-haul costs currently underway at Preston Trucking Company should have a positive impact on 1992 results.
 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
 For the Quarter and Year Ended Dec. 31
 Unaudited
 (In Thousands Except Share Amounts)
 Fourth Quarter Year to Date
 1991 1990 1991 1990
 Revenues $138,076 $143,171 $564,610 $643,087
 Net Income (loss) (4,626) (316) (3,392) (18,749)
 Earnings (loss)
 per share (Primary) ($0.80) ($0.05) $(0.59) ($3.26)
 Average Shares
 outstanding (Primary) 5,758,701 5,758,701 5,758,701 5,758,701
 -0- 2/21/92
 /CONTACT: William B. Potter, chairman and president of Preston, 301-673-7151/
 (PTRK) CO: Preston Corporation ST: Maryland IN: TRN SU: ERN


KD -- NY059 -- 1496 02/21/92 16:01 EST
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Date:Feb 21, 1992
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