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THE FLIGHT INTERNATIONAL GROUP, INC., ANNOUNCES SECOND QUARTER RESULTS

 THE FLIGHT INTERNATIONAL GROUP, INC.,
 ANNOUNCES SECOND QUARTER RESULTS
 NEWPORT NEWS, Va., Dec. 17 /PRNewswire/ -- The Flight International Group, Inc. (NASDAQ-FLTI) today reported consolidated operating results for the second quarter of fiscal 1992.
 For the three months ended Oct. 31, 1991, Flight reported a net loss of $5,364,272 or 79 cents per share on revenues of $10,525,651 vs. a net loss of $1,988,005 or 53 cents per share on revenues of $13,118,317 during the comparable period in 1990. For the six months ended Oct. 31, 1991, Flight reported a net loss of $7,327,047 or $1.08 per share on revenues of $21,484,168 vs. a net loss of $3,956,339 or $1.06 per share on revenues of $24,602,771 during the comparable period in 1990.
 Flight is actively engaged in a program to improve cash flow by reducing operating costs and disposing of assets not required in the operation of Flight's business, in order to obtain funds with which to reduce its outstanding secured debt. The results for Flights' second quarter ended Oct. 31, 1991, reflect an extraordinary loss of approximately $4,271,863, or 63 cents per share, relating to the disposal of such assets. For the six months ended Oct. 31, 1991, Flight's extraordinary loss relating to the disposal of such assets was $4,942,051 or 73 cents per share. During the 1992 fiscal year, Flight has reduced the principal amount of its outstanding secured debt by approximately $6.5 million, and has taken action that it expects will result in operational savings of approximately $5.4 million per year. Flight expects to realize additional savings as a result of the contraction in the size of its asset base and level of employees.
 The reduction in Flight's loss per share, before extraordinary loss, between the three and six month periods ended Oct. 31, 1991, and the comparable periods of 1990, was the result of the issuance of additional shares of common stock by Flight in connection with debt restructurings, litigation settlements and the sale of stock.
 The Flight International Group, Inc., is a leader in aviation services with interests in government and military contracts, as well as commercial flight operations.
 Item 1. Condensed Consolidated Financial Statements
 THE FLIGHT INTERNATIONAL GROUP, INC., AND SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 ASSETS
 Oct. 31, 1991 April 30, 1991
 Current Assets:
 Cash and cash equivalents $ 541,415 $ 2,617,733
 Accounts receivable:
 Flight operations, contracts
 and programs 3,770,915 4,369,766
 Trade 712,358 629,296
 Other receivables 819,117 33,982
 Allowance for doubtful accounts (342,945) (495,321)
 Inventories 2,644,046 2,954,495
 Prepaid expenses 255,708 92,029
 Deposits 174,044 285,262
 Deferred costs 49,946 83,900
 Assets held for sale 13,234,536 --
 Total current sales 21,859,140 10,571,142
 Property and Equipment:
 Aircraft 33,921,589 65,396,977
 Flight equipment 3,267,753 3,374,725
 Electronic warfare equipment
 and related aircraft
 modifications 16,980,297 18,282,876
 Leasehold interests, primarily
 in airport buildings
 and improvements 5,068,172 5,068,172
 Other equipment 5,783,575 5,783,139
 Office furniture and fixtures 2,624,220 2,615,943
 Total 67,645,606 100,521,832
 Less: Accumulated depreciation
 and amortization (30,234,788) (35,882,476)
 Total 37,410,818 64,639,356
 Equipment and facilities
 construction in progress 923,651 762,299
 Total property and equipment 38,334,469 65,401,655
 Other Assets 573,264 228,274
 Total Assets 60,766,873 76,201,071
 THE FLIGHT INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities: 10/31/91 4/30/91
 Short term borrowings $1,855,539 $1,400,000
 Long-term debt due
 currently 36,398,573 7,687,653
 Accounts payable 3,414,178 2,875,876
 Other accrued liabilities 3,116,705 4,365,150
 Deferred revenue 1,783,135 3,966,927
 Customer deposits 40,868 6,075
 Total current liabilities 46,608,998 20,301,681
 Long-term debt,
 less current maturities 7,367,723 41,107,149
 Deferred revenue 783,817 1,452,654
 Other long-term liabilities -- 6,205
 Total liabilities 54,760,538 62,867,689
 Contingencies
 Stockholders' Equity:
 Preferred stock, $1 par value,
 1 million shares authorized,
 no shares outstanding -- --
 Common stock, $.01 par value,
 10 million shares authorized,
 6,799,713.3 issued as of
 Oct. 31, 1991 and April, 30, 1991 67,998 67,998
 Junior stock, $.01 par value,
 500,000 shares authorized, no
 shares outstanding -- --
 Additional paid-in capital 25,164,618 26,588,618
 Treasury stock -- 122,500 shares
 of common stock at cost, as of
 Oct. 31, 1991 and 22,500 shares
 of common stock at cost as of
 April 30, 1991 (199,939) (198,939)
 Loan to employee savings and
 stock ownership plan -- (1,425,000)
 Accumulated deficit (19,026,342) (11,699,295)
 Total stockholders' equity 6,006,335 13,333,382
 Total liabilities and
 stockholders' equity 60,766,873 76,201,071
 THE FLIGHT INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 Periods Ended Six Months Three Months
 Oct. 31, 1991 1990 1991 1990
 Revenues $21,484,168 $24,602,771 $10,525,651 $13,118,317
 Depreciation &
 amortization 13,169,829 13,529,370 6,230,938 7,266,805
 4,933,799 6,346,256 2,208,309 3,172,300
 Total 18,103,628 19,875,626 8,439,247 10,439,105
 Gross Profit 3,380,540 4,727,145 2,086,404 2,679,212
 General corporate &
 admin. expenses 3,464,824 2,874,185 1,995,226 1,687,319
 Unusual charges -- 2,659,301 -- 1,429,900
 Interest expense 2,300,712 3,149,998 1,183,587 1,549,998
 Loss on disposal
 of assets 4,942,051 -- 4,271,863 --
 Loss before
 income taxes (7,327,047) (3,956,339) (5,364,272) (1,988,005)
 Provision for
 income taxes -- -- -- --
 Net loss (7,327,047) (3,956,339) (5,364,272) (1,988,005)
 Net loss per
 common share $(1.08) $(1.06) $(0.79) $(0.53)
 Weighted average
 no. of shares 6,777,213.3 3,717,346 6,777,213.3 3,765,390
 THE FLIGHT INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 Increase (Decrease) in Cash
 Six Months Ended Oct. 31
 Operating Activities 1991 1990
 Net Loss $(7,327,047) $(3,956,339)
 Adjustments to reconcile net loss to
 net cash provided by operations:
 Depreciation and amortization 4,933,799 6,346,256
 Provision for loss on Sale of Assets 3,094,82
 (Gain) Loss on disposal of assets 1,847,228 (59,091)
 Provision for Shareholders
 Litigation -- 510,000
 Deferred revenue (2,183,792) 792,321
 Other Long-Term Liabilities (157,275)
 Changes in operating assets
 and liabilities:
 Accounts receivable (421,722) (1,677,822)
 Inventories 310,449 59,236
 Prepaid expenses (163,679) (10,165)
 Deposits 111,218 (83,499)
 Deferred costs 7,639 11,254
 Accounts payable 538,302 414,813
 Accrued liabilities (1,248,445) (1,954,299)
 Deferred revenue (668,837) (2,141,757)
 Customer deposits 34,793 (4,500)
 Net cash (used in) operations (1,135,271) (1,910,867)
 Investing Activities:
 Purchase of property and equipment (1,130,531) (2,723,178)
 Proceeds from sale of property
 and equipment 5,154,750 3,877,147
 Net (increase) decrease in
 other assets (386,094) (36,154)
 Net cash provided by
 investing activities 3,638,125 1,117,815
 Financing Activities:
 Proceeds from short-term borrowings 1,655,539 --
 Decrease in other long-term
 liabilities (6,205) --
 Repayments of long-term debt
 and short-term borrowings (6,228,506) (2,572,313)
 Net cash used for financing activities (4,579,172) (2,572,313)
 Net change in cash and cash equivalents (2,076,318) (3,365,365)
 Cash and cash equivalents at
 beginning of period 2,617,733 4,229,807
 Cash and cash equivalents at
 end of period $ 541,415 $ 864,442
 -0- 12/17/91
 /CONTACT: Frank C. Wright Jr., president, or Frederick S. Shaw, senior vice president and chief financial officer, the Flight International Group, Inc., 804-886-5678/
 (FLTI) CO: The Flight International Group ST: Virginia IN: AIR SU: ERN


MH -- DC020 -- 3202 12/17/91 18:40 EST
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