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THE HARPER GROUP REPORTS FIRST-QUARTER EARNINGS

 SAN FRANCISCO, May 10 /PRNewswire/ -- The Harper Group Inc. (NASDAQ: HARG) reported financial results for the first quarter ended March 31, 1993.
 First quarter 1993 net income was $2,997,000 or 18 cents per share versus $4,799,000 or 29 cents per share reported in the first quarter of 1992. The reduction in net income compared to 1992 is primarily the result of revenue reductions in the company's worldwide operations, mostly in Europe. Net revenue decreased as a result of reduced volume on air and ocean export shipments and fewer customs brokerage entries. Also affecting the revenue comparison with 1992 first quarter results is the continuing effect of consolidation and restructuring of the company's North Atlantic services, primarily its ocean freight forwarding business.
 "While these results are disappointing," explained Peter Gibert, president and chief executive officer of the Harper Group, "The company is continuing its strategy of staying focused on long-term results. We've renewed our emphasis on cost control, while making investments in marketing, sales and systems." Gibert (pronounced zhe-bare) noted that results for January and February were particularly soft. "We saw a return to historical levels of revenue in March. Further, significant improvements were seen in April when compared with results for the same month last year."
 The Harper Group Inc. is headquartered at 260 Townsend Street, San Francisco, CA 94107, telephone 415-978-0600. Major subsidiaries include Circle Airfreight Corp., Circle Freight International, Harper Robinson & Co., Sekin Transport International, Max Gruenhut International and Harper Freight International air and ocean freight transportation management and customs brokerage operations.
 THE HARPER GROUP INC.
 CONDENSED CONSOLIDATED INCOME STATEMENTS
 (unaudited)
 Three Months Ended March 31, 1993 1992
 (in thousands except per share amounts)
 Revenue $ 95,224 $105,613
 Freight consolidation costs 51,551 58,931
 Net revenue 43,673 46,682
 Other costs and expenses:
 Salaries and related costs 25,243 24,689
 Administrative and selling 15,581 15,702
 Total other costs and expenses 40,824 40,391
 Income from operations 2,849 6,291
 Other income (expense) - net 1,587 664
 Income before taxes on income 4,436 6,955
 Taxes on income 1,439 2,156
 Net income 2,997 4,799
 Earnings per share 0.18 0.29
 Average common and
 common equivalent shares 16,647 16,689
 -0- 5/10/93
 /CONTACT: Michael Cromar, vice president and chief financial officer of the Harper Group, 415-978-0600/
 (HARG)


CO: The Harper Group Inc. ST: California IN: TRN SU: ERN

SG -- SF019 -- 6753 05/10/93 21:52 EDT
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Publication:PR Newswire
Date:May 10, 1993
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