EARNINGS

EARNINGS

Air Express Earnings

Same, Revenue UpDARIEN, Conn. - Air Express International Corp. earned $1.2 million, or 24 cents a share, on revenue of $129.9 million in the first quarter of 1988.

This compares to net income of $1.2 million, or 24 cents a share, on revenue of $83.1 million during the same quarter of 1987. The 1987 results included an extraordinary tax benefit of $377,000, or eight cents a share.

The increase in 1988 revenue comes mostly as a result of the addition of the Pandair group of companies, recently acquired by Air Express International.

Air Midwest Loss

Widened in Quarter

WICHITA, Kansas, May 13 - Air Midwest Inc. lost $1.5 million on revenue of $17.2 million in the first quarter, compared with a net loss of $275,000 on revenue of $19 million in the 1987 quarter.

On Dec. 30, 1987, Air Midwest completed the sale of assets associated with its American Eagle operations. Efforts to restructure the company resulted in some additional expenses and liquidation of excess assets, the company said.