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EARNINGS

190% Increase in Net Reported by AirCal Inc.

July 19, 1985

AirCal Inc. said net income for the second quarter of 1985 increased 190% from the same period a year earlier, and represented the highest quarterly net in its 18-year history.

The quarterly net income of $8.8 million exceeded the Newport Beach airline's entire 1984 profit of $8.5 million, and compared with a profit of $3 million for the second quarter of 1984. In the latest quarter, the results include an extraordinary gain from a tax loss carryforward of $4 million, compared with a similar gain of $1.4 million a year earlier.

Revenues for the second quarter increased 24% to $97.2 million--also an all-time quarterly record--compared to $78.6 million for the same period in 1984.

Net income for the first half of 1985 was $10.8 million, up 180% from profit of $3.9 million during the first half of 1984. In the latest period the results include a gain from use of a tax loss carryforward of $5 million, compared with a similar gain of $1.8 million in the period a year ago. First-half sales were $177.3 million, up 23% from sales of $144.5 million in the first half of 1984.

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