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GOLDEN EAGLE GRP PRESS RELEASE GOLDEN EAGLE PROFITS UP OVER 120% FOR SIX MONTHS Houston, TX. August 14, 1996. Golden Eagle Group, Inc. (GEGP : NASDAQ) announced today that it will report net income of $596,404 or $.10 cents per share on revenues of approximately $17.73 million for the quarter ended June 30, 1996 as compared to net income of $283,254 or $.06 cents per share on revenues of approximately $12.53 million for the quarter ended June, 30, 1995, or an improvement of approximately 41.5% in revenues and 110.6% in net income. Weighted average shares outstanding during the three months ended June 30, 1996 were 6,186,949 as compared to 4,520,290 for the same period in 1995. The Company will report net income of $863,308 or $.15 cents per share on revenues of approximately $33.4 million for the six months ended June 30, 1996 as compared to net income of $388,956 or $.09 cents per share on revenues of approximately $23.77 for the six months ended June 30, 1995 or an improvement of approximately 40.3% and 122.0% in revenues and net income respectively. Weighted average shares outstanding during the six months ended June 30, 1996 were 5,874,175 as compared to 4,522,407 for the same period in 1995. Results of operations for the six months ended June 30, 1996 include those of World Trade Transport of Virginia, Inc. ("WTT"), which the Company acquired in July 1995. The increase in weighted average number of shares outstanding during the six months ended June 30, 1996 as compared to the same period in 1995 is attributable primarily to shares issued in connection with the acquisition. The Company attributes the increase in earnings primarily to much improved results from the Company's Laredo operations which were hit hard in January 1995 by the Mexican Peso devaluation combined with the results of WTT for the six months ended June 30, 1996. Golden Eagle Group, Inc., through its major subsidiaries DAHER Golden Eagle and World Trade Transport (WTT), is a full service freight forwarder and customs broker providing transportation, logistics and warehousing/distribution services with headquarters and principal office in Houston and facilities in New York, Chicago, Miami, Los Angeles, San Francisco, Laredo, Baltimore and the Washington D.C. area. Additionally, in conjunction with the recently announced asset purchase agreement with Ryan Freight Services, Inc., the Company now has offices serving Denver, Phoenix, Dallas and Las Vegas. Contact: Golden Eagle Group, Inc. Patrick H. Weston C.E.O. Tel. (713)446-2656 Email: pwest@daher1.attmail.com |