AIRNET SYSTEMS 4TH-QUARTER INCOME UP 9%

AIRNET SYSTEMS 4TH-QUARTER INCOME UP 9%

   AirNet Systems Inc., the provider of time-critical air transport services to banks and small-package shippers, reported fourth-quarter net income of $2.1 million, up 9.3 percent over the year-earlier period.

   Net revenues improved 7.8 percent to a record $35.5 million, due to a 13.8-percent gain in express revenue, to $9.5 million, and a 4.2-percent increase in bank service revenue, to $25.4 million. Express shipments rose 5.8 percent and bank shipments improved 2.9 percent.

   For 2001, net income was $5.2 million, down from $7.3 million in 2000, including two non-recurring charges totaling $2.7 million for the second quarter due to impairment of an investment and a management retirement agreement with company founder Gerald G. Mercer. Net revenues improved 3.9 percent to $140.5 million. Bank revenues rose 4.7 percent to $104.8 million, while express revenues declined 1.7 percent to $33.9 million.