Regional Airline Box Scores Cargo Carrier Quarterly Reports

Air T [AirT] {Federal Express, U.S. Air Force}
UP Quarterly trend	1st Quarter Ending 6/30/04	1st Quarter Ending 6/30/03	Percent Change
UP Operating Revenue	$15M	$11M	36.4%
UP Operating Expenses	$14.2M	$10.3M	37.9%
UP Net Income	$533,000	$349,000	52.7%
UP Net Income Per Share	$0.20	$0.13	53.8%
Analysis: The increase in earnings in the first quarter for Air T was primarily the result of increased orders, both air cargo deliveries and ground equipment sales. Air cargo sales grew by 24 percent to $9 million while the ground equipment sales grew by 60 percent to $6 million. { } Primary client Source: Company reports

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