Correcting figures in Consolidated Statement of Earnings for Sept. 27, 1998

Business Wire, Nov 11, 1998

--(BUSINESS WIRE)--In BW1116 (FAIRCHILD-CORPORATION), The Fairchild Corporation Reports Net Earnings of $1.2 Million For First Quarter Ending September 28, 1998, or $0.05 Per Share, correcting figures in Consolidated Statement of Earnings, Three Months Ended Sept. 27, 1998. Header reads Unrealized holding losses on securities arising during the period should read (30,388) sted (28,294); Other comprehensive income (loss) should read (25,142) sted (23,048); Comprehensive Income (Loss) should read (23,952) sted (21,858).

Corrected table follows:

                      The Fairchild Corporation
                  Consolidated Statement of Earnings
                (In thousands, except per share data)

                                              Three Months Ended
                                        Sept 27.            Sept. 28
                                          1998                 1997
 Sales by Segment:
   Aerospace Fasteners                  $ 96,558            $ 76,847
   Aerospace Distribution                 50,528             122,914
   Corporate and Other                     1,453               1,362
   Intersegment Eliminations                 -                (6,761)
 TOTAL SALES                           $ 148,539           $ 194,362
 Operating Results by Segment:
   Aerospace Fasteners                  $  7,830            $  2,510
   Aerospace Distribution                  1,718               9,371
   Corporate and Other                    (3,909)              1,075
 OPERATING INCOME                       $  5,639            $ 12,956
 Interest expense                          7,436              12,975
 Interest income                            (583)               (390)
 Net interest expense                      6,853              12,585
 Investment income                         1,861               1,897
 Earnings from continuing
   operations before taxes                   647               2,268
 Income tax provision                       (291)             (1,006)
 Equity in earnings of affiliates, net     1,037               1,100
 Minority interest, net                     (203)             (1,133)
 Earnings from continuing operations       1,190               1,229
 Loss from discontinued operations, net        -                (737)
NET EARNINGS                            $  1,190            $    492
 Other comprehensive income (loss),
 net of tax:
 Foreign currency translation
   adjustments                            $5,246               $ 995
 Unrealized holding losses on
   securities arising during the
     period                              (30,388)                -
 Other comprehensive income (loss)       (25,142)                995
 COMPREHENSIVE INCOME (LOSS)         $   (23,952)           $  1,487

BASIC EARNINGS PER SHARE:
Earnings from continuing operations   $     0.05           $    0.07
Loss from discontinued
  operations, net                             -                (0.04)
NET EARNINGS                          $     0.05           $    0.03

DILUTED EARNINGS PER SHARE:
Earnings from continuing operations   $     0.05           $    0.07
Loss from discontinued operations, net        -                (0.04)
NET EARNINGS                          $     0.05           $    0.03
Weighted average shares outstanding:
  Basic                                   22,401              16,633
  Diluted                                 23,001              17,588