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INCOME STATEMENT: FIRST FISCAL QUARTER
- -----------------------------------------                
(Unaudited; in millions, except per share)

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<CAPTION>
 
                                         1994    1993
                                        ------  ------
<S>                                     <C>     <C>
 
Revenues                               $ 80.2  $ 70.9
                                       ------  ------
Expenses:
   Operating                             70.1    61.8
 
   Depreciation                           3.5     3.7
   Administrative                         4.4     2.9
                                       ------  ------
                                         78.0    68.4
                                       ------  ------
Operating income                          2.2     2.5
                                       ------  ------
Interest expense, net                    (3.0)   (3.4)
                                       ------  ------
Other income:
   Gain on sale of Tidewater
      common stock                       33.8     ---
   Other                                 (6.3)    1.9
                                       ------  ------
                                         27.5     1.9
                                       ------  ------
Income before income taxes               26.7     1.0
 
Provision for income taxes                9.4     ---
                                       ------  ------
Net income                               17.3     1.0
 
Preferred stock dividends                 0.1     0.1
                                       ------  ------
Net income available to common stock   $ 17.2  $  0.9
                                       ======  ======
Net income per common share            $ 0.11  $ 0.01
                                       ======  ======
Average common shares and
  equivalents outstanding               155.0   129.9
 
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