Fourth Quarter Highlights:
    --  Revenues up 59%, Earnings per share up 40%
    --  Operating income increases by 41%
    --  Continued investments in personnel
    --  Same terminal revenue growth of 50% for the quarter (a)
    --  UPS strike adds approximately $6 million in revenues

    Financial & Operating Data                 Quarter Ended          %
    (Reflects 2-for-1 stock split
     effected August 1,1996)                 9/30/97     9/30/96     Change
    Revenues (000's)                         $91,392     $57,456     59%
    Operating Income (000's)                  $8,124      $5,745     41%
    Net Income (000's)                        $5,232      $3,718     41%
    Net Income Per Share                       $0.28       $0.20     40%

    Operating Data
    Freight Forwarding Shipments (b)         290,744     161,433     80%
    Average Weight (lbs.) Per Shipment           434         551    (21%)
    Freight Forwarding Terminals                  60          47     28%
    Local Delivery Locations                      44          28     57%

    "Looking ahead to fiscal 1998, I am enthusiastic about the opportunity we
have to grow our business further. The impact of our aggressive marketing
efforts and our commitment to outstanding customer service is demonstrated by
the record results we turned in during fiscal 1997.  We will continue to fine-
tune our proven business model as we expand our terminal network, our
international business, our personnel and infrastructure for fiscal 1998."
  -- James R. Crane, Chairman and Chief Executive Officer
    (a)   Percentage increase in revenues for those terminals open as of the
          beginning of the prior fiscal year.
    (b)   The Company estimates that approximately 75,000 shipments were added
          as a result of the UPS strike during the fourth quarter of 1997.

    HOUSTON, Nov. 4 /PRNewswire/ -- Eagle USA Airfreight, Inc. (Nasdaq: EUSA)
today announced record revenues and earnings for the fourth quarter ended
September 30, 1997, primarily driven by the rapid expansion of its core
freight forwarding business and strong increases in the number of shipments
and the total weight of cargo shipped.
    Revenues for the fourth quarter increased 59 percent to $91.4 million from
$57.5 million in the same period of fiscal 1996.  Net income for the quarter
totaled $5.2 million, a 41 percent increase over $3.7 million in the fourth
quarter of fiscal 1996.  Earnings per share of $0.28 for the fourth quarter of
fiscal 1997 increased 40 percent from $0.20 in the same period of fiscal 1996.
The Company estimates that the impact of the UPS strike on the fourth quarter
resulted in approximately $6 million in incremental revenue which generated
approximately 5% after tax profit for the quarter.  Crane added that he does
not expect to retain any of the business the Company gained through the UPS
strike, as the two companies generally occupy separate niches within the
freight transportation marketplace.
    Revenues for the fiscal year ended September 30, 1997 increased 57 percent
to $291.8 million from $185.4 million in fiscal 1996.  Net income for the year
ended September 30, 1997 totaled $16.8 million, a 46 percent increase over
$11.5 million in fiscal 1996.  Earnings per share of $0.90 for the year ended
September 30, 1997 increased 36 percent from $0.66 in fiscal 1996.  Same
terminal revenue growth for fiscal year 1997 increased to 49 percent from 29
percent in fiscal year 1996.
    During the fourth quarter of fiscal 1997, the Company opened terminals in
Little Rock, Arkansas; Guadalajara and Mexico City, for a total of 60
terminals as of September 30, 1997.  Management plans to open thirty North
American terminals over the next two fiscal years, for a total of 90 by the
end of fiscal 1999.
    International sales, which accounted for 7 percent of total revenues for
the quarter, increased 112 percent in the fourth quarter of fiscal 1997 over
the same period in fiscal 1996.  For the fiscal year ended September 30, 1997,
international revenues increased 112 percent to $20.8 million from $9.8
million in the same period of fiscal year 1996.
    Fourth quarter gross profit margin was 44.5 percent of revenues versus
43.9 percent in the third quarter of 1997.  The primary reasons for margin
improvement were increased airfreight shipping volumes, as the number of
shipments increased 59 percent and the total weight of cargo shipped increased
15 percent over third quarter 1997, and the continued expansion of the
Company's local pick-up and delivery operations, which enabled the Company to
capture margins previously paid to third parties.  Fourth quarter gross profit
margin was improved slightly by the increased traffic from the UPS strike
which carried higher yields on a per-pound basis.  The strike resulted in
higher operating expenses (primarily personnel costs), which offset the higher
yields.
    During the fourth quarter, the Company announced the signing of a two-year
contract with Dell Computer Corporation designating the Company as the primary
carrier for domestic heavyweight air freight shipments.  Also during the
fourth quarter, the Company was successful in adding new customers including
the Eckerd Corporation, Fred Meyer, Inc. and Quebecor Printing (USA) Corp.
    The Company also completed the acquisition of Michael Burton Enterprises,
a transportation and value-added logistics provider in Columbus, Ohio.  The
acquisition was completed in late September and is the first acquisition the
Company has made since its initial public offering in December 1995.
    "The challenge to our team in the fourth quarter was accommodating the
significant surge in volume through our system as a result of the two-week
long UPS strike," said James R. Crane, Chairman and Chief Executive Officer.
"That we were able to meet the increased demand without disrupting service to
our existing customer base once again validates the strength and flexibility
of our operations systems.
    "Looking ahead to fiscal 1998, I am enthusiastic about the opportunity we
have to grow our business further," continued Crane. "The impact of our
aggressive marketing efforts and our commitment to outstanding customer
service is demonstrated by the record results we turned in during fiscal 1997.
We will continue to fine-tune our proven business model as we expand our
terminal network, our international business, our personnel and infrastructure
for fiscal 1998."
    Eagle USA Airfreight's dedication to providing superior flexibility and
fewer shipping restrictions on a price competitive basis has made it a leading
provider of airfreight forwarding and other transportation and logistics
services.  Its network of 60 terminals features state-of-the-art information
systems to maximize cargo management efficiency and customer satisfaction.
The Company's shares are traded on the Nasdaq National Market under the symbol
"EUSA."
    The statements in this press release regarding the plans for future
opportunities, expansion of terminal network, international business,
personnel and infrastructure, new terminals, future growth, future business,
operations or results and any other statements which are not historical facts
are forward looking statements.  Such statements involve risks and
uncertainties, including, but not limited to, competition, general economic
conditions, ability to manage and continue growth and other factors detailed
in the Company's filings with the Securities and Exchange Commission.  Should
one or more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual outcomes may vary materially from those
indicated.

                          EAGLE USA AIRFREIGHT, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                   (in thousands, except per share amounts)
                                 (unaudited)


                                  Three Months                 Year
                                Ended September 30,       Ended September 30,
                                     1997    1996          1997        1996
    Revenues                      $91,392   $57,456      $291,768   $185,445
    Cost of transportation         50,758    31,910       163,616    103,312
                                   40,634    25,546       128,152     82,133
    Personnel costs                21,729    12,689        67,813     41,619
    Other selling, general
      and admin. costs             10,781     7,112        34,640     22,665
    Operating income                8,124     5,745        25,699     17,849
    Interest and other income         345       317         1,693      1,079
    Interest expense                                                    (145)
    Income before provision
      for income taxes              8,469     6,062        27,392     18,783
    Provision for income taxes (a)  3,237     2,344        10,594      7,302
    Net income                     $5,232    $3,718       $16,798    $11,481
    Net income per share (b)        $0.28     $0.20         $0.90      $0.66
    Weighted average common and
      common equivalent shares
      outstanding (b)              18,886    18,312        18,682     17,521

    (a)  Eagle USA Airfreight, Inc. was an S Corporation for federal income
         tax purposes prior to the closing of the initial public offering on
         December 6, 1995.  The provision for income taxes for the year ended
         September 30, 1996 includes a pro forma charge of $945 which
         represents the estimated federal taxes that would have been reported
         had Eagle USA been a C Corporation prior to December 6, 1995.

    (b)  All amounts reflect a two-for-one stock split effected in the form of
         a stock dividend paid on August 1, 1996.

                          EAGLE USA AIRFREIGHT, INC.
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                                (in thousands)
                                 (unaudited)

                                    September 30,    September 30,
                                        1997             1996
    ASSETS
    Current assets:
    Cash, cash equivalents and
      short-term investments           $27,786         $30,105
    Accounts receivable, net            54,661          30,379
    Prepaid expenses and other           4,558           2,290
      Total current assets              87,005          62,774
    Property and equipment, net         14,090           8,333
    Other assets                         5,776             622
      Total assets                    $106,871         $71,729

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities:
    Accounts payable and accrued
      transportation                   $13,820         $13,277
    Other current liabilities           12,547           8,010
                                        26,367          21,287
      Total current liabilities
    Long-term indebtedness                  --              --
    Shareholders' equity                80,504          50,442
      Total liabilities and
        shareholders' equity          $106,871         $71,729

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