In addition, IFW designs and produces
protective apparel under private labels for third parties, including
Harley-Davidson.

THE FAIRCHILD CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share data)

Three Months Ended
--------------- -----
REVENUE: 12/31/04 12/31/03
--------------------
Net sales $66,790 $41,882
Rental revenue 2,422 2,342
--------------------
69,212 44,224
COSTS AND EXPENSES:
Cost of goods sold 45,066 28,781
Cost of rental revenue 1,706 1,486
Selling, general + administrative 33,113 23,256
Other (income ) expense, net (1,767) (3,116)
Amortization of intangibles 143 -
------------------- -
78,261 50,407
OPERATING LOSS (9,049) (6,183)
Interest expense (5,464) (5,393)
Interest income 424 190
--------------------
Net interest expense (5,040) (5,203)
Investment income 131 154
Increase in fair market value of interest rate
contract 1,675 2,090
------ --------------
Loss from continuing operations before taxes (12,283) (9,142)
Income tax benefit (provision) (70) 2,487
Equity in loss of affiliates, net (200) -
Minority interest, net - 81
--------------------
Loss from continuing operations (12,553) (6,574)
Earnings (loss) from discontinued operations, net 956 (1,525)
Gain on disposal of discontinued operations, net 12,500 5,934
--------------------
NET EARNINGS (LOSS) $903 $(2,165)
----- ---------------
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE:
Loss from continuing operations $(0.

, Blaine residents in
search of great hunting, fishing and camping merchandise need look no further.

Gander Mountain Blaine, MN: By Numbers

-- 66 ,000 Square Feet
-- 3,000 Fishing Reels
-- 2,500 Fishing Rods
-- 2,000 Firearms - Choose from rifles, shotguns, handguns, and
muzzleloaders
-- 250 Free Hats to give away - On Friday, April 28, 2006. CEDAR RAPIDS, Iowa, As more states crack down on
cold and allergy products that contain pseudoephedrine (PSE), a key ingredient
to make methamphetamine , consumers are looking for safe and effective
alternatives.
To meet that need, Lil' Drug Store Products, Inc.com .

allcord backpacks

Results for the
Company's quarter ended December 31, 2004 are included in the attached
table. IFW, located in
Tustin, California, is a designer and distributor of motorcycle
protective apparel, boots and helmets, under several labels, including
First Gear and Hein Gericke .04 $(0.

cambrian backpacking

-- 250 Free T-Shirts to give away - On Saturday, April 29, 2006.

expeditionary allcord

The Company's loss from continuing operations
was $12. The bait shop will open early to service
fishing enthusiasts , and professional fishing line winding will also be
available.
We plan to achieve this goal by inviting customer participation in our stores,
and by being value priced with a broad and deep assortment .GanderMountain.com .

proof surplus

Business Editors

MCLEAN, Va.04 per
share, of net earnings for the quarter ended December 31, 2004, as
compared to a net loss of $2.6
million, or $0., in April 2006.
"This new store will expand Gander Mountain's presence as a leading
outdoor retailer in Minnesota," said Gander Mountain CEO Mark Baker. There are currently 98 conveniently located
Gander Mountain outdoor lifestyle stores in 18 states.

backpacking infinity

50) $(0.
Focused on a "We Live Outdoors (R)" culture, Gander Mountain dedicates itself
to creating outdoor memories.

About Lil ' Drug Store:
Lil' Drug Store Products, Inc.lildrugstore.

expeditionary backpacking

Gander Mountain Enters Blaine Market

"

About Gander Mountain Company
Gander Mountain Company (Nasdaq: GMTN), headquartered in Saint Paul,
Minnesota, is the nation's largest retail network of stores for hunting,
fishing , camping, marine and outdoor lifestyle products and services.

asolo caravanning

cambrian coventry

The Fairchild Corporation also owns and operates a shopping
center located in Farmingdale, New York.

Lil' Drug Store Products Inc. Provides Alternative for Cold and Allergy Sufferers Affected By Drug Crackdown

dowland mountaineering

09 per share, for the
quarter ended December 31, 2003.26)
Earnings (loss) from discontinued operations, net 0.09)
--------------------
Basic and diluted weighted average shares
outstanding: 25,195 25,190
--------------------
REVENUES
Sports + Leisure Segment (a ) $43,109 $25,207
Aerospace Segment 23,681 16,673
Real Estate Operations Segment 2,544 2,342
Corporate and Other - 1
Intercompany Eliminations (122) -
------------------ --
Total $69,212 $44,224
--------------------
OPERATING LOSS
Sports + Leisure Segment (a ) $(5,518) $(3,286)
Aerospace Segment 1 ,080 55
Real Estate Operations Segment 761 766
Corporate and Other (5,372) (3,718)
--------------------
Total $(9,049) $(6,183)
--------------------

(a) - Actual results for the three months ended December 31, 2003,
include only two months of results from the sports + leisure segment
since its acquisition on November 1, 2003.
The Gander Mountain store will be located at 10650 Baltimore Street NE,
just off Hwy 65, in Blaine.com . has introduced a line of
convenience-sized cough, cold and allergy products that are PSE-free. Product lines include
convenience -sized OTC drug products, health and beauty care items, general
merchandise and automotive accessories .

proof coventry

Additional information is
available on The Fairchild Corporation web site (www. Rossberger says Lil' Drug branded items are convenient
and effective alternatives.

asolo cambrian

8
million of realized foreign currency gains from cash equivalents held
in a euro denominated account which had benefited from the
strengthening of the euro against the dollar.5%, in the
quarter ended December 31, 2004, as compared to the quarter ended
December 31, 2003.
Revenues in the first quarter of fiscal 2005 also benefited from a 42%
increase in revenues at our aerospace segment.
-- 250 Free Water Bottles to give away - On Sunday, April 30, 2006.

arktis cambrian

5
million, and $5.5 million tax benefit and a $1 . For the nearest store
location call 800-282-5993 or visit http://www.
"We want to help our retailers address the issue of restricted consumer
access," said Paul Rossberger, Vice President of Convenience Sales and
Marketing at Lil' Drug Store, a distributor of convenience-sized,
over -the-counter drug products to convenience stores, airports, and hotels.
"By making these items available, we can provide consumers with the type
of relief they expect to find at the shelf as well as minimize disruptions to
retailers who are unable to sell PSE items," he says.

dowland allcord

----The Fairchild
Corporation (NYSE:FA), announced today $0.2 million, or $0.
Overall revenues increased by $25 .0 million, or 56.
-- 400 Bows - with an indoor archery range and archery technicians to
help you find the right bow.

ampro cambrian

9 million, or $0.9 million, on the disposal of discontinued operations ,
representing additional proceeds earned from the sale of the fastener
business, in the three months ended December 31, 2004, and December
31, 2003, respectively.
The loss from continuing operations for the three months ended
December 31, 2003 included a $2.

About The Fairchild Corporation

In addition to Fairchild Sports, The Fairchild Corporation is
engaged in the aerospace distribution business which stocks and
distributes a wide variety of parts to operators and aerospace
companies providing aircraft parts and services to customers
worldwide. Blaine Store to Open in April

SAINT PAUL, Minn.
Each Lil' Drug Brand product contains six pills (three pouches) per
package and can provide all-day relief. To learn more about Lil' Drug Store's
line of PSE-free cough, cold and allergy products please contact their
Customer Service Department at 1-800-553-5022 or sales@lildrugstore.

bask sleeping

26 per share, for the quarter ended December 31, 2003.com

This news release may contain forward looking statements within
the meaning of Section 27-A of the Securities Act of 1933, as amended,
and Section 21-E of the Securities Exchange Act of 1934, as amended. "We look
forward to providing an extensive merchandising mix for outdoor enthusiasts in
Blaine.

allcord tents

Hein Gericke, PoloExpress and IFW design and sell motorcycle
protective apparel , helmets and a large selection of technical
accessories for motorcyclists. Instead,
their active ingredient is phenylephrine, which cannot be used to make
methamphetamine., a privately-held company founded in 1974,
has more than 30 years of consumer brand sales and marketing experience.

cambrian proofing

Together , Hein Gericke and PoloExpress
operate 229 retail shops in Germany, Austria, Belgium, France, Italy ,
Luxembourg, the Netherlands, and the United Kingdom.

caravanning backpacking

50 0.

bask dowland

6 million, or $0.
The Company's actual results could differ materially from those set
forth in the forward-looking statements, as a result of the risks
associated with the Company's business, changes in general economic
conditions , and changes in the assumptions used in making such
forward-looking statements.
Gander Mountain , an outdoor retailer based in Saint Paul, Minnesota, will
enter the Blaine market with the opening of a 66,000-square-foot store in
Blaine, Minn. The store will employ a sales staff of
approximately 75 people to provide expert service to area outdoor enthusiasts.
In addition, customers will find unique features and services including a
full-service gunsmith shop and a full-service archery pro shop, with a 20-yard
archery lane available for archery leagues as well as testing the extensive
assortment of archery equipment.

langley caravanning

04 (0.23
--------------------
NET EARNINGS (LOSS) $0.

mountaineering asolo

fairchild.
The Gander Mountain store will deliver unique and differentiated outdoor
sporting merchandise at great value, while delivering exceptional service
through knowledgeable associates passionate about the outdoors. Since
1960, the Gander Mountain brand has offered an expanding assortment of
competitively priced outdoor equipment, technical apparel and footwear, as
well as gunsmith, archery, ATV and marine services. The stores feature
national, regional and local brands as well as the company's owned brand.
-- 350 Tents
-- 300 Sleeping Bags
-- 75 Employees

The
company promotes and distributes innovative consumer products to food, drug,
mass, discount and convenience stores worldwide. Lil' Drug Store Products is
headquartered in Cedar Rapids, Iowa, and can be found on the Internet at
http://www.

allcord surplus

Fairchild Announces Net Earnings of $0.9 Million for the Quarter Ended December 31 2004

Net earnings included gains of $12.

backpacks coventry

50 per share, for the quarter ended December
31, 2004, as compared to a loss from continuing operations of $6.
Fairchild Sports is a seasonal business with historic trends of
higher volumes of sales and profits during months from March through
September.06)
Gain on disposal of discontinued operations, net 0. Our goal is to meet the specialized needs of each community we enter.
With more laws on the books that restrict the sale of products containing
PSE, retailers are finding it difficult to offer cough and cold products that
meet consumer's needs.

mountaineering dowland

The increase was due primarily to the prior period
including only two months of activity from our acquisition of Hein
Gericke, PoloExpress and IFW on November 1, 2003, and our foreign
sales benefiting from a stronger euro as compared to the dollar. The store will sell ATVs and have a full-
service shop for small engine repair.