Concord EFS, Inc. Reports Results of Fourth Quarter and Year Ended December 31, 1998.

MEMPHIS, Tenn.--(BUSINESS WIRE)--Feb. 11, 1999--Concord EFS, Inc. (Nasdaq/OTC:CEFT) and Subsidiaries (the Company) reports fourth quarter Diluted Earnings Per Share of $0.20, up 43% from the same period of the prior year. Other fourth quarter results include Revenue of $109,169, up 36% from the same period of the prior year and Net Income of $19,888, up 43% from the same period of the prior year.

For the year ended December 31, 1998, the Company reported Diluted Earnings Per Share of $0.63, up 50% compared to the prior year, Revenue of $375,738, up 39% compared to the prior year, and Net Income of $63,771, up 53% compared to the prior year.

The historical financial information presented in this press release has been restated to include the results of Digital Merchant Systems (DMS), which was acquired in a pooling-of-interests transaction completed on June 30, 1998. In accordance with the pooling-of-interests method of accounting, no adjustments have been made to the historical carrying amounts of assets and liabilities of DMS. However, the financial information has been restated to include the operating results of DMS for all periods prior to the combination. -0-

     Digested performance (in thousands, except earnings per share) is:

                       Quarter      Quarter       Year          Year
                        Ended        Ended        Ended         Ended
                       12/31/98     12/31/97     12/31/98      12/31/97
                                   (Restated)                 (Restated)

Revenue                $109,169      $80,355     $375,738      $270,074

Operating Income         26,650       18,174       83,805        54,471

Net Income               19,888       13,952       63,771        41,682

Basic Earnings
 Per Share                $0.20        $0.14        $0.65         $0.43

Diluted Earnings
  Per Share               $0.20        $0.14        $0.63         $0.42

This release may contain statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Prospective investors are cautioned that any such statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, and competition in the Company's markets. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future results over time.