Concord EFS Closes the 90's On a Strong Note; Company Executives Say 1999 Earnings Will Meet or Exceed Revenue and Earnings Expectations.

Business Editors

MEMPHIS, Tenn.--(BUSINESS WIRE)--Jan. 10, 2000

Concord EFS, Inc. (Nasdaq:CEFT), today announced that the Company's strong performance in the first three quarters of 1999 was continued in the fourth quarter, with revenue and earnings expected to meet or exceed the consensus of analysts' estimates for the quarter and the year, excluding acquisition expenses and restructuring charges. Concord anticipates formal release of earnings on February 11, 2000. The Company also closed the year with a smooth and uneventful transition to the Year 2000 at its five data centers.

Company President, Edward A. Labry III expressed satisfaction with the Company's overall performance. "There was strong transaction growth in our core businesses, solid cross-sell results to current clients, and continued decline in selling, general, and administrative expenses as a percent of revenue. In addition, our conversions of the new cross-sold business are moving along well, so that we're realizing incremental revenue quickly," he said. "Looking ahead, we're confident that strong transaction growth will continue as traditional paper-based payment types convert to electronic transactions, which will drive Concord's future earnings growth."

Concord's core business is providing credit, debit, and electronic benefits transfer (EBT) payment and automated teller machine (ATM) processing for five key markets: Retail, supermarket, petroleum/convenience store, financial institutions, and trucking.

About Concord:

Concord is a vertically integrated electronic transaction processor, providing transaction authorization, data capture, settlement, and funds transfer services to selected markets. Concord's primary activities include providing credit, debit, check authorization, and electronic benefits transfer (EBT) processing services to supermarket, petroleum, convenience store and other retailers; and providing gateway processing, ATM driving, and MAC(R) network access to the financial services industry. Concord also provides electronic payment and payroll services to trucking companies, truck stops and other segments of the market.

This release may contain or incorporate by reference statements which may constitute "forward-looking" information, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such statements are not guarantees for future performance and involve risks and uncertainties, and actual results may differ materially from those contemplated by such forward-looking statements. 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. See the cautionary statements included as Exhibit 99 to our Form 10-Q for the quarter ended March 31, 1999 for a more detailed discussion of certain of the factors that could cause actual results to differ materially from those included in the forward-looking statements.