Continental Information Systems Corporation Reports Second Quarter Operating Results.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 14, 2000

Continental Information Systems Corporation (NASDAQ:CISC) announced results today for the second quarter ended November 30, 1999. Second quarter revenues amounted to $1,694,000, compared to $2,455,000 for the comparable quarter in 1998. The Company reported a net loss of $800,000, or ($.12) per share, for the current quarter as compared to $299,000, or ($.04) per share, for the corresponding year-earlier period.

Results of operations for the current quarter were negatively impacted by weaker sales revenue in the Air Group and legal expenses incurred in connection with ongoing litigation. Earnings for the November 1999 quarter also reflected costs relating to closing of the Company's headquarters in Syracuse, New York and startup expenses in connection with the Company's securities electronic execution business.

Continental Information Systems Corporation currently has three main lines of business:

--   leasing, sales and management of commercial aircraft and aircraft
     engines;

--   providing other financing services, including commercial real
     estate financing; and,

--   developing and commercializing an Internet-enabled electronic
     execution securities trading processing platform making use of
     revolutionary technology, adapted to changes in the financial
     market place.

This press release contains forward looking statements that involve risks and uncertainties. The actual results may differ significantly from those currently anticipated. Among the factors that could cause actual results to differ materially are those set forth above and the other risk factors described from time to time in the Company's reports filed with the SEC. The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made.

              Continental Information Systems Corporation
                           and Subsidiaries
                 Consolidated Statement of Operations
                              (Unaudited)
                  (Thousands, except per share data)

======================================================================
                             For the Three                For the Six
                             Months Ended                 Months Ended
                             November 30,                 November 30,
                          1999         1998             1999      1998
                          ----        ----              ----      ----
Revenues               $ 1,694      $ 2,455          $ 6,532   $ 8,133
                       -------     --------          -------   -------
Costs and expenses       2,494        2,937            7,945     8,438
                        ------     --------          -------    ------
Loss from operations
 before income taxes      (800)        (482)          (1,413)     (305)
Credit for income tax        -         (183)               -      (116)
                        ------         -----           -----     -----
Net loss                 ($800)       ($299)         ($1,413)    ($189)
                         ======       ======        ========    ======
Basic and diluted net
 loss per common share: $ (.12)      $ (.04)          $ (.21)   $ (.03)
                        =======      =======         =======   =======
Weighted average number
 of shares of common
 stock outstanding       6,671        6,939            6,815     6,939
                        ======        =====            =====     =====