D&B REPORTS RECORD EARNINGS PER SHARE WITH DOUBLE-DIGIT GROWTH FOR FOURTH-QUARTER AND FULL-YEAR 1994; D&B Sees Accelerated Revenue Growth And Higher Investment in 1995.

WILTON, Conn.--(BUSINESS WIRE)--Jan. 25, 1995--Dun & Bradstreet today announced fourth-quarter earnings of $1.23 per share, up 11.8 percent from $1.10, excluding a restructuring charge in 1993.

Full-year 1994 earnings per share increased by 10.1 percent to $3.70 from $3.36 in 1993, excluding both the year-ago charge and the company's adoption of required accounting changes in 1993.

Robert E. Weissman, president and chief executive officer, said, "Two major D&B achievements highlighted 1994. We posted record earnings per share and our investments in revenue growth began to pay off. These successes resulted from our strategy to drive organizational change, accelerate revenue growth and increase productivity. We are building a new D&B--a lean, competitive, tightly run organization."

To fuel topline growth, Mr. Weissman said the company substantially stepped up investments in new products, geographic and market expansion, and acquisitions. On the productivity side, dramatic steps were taken to reduce costs and leverage synergies.

"Our investment strategy paid off in new product and market initiatives. We committed substantial resources to revenue enhancement actions, resulting in hot products like IMS's Xponent/Xplorer, D&B Software's SmartStream suite, Nielsen Solution System, Credit Portfolio Analysis and many more. D&B committed to spend over $300 million on 30 strategic acquisitions and equity investments, including SRG, the premier market research firm in Southeast Asia, and Pilot Software, a leader in online analytical processing software," said Mr. Weissman.

D&B reported an 18.9 percent operating margin--up from 16 percent three years ago. Productivity actions ranged from a workforce reduction of about 5,000 since late 1993, to company-wide consolidation of data-processing centers, real estate, and back-office accounting.

"Revenue growth remains D&B's number-one objective," said Mr. Weissman. "Our positive year-end finish is encouraging, with enhanced performances by IMS, Nielsen International, Nielsen Media and Gartner Group."

D&B's 1994 underlying revenue growth of about 2 percent was held down by results at three divisions: Nielsen U.S., D&B Software and Moody's Investors Service. Excluding these businesses, D&B's full-year underlying revenue was up about 5 percent, and fourth-quarter underlying revenue was up about 7 percent.

"D&B competed aggressively in 1994," said Mr. Weissman. "Nielsen U.S. seized the competitive momentum by winning a solid majority of contracts awarded in 1994, while IMS substantially strengthened its leadership position in the U.S. marketplace.

Focusing on 1995, Mr. Weissman said, "D&B's revenue-growth outlook for 1995 is substantially improved. We believe mid-single-digit revenue growth is achievable, driven by investments in 1994, high-growth acquisitions, increased competitive momentum, and a stable revenue outlook at Nielsen U.S. and D&B Software."

"Nineteen ninety-five represents a bridge into the future; a time to accelerate our long-term commitment to revenue growth. Based on that assessment, we have decided to increase investment in D&B by nearly 25 percent over 1994. Our accelerated investment will fuel topline growth and build customer value through new products and services, competitive pricing and strategic acquisitions," Weissman continued.

"Based on these aggressive investment plans, we expect 1995 underlying revenue growth in the mid-single digits, with growth in EPS at or nearly at our topline performance," said Mr. Weissman.

D&B's growth engines have the capability to generate EPS growth consistent with recent history," concluded Mr. Weissman. "In fact, the planned incremental investment alone exceeds the spread between the most recent average analyst estimate and our current outlook. While this level of investing will hold down short-term earnings growth, we believe this is clearly in the best long-term interests of the company and its shareowners."

While the company expects good 1995 business performance from its divisions, D&B cited several other factors affecting 1995 earnings growth. Last year, spending on new revenue initiatives, including dilution from acquisitions, was funded primarily by an unusually high level of productivity improvements from restructuring actions and workforce reductions, as well as by employee benefit plan changes and some one-time gains. In 1995, the incremental contribution from productivity gains, while continuing to be strong, is not likely to be sufficient to drive earnings growth beyond revenue growth, given the accelerated levels of investment. Moreover, this year the company anticipates less of a contribution from one-time savings and gains, which helped to fund investment spending in 1994.

The company indicated that the first quarter may not be representative of anticipated full-year performance, in part because of a significant decline at Moody's, compared with its good performance in the first quarter of 1994.

The company also noted that some of 1995's revenue growth will come from new products and services, which typically show lower initial margins. The company also anticipates a reduction in contribution from the Directory business due to contractual changes. Further, the company expects a substantial increase in interest expense as a result of 1994 expenditures on acquisitions, restructuring and severance, as well as interest-rate increases on short-term financing.

Mr. Weissman noted that, despite aggressive plans to increase spending, the company is financially strong and able to fund the current dividend. "At a minimum, we plan to maintain the current dividend. Of course, any recommendation to the board to increase the dividend will depend on how much earnings grow," he said.

Commenting on the long-term outlook for D&B, Mr. Weissman said, "Given our current performance and our confidence in D&B's strategy to deliver results, we remain wholly committed to our long-term expectations of high-single-digit revenue growth, with higher growth in earnings per share."

FOURTH-QUARTER 1994 RESULTS

D&B said fourth-quarter earnings were $1.23 per share, up 11.8 percent from $1.10 per share a year ago, excluding a restructuring charge of $166.7 million after-tax in the fourth quarter of 1993. Including the charge, D&B reported 1993 fourth-quarter earnings per share of $.15.

Fourth-quarter net income grew by 8.6 percent to $209,530,000 from $192,900,000 a year ago, excluding the charge in 1993. Growth in net income was held down by the cost of funds that the company used to repurchase 8.3 million shares of its common stock in the fourth quarter of 1993. Due to the repurchase, which resulted in a lower average number of shares outstanding, growth in fourth-quarter earnings per share was greater than the increase in net income. Including the year-ago charge, 1993 net income was $26,201,000.

Reported operating income in the fourth quarter increased by 11.9 percent to $301,212,000 from $269,196,000 a year ago, excluding the charge in 1993. Operating-income growth outpaced revenue growth primarily because of improved productivity from workforce reductions, prior restructuring actions and other company-wide productivity initiatives. Excluding the effects of acquisitions, divestitures, a weaker U.S. dollar, timing factors and restructuring expense--net, D&B's fourth-quarter operating income grew by about 8 percent.

Reported fourth-quarter revenue increased by 6.7 percent to $1,408,415,000 from $1,319,461,000 a year ago. Excluding the effects of acquisitions and divestitures, a weaker U.S. dollar and timing factors, fourth-quarter revenue increased more than 2 percent, better growth than in the prior two quarters. Good underlying revenue performance at IMS, Nielsen International, Nielsen Media Research and Gartner Group was largely offset by a decline at Moody's Investors Service, a decrease in mainframe-related revenue at D&B Software, and by past competitive losses at Nielsen in the U.S.

The company reported fourth-quarter non-operating expense--net of $8,572,000, compared with non-operating income--net of $23,879,000 a year ago. Non-operating income--net a year ago included a $21 million gain on the initial public offering of Gartner Group, which partially offset the fourth-quarter restructuring charge. Non-operating expense--net in 1994 was due in part to a lower cash position as a result of cash payments for acquisitions, restructuring and severance, lower interest rates earned on international cash investments, higher interest rates paid on increased U.S. short-term borrowings, and higher minority interest expense related to two previously disclosed limited partnerships and to Gartner Group.

D&B's fourth-quarter tax rate was 28.4 percent, compared with the fourth-quarter 1993 tax rate of 29.1 percent, excluding the effect of the restructuring charge in 1993.

In the fourth quarter, as part of the company's global initiative to improve productivity and increase synergies, the company realized a $13 million benefit-plan curtailment gain due to workforce reductions and divestitures and a $10 million gain from the sale of Nielsen's headquarters in Northbrook, Illinois. The company also realized a $10 million benefit, included in other expense--net, from tax sharing agreements with an Alaska Native Corporation. These gains partially offset the high level of spending on new growth initiatives in the quarter.

FOURTH-QUARTER SEGMENT RESULTS

Marketing Information Services reported a 23.5 percent increase in fourth-quarter revenue to $605,340,000 from $490,228,000 a year ago. Adjusted for the impact of a weaker U.S. dollar, the acquisition of Survey Research Group (SRG), AGB Australia and Amfac Chemdata and the divestiture of Donnelley Marketing Information Services (DMIS), and timing factors, fourth-quarter revenue growth for the segment was up about 9 percent. IMS International reported fourth-quarter revenue of $204 million, up 26 percent on a reported basis and up about 9 percent, adjusted for the acquisition of Amfac Chemdata, timing factors and the impact of the dollar. Nielsen Marketing Research reported fourth-quarter revenue of $333 million, up 21 percent on a reported basis and up about 7 percent, adjusted for the acquisition of SRG and AGB Australia, the divestiture of DMIS and the impact of a weaker U.S. dollar. Nielsen Media Research reported excellent growth in fourth-quarter revenue.

               FOURTH-QUARTER 1994 SEGMENT PERFORMANCE
                      (Dollars in thousands)

                       Fourth-Quarter
                            Operating         % Change         % Change
                              Revenue         Reported      Underlying(a)
Segment

Marketing Information
 Services                   $ 605,340          23.5%               9%
Risk Management
 and Business and Marketing
 Information Services       $ 436,876           4.5%              -2%
Software Services           $ 118,045         -13.0%             -18%
Directory Information
 Services                   $ 156,339          -9.0%               6%
Other Business Services     $  91,815         -11.4%              26%

(a) Excluding the effects of acquisitions and
divestitures, a weaker U.S. dollar and timing factors.

    Risk Management and Business Marketing Information Services
reported fourth-quarter revenue growth of 4.5 percent to $436,876,000
from $418,167,000 a year ago.  Adjusted for the impact of a weaker
U.S. dollar and the acquisitions of Novinform AG, S&W and Orefro,
segment revenue was down slightly, held down by a decline at Moody's
Investors Service.  Moody's reported significantly lower
fourth-quarter revenue, principally due to the dramatic decline in
corporate-bond volumes and public-debt refundings.  Dun & Bradstreet
Information Services (DBIS) reported revenue of $358 million, up 9
percent from last year.  Adjusted for the weaker U.S.  dollar and
acquisitions, DBIS's revenue was up about 1 percent.  DBIS North
America's fourth-quarter revenue was down slightly, reflecting lower
U.S.  credit services revenue resulting from customers' increased use
of lower priced, less comprehensive U.S.  credit services products.
Adjusted for the impact of a weaker U.S.  dollar and the
acquisitions, DBIS Europe's fourth-quarter revenue increased by about
4 percent, driven by new products and accelerated actions to
strengthen D&B's competitive capabilities throughout Europe.
    Software Services reported a 13.0 percent decrease in
fourth-quarter revenue to $118,045,000 from $135,667,000 a year ago.
DBS's fourth-quarter 1994 revenue, adjusted for the dollar, was down
slightly more than the underlying segment decline, principally due to
lower mainframe-related revenue.  During the quarter, DBS had a major
new release of its Smartstream enterprise suite of client/server
tools and applications.  Positive customer response to the new
products, a new management team, an enhanced marketing program and
renewed focus on the extensive base of mainframe customers are
expected to stabilize D&B Software's performance this year.
    Directory Information Services reported a 9.0 percent decrease in
fourth-quarter revenue to $156,339,000 from $171,772,000 a year ago,
largely as a result of timing factors.  Excluding the impact of
timing, and the divestiture of Thomson Directories, revenue growth
for the quarter was about 6 percent.  Underlying fourth-quarter sales
of Directory Information Services yellow pages directories were up
slightly.
    Other Business Services reported fourth-quarter revenue of
$91,815,000, down 11.4 percent from $103,627,000 a year ago, as a
result of divestitures.  Adjusted for Dataquest's divestiture of its
Machinery Information Division and the divestiture of Plan Services,
segment revenue increased about 26 percent.  Gartner Group reported
excellent growth in fourth-quarter revenue.  NCH Promotional Services
reported a decrease in fourth-quarter revenue, reflecting a decline
in worldwide coupon redemptions and competitive pricing in the
industry, as well as the impact of actions taken to improve cash flow
and profitability.

FULL-YEAR 1994 RESULTS
    D&B reported 1994 earnings per share of $3.70, up 10.1 percent
from $3.36 in 1993, excluding the fourth-quarter 1993 restructuring
charge and the impact of the company's adoption of SFAS 112 and 106
in 1993.  Including these factors, the company reported 1993 earnings
per share of $.23.
    Net income in 1994 increased by 5.7 percent to $629,500,000 from
$595,375,000 in 1993, excluding the factors cited above.  Including
these factors, D&B reported 1993 net income of $38,079,000.
    Reported operating income in 1994 increased by 11.5 percent to
$925,476,000 from $830,039,000, before restructuring expense--net in
1993.  Operating-income growth outpaced revenue growth primarily
because of improved productivity from workforce reductions, prior
restructuring actions and other company-wide productivity
initiatives.  Excluding the effects of acquisitions, divestitures,
timing factors and restructuring expense--net, D&B's 1994 operating
income grew by about 10 percent.
    Reported 1994 revenue increased by 3.9 percent to $4,895,705,000,
from $4,710,399,000 in 1993.  Excluding the effects of acquisitions
and divestitures and timing factors, 1994 revenue rose by about 2
percent.  For the full year, the impact of the dollar was not
significant.  Good underlying revenue performance at IMS
International, Nielsen Media Research and Gartner Group was largely
offset by a decline at Moody's Investors Service, a decrease in
mainframe-related revenue at D&B Software, and by past competitive
losses at Nielsen in the U.S.
    The company reported 1994 non-operating expense--net of
$46,286,000, compared with non-operating income--net of $35,522,000 a
year ago.  Non-operating income--net a year ago included the $21
million gain on the initial public offering of Gartner Group.
Non-operating expense--net in 1994 was due in part to a lower cash
position as a result of cash payments for acquisitions, restructuring
and severance, lower interest rates earned on international cash
investments and higher interest rates paid on increased U.S.
short-term borrowings, and higher minority interest expense related
to two previously disclosed limited partnerships and to Gartner
Group.  The cost of funds raised by one partnership, which provided
funding for the company's share repurchase program, was more than
offset by the favorable impact on earnings per share of lower average
shares outstanding.
    D&B's 1994 tax rate was 28.4 percent, compared with 1993's tax
rate of 29.5 percent, excluding the effect of the restructuring
charge in 1993.

FULL-YEAR 1994 SEGMENT RESULTS
    The following comments and table reflect 1994 and 1993
business-segment revenue and operating income before restructuring
expense.
    Marketing Information Services reported a 9.3 percent increase in
1994 revenue to $2.043 billion from $1.868 billion in 1993.  Adjusted
for the acquisitions of SRG, AGB Australia and Amfac Chemdata, the
divestiture of DMIS, and timing factors, 1994 revenue growth for the
segment was up about 6 percent.  IMS International reported 1994
revenue of $691 million,

                        1994 SEGMENT PERFORMANCE

                                Underlying    Operating    Underlying
                      Revenue   Revenue(1)    Income(2)    Op. Income(1)(2)
                     % Change   % Change      % Change     % Change
Segment              vs. 1993   vs.1993       vs. 1993     vs. 1993

Marketing
 Information Services    9.3%       6%          -6.6%        -18%
Risk Management and
 Business Marketing
 Information
 Services                2.7%       0%          10.0%          9%
Software Services      -14.7%     -15%        -101.9%       -124%
Directory Information
 Services               -2.4%       6%          15.6%         32%
Other Business
 Services               14.1%      17%         215.8%        441%

(1) Excluding the effects of divestitures and acquisitions, and
timing factors.

(2) Operating income before restructuring expense--net.

up about 13 percent on a reported basis and up about 8 percent,
adjusted for the acquisition of Amfac Chemdata and timing factors.
Nielsen Marketing Research reported 1994 revenue of $1.102 billion,
up 4.8 percent on a reported basis and up about 3 percent, adjusted
for acquisitions and the divestiture of DMIS.  Nielsen Media Research
reported excellent revenue growth in 1994.  Reported operating income
for the segment decreased 6.6 percent to $277,045,000 from $296,539,000
a year ago.  Adjusted for acquisitions, the divestiture of DMIS and
timing factors, operating income was down 18 percent.  Operating
income in 1994 reflected increased investment spending in the
segment, as well as past competitive losses and higher costs in
Nielsen's U.S.  business.
    Risk Management and Business Marketing Information Services
reported 1994 revenue growth of 2.7 percent to $1.606 billion from
$1.564 billion in 1993.  Adjusted for the acquisitions of Novinform
AG, S&W and Orefro, segment revenue was essentially unchanged, held
down by a decline at Moody's Investors Service.  Moody's reported
lower 1994 revenue, principally due to the dramatic decline in
corporate-bond volumes and public-debt refundings.  Dun & Bradstreet
Information Services reported 1994 revenue of $1.256 billion, up 3.0
percent from last year.  Adjusted for acquisitions, DBIS's revenue
was up about 1 percent.  DBIS North America's 1994 revenue was
essentially unchanged, held down by slightly lower U.S.  credit
services revenue resulting from customers' increased use of lower
priced, less comprehensive U.S.  credit services products.  Adjusted
for acquisitions, DBIS Europe's 1994 revenue increased by about 1
percent.  Reported operating income for the segment increased 10
percent to $445,160,000 from $404,586,000 a year ago.  Adjusted for
acquisitions, operating income was up 9 percent despite a decline at
Moody's, due primarily to productivity gains at DBIS.
    Software Services reported a 14.7 percent decrease in 1994
revenue to $405,944,000 from $475,633,000 a year ago.  D&B Software's
1994 revenue, adjusted for the dollar, was down in line with the
segment, due to lower mainframe-related revenue.  The Software
Services segment posted a slight loss in 1994, due to a third-quarter
charge for the revaluation of computer software.  Excluding the
charge, the segment had a modest profit, compared with operating
income of $43.7 million a year ago.
    Directory Information Services reported a 2.4 percent decrease in
1994 revenue to $440,082,000 from $450,704,000 a year ago, largely as
a result of timing factors.  Excluding the impact of timing factors
and the divestiture of Thomson Directories, revenue growth for 1994
was about 6 percent.  Underlying sales of Directory Information
Services yellow pages directories were up slightly.  Reported
operating income for the segment increased 15.6 percent to $214,200,000
from $185,234,000 a year ago.  Excluding the impact of timing factors
and the divestiture, segment operating income was up 32 percent,
reflecting significant productivity gains.
    Other Business Services reported 1994 revenue of $401,134,000, up
14.1 percent from $351,606,000 in 1993.  Adjusted for Dataquest's
divestiture of its Machinery Information Division and the divestiture
of Plan Services, segment revenue increased about 17 percent.
Gartner Group reported excellent revenue growth in 1994.  NCH
Promotional Services reported a decrease in 1994 revenue, reflecting
a decline in worldwide coupon redemptions and competitive pricing in
the industry, as well as the impact of actions taken to improve cash
flow and profitability.  Reported operating income for the segment
increased by 215.8 percent to $88,308,000 from $27,962,000 a year ago,
due primarily to the third-quarter gain on the sale of the assets of
DunsNet, which was offset by the charge for the revaluation of
computer software in other segments.  Adjusted for Dataquest's
divestiture of its Machinery Information Division and the divestiture
of Plan Services, segment operating income was up significantly, due
to the DunsNet gain and the excellent performance at Gartner Group.
-0-

                      THE DUN & BRADSTREET CORPORATION
                     CONSOLIDATED STATEMENT OF INCOME
             (In Thousands of Dollars, Except Per Share Amounts)

                                   Three Months Ended
                                      December 31              Percent
                                  1994            1993         Change

Operating Revenue              $1,408,415     $1,319,461         6.7
Operating Costs, Selling
 and Administrative Expenses    1,107,203      1,050,265         5.4
Operating Income Before
 Restructuring Expense - Net      301,212        269,196        11.9
Restructuring Expense - Net             0        277,522          -

Operating Income (Loss)
 After Restructuring
 Expense - Net                    301,212         (8,326)         -

Interest (Expense) Income - Net    (3,694)        11,460          -

Other (Expense) Income - Net
  -Gain from Gartner Group IPO          0         21,022          -
  -Other                           (4,878)        (8,603)         -

Non-Operating (Expense)
 Income - Net                      (8,572)        23,879          -

Income Before Provision
 (Benefit) for Taxes              292,640         15,553          -

Income Tax Provision (Benefit)     83,110        (10,648)         -

Net Income                     $  209,530      $  26,201          -

Earnings Per Share of
 Common Stock                  $     1.23      $    0.15          -

Dividends Paid Per
 Share of Common Stock         $     0.65      $    0.61         6.6

Average Number of Shares
 Outstanding                      169,946        173,811        (2.2)

                      THE DUN & BRADSTREET CORPORATION
                       CONSOLIDATED STATEMENT OF INCOME
              (In Thousands of Dollars, Except Per Share Amounts)

                                   Twelve Months Ended
                                       December 31             Percent
                                  1994            1993         Change

Operating Revenue              $4,895,705     $4,710,399         3.9

Operating Costs, Selling
 and Administrative Expenses    3,970,229      3,880,360         2.3

Operating Income Before
 Restructuring Expense - Net      925,476        830,039        11.5

Restructuring Expense - Net             0        277,522          -

Operating Income After
 Restructuring Expense - Net       925,476       552,517        67.5

Interest (Expense) Income - Net     (7,826)       26,915          -

Other (Expense) Income - Net
  -Gain from Gartner Group IPO           0        21,022          -
  -Other                           (38,460)      (12,415)         -
Non-Operating (Expense)
 Income - Net                      (46,286)       35,522          -

Income Before Provision for Taxes and
  Cumulative Effect of Changes
  in Accounting Principles         879,190       588,039        49.5

Income Tax Provision               249,690       159,364        56.7

Income Before Cumulative Effect
 of Changes in Accounting
 Principles                        629,500       428,675        46.8

Cumulative Effect to
 January 1, 1993, of Changes in
 Accounting Principles:

-SFAS No. 106, "Employers' Accounting
  for Postretirement
  Benefits Other Than Pensions,"
  Net of Income Tax
  Benefits of $93,730                 -         (140,596)         -

-SFAS No. 112, "Employers'
  Accounting for Postemployment
  Benefits," Net of Income Tax
  Benefits of $150,000                          (250,000)         -

Net Income                      $  629,500    $   38,079          -

Earnings Per Share of
 Common Stock:

Before Cumulative Effect of
  Changes in Accounting
  Principles                    $     3.70    $     2.42        52.9

Cumulative Effect to
  January 1, 1993, of Changes in
  Accounting Principles:

-SFAS No. 106, "Employers'
  Accounting for Postretirement
  Benefits Other Than Pensions"        -           (0.79)         -

-SFAS No. 112, "Employers'
  Accounting for Postemployment
  Benefits"                            -           (1.40)         -

  Net Income                     $    3.70      $   0.23          -

Dividends Paid Per Share
 of Common Stock                 $    2.56      $   2.40         6.7

Average Number of Shares
 Outstanding                       169,946       177,181        (4.1)

CONTACT: The Dun & Bradstreet Corporation, Wilton

Reid H. Gearhart, 203/834-4275