DEAN WITTER, DISCOVER & CO. REPORTS RECORD QUARTERLY EARNINGS OF $222 MILLION.

NEW YORK--(BUSINESS WIRE)--April 25--Dean Witter, Discover & Co. today reported record first quarter net income of $222.1 million, 6 percent above the $209.5 million for the first quarter of 1994. Earnings per share increased 7 percent to $1.31 compared to $1.23 last year. These earnings were also 59 percent above the $140 million reported for the fourth quarter of 1994. Return on average equity for the quarter continued high at 21.1 percent.

Both of the company's major businesses had record quarters. Credit Services earnings were up 6 percent to $132.0 million, and Securities earnings rose by 5 percent to $90.1 million. "It was an excellent quarter in almost every respect," said Philip J. Purcell, Chairman and Chief Executive Officer. "We continue to do a good job in controlling costs in our securities business. Very few firms in the securities business can match our record of profitable growth. Our strong revenue growth in Credit Services continues, and the next steps in our NOVUS multi-card strategy which we announced two weeks ago will lead to further revenue growth over the long-term."

First quarter net operating revenues were $1.37 billion, an 8 percent advance from last year's $1.27 billion.

CONTACT: Timothy Lee

Corporate Communications 

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Amy A. Pappas

Investor Relations 

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