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SAFECARD REVENUES SET RECORD

 CHEYENNE, Wyo. Jan. 19 /PRNewswire/ -- SafeCard Services, Incorporated today reported record revenue for its fourth quarter and fiscal year 1992. Net earnings and pre-tax earnings also would have been at record levels for the year except for a $17.5 million pre-tax charge for the company's relocation of its headquarters and operational facility from Ft. Lauderdale, Fla. to Cheyenne during the year, company officials said.
 SafeCard is the world's largest provider of credit card registry service and also provides other enhancement services through its credit card issuer clients.
 Revenues for the 1992 fiscal year were $157,631,000, compared to $151,884,000 for the comparable 1991 period. Revenues for the fourth quarter of 1992 were $39,511,000, up from the $38,771,000 recorded in the same quarter of 1991.
 Of the $17.5 million charge in 1992 due to the company's relocation, $11 million (pre-tax) was recorded in the second quarter of 1992 and $6.5 million (pre-tax) in the fourth quarter.
 Adjusted pre-tax earnings (before deduction of relocation charges in 1992 and $2 million charge for contingent legal fees in the fourth quarter of fiscal 1991) were up 6 percent for the year and 5 percent for the fourth quarter of 1992 compared to the same periods the previous year.
 Gerald Cahill, chief operating officer of SafeCard, said that "the company was pleased with its financial results considering the many demands placed on the company's employees as a result of the relocation." He pointed out the move to Cheyenne allows the company to take advantage of the fact that Wyoming has no corporate income tax, a well educated populace, and a crime rate that is among the nation's lowest, an important consideration due to the security needs of SafeCard's business.
 Because of the relocation charges, net earnings were down for both this year and fourth quarter of 1992 compared to 1991. Net earnings for the year 1992 were $22,498,000 and $4,274,000 for the fourth quarter of 1992, compared to net earnings of $29,713,000 and $6,395,000 for the year and fourth quarter of 1991, respectively.
 SAFECARD SERVICES, INC.
 1992 Financial Results
 Fourth quarter ended Oct. 31 1992 1991
 Revenue $39,511,000 $38,771,000
 Adjusted pre-tax earnings (A) 11,089,000 10,457,000
 Non-recurring expenses (B) 6,500,000 2,000,000
 Net earnings 4,274,000 6,395,000
 Earnings per share $.14 $.22
 Average shares 29,738,000 29,374,000
 Fiscal year ended Oct. 31 1992 1991
 Revenue $157,631,000 $151,884,000
 Adjusted pre-tax earnings (A) 45,854,000 43,542,000
 Non-recurring expenses (B) 17,500,000 2,000,000
 Net earnings 22,498,000 29,713,000
 Earnings per share $.75 $1.02
 Average shares 30,158,000 29,325,000
 (A) -- Before deduction of non-recurring expenses.
 (B) -- Charges in the fourth quarter and year 1992 relate to relocation expenses and in 1991 to contingent legal fees.
 -0- 1/19/93
 /CONTACT: Bob Stone or (investors) Gene Miller of The Dilenschneider Group, today between 9 a.m. and 3 p.m. (EST): 312-427-1825, room 803, or after today: 212-922-0900, for SafeCard Services, Incorporated/


CO: SafeCard Services, Incorporated ST: Wyoming IN: FIN SU: ERN

TS-DO -- NY015 -- 6204 01/19/93 10:07 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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