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SAFECARD TO RELOCATE TO WYOMING AND EXPAND FACILITIES

 SAFECARD TO RELOCATE TO WYOMING AND EXPAND FACILITIES
 FORT LAUDERDALE, Fla., Feb. 5 /PRNewswire/ -- SafeCard Services,


Incorporated (NYSE: SSI) announced today that its board of directors has decided to relocate SafeCard's headquarters and its operations to larger facilities in Cheyenne, Wyo. The relocation is expected to be completed by fall 1992.
 SafeCard's Chief Executive Officer, Steven J. Halmos, said, "SafeCard has prospered during its many years in South Florida, despite some trying times along the way. The board came to the conclusion, however, that relocating to Wyoming is in SafeCard's long-term best interest. This is a strategic decision for the next 20 years and is based upon our review and analysis of the costs and benefits of the move. The thought of losing even one dedicated employee made this decision truly difficult. Nevertheless, we believe it is the right decision and it has been made."
 Many of SafeCard's management personnel have already agreed to make Wyoming their new home. "We hope many of SafeCard's dedicated employees will be able to relocate. All employees are invited to apply for positions at SafeCard's new headquarters and expanded operations facilities in Cheyenne," said Halmos.
 To help ease the impact on employees and to assure continuing customer service excellence, SafeCard is providing a special assistance package to non-relocating employees as well as outplacement assistance, professional advice on alternative employment, workshops, and other benefits.
 SafeCard employs about 350 people in Fort Lauderdale and has been in South Florida for 20 years. SafeCard had a record year in 1991, reporting record revenue of $151.8 million, record earnings of $29.7 million, and record earnings per share of $1.02. SafeCard's debt-free tradition of growth continued, with annual earnings growth averaging 21 percent over the past 10 years. "We anticipate the Wyoming move will result in an after-tax charge of $7 million in 1992, but we expect to recover that cost from targeted savings over the next three or so years," said Halmos. "Longer-term, we expect significant additional operating efficiencies, organizational improvements, and the potential to increase SafeCard's growth rate," he said. SafeCard is debt-free and has about $185 million in cash (including investment securities).
 SafeCard also announced that its annual shareholder meeting will be held in Chicago on March 10, 1992. "Our first annual meeting following SafeCard's 1977 stock sale was in Chicago, and SafeCard's record of growth and achievement since then has been exemplary," said Halmos.
 -0- 2/5/92
 /CONTACT: Agneta Breslin of SafeCard Services, 305-776-2511/
 (SSI) CO: SafeCard Services, Incorporated ST: Florida IN: SU:


PS -- NY091 -- 7462 02/05/92 23:00 EST
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Publication:PR Newswire
Date:Feb 5, 1992
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