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CERIDIAN EARNS $8.4 MILLION IN SECOND QUARTER 1993; COMPANY ACHIEVES FOURTH CONSECUTIVE QUARTER OF SOLID PERFORMANCE SINCE ITS INCEPTION

 MINNEAPOLIS, July 22 /PRNewswire/ -- Ceridian Corporation (NYSE: CEN) today reported second quarter net earnings of $8.4 million, or $.20 per share, on revenue of $225.9 million. Comparable second quarter 1992 earnings from continuing operations (excluding restructuring charges and unusual gains) totaled $7.0 million, or $.17 per share, on revenue of $195.7 million. Including $81.4 million of restructuring charges and $4.5 million of unusual gains recorded in the second quarter of 1992, losses from the Company's continuing operations in that quarter were $69.9 million, or $1.65 per share.
 For the first half of 1993, Ceridian reported net earnings of $21.3 million, or $.50 per share, on revenue of $450.3 million. Excluding net restructuring charges and unusual gains, earnings from continuing operatings in the first half of 1992 were $18.9 million, or $.45 per share, on revenue of $401.9 million. Including restructuring charges and unusual gains recorded in the first half of 1992, losses from the Company's continuing operations in that period were $49.0 million, or $1.16 per share.
 "Ceridian has now completed four consecutive quarters of solid performance since its inception," said Lawrence Perlman, chairman and chief executive officer. "We accomplished what we set out to do in Ceridian's first year, and we are building an excellent foundation for the future.
 "We are now confident that Ceridian will achieve its 1993 objective of exceeding comparable 1992 revenue and earnings per share in each quarter. With new leadership in Ceridian Employer Services, Arbitron and Computing Devices International, we are focused on continuing to improve earnings, increasing revenue and creating shareholder value.
 "All of the businesses have many initiatives underway to contain costs and make necessary investments to improve productivity. We are taking aggressive actions to reach the goal of achieving operating margins similar to those of best-performing competitors."
 At the end of the second quarter, Ceridian concluded a new revolving credit facility designed to meet the needs of the Company's U.S. operations. The Company is using a modest portion of the facility to support letters of credit.
 Ceridian Corporation is an information management and employer services company.
 CERIDIAN CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Dollars in millions, except per share data)
 (Unaudited)
 Three Months Ended Six Months Ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Revenue
 Product sale $115.8 $87.9 $225.5 $178.5
 Services 110.1 107.8 224.8 223.4
 Total 225.9 195.7 450.3 401.9
 Cost of revenue
 Product sales 94.9 70.7 183.4 141.4
 Services 65.0 65.3 128.8 132.6
 Total 159.9 136.0 312.2 274.0
 Gross profit 66.0 59.7 138.1 127.9
 Operating expenses
 Selling, general,
 and administrative 42.8 37.3 85.8 78.4
 Technical expense 12.4 12.1 24.6 24.1
 Other expense (income) (.6) (1.7) (.6) (4.9)
 Restructure loss (gain) - 81.4 - 76.2
 Earnings (Loss) before
 interest and taxes 11.4 (69.4) 28.3 (45.9)
 Interest income 2.1 5.3 3.7 9.5
 Interest expense (4.1) (4.1) (8.1) (8.1)
 Earnings (Loss) before
 income taxes 9.4 (68.2) 23.9 (44.5)
 Income tax provision 1.0 1.7 2.6 4.5
 Earnings (Loss) from
 continuing operations 8.4 (69.9) 21.3 (49.0)
 Discontinued operations:
 Loss from operations - 151.6 - 164.8
 Loss from disposition - 156.8 - 156.8
 Cumulative effect of
 accounting change - - - 41.8
 Net earnings (loss) $8.4 $(378.3) $21.3 $(412.4)
 Earnings (Loss) per share:
 Continuing operations $.20 $(1.65) $.50 $(1.16)
 Discontinued operations - (7.25) - (7.56)
 Cumulative effect of
 accounting change - - - (.98)
 Net earnings (loss) $.20 $(8.90) $.50 $(9.70)
 Weighted average common
 shares outstanding
 (in thousands) 42,883 42,548 42,858 42,541
 CERIDIAN CORPORATION AND SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Dollars in millions)
 (Unaudited)
 June December
 1993 1992
 Cash and equivalents $164.4 $152.8
 Receivables 125.6 135.8
 Inventories 34.1 42.8
 All other assets 189.2 198.7
 Total assets 513.3 530.1
 Debt 187.9 187.6
 All other liabilities 402.3 443.4
 Stockholders' equity (76.9) (100.9)
 Total liabilities and
 stockholders' equity $513.3 $530.1
 -0- 7/21/93
 /CONTACT: Nancy Foltz of Ceridian Corporation, 612-853-5229/
 (CEN)


CO: Ceridian Corporation ST: Minnesota IN: CPR SU: ERN

KH -- MN002 -- 4319 07/22/93 08:36 EDT
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Date:Jul 22, 1993
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