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COMDISCO, INC. ANNOUNCES FIRST QUARTER EARNINGS FROM CONTINUING OPERATIONS OF $19 MILLION AND REVENUES OF $571 MILLION

 ROSEMONT, Ill., Jan. 20 /PRNewswire/ -- Comdisco, Inc. (NYSE: CDO) today announced earnings from continuing operations of $19 million, or $.46 per share, compared with $20 million, or $.50 per share, for the year earlier period. Earnings from continuing operations includes a $1 million preferred dividend payment for the quarter ended Dec. 31, 1992.
 The company also announced revenues of $571 million for the first quarter of fiscal 1993, compared with $553 million for the year earlier period. For the three months ended Dec. 31, 1992 Comdisco wrote new leases with total lease payments of $508 million during the initial lease term, compared with $588 million for the prior year period.
 The company also announced that it has elected adoption Statement of Financial Accounting Standards (SFAS) No. 109, "Accounting for Income Taxes." The adoption of this new standard will be reported as a cumulative effect of change in accounting principle. The one-time effect will increase 1993 net earnings by $20 million, or $.49 per share and will be reflected in the first fiscal quarter of 1993. The company stated that cash balances and cash flows will not be impacted by this accounting change nor will there be any effect on business operations.
 With the adoption of SFAS 109, net earnings available to common stockholders for the quarter ended Dec. 31, 1992 are $39 million, or $.95 per


share, versus $20 million or $.50 per share for the year earlier period.
 Commenting on first quarter results, Kenneth N. Pontikes, chairman of the board and president, stated, "For the third consecutive quarter since our restructuring last March, our business continues to show improvement. Our transition to become a provider of integrated solutions to our customers continues to meet with success in the marketplace. We remain confident that we will achieve our growth targets in fiscal 1993."
 Comdisco also disclosed that a stockholder derivative lawsuit was filed by a single shareholder against certain of the directors and the company in the Chancery Division of Circuit Court of Cook County, Ill. on Jan. 14, 1993. The complaint repeats many of the allegations asserted against the company by IBM and IBM Credit Corporation in litigation that remains pending. The complaint alleges violation of the Racketeer Influenced and Corrupt Organizations Act (RICO), breaches of fiduciary duty as well as failure to adequately disclose the economic impact of the IBM litigation by Comdisco's board of directors. As of this date none of the defendants has been served.
 This new lawsuit was filed by an attorney who on Dec. 16, 1992 filed a lawsuit against IBM stating the IBM had violated federal securities laws by distributing false and misleading information to the investing public. Commenting on the lawsuit, Kenneth N. Pontikes, chairman of the board and president stated: "I find it ironic that the plaintiff's lawyer relies so heavily on the uncritical and wholesale adoption of IBM's allegations in a lawsuit against Comdisco when as recently as last month that same lawyer filed a complaint against IBM accusing IBM of fraudulent conduct."
 Comdisco is one of the world's leading providers of solutions that help businesses acquire, manage, and protect their high-tech equipment. These services include equipment leasing and remarketing, business continuity, migration management, consulting and strategic planning, asset management software tools, open systems solutions for the mainframe, data center moves and/or consolidations, and more. Comdisco's common stock (symbol CDO) is traded on the New York and Midwest Stock Exchanges.
 COMDISCO, INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (Dollars in millions except per share data)
 Period Ended Three Months 12/31/92 12/31/91
 Revenue:
 Leasing
 Operating $288 $297
 Direct financing 49 50
 Sales-type 82 90
 Total leasing 419 437
 Sales 89 62
 Disaster recovery 52 42
 Other 11 12
 Total revenue 571 553
 Costs and expenses:
 Leasing
 Operating 215 215
 Sales-type 68 71
 Total leasing 283 286
 Sales 81 54
 Disaster recovery 49 38
 Selling, general and administrative 47 51
 Interest 77 90
 Total costs and expenses 537 519
 Earnings form continuing operations
 before income taxes 34 34
 Income taxes 14 14
 Earnings form continuing operations
 before cumulative effect of change
 in accounting principle 20 20
 Cumulative effect of change in
 accounting principle 20 --
 Net earnings before preferred dividends 40 20
 Preferred dividends (1) --
 Net earnings available to common stockholders $ 39 $ 20
 Retained earnings at beginning of period $582 $632
 Net earnings available to common stockholders 39 20
 Cash dividends paid on common stock (3) (3)
 Retained earnings at end of period 618 649
 Net earnings per common and common
 equivalent share:
 Earnings from continuing operations $0.46 $0.50
 Cumulative effect of change in
 accounting principle 0.49 --
 Net earnings available to common stockholders 0.95 0.50
 Common and common equivalent
 shares outstanding 41 41
 -0- 1/20/93
 /CONTACT: James J. Hyland of Comdisco, Inc., 708-518-5779/
 (CDO)


CO: Comdisco, Inc. ST: Illinois IN: CPR SU: ERN

TM-LD -- NY079 -- 7144 01/20/93 17:43 EST
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Date:Jan 20, 1993
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