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EDS NET INCOME RISES 14 PERCENT IN RECORD FIRST QUARTER

 DALLAS, April 28 /PRNewswire/ -- EDS registered a 14 percent increase in net income in the first quarter and signed major new business during the period, the global information technology company announced today.
 EDS said that for the quarter ended March 31, 1993, net income rose $18.3 million to a record $151.4 million, compared with $133.1 million in the corresponding period last year. First-quarter revenues increased from $1.995 billion a year ago to $2.073 billion in 1993, an increase of $78.2 million.
 The earnings of EDS (Electronic Data Systems Corporation), a wholly owned subsidiary of General Motors Corporation (NYSE: GM), are used to calculate the earnings per share of General Motors Class E common stock (NYSE symbol GME). Earnings per share increased to $0.32 in the first quarter of 1993, up from $0.28 in the corresponding period a year ago.
 "EDS' customer base grew during the first quarter as the company continued to expand its global presence," said Les Alberthal, EDS chairman, president and CEO. "EDS' continued success is due to our ability to focus our vast technical and human resources on meeting the specific needs of each individual customer and helping the customer improve overall business performance."
 The first quarter was highlighted by EDS' winning of several major agreements in the international arena.
 In Europe, EDS and Data Marine Systems Limited were awarded a contract by British Petroleum Exploration (BPX) to provide information technology (IT) support services and offshore communications. BPX is a division of British Petroleum, one of the largest oil producers and processors in the world.
 Also in Britain, EDS-Scicon won a contract with London Underground Limited. Under the agreement, EDS-Scicon will provide technical support to the centrally controlled, train-arrival and service-status system for London Underground Limited's Central Line.
 In Spain, EDS signed a systems-management agreement with Deutz- Diter, the Spanish subsidiary of Klockner-Humboldt-Deutz AG, one of the largest diesel engine producers in Germany. EDS will implement an integrated manufacturing system that includes production, commercial and financial modules.
 And in France, EDS-GFI won a systems-management contract with Generale Sucriere, a leading sugar manufacturing company and subsidiary of Saint-Louis Holding. The agreement calls for EDS-GFI to provide IT support for payroll, sales management, accounting and inventory.
 In Japan, EDS signed a re-engineering consulting contract with Mitsubishi Corporation under which EDS will study and document the flow of information through the Special Steel and Wire Section of Mitsubishi Corp.'s Domestic Sales Division.
 In the United States, AlliedSignal, Inc., an advanced manufacturing company, awarded EDS a systems-development contract to develop and implement a system that provides worldwide access to information on suppliers, contracts, parts and commodities. The client-server-based repository will provide instantaneous access to information from multiple locations.
 Meanwhile, U.S. Bancorp, the largest bank-holding company in the Northwest, selected EDS' Strategic Banking System (SBS) to be installed throughout its branch system. SBS is an integrated, customer-focused information system designed to enhance customer service, product introduction and marketing.
 And Blue Cross and Blue Shield of Maryland selected EDS to assume operation of the insurer's LifeCard division, which is responsible for electronic claims processing. EDS will upgrade the existing LifeCard system to an advanced electronic data interchange technology.
 Under a subcontract with Hughes Aircraft Company, EDS will support the National Aeronautics and Space Administration's (NASA) Earth Science Data and Information System Core System (ECS). ECS is part of NASA's Mission to Planet Earth program, which will enhance worldwide protection of the global environment. EDS will support ECS by providing all hardware, software, engineering and integrated logistics support services. ECS will become the world's largest data base and mass- storage system.
 Ohio State University awarded EDS a systems-integration subcontract to support the Eisenhower National Clearinghouse for Science and Mathematics Education, a federal program that provides science and math teachers with course curricula and other materials. In addition to integrating existing technology, EDS will establish, upgrade and maintain 58 technology demonstration sites -- one in each state and U.S. territory -- that will display new multimedia and educational programs.
 And in continued support of its parent, General Motors Corporation, EDS renewed a process-management agreement with the Cadillac Motor Car Division to staff the Cadillac Consumer Relations/Roadside Service Center and to operate the center's 24-hours-a-day, 365-days-a-year activities.
 EDS also completed implementation of the Integrated Scheduling Project (ISP) at six additional GM assembly plants. ISP replaces more than 80 separate GM material systems and provides a common business process and system for production scheduling and order management across all GM assembly plants in North America. After second-quarter implementation in all GM assembly plants in the U.S. and Canada, ISP will be extended to GM assembly plants in Mexico in July, 1993.
 World Cup USA 1994, meanwhile, selected EDS as the official IT partner for the 1994 international soccer tournament. World Cup USA 1994 is the non-profit legal entity charged with staging the 1994 World Cup championship under the direction of the Federation Internationale de Football Association (FIFA), soccer's worldwide governing body. EDS will use client-server technologies to manage the accreditation, results, security, logistics and media systems at all games and World Cup office sites.
 Also during the first quarter, The JASON Project, an educational program designed to interest students in science and technology, was viewed by more than 700,000 students from the United States, Canada, Mexico, Bermuda and Great Britain. During the 60 JASON broadcasts, students at interactive sites talked directly with scientists at the expedition site in the Sea of Cortez and Mexico's Baja California Sur and remotely controlled a submersible robot to collect and retrieve data from the ocean floor. EDS has provided technical support and served as a corporate sponsor since the JASON Project began in 1989.
 SUMMARY OF RESULTS OF OPERATIONS
 (in millions except per share amounts)
 Three Months Ended
 March 31,
 1993 1992
 --------- ---------
 Revenues
 Systems and other contracts $2,059.8 $1,980.6
 Interest and other income 13.4 14.4
 -------- --------
 Total Revenues 2,073.2 1,995.0
 Total Costs and Expenses 1,836.6 1,783.7
 -------- --------
 Income Before Income Taxes 236.6 211.3
 Provision for Income Taxes 85.2 78.2
 -------- --------
 Separate Consolidated Net Income $ 151.4 $ 133.1
 ======== ========
 Earnings Attributable to GM Class E
 Common Stock on a Per Share Basis $0.32 $0.28
 Cash Dividends Per Share of
 GM Class E Common Stock $0.10 $0.09
 Revenues related to GM and subsidiaries amounted to $845.9 and
 $818.1 million for the three months ended March 31, 1993 and 1992,
 respectively.
 SUMMARY OF CONSOLIDATED BALANCE SHEETS
 (in millions)
 March 31, Dec. 31,
 1993 1992
 -------- --------
 ASSETS
 Current Assets
 Cash and marketable securities $ 543.0 $ 587.9
 Accounts receivable 1,306.7 1,255.1
 Inventories 116.3 88.5
 Prepaids and other 210.0 225.5
 -------- --------
 Total Current Assets 2,176.0 2,157.0
 Property and Equipment, Net 1,707.9 1,720.7
 Operating and Other Assets 2,231.2 2,245.8
 -------- --------
 Total Assets $6,115.1 $6,123.5
 ======== ========
 LIABILITIES AND STOCKHOLDER'S EQUITY
 Current Liabilities
 Accounts payable $ 262.0 $ 348.0
 Accrued liabilities 831.7 918.4
 Deferred revenue 280.7 295.8
 Income taxes 73.0 66.0
 Notes payable 315.2 274.9
 -------- --------
 Total Current Liabilities 1,762.6 1,903.1
 Deferred Income Taxes 629.8 595.9
 Notes Payable 538.6 561.1
 Total Stockholder's Equity 3,184.1 3,063.4
 -------- --------
 Total Liabilities
 and Stockholder's Equity $6,115.1 $6,123.5
 ======== ========
 -0- 4/28/93
 /CONTACT: Jon Senderling of EDS, 214-661-6609/
 (GME)


CO: Electronic Data Systems Corporation ST: Texas IN: CPR AUT SU: ERN

ML -- DE008 -- 1838 04/28/93 09:27 EDT
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Date:Apr 28, 1993
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