Equifax Posts Another Record Quarter; Earnings Per Share Increases 28 Percent

Third Quarter Income Statement

ATLANTA, October 16, 1996 - Equifax Inc., today reported that revenue for the three months ended September 30, 1996, increased by 10.4 percent over the prior year period, setting an all-time quarterly record of $455.0 million.

Earnings per share for the third quarter of $.32 also set an all-time record high, rising 28 percent over the prior year's reported earnings per share of $.25. Operating income of $81.0 million increased 22.6 percent over the comparable period. Net income of $45.8 million increased 20.6 percent over the prior year's reported net income of $38.0 million.

"For the last 19 consecutive quarters, earnings per share, before unusual items, has increased an average of more than 20 percent over the comparable prior year period," said Equifax President and Chief Executive Officer Daniel W. McGlaughlin. "Because the company continues to demonstrate strong operating performance and growth in its core and largest businesses, we believe that we can sustain earnings per share growth at these levels."

Equifax continues to find opportunities in the financial and insurance services areas. During the third quarter, Equifax acquired Creditel, creating the largest provider of consumer and commercial information in Canada, as well as 70 percent of CDB Infotek, a public records firm. Equifax also announced an agreement to acquire CSG's Card Services division, which is expected to close during the fourth quar ter, and the divestiture of Health EDI Services, which closed October 1.

Chief Financial Officer Donald U. Hallman said, "During the third quarter, with its solid revenue growth of 10.4 percent, Equifax posted an operating income margin of 17.8 percent, which was 1.8 percentage points greater than third quarter 1995. We continue to demonstrate the leverage inherent in our core businesses, which allows Equifax to sustain its earnings growth and strong financial performance."

Revenues in Financial Services increased 11.8 percent to $288.5 million, Credit Services revenue increased 11.5 percent primarily due to continued growth in Credit Reporting Services, resulting from strong demand across most industry groups as well as its pre-screening business for credit card issuers. Payment Services revenue grew 16.6 percent led by strong growth in Card Services and FBS Software. Card Services continues to expand its customer base and is benefiting from an increased number of credit car d processing transactions as well. International Operations revenue grew 6.2 percent, led by 9.3 percent revenue growth in European operations.

The Insurance Services Group reported revenue growth of 16.3 percent. The strong performance of Data Services and recent acquisitions contributed to this revenue growth.

The operating loss in General Information Services for the third quarter was $2.3 million, compared to a loss of $3.6 million for the third quarter of 1995.

Equifax Inc., committed to Global Information Leadership for the Information Age, is the leading provider of information services that help grant credit, authorize and process credit card and check transactions, insure lives and property and control healthcare costs. Established in 1899 in Atlanta, Equifax today employs 14,000 people throughout North and South America, the United Kingdom and continental Europe. Revenues for the 12 months ended September 30, 1996, exceeded $1.7 billion.