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EDS Reports Q1 Results

PLANO, Texas -- EDS today reported first quarter 2008 adjusted net income of $63 million, or 12 cents per share, versus first quarter 2007 adjusted net income of $165 million, or 31 cents per share. First quarter 2008 net income, in accordance with U.S. GAAP, was $62 million, or 12 cents per share, versus $164 million, or 31 cents per share, in the prior year's first quarter (a statement reconciling GAAP and adjusted results is included in this release).

Results for the first quarter of 2007 reflect $100 million of a previously disclosed $225 million contract termination payment from Verizon in that quarter, impacting the year-over-year comparisons.
First quarter 2008 revenue increased 3 percent to $5.37 billion from $5.22 billion in the year-ago quarter(1). First quarter 2008 revenue decreased 2 percent on an organic basis, which excludes the impact of currency fluctuations, acquisitions and divestitures, and would have been flat year-over-year excluding the impact of the Verizon payment.

EDS' first quarter contract signings performance was exceptional, particularly in light of uncertain global economic conditions,” said Ron Rittenmeyer, EDS chairman, president and CEO. “EDS also got off to a strong start operationally with both earnings per share and revenue exceeding our previous guidance.”

Electronic Data Systems Corp. (EDS)