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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 5, 1996
ELECTRONIC DATA SYSTEMS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 01-11779 75-2548221
(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
5400 Legacy Drive
Plano, Texas 75024-3105
(Address of principal executive offices,
including zip code)
Registrant's telephone number, including area code (972) 604-6000
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Item 5. Other Events.
On November 5, 1996, Electronic Data Systems Corporation, a Delaware
corporation, issued the press release attached as Exhibit 99(a) hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit
Number Description of Document
99(a) Press Release of Electronic Data Systems Corporation
dated November 5, 1996
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ELECTRONIC DATA SYSTEMS
CORPORATION
By: /s/ D. Gilbert Friedlander
Name: D. Gilbert Friedlander
Title: Senior Vice President
November 5, 1996
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EXHIBIT 99(a)
CONTACT: Jon Senderling - EDS
(972) 605-6790
[email protected]
For release Tuesday, November 5, 1996
EDS CITES PROSPECTS FOR CONTINUED STRONG GROWTH,
CLARIFIES 1996 FOURTH-QUARTER EXPECTATIONS
PLANO, Texas -- EDS told financial analysts today that the company's business
fundamentals and long-term growth prospects remain strong and clarified
factors underlying its earlier disclosure regarding revenue and earnings
growth in the fourth quarter of this year and early 1997. The disclosure was
made last month when the company announced that its third-quarter revenues
rose 16.2 percent and net income increased 8.4 percent.
Speaking at a Salomon Brothers conference in New York, EDS Chief Financial
Officer Jody Grant estimated that the impact of three factors on the
company's 1996 fourth-quarter results would be $0.06 to $0.08 per share.
Those factors include reduced discretionary spending on non-mission-
critical items by the U.S. Department of Defense, which the company
believes to be temporary; receivables due from an EDS customer currently
in bankruptcy proceedings; and the impact of slower new contract signings
in the first six months of 1996.
Based on the above, Grant indicated that the global information services
company was comfortable with 1996 earnings estimates of $2.07 to $2.09
per share, prior to a previously announced, one-time charge and costs
related to its split-off from General Motors Corporation.
Grant reiterated that EDS signed new business totaling a strong $2.81
billion in this year's third quarter. In addition, the company has a
business backlog of more than $75 billion and a full new-business pipeline.
"Demand for information technology (IT) services worldwide is projected
to grow at more than 14 percent annually for the next several years,"
Grant noted. "In addition to traditional outsourcing, more and more
companies are recognizing the power of IT to improve their business
processes and performance. As a result, demand is growing for a whole new
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generation of services, and EDS is leading the way with new offerings
such as its CoSourcing service, electronic-market services and a
variety of process-outsourcing opportunities. Clearly, the future of
this business is robust, and we're confident that EDS will continue to
be a leader in developing innovative solutions for our customers."
This news release contains forward-looking statements within the meaning
of the federal securities laws. These statements are subject to
numerous risks and uncertainties that could cause actual results to
differ materially from those outlined in this release, including
but not limited to EDS' ability to implement cost savings from its
restructuring on a timely basis; to customer spending patterns being
in line with those projected by EDS; and to other risk factors outlined
in EDS' Registration Statement on Form S-3 declared effective by
the SEC on July 16, 1996.
EDS is a leader in the global information services industry. An
independent, publicly owned company, its stock is traded on the
New York Stock Exchange and the London Stock Exchange. The company's
more than 95,000 employees specialize in applying a range of ideas and
technologies to help business and government customers improve their
economics, products, services and customer relationships. EDS,
which serves customers in 42 countries, reported revenues of $12.4
billion in 1995. EDS can be visited via the Internet at
http://www.eds.com.
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