NATIONAL DATA CORPORATION
Condensed Consolidated Statements of Income
(In Thousands, Except Per Share Data)
Quarter ended Nine Months Ended
February 28, February 28,
1994 1993 1994 1993
---- ---- ---- ----
Revenue $50,444 $49,519 $150,978 $151,077
Operating Expenses:
Cost of service 29,168 29,791 87,843 91,265
Sales, general and administration 16,995 15,528 50,393 50,417
------- ------- ------- -------
46,163 45,319 138,236 141,682
Operating Income 4,281 4,200 12,742 9,395
Other Income (Expense):
Investment and other income 105 223 401 1,322
Interest expense (316) (247) (1,179) (1,582)
------- ------- ------- -------
(211) (24) (778) (260)
Income Before Income
Taxes & Extraordinary Item 4,070 4,176 11,964 9,135
Provision for Income Taxes 1,428 1,754 4,636 3,837
------- ------- ------- -------
Income before extraordinary item $2,642 $2,422 $7,328 $5,298
Extraordinary Item
Settlement of shareholder's suit (net of
tax effect of $1,050) See Note 3 - - (1,450) -
------- ------- ------- -------
Net Income $2,642 $2,422 $5,878 $5,298
======= ======= ======= =======
Earnings per common share and
common equivalent share (note 5) :
Income before extraordinary item $0.20 $0.19 $0.56 $0.42
Extraordinary item - - (0.11) -
------- ------- ------- -------
Net Income $0.20 $0.19 $0.45 $0.42
======= ======= ======= =======
Earnings per common share
assuming full dilution (note 5) :
Income before extraordinary item $0.20 $0.19 $0.56 $0.42
Extraordinary item - - (0.11) -
------- ------- ------- -------
Net Income $0.20 $0.14 $0.45 $0.42
======= ======= ======= =======
See Notes to Unaudited Condensed Consolidated Financial Statements
==============================================================================
NATIONAL DATA CORPORATION P. 1 of 2
Condensed Consolidated Balance Sheets
(In Thousands)
FEBRUARY 28, MAY 31,
1994 1993
ASSETS ------------ -----------
Current assets:
Cash and cash equivalents $27,237 $17,150
Short-term investments 25 625
Accounts receivable:
Trade receivables (less allowances of
$1,050, and $1,044) 32,482 36,168
Other receivables (less allowances of
$572, and $681) 16,178 17,418
Investment in sales-type leases,
current portion, (less allowances
of $554 and $968) 4,259 6,292
Inventory 4,510 2,663
Deferred income taxes 792 -
Prepaid expenses and other current assets 4,548 5,824
------- -------
Total current assets 90,031 86,140
Investment in sales-type leases (less
allowances of $131 and $510) 1,160 3,377
Property and equipment, at cost:
Land 402 402
Building 6,503 6,503
Equipment 73,593 76,067
Software 24,577 22,338
Leasehold Improvements 13,940 13,867
Furniture and fixtures 8,960 8,856
Work in progress 4,638 924
------- -------
132,613 128,957
Less-Accumulated depreciation
and amortization (103,427) (100,930)
------- -------
29,186 28,027
Property acquired under capital leases,
net of accumulated amortization 4,801 3,918
------- -------
33,987 31,945
Deposits 2,029 2,019
Other assets:
Acquired intangibles and goodwill,
net of accumulated amortization
of $28,894 and $24,901 42,729 46,299
Other 4,114 5,568
------- -------
46,843 51,867
Total Assets $174,050 $175,348
========== ==========
See Notes to Unaudited Condensed Consolidated Financial Statements
NATIONAL DATA CORPORATION P. 2 of 2
Condensed Consolidated Balance Sheets
(In Thousands)
FEBRUARY 28, MAY 31,
1994 1993
LIABILITIES AND STOCKHOLDERS' EQUITY ------------ -----------
Current liabilities:
Accounts payable $8,347 $8,466
Earnout payable on acquired
businesses, current portion 2,698 3,032
Accrued compensation and benefits 2,835 4,792
Merchant processing payables 9,775 11,176
Other accrued liabilities 13,356 15,761
Income tax payable 3,166 3,363
Obligation under capital leases,
current portion 1,317 1,033
Mortgage payable, current portion 146 135
------- -------
Total current liabilities 41,640 47,758
Mortgage payable 11,138 11,261
Earnout payable on acquired businesses 1,639 3,011
Other long-term liabilities 2,104 2,556
Obligation under capital leases 3,401 2,860
Deferred income taxes 7,816 6,641
------- -------
Total Liabilities 67,738 74,087
Stockholders' Equity:
Preferred stock, par value $1.00 per share,
1,000,000 shares authorized; none issued - -
Common stock, par value $.125 per share,
30,000,000 shares authorized; 12,575,143
and 12,226,732 shares issued 1,572 1,528
Capital in excess of par value 29,838 26,249
Retained earnings 76,418 74,658
Cumulative translation adjustment (520) (393)
------- -------
107,308 102,042
Less:
Deferred compensation (996) (781)
------- -------
Total Stockholders' Equity 106,312 101,261
Total Liabilities and Stockholders' Equity $174,050 $175,348
========== ==========
See Notes to Unaudited Condensed Consolidated Financial Statements
==============================================================================
NATIONAL DATA CORPORATION
Condensed Consolidated Statements of Cash Flows
(In Thousands)
Nine Months
Ended February 28,
1994 1993
Cash flows from operating activities: ----- -----
Net income $5,878 $5,298
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 8,822 10,796
Amortization of acquired intangibles and goodwill 4,509 4,683
Provision for bad debt, sales allowances
and operational losses 3,171 3,967
Loss on disposal of fixed assets 64 80
Changes in assets and liabilities, net
of the effects of acquisitions:
Decrease in trade accounts receivable 1,807 3,064
Decrease (increase) in other accounts receivable 132 (341)
Decrease in investment in sales-type
leases 4,027 325
Increase in inventory (1,847) (52)
Decrease in prepaid expenses and other
assets 1,506 1,926
Decrease in accounts payable
and accrued liabilities (5,303) (2,355)
Increase (decrease) in income taxes payable 972 (1,485)
-------- --------
Net cash provided by operating activities 23,738 25,906
Cash flows from investing activities:
Capital expenditures (8,726) (2,650)
Sale of sales-type leases inventory - 17,157
Business acquisitions (400) -
Decrease in investments & other
non-current assets 600 5
-------- --------
Net cash (used in) provided by investing activities (8,526) 14,512
Cash flows from financing activities:
Payments under lines of credit - (4,500)
Payment on note payable - (20,000)
Principal payments under mortgage, capital lease
arrangements and other long-term debt (1,558) (1,552)
Principal payments on earnout payable (2,278) (2,362)
Dividends paid (4,116) (3,993)
Net proceeds from the issuance of stock
under employee stock plan 2,862 1,105
-------- --------
Net cash used in financing activities (5,090) (31,302)
Effect of exchange rate changes on cash (35) -
Increase in cash & cash equivalents 10,087 9,116
Cash, beginning of period 17,150 2,243
-------- --------
Cash, end of period $27,237 $11,359
======== ========
Supplemental schedule of noncash investing
and financing activities:
Capital leases entered into in exchange
for property and equipment $ 1,814 $ 2,813
======== ========
See Notes to Unaudited Condensed Consolidated Financial Statements
==============================================================================
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The financial statements included herein have been prepared by the
Company, without audit, pursuant to the rules and regulations of
the Securities and Exchange Commission. Certain information and
footnote disclosures normally included in financial statements
prepared in accordance with Generally Accepted Accounting
Principles have been condensed or omitted pursuant to such rules
and regulations, although the Company believes the disclosures are
adequate to make the information presented not misleading. In
addition, certain reclassifications have been made to the fiscal
1993 consolidated financial statements to conform to the fiscal
1994 presentation. It is suggested that these financial statements
be read in conjunction with the financial statements and the notes
thereto included in the Company's latest annual report on Form 10-K
for the fiscal year ended May 31, 1993.
In the opinion of management, the information furnished reflects
all adjustments necessary to present fairly the results for such
interim periods.
NOTE 2 - SUPPLEMENTAL CASH FLOW INFORMATION:
Supplemental cash flow disclosures for the nine months ended
February 28, 1994 and 1993 are as follows (in thousands):
Nine Months
Ended February 28,
1994 1993
Income taxes paid $ 3,551 $ 4,256
Interest paid $ 1,338 $ 2,183
NOTE 3 - SHAREHOLDER SUIT:
The Company and certain of its previous officers were party to
three lawsuits, which were consolidated as National Data
Corporation Shareholder Litigation. The Plantiffs, purporting to
act on behalf of a class, alleged violations of Rule 10(b)(5) under
the Securities Exchange Act of 1934 under a "fraud on the market"
theory for alleged misrepresentations and omissions relating to
expected earnings which resulted in, the plantiffs contend, the
Company's common stock being overvalued in the market. The Company
and the plantiffs signed an agreement on September 27, 1993 to
settle this matter for $6,950,000. The Company's insurer bore two-
thirds of the settlement and related future costs. The cost to the
Company, net of income taxes and insurance proceeds is
approximately $1,450,000. Both the Company and its insurer paid
their full share of the settlement amount on December 1, 1993, and
the settlement received final approval from the court on December
16, 1993.
NOTE 4 - INCOME TAXES:
Effective June 1, 1993, the Company adopted the provisions of
Financial Accounting Standard Number 109, "Accounting for Income
Taxes" (FAS 109). FAS 109 requires recognition of deferred tax
liabilities and assets for the expected future tax consequences of
certain events that have been included in the financial statements
or tax returns. Under this method, deferred tax liabilities and
assets are determined based on the differences between the
financial and tax bases using enacted tax rates in effect for the
year in which the differences are expected to reverse. There was
no effect on the Company's net income related to the adoption of
FAS 109 in the nine month period ended February 28, 1994. Prior
years' financial statements have not been restated to reflect the
provisions of FAS 109.
The components of the net deferred tax liability as of June 1, 1993
were as follows (in thousands):
Deferred tax assets:
Accrued liabilities $ 919
Restructuring costs 635
--------
$ 1,554
--------
Valuation allowance ---
--------
$ 1,554
Deferred tax liabilities:
Property and equipment $ 6,033
Acquired intangibles 2,492
Other 127
--------
$ 8,652
--------
Deferred tax liability, net $ 7,098
========
NOTE 5 - EARNINGS PER SHARE:
Earnings per common share and common equivalent share (Primary
EPS) are computed by dividing net income by the weighted average
number of common shares and common stock equivalent shares
outstanding during the period. Common stock equivalent shares
represent stock options that if exercised would have a dilutive
effect on earnings per share. All options with an exercise price
less than the average market share price for the period are assumed
to have a dilutive effect on earnings per share.
Earnings per share assuming full dilution (Fully Diluted EPS) are
computed by the same method as described for Primary EPS except
that the higher of, 1) the ending market share price or 2) the
average market share price, is used to compute the fully diluted
EPS as compared to the average market share price for Primary EPS.
The weighted average number of common shares, as adjusted for
Primary EPS and Fully Diluted EPS, is as follows:
Quarter Ended Nine Months Ended
February 28, February 28,
-------------------- ------------------
1994 1993 1994 1993
---- ---- ---- ----
In Thousands In Thousands
Primary EPS 13,141 12,595 13,049 12,581
Fully Diluted EPS 13,167 12,716 13,167 12,667
==============================================================================
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Results of Operations
The third quarter of fiscal year 1994 ended February 28, 1994
compared to the same quarter last year is reflected as
follows ($Millions):
%
FY 1994 FY 1993 Inc. (Dec.)
$ % $ % of Dollars
Revenue: ----- ---- ----- ---- ------
Healthcare 15.8 31 13.9 28 14
Retail 27.8 55 27.7 56 --
Other 6.8 14 7.9 16 (14)
----- ---- ----- ---- ------
Total Revenue 50.4 100 49.5 100 2
----- ---- ----- ---- ------
Cost of Service:
Operations 23.1 46 23.4 47 ( 1)
Depreciation/Amortization 3.7 7 4.0 8 ( 8)
Hardware Sales 2.3 5 2.4 5 ( 5)
----- ---- ----- ---- ------
Total Cost of Service 29.1 58 29.8 60 ( 2)
----- ---- ----- ---- ------
Gross Margin 21.3 42 19.7 40 8
Sales General & Administration 17.0 34 15.5 32 9
----- ---- ----- ---- ------
Operating Margin 4.3 8 4.2 8 2
===== ==== ===== ==== ======
Revenue
Total revenue for the third quarter was $50,444,000, an
increase of $925,000 (2%) from revenue of $49,519,000 for the
same period of the prior year. The trends, as detailed in
the Company's Form 10-K for the fiscal year ended May 31,
1993, continued in the three-month period ending February 28,
1994. The revenue increase in the period was principally the
result of two offsetting factors. Revenue for the Healthcare
business increased $1,937,000 (14%) to $15,791,000. The
increase in Healthcare revenue was offset by a decrease in
"Other" revenue of $1,125,000.
Healthcare revenue growth was principally related to
increases in Electronic Claims Processing. Electronic Claims
revenue increased $2,503,000 (48%) in the period compared to
the prior year. Revenue from the Company's governmental and
institutional customers decreased 7%. The Company's
Pharmacy/Dental practice management systems showed a revenue
decrease of 6%.
Retail revenue for the quarter showed modest growth over the
prior year. Direct (merchant processing) revenue increased
8% in the current period compared to the same period last
year. This increase is principally related to an increase in
discount revenue and equipment sales. Revenue in the
Company's Indirect (distribution through banks) side of the
business decreased 6%. The voice authorization revenue with
Indirect customers decreased 8%. The decrease in voice
transactions is attributable to the continued shift from voice
to electronic authorization processing. Indirect electronic
authorization revenue decreased 6% as a result of lower revenue
per transaction.
The decrease in "Other" revenue of 14% is principally related
to the Company's decision to exit certain segments of the
Communication Services business in 1991. The Company expects
this negative trend to continue through the balance of 1994
as the residual contracts with this customer base expire.
Cost of Service
Total Cost of Service for the third quarter was $29,168,000,
a decrease of $623,000 (2%) from the same period of the prior
year. This decrease was primarily the result of a reduction
in cost of operations of $176,000 (1%) and a decrease in
depreciation expense of $330,000 (8%). The depreciation
decrease is principally a result of computer systems becoming
fully depreciated in the fourth quarter of last fiscal year.
The Company is in the process of replacing certain of its
computer systems and adding enhanced peripheral equipment.
In addition to significant processing performance
enhancements to absorb anticipated growth in transaction
volumes, the new systems carry lower maintenance costs and
power consumption demands.
Gross margin increased to 42% in the current quarter, up from
40% in the same period of the prior year.
Sales, General and Administration
Sales, General and Administration expense was $16,995,000 for
the third quarter, an increase of $1,467,000 (9%) from the
prior year. This increase reflects expansion in the size and
scope of the Company's marketing and sales distribution
capability. The increase in the sales force was partially
offset by the effect of productivity improvement programs
initiated in the second quarter of last year. These programs
concentrated on elimination of redundant and non-essential
activities. After netting these two factors Sales, General
and Administration expense, as a percentage of revenue, was
34% for the current quarter compared to 31% for the same
period the prior year.
Investment and Other Income
Investment and Other Income for the third quarter was
$105,000, a decrease of $118,000 (53%) from the same period
of the prior year. This decrease was the result of a
decrease in interest income and was the result of the Company
selling a substantial portion of its lease portfolio in the
second half of the last fiscal year. The Company is now
essentially out of the leasing business. New leases are
sold to third parties.
Interest Expense
Interest Expense for the third quarter increased $69,000
(28%) from the same period last year. This increase was
primarily attributable to a one-time adjustment of imputed
interest expense on acquired merchant portfolios in the third
quarter of fiscal 1993.
Income Taxes
The provision for income taxes, as a percentage of taxable
income, was 35% and 42% for the nine months ending February
28, 1994 and 1993 respectively. The decreased rate in the
current period reflects income tax credits received for
research and development expenditures.
Net Income
Net income for the third quarter was $2,642,000, an increase
of $219,000 (9%) from the same period last year. Earnings
per share, both primary and fully diluted, for the third
quarter was $0.20, an increase of $0.01 (5%) over the same
period last year. See Note 5 to the Unaudited Condensed
Consolidated Financial Statements for further discussion of
outstanding shares.
==============================================================================
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Results of Operations
The nine months of fiscal year 1994 ended February 28, 1994
compared to the same period last year is reflected as follows
($Millions):
%
FY 1994 FY 1993 Inc. (Dec.)
$ % $ % of Dollars
Revenue: ----- ---- ----- ---- ------
Healthcare 45.4 30 40.0 26 13
Retail 84.0 56 84.6 56 ( 1)
Other 21.6 14 26.5 18 (19)
----- ---- ----- ---- ------
Total Revenue 151.0 100 151.1 100 --
----- ---- ----- ---- ------
Cost of Service:
Operations 69.8 46 72.1 48 ( 3)
Depreciation/Amortization 10.7 7 12.3 8 (14)
Hardware Sales 7.3 5 6.9 5 8
----- ---- ----- ---- ------
Total Cost of Service 87.8 58 91.3 61 ( 4)
----- ---- ----- ---- ------
Gross Margin 63.1 42 59.8 39 6
Sales General & Administration 50.4 34 50.4 33 --
----- ---- ----- ---- ------
Operating Margin 12.7 8 9.4 6 35
===== ===== ====== ==== ======
Revenue
Total revenue for the nine-month period ending February 28,
1994 was $150,978,000, essentially flat with revenue of
$151,077,000 for the same period of the prior year. The
trends, as detailed in the Company's Form 10-K for the fiscal
year ended May 31, 1993, continued in the nine-month period
ending February 28, 1994. The reduction in revenue was the
result of offsetting factors. Revenue for the Company's
Healthcare business increased $5,352,000 (13%) to
$45,392,000. The increased revenue in Healthcare was offset
by a decrease in "Other" revenue of $4,917,000 and a decrease
of $534,000 in the Retail business.
Healthcare revenue growth was principally related to
increases in Electronic Claims Processing. Electronic Claims
revenue increased $7,013,000 (52%) in the period compared to
the prior year. Revenue with the Company's governmental and
institutional customers decreased 14%. The Company's
Pharmacy/Dental practice management systems revenue decreased
4%.
Retail revenue for the nine-month period showed a slight
decrease from the prior year. Direct (merchant processing)
revenue increased 5% in the current period compared to the
same period last year. This increase is principally related
to an increase in discount revenue and equipment sales.
Revenue in the Company's Indirect (distribution through
banks) side of the business decreased 6% The voice
authorization revenue with Indirect customers decreased 7%.
The decrease in voice transactions is attributable to the
continued shift from voice to electronic authorization processing.
Indirect electronic authorization revenue decreased 4%.
The number of electronic authorization transactions grew 1%.
The increase in volume was offset by a decrease in the revenue
per transaction.
The decrease in "Other" revenue is principally related to the
Company's decision to exit certain segments of the
Communication Services business in 1991. The Company expects
this negative trend to continue through the balance of 1994
as the residual contracts with this customer base expire.
Cost Of Service
Total Cost of Service for the nine month period was
$87,843,000, a decrease of $3,422,000 (4%) from the same
period of the prior year. This decrease was primarily the
result of a reduction in cost of operations of $2,291,000
(3%) and a decrease in depreciation expense of $1,687,000
(14%). The depreciation expense reduction is principally the
result of computer systems becoming fully depreciated in the
fourth quarter of last fiscal year. The Company is in the
process of replacing certain of its computer systems and
adding enhanced peripheral equipment. In addition to
significant processing performance enhancements to absorb
anticipated growth in transaction volumes, the new systems
carry lower maintenance costs and power consumption demands.
Hardware cost of sales increased $551,000 (8%) as a result of
an increase in the number of healthcare practice management
systems and point-of-sale terminals sold.
Gross margin increased to 42% in the nine month period, up
from 39% in the same period of the prior year.
Sales, General and Administration
Sales, General and Administration expense was $50,393,000 for
the nine month period. This is essentially the same as the
prior year. Sales, General and Administration expense, as a
percentage of revenue, was 34% for both periods.
Investment and Other Income
Investment and Other Income for the nine month period was
$401,000, a decrease of $921,000 (70%) from the same period
of the prior year. This decrease was the result of a
decrease in interest income. The lower interest income was
the result of the Company selling a substantial portion of
its lease portfolio in the second half of the last fiscal
year. The Company is now essentially out of the leasing
business. New leases are sold to third parties.
Interest Expense
Interest Expense for the nine months decreased $403,000 (25%)
from the same period of the prior year. This decrease was
primarily attributable to an absence of borrowings on the
Company's lines of credit and a decrease in imputed interest
expense associated with merchant bank portfolios acquired in
prior years where certain payments were contingent on future
revenues.
Income Taxes
The provision for income taxes, as a percentage of taxable
income, was 39% and 42% for the nine-month periods ending
February 28, 1994 and 1993 respectively. The decreased rate
in the current year reflects income tax credits received for
research and development expenditures.
Extraordinary Item
The Company took an extraordinary charge of $1,450,000 (net
of income taxes) in the first quarter of the current year,
representing the estimated settlement cost of a lawsuit
brought against the Company. See Note 3 to the Unaudited
Condensed Consolidated Financial Statements for further
discussion.
Net Income
Net income, prior to the extraordinary charge, was
$7,328,000, an increase of $2,030,000 (38%). Earnings per
common share, both primary and fully diluted, for the first
nine months, before the extraordinary item, was $0.56, an
increase of $0.14 (33%) over the same period last year.
Net income for the nine months, after the extraordinary
charge of $1,450,000 for resolution of the shareholder
litigation, was $5,878,000, an increase of $580,000 (11%) as
compared to net income of $5,298,000 for the same period of
the prior year. See Note 3 to the Unaudited Condensed
Consolidated Financial Statements for further discussion of
the shareholder litigation. Earnings per common share, both
primary and fully diluted, for the nine-month period, after
the extraordinary charge, was $0.45, an increase of $0.03
(7%) over the same period last year. See Note 5 to the
Unaudited Condensed Consolidated Financial Statements for
further discussion of earnings per share and common
equivalent share.
Liquidity and Capital Resources
Net cash provided by operating activities was $23,738,000 for
the nine months ended February 28, 1994, a decrease of
$2,168,000 (8%) compared to $25,906,000 for the same period
of the prior year. Inventory held for resale increased
$1,847,000 during the nine months ending February 28, 1994 as
compared to no increase last year. The Company accelerated
the purchase of inventory to take advantage of vendor volume
discounts.
Cash used in investing activities in the first nine months of
1994 was $8,526,000 compared to cash provided by investing
activities of $14,512,000 for the same period of the prior
year. Last year the Company sold approximately $17,157,000
of its lease portfolio inventory. The leases sold last year
represented a one-time cash inflow for the initial sale of
existing sales-type leases. In addition, capital
expenditures of $8,726,000 were made in the current period
versus $2,650,000 in the same period last year, an increase
of $6,076,000.
Net cash used in financing activities for the nine month
period was $5,090,000, a decrease of $26,212,000 compared to
$31,302,000 for the same period of the prior year. This
decrease was principally the result of payments of
$24,500,000 made by the Company against its line of credit
and note payable last year. During the first nine months of
the current year the bank lines of credit were not utilized.
Dividends of $4,116,000 and $3,993,000 were made in the nine-
month periods ending February 28, 1994 and 1993,
respectively.
The Company has entered into a $15,000,000 committed working
capital line-of-credit with two banks originally expiring
April 14, 1994. This line has been extended to June 30,
1994. The Company expects to enter into another twelve month
arrangement upon the expiration of this agreement.
The Company believes funds generated from operations along
with its committed working capital line of credit and the
$27,237,000 cash on hand at February 28, 1994 will be
adequate to meet normal business operating needs.
In addition to the working capital line of credit the Company
has available a $15,000,000 committed acquisition line of
credit expiring June 30, 1994.
Stockholders' Equity
Stockholders' equity increased $5,051,000 from $101,261,000
at May 31, 1993 to $106,312,000 at February 28, 1994.
==============================================================================
Part II
OTHER INFORMATION
ITEM 1 - PENDING LEGAL PROCEEDINGS
__________________________________
See Note 3 to the Unaudited Condensed Consolidated Financial
Statements.
ITEM 4 - OTHER INFORMATION
__________________________
The Company extended its $15,000,000 committed working capital
line originally scheduled to expire on April 14, 1994. The
line is now scheduled to expire on June 30, 1994.
==============================================================================
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 thereunto duly
authorized.
NATIONAL DATA CORPORATION
(Registrant)
DATE: April, 15, 1994 BY: /s/ J.W. Braxton
Jerry W. Braxton
Chief Financial Officer
