COMPUTER MANAGEMENT SCIENCES, INC.
8133 Baymeadows Way
Jacksonville, Florida 32256
May 22, 1998
Corrected "Performance Graph" in Annual Meeting Proxy Statement
Dear CMSI Shareholder:
It has come to our attention that the Performance Graph appearing on
page 11 of our Annual Meeting Proxy Statement, which was mailed to you on or
about May 15, 1998, contains an error that unfavorably distorts the stock market
performance of CMSI's common stock in comparison to the indices for the NASDAQ
Stock Market and the NASDAQ Computer & Data Processing Services Stocks.
Inadvertently, the 1995 CMSI stock prices shown in the graph were not adjusted
for the two 3-for-2 stock splits effective on July 5, 1996 and November 20,
1996. The corrected Performance Graph shown on the reverse side of this letter,
which is required to be included in the Proxy Statement to assist shareholders
in their evaluation of the compensation paid to the Company's officers and
directors, should be substituted for the one now appearing on page 11 of the
Proxy Statement. We apologize for any inconvenience this may have caused you.
Sincerely,
JERRY W. DAVIS
Chairman and Chief Executive Officer
<PAGE>
PERFORMANCE GRAPH
The following graph is a comparison of the cumulative total returns for
the Company's Common Stock as compared with the cumulative total return for the
NASDAQ Stock Market (U.S.) Total Return Index and the NASDAQ Computer & Data
Processing Services Stocks ("C&DPS") Nasdaq Total Return Index. The cumulative
return of the Company was computed by dividing the difference between the price
of the Company's Common Stock at the end of each measurement period (December
31, 1995, December 31, 1996, and December 31, 1997) and the beginning of the
cumulative measurement period (September 29, 1995) by the price of the Company's
Common Stock at the beginning of the cumulative measurement period (after
adjusting all 1995 stock prices for the 3-for-2 stock splits effective on July
5, 1996, and November 20, 1996). The total return calculations are based upon an
assumed $100 investment on September 29, 1995, the date of the Company's initial
public offering.
Comparison of Twenty-Seven Month Cumulative Return
(Performance Graph Here)
9/29/95 12/31/95 12/31/96 12/31/97
Computer Management Sciences, Inc. $100 $127 $374 $307
NASDAQ C&DPS Index $100 $104 $129 $158
NASDAQ Stock Market - U.S. $100 $101 $124 $153
