/2HH d 1$&|&A%|Page #**'STATEMENTS OF CONSOLIDATED EARNINGS7'AUTOMATIC DATA PROCESSING, INC. AND SUBSIDIARIES/'(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)'YEARS ENDED JUNE 30,   'Revenue _OA 6KA FA"-----------"-----------"-----------'Operating expenses I:A w#7A 1A3 'General, administrative and selling expenses  0A  Z,A  r,(A$ 'Depreciation and amortization  XF A  A  A0 'Systems development and programming costs  A  yA  A 'Interest expense  l  #t  _ 'Non-recurring items  ir  "--  "--"-----------"-----------"----------- IA ]FA SBA"-----------"-----------"-----------"-----------"-----------"-----------#'Earnings before income taxes T&A c#A N A!'Provision for income taxes p A A A"-----------"-----------"-----------'Net earnings pWA A 8A"-----------"-----------"-----------'Earnings per share )\(? Q? Gz?"-----------"-----------"-----------2'Average number of common shares outstanding A A fA6'SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS."'CONSOLIDATED BALANCE SHEETS7 'AUTOMATIC DATA PROCESSING, INC. AND SUBSIDIARIES/!'(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)"'JUNE 30, " " #'ASSETS$'Current assets: %'Cash and cash equivalents %"A %0A'&'Short-term marketable securities &A &<A''Accounts receivable 'w"A 'A('Other current assets (8gA (8A)"---------)"---------*'Total current assets * ;A *06A+"---------+"---------,"---------,"---------&-'Long-term marketable securities -PA -9A."---------."---------/'Long-term receivables /A /A0"---------0"---------01'Property, plant and equipment -- at cost:2'Land and buildings 2A 2|A 3'Data processing equipment 3#A 3!A&4'Furniture, leaseholds and other 4:A 4-A5"---------5"--------- 6X4A 62A$7'Less accumulated depreciation 7Ng)A 7R'A8"---------8"--------- 9IJA 9A:"---------:"---------;'Other assets ;@ ;L<"---------<"---------='Intangibles =4A =v3A>"--------->"---------?"---------?"--------- @ PA @KMAA"---------A"---------B"---------B"---------@C'Liabilities and Shareholders' Equity Current liabilities:D'Notes payable D@ D'@E'Accounts payable E@ E@5F'Accrued expenses and other current liabilities FX%A F&"AG'Income taxes G@ G@@(H'Current portion of long-term debt HC HWI"---------I"--------- J'Total current liabilities J/A J:)AK"---------K"---------L"---------L"---------M'Long-term debt M(|A M|AN"---------N"---------O'Other liabilities OPb@ O*@P"---------P"---------Q'Deferred income taxes Q@ Q@R"---------R"---------S'Deferred revenue S@ S0@T"---------T"---------U'Shareholders' equity:(V'Preferred stock, $1.00 par value:IW'Authorized, 300 shares; issued, none Common stock, $.10 par value:6X'Authorized, 500,000 shares; issued, 314,288 and#Y'314,277 shares, respectively Yz Yz%Z'Capital in excess of par value ZSA ZA['Retained earnings [KFA [\CAF\'Treasury stock-- at cost 21,439 and 26,656 shares, respectively \>L% \&$]'Translation adjustments ] ]I^"---------^"---------!_'Total shareholders' equity _jLDA _)AA`"---------`"--------- a PA aKMA6b'SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.6c'STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY7d'AUTOMATIC DATA PROCESSING, INC. AND SUBSIDIARIES/f'(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)h"CAPITAL INi"COMMON STOCKi"COMMON STOCKi"EXCESS OFi"RETAINEDi"TREASURYi"TRANSLATION j"SHARES j"AMOUNTj"PAR VALUEj"EARNINGS j"STOCKj"ADJUSTMENTSk'BALANCE, JULY 1, 1994 k-A kz kA kL% 6'SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.,'STATEMENTS OF CONSOLIDATED CASH FLOWS7'AUTOMATIC DATA PROCESSING, INC. AND SUBSIDIARIES'(IN THOUSANDS)'YEARS ENDED JUNE 30,   +'CASH FLOWS FROM OPERATING ACTIVITIES'Net earnings pWA A 8A$'Depreciation and amortization XF A A A'Deferred income taxes `; t6 3'Changes in operating assets and liabilities:#'Receivables and other assets     ,'Accounts payable and accrued expenses @  I 'Other  @ @ Wn"-------------"-------------"-------------/'Net cash flows from operating activities %A $A DA"-------------"-------------"-------------"-------------"-------------"-------------+'Cash Flows From Investing Activities('Purchase of marketable securities  J5 . ~02'Proceeds from sale of marketable securities 4A o2A D,A'Capital expenditures e (  'Additions to intangibles D  7'Acquisitions of businesses, net of cash acquired . < < 'Other ``@  "-------------"-------------"-------------/'Net cash flows from investing activities tG   P"-------------"-------------"-------------"-------------"-------------"-------------+'CASH FLOWS FROM FINANCING ACTIVITIES&'Proceeds from issuance of notes `*@ '@ "---'Proceeds from issuance of common stock e@ @ @E@"'Repurchases of common stock - @ 'Dividends paid ` @_  'Other  ; "-------------"-------------"-------------/'Net cash flows from financing activities   ]"-------------"-------------"-------------"-------------"-------------"-------------.'Net change in cash and cash equivalents A $ N@8'Cash and cash equivalents, at beginning of period 0A 0$A ! A"-------------"-------------"-------------2'Cash and cash equivalents, at end of period "A 0A 0$A6'SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.