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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
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Washington,
D.C. 20549
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Delaware
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1-5397
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22-1467904
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(State
or other
jurisdiction
of
incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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One
ADP Boulevard, Roseland, New Jersey
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07068
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code:
(973)
974-5000
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N/A
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(Former
name or former address, if changed since last
report)
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[
]
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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[
]
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17
CFR 240.14d-2(b))
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[
]
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17
CFR 240.13e-4(c))
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AUTOMATIC
DATA PROCESSING, INC.
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| By: | /s/ Christopher R. Reidy | |
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Name: Christopher R. Reidy |
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Title:
Chief Financial Officer
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Exhibit
Number
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Description
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99
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Press
Release dated May 1, 2007, issued by Automatic Data Processing,
Inc.
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| · |
Approximately
1% increase in revenues, and a reduction to earnings per share of
about
$0.02, due to the impact of acquisition activity to
date.
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| · |
The
increase in diluted earnings per share from continuing operations
of $0.04
from the net one-time items recorded in the first quarter which included
the gain from the sale of a Dealer Services non-core minority investment
offset by restructuring charges. The increase from the previously
reported
$0.03 per share for the net one-time items is due to BSG-related
restructuring charges being reclassified from continuing operations
to
discontinued operations when the tax-free spin-off
occurred.
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| · |
The
separation costs related to the BSG tax-free spin-off which are reported
within discontinued operations. These costs are estimated to be
approximately $40 million, which is lower than our previous estimate
of
$45 - $55 million.
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| – |
BSG
business, comprised of the Brokerage Services and SCOS
segments
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| – |
Separation
costs related to the BSG tax-free
spin-off
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| – |
International
income tax impact of the BSG tax-free
spin-off
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| – |
Sandy
Corp., a business unit within the Dealer Services
segment
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| – |
Claims
Services Group business working capital
adjustment
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| – |
Quarterly
and full-year statements of earnings for fiscal
2006
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| – |
Statements
of earnings for the first and second quarters of fiscal
2007
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| – |
Quarterly
and full-year historical revenue and pretax earnings by reportable
segment
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Automatic
Data Processing, Inc. and Subsidiaries
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Condensed
Consolidated Balance Sheets
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(In
millions)
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(unaudited)
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March
31,
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June
30,
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||||||
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2007
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2006
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Assets
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Cash
and cash equivalents/Short-term
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|||||||
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marketable
securities
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$
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2,681.3
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$
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2,194.8
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Other
current assets
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1,370.5
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1,170.6
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Assets
of discontinued operations
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4.6
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2,116.8
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Total
current assets
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4,056.4
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5,482.2
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Long-term
marketable securities
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105.9
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333.7
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Property,
plant and equipment, net
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710.1
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701.5
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Other
non-current assets
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4,079.7
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3,488.8
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Funds
held for clients
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23,970.8
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17,483.9
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Total
assets
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$
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32,922.9
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$
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27,490.1
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Liabilities
and Stockholders' Equity
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|||||||
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Other
current liabilities
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$
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1,736.1
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$
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1,703.3
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Liabilities
of discontinued operations
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25.6
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969.0
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Total
current liabilities
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1,761.7
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2,672.3
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Long-term
debt
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43.6
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74.3
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Other
non-current liabilities
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1,067.0
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944.5
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Client
funds obligations
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24,058.3
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17,787.4
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Total
liabilities
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26,930.6
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21,478.5
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Total
stockholders' equity
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5,992.3
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6,011.6
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Total
liabilities and stockholders' equity
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$
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32,922.9
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$
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27,490.1
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Automatic
Data Processing, Inc. and Subsidiaries
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Consolidated
Statements of Earnings
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(In
millions, except per share amounts)
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(Unaudited)
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Three
Months Ended
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Nine
Months Ended
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||||||||||||
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March
31,
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March
31,
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||||||||||||
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2007
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2006
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2007
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2006
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REVENUES:
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Revenues,
other than interest on funds
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held
for Employer Services' clients and
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PEO
revenues
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$
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1,741.9
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$
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1,563.2
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$
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4,729.5
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$
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4,211.7
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Interest
on funds held for
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|||||||||||||
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Employer
Services' clients
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198.3
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166.2
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475.3
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393.5
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|||||||||
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PEO
revenues (A)
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249.1
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197.6
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649.5
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516.9
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Total
revenues
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2,189.3
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1,927.0
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5,854.3
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5,122.1
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EXPENSES:
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Costs
of revenues:
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Operating
expenses
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899.4
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781.8
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2,536.8
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2,160.5
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Systems
development and programming costs
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122.2
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120.5
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355.7
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343.2
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Depreciation
and amortization
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54.0
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42.3
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155.8
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122.9
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Total
cost of revenues
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1,075.6
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944.6
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3,048.3
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2,626.6
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Selling,
general and administrative expenses
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554.1
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495.3
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1,570.5
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1,376.4
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Interest
expense
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7.0
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7.0
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74.8
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51.3
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Other
income, net
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(25.2
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)
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(23.0
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)
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(175.4
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)
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(78.6
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)
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Total
expenses
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1,611.5
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1,423.9
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4,518.2
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3,975.7
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