Automatic Data Processing, Inc. and Subsidiaries
(In thousands, except per share amounts)
Year ended June 30, 1995 1994 1993
Revenue $2,893,742 $2,468,966 $2,223,374
Operating expenses 1,177,292 1,026,354 927,181
General, administrative
and selling expenses 792,121 666,344 617,194
Depreciation and amortization 172,536 148,295 140,234
Systems development
and programming costs 193,173 160,803 132,386
Interest expense 24,340 20,840 19,819
2,359,462 2,022,636 1,836,814
Earnings before income taxes
and cumulative effect
of accounting changes 534,280 446,330 386,560
Provision for income taxes 139,450 112,210 92,360
Net earnings before cumulative
effect of accounting changes 394,830 334,120 294,200
Cumulative effect
of accounting changes -- (4,800) --
Net earnings $394,830 $329,320 $294,200
Earnings per share:
Before cumulative effect
of accounting changes $2.77 $2.37 $2.08
Cumulative effect
of accounting changes -- (.03) --
Net earnings $2.77 $2.34 $2.08
Average number of
common shares outstanding 142,556 140,890 141,327
See notes to consolidated financial statements.