Selected Financial Data

Automatic Data Processing, Inc. and Subsidiaries
(In Thousands, except per share amounts)

Year ended June 30,
1996
1995
1994
1993
1992
Revenue
$3,566,597
$2,893,742
$2,468,966
$2,223,374
$1,940,571
Cost of operations
2,901,476
2,335,122
2,001,796
1,816,995
1,586,725
Interest expense
29,731
24,340
20,840
19,819
12,266
2,931,207
2,359,462
2,022,636
1,836,814
1,598,991
Earnings before income taxes and cumulative effect of accounting changes
635,390
534,280
446,330
386,560
341,580
Provision for income taxes
180,690
139,450
112,210
92,360
85,400
Net earnings before cumulative effect of accounting changes.
454,700
394,830
334,120
294,200
256,180
Cumulative effect of accounting changes
(4,800)
Net earnings
$454,700
$394,830
$329,320
$294,200
$256,180
Earnings per share:
Before cumulative effect of accounting changes
$1.57
$1.38
$1.19
$1.04
$0.92
Cumulative effect of accounting changes
(0.02)
Net earnings
$1.57
$1.38
$1.17
$1.04
$0.92
Average number of common shares outstanding
288,967
285,112
281,780
282,654
278,090
Cash dividends per share
$.3875
$.3125
$.2700
$.2375
$.2075
Return on equity (a) . . .
20.3%
20.9%
21.0%
20.9%
22.1%
At year end:
Cash, cash equivalents and marketable securities
$1,098,620.
$1,291,889.
$1,062,190.
$886,452.
$741,357.
Working capital
$618,670.
$667,920.
$507,243.
$355,047.
$366,752.
Total assets
$3,839,885.
$3,201,096.
$2,711,751.
$2,439,400.
$2,169,300.
Long-term debt
$403,743.
$390,177.
$372,959.
$347,853.
$333,192.
Shareholders' equity. . .
$2,315,346.
$2,096,615.
$1,691,251.
$1,494,456.
$1,296,728.

(a) Before cumulative effect of accounting changes in 1994 (see Note 1 B.).

All per share information has been adjusted to reflect a two-for-one stock split on January 1, 1996.

See notes to consolidated financial statements.