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ADP 2003 Annual Report
24
Statements of Consolidated Earnings Automatic Data Processing, Inc. and Subsidiaries
(In thousands, except per share amounts)
Years Ended June 30, 2003 2002 2001
Revenues other than interest on funds held for clients
and PEO revenues $6,412,059 $6,305,206 $6,100,112
Interest on funds held for clients 368,727 431,236 518,956
PEO revenues(A) 366,231 267,821 234,584
Total revenues 7,147,017 7,004,263 6,853,652
Operating expenses 3,096,719 2,970,645 2,900,124
Selling, general and administrative expenses 1,758,353 1,606,690 1,665,447
Systems development and programming costs 499,192 474,843 514,279
Depreciation and amortization 274,682 279,077 320,856
Other income, net (127,129) (113,962) (72,064)
5,501,817 5,217,293 5,328,642
Earnings before income taxes 1,645,200 1,786,970 1,525,010
Provision for income taxes 627,050 686,200 600,290
Net earnings $1,018,150 $1,100,770 $ 924,720
Basic earnings per share $ 1.70 $ 1.78 $ 1.47
Diluted earnings per share $ 1.68 $ 1.75 $ 1.44
Basic average shares outstanding 600,071 618,857 629,035
Diluted average shares outstanding 605,917 630,579 645,989
(A) Net of pass-through costs of $3,462,783, $2,648,321 and $2,446,768, respectively.
See notes to consolidated financial statements.