ADP 2013 Annual Report Download - page 78

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NOTE 15. QUARTERLY FINANCIAL RESULTS (UNAUDITED)
Summarized quarterly results of our continuing operations for the two fiscal years ended June 30, 2013 and June 30, 2012 are as follows:
(A) Net earnings from continuing operations and diluted earnings per share from continuing operations includes the impact of a goodwill
impairment charge related to ADP AdvancedMD, which decreased net earnings from continuing operations by $42.7 million and diluted
earnings per share from continuing operations by $0.09 .
(B) Net earnings from continuing operations and diluted earnings per share from continuing operations includes the impact of a gain on sale of
assets related to the rights and obligations to resell a third-party management platform which increased net earnings from continuing operations
by $41.2 million and diluted earnings per share from continuing operations by $0.08 .
NOTE 16. SUBSEQUENT EVENTS
With the exception of the repayment of reverse repurchase obligations on July 2, 2013 and the August 2013 increase of the commercial paper
program discussed in Note 9, the July 2013 pension plan contribution discussed in Note 10, and the item listed below, there are no further
subsequent events for disclosure.
The Company's subsidiary captive insurance company, ADP Indemnity, paid a premium of $142.4 million in July 2013 to enter into a
reinsurance arrangement with ACE American Insurance Company to cover substantially all losses for the fiscal 2014 policy year on terms
substantially similar to the fiscal 2013 reinsurance policy to cover losses up to the $1 million per occurrence related to the workers'
compensation and employer's liability deductible reimbursement insurance protection for PEO Services worksite employees.
68
First
Quarter
Second Quarter
Third
Quarter
Fourth
Quarter (A)
Year ended June 30, 2013
Revenues
$
2,637.5
$
2,747.8
$
3,114.3
$
2,810.5
Costs of revenues
$
1,586.5
$
1,624.3
$
1,745.9
$
1,692.8
Gross profit
$
1,051.0
$
1,123.5
$
1,368.4
$
1,117.7
Net earnings from continuing operations
$
302.5
$
352.0
$
482.7
$
227.0
Basic earnings per share from continuing operations
$
0.63
$
0.73
$
1.00
$
0.47
Diluted earnings per share from continuing operations
$
0.62
$
0.72
$
0.99
$
0.47
First
Quarter
Second Quarter
(B)
Third
Quarter
Fourth
Quarter
Year ended June 30, 2012
Revenues
$
2,510.9
$
2,570.7
$
2,910.9
$
2,623.6
Costs of revenues
$
1,500.4
$
1,513.7
$
1,618.2
$
1,582.0
Gross profit
$
1,010.5
$
1,057.0
$
1,292.7
$
1,041.6
Net earnings from continuing operations
$
300.4
$
372.8
$
450.2
$
256.2
Basic earnings per share from continuing operations
$
0.62
$
0.77
$
0.92
$
0.53
Diluted earnings per share from continuing operations
$
0.61
$
0.76
$
0.91
$
0.52