ADP 2000 Annual Report Download - page 23

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21
[stat em ent s of consolidated earnings]Automatic Data Processing, Inc. and Subsidiaries
(In thousands, except per share amounts)
Years ended June 30, 2000 1999 1998
Revenues other than interest on funds held for clients and PEO revenues $5,729,042 $5,110,262 $4,543,335
Interest on funds held for clients 348,596 269,496 245,901
PEO revenues (net of pass-through costs of $2,197,323, $1,748,841
and $1,293,866, respectively) 209,874 160,383 136,720
Total revenues 6,287,512 5,540,141 4,925,956
Operating expenses 2,564,496 2,376,172 2,149,343
General, administrative and selling expenses 1,643,360 1,379,026 1,239,464
Systems development and programming costs 460,275 412,380 376,485
Depreciation and amortization 284,282 272,807 247,625
Interest expense 13,140 19,090 24,383
Realized (gains)/losses on sale of investments 32,359 (3,834) (2,061)
4,997,912 4,455,641 4,035,239
Earnings before income taxes 1,289,600 1,084,500 890,717
Provision for income taxes 448,800 387,660 282,455
Net earnings $ 840,800 $ 696,840 $ 608,262
Basic earnings per share $ 1.34 $ 1.13 $ 1.01
Diluted earnings per share $ 1.31 $ 1.10 $ .98
Basic shares outstanding 626,766 615,630 600,803
Diluted shares outstanding 646,098 636,892 628,196
See notes to consolidated financial statements.