ADP 2002 Annual Report Download - page 40

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Notes to Consolidated Financial Statements (continued)
Employer Brokerage Dealer
(In millions) Services Services Services Other Total
Year ended June 30, 20 0 2
Revenues $ 4,1 84 $1 ,758 $7 0 6 $ 35 6 $ 7,00 4
Pre-tax earnings $ 1 ,11 0 $ 35 4 $1 1 6 $ 20 7 $ 1,7 87
Assets $1 2 ,2 44 $ 56 6 $1 8 1 $5 ,28 6 $1 8,27 7
Capital expenditures $ 71 $ 33 $ 21 $ 2 1 $ 1 4 6
Depreciation and amortization $ 20 8 $ 10 8 $ 40 $ (7 7 ) $ 27 9
Year ended June 30, 2001
Revenues $ 3,968 $1,742 $683 $ 461 $ 6,854
Pre-tax earnings $ 936 $ 332 $ 99 $ 158 $ 1,525
Assets $12,320 $ 523 $183 $4,863 $17,889
Capital expenditures $106 $33 $23 $23 $185
Depreciation and amortization $ 196 $ 109 $ 38 $ (22) $ 321
Year ended June 30, 2000
Revenues $ 3,539 $1,469 $715 $ 445 $ 6,168
Pre-tax earnings $ 775 $ 333 $112 $ 70 $ 1,290
Assets $11,264 $ 522 $202 $4,863 $16,851
Capital expenditures $ 94 $ 27 $ 24 $ 21 $ 166
Depreciation and amortization $ 177 $ 81 $ 38 $ (12) $ 284
Revenues and assets by geographic area are as follows:
United
(In millions) States Europe Canada Other Total
Year ended June 30, 20 0 2
Revenues $ 5,9 78 $ 67 3 $ 27 0 $ 83 $ 7,0 04
Assets $1 6 ,0 55 $1 ,21 4 $ 84 3 $1 6 5 $ 1 8,27 7
Year ended June 30, 2001
Revenues $ 5,827 $ 641 $ 279 $107 $ 6,854
Assets $15,799 $1,055 $ 910 $125 $17,889
Year ended June 30, 2000
Revenues $ 5,210 $ 645 $ 259 $ 54 $ 6,168
Assets $14,640 $1,126 $1,014 $ 71 $16,851
NOTE 14. QUARTERLY FINANCIAL RESULTS (UNAUDITED)
Summarized quarterly results of operations for the two years ended June 30, 2002 are as follows:
First Second Third Fourth
(In thousands, except per share amounts) Quarter Quarter Quarter Quarter
Year ended June 30, 20 0 2
Revenues $1 ,607 ,8 8 3 $1,6 81 ,0 28 $ 1,87 0 ,0 36 $ 1,84 5 ,3 16
Net earnings $ 1 96,6 0 0 $ 264,6 00 $ 35 2 ,2 60 $ 2 87 ,3 10
Basic earnings per share $ .32 $ .43 $ .57 $ .47
Diluted earnings per share $ .3 1 $ .4 2 $ .5 6 $ .4 6
Year ended June 30, 2001*
Revenues $1,544,129 $1,639,822 $1,853,765 $1,815,936
Net earnings $ 173,400 $ 207,440 $ 288,880 $ 255,000
Basic earnings per share $ .28 $ .33 $ .46 $ .41
Diluted earnings per share $ .27 $ .32 $ .45 $ .40
* After impact of non-cash, non-recurring item. See note 4 to the consolidated financial statements.
and expenses are charged to business units at a standard
rate for management and motivation reasons. Other costs
are recorded based on management responsibility. As a
result, various income and expense items, including certain
non-recurring gains and losses, are recorded at the corpo-
rate level and certain shared costs are not allocated. Good-
will amortization is charged to business units as a surrogate
for the cost of capital for acquisitions, which is subsequently
eliminated in consolidation. Interest on invested funds held
for clients is recorded in Employer Services’ revenues at a
standard rate of 6%, with the adjustment to actual revenues
included in “Other.” Prior years’ business unit revenues and
pre-tax earnings have been restated to reflect fiscal year
2002 budgeted foreign exchange rates. Business unit assets
include funds held for clients but exclude corporate cash,
marketable securities and goodwill. “Other” consists prima-
rily of Claims Services, corporate expenses, non-recurring
items and the reconciling items referred to above.