ADP 2003 Annual Report Download - page 25

ADP 2003 Annual Report 23
Market Price, Dividend Data and Other
The market price of our common stock (symbol: ADP) based on
New York Stock Exchange composite transactions and cash div-
idends per share declared during the past two years have been:
Price Per Share Dividends
High Low Per Share
Fiscal 2003 quarter ended
June 30 $36.08 $30.80 $.1200
March 31 $40.81 $27.24 $.1200
December 31 $45.96 $33.76 $.1200
September 30 $43.75 $31.15 $.1150
Fiscal 2002 quarter ended
June 30 $58.00 $42.35 $.1150
March 31 $59.53 $51.00 $.1150
December 31 $60.37 $46.70 $.1150
September 30 $53.97 $41.00 $.1025
As of June 30, 2003, there were approximately 35,884
holders of record of our common stock. Approximately 316,607
additional holders have their stock in “street name.”
New Accounting Pronouncements
In March 2003, the Emerging Issues Task Force (EITF) pub-
lished EITF Issue No. 00-21 “Accounting for Revenue Arrange-
ments with Multiple Deliverables” (EITF 00-21). EITF 00-21
addresses certain aspects of the accounting by a vendor for
arrangements under which it performs multiple revenue-gener-
ating activities and how to determine whether such an arrange-
ment involving multiple deliverables contains more than one
unit of accounting for purposes of revenue recognition. The
guidance in EITF 00-21 is effective for revenue arrangements
entered into in fiscal periods beginning after June 15, 2003.
Accordingly, we have adopted EITF 00-21 effective July 1,
2003. We do not expect EITF 00-21 to have a material impact
on our Consolidated Financial Statements.
Forward-Looking Statements
This report and other written or oral statements made from time
to time by ADP may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform
Act of 1995. Statements that are not historical in nature and
which may be identified by the use of words like “expects,”
“projects,” “anticipates,” “estimates,” “we believe,” “could be”
and other words of similar meaning, are forward-looking state-
ments. These statements are based on management’s expec-
tations and assumptions and are subject to risks and
uncertainties that may cause actual results to differ materially
from those expressed. Factors that could cause actual results
to differ materially from those contemplated by the forward-
looking statements include: ADP’s success in obtaining, retain-
ing and selling additional services to clients; the pricing of
products and services; changes in laws regulating payroll taxes,
professional employer organizations and employee benefits;
overall market and economic conditions, including interest rate
and foreign currency trends; competitive conditions; stock mar-
ket activity; auto sales and related industry changes; employ-
ment and wage levels; changes in technology; availability of
skilled technical associates and the impact of new acquisitions
and divestitures. ADP disclaims any obligation to update any
forward-looking statements, whether as a result of new infor-
mation, future events or otherwise.