ADP 2005 Annual Report Download - page 6

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omentum
4
REBOUND YEAR
Fiscal 2005 was a strong rebound year for
ADP. We are back on a solid growth trend
and are gaining momentum. In fiscal 2005,
our revenues grew 10% to $8.5 billion and
our earnings per share reached an all-time
record level of $1.79 per share with 15%
growth. We achieved these results while
maintaining our ever more rare position
as one of six AAA-rated U.S. industrial
companies by the major rating agencies.
ADP has been a consistent growth company
for many years. So, it is important to
understand that our fiscal 2005 results are
not a one-time event. The foundation for the
future is solid. Our forecast for fiscal 2006 is
for high single-digit growth to over $9 billion
in annual revenues and earnings per share
growth of 15%-20%, assuming stock
compensation was expensed in fiscal 2005.
Excluding stock compensation expense in
both periods, we anticipate growth in earnings
per share would have been 12%-15%.
Left: Arthur F. Weinbach,
Chairman & Chief Executive Officer
Right: Gary C. Butler,
President & Chief Operating Officer
Letter to Shareholders
BUILDING MOMENTUM AT ADP