ADP 2010 Annual Report Download - page 43

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See notes to consolidated financial statements.
Statements of Consolidated Earnings
(In millions, except per share amounts)
Years ended June 30,
2010
2009
2008
REVENUES:
Revenues, other than interest on funds
held for clients and PEO revenues
$
7,077.7
$
7,051.7
$
6,996.1
Interest on funds held for clients
542.8
609.8
684.5
PEO revenues (A)
1,307.2
1,176.9
1,053.1
TOTAL REVENUES
8,927.7
8,838.4
8,733.7
EXPENSES:
Costs of revenues
Operating expenses
4,277.2
4,087.0
3,898.4
Systems development and programming costs
513.9
498.3
521.1
Depreciation and amortization
238.6
237.4
237.7
TOTAL COSTS OF REVENUES
5,029.7
4,822.7
4,657.2
Selling, general and administrative expenses
2,127.4
2,190.3
2,359.1
Interest expense
8.6
33.3
80.5
TOTAL EXPENSES
7,165.7
7,046.3
7,096.8
Other income, net
(101.2
)
(108.0
)
(166.5
)
EARNINGS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES
1,863.2
1,900.1
1,803.4
Provision for income taxes
655.9
575.0
647.7
NET EARNINGS FROM CONTINUING OPERATIONS
1,207.3
1,325.1
1,155.7
Earnings from discontinued operations, net of provision
for income taxes of $7.0, $0.7 and $25.8 for the fiscal years
ended June 30, 2010, 2009 and 2008, respectively
4.1
7.5
80.0
NET EARNINGS
$
1,211.4
$
1,332.6
$
1,235.7
Basic earnings per share from continuing operations
$
2.41
$
2.63
$
2.22
Basic earnings per share from discontinued operations
0.01
0.01
0.15
BASIC EARNINGS PER SHARE
$
2.42
$
2.65
$
2.37
Diluted earnings per share from continuing operations
$
2.40
$
2.62
$
2.19
Diluted earnings per share from discontinued operations
0.01
0.01
0.15
DILUTED EARNINGS PER SHARE
$
2.40
$
2.63
$
2.34
Basic weighted average shares outstanding
500.5
503.2
521.5
Diluted weighted average shares outstanding
503.7
505.8
527.2
(A)
Professional Employer Organization (
“PEO
”)
revenues are net of direct pass
-
through costs, primarily consisting of payroll wages and payroll taxes, of $13,318.7,
$12,310.4 and $11,247.4, respectively.