ADP 2014 Annual Report Download - page 74

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NOTE 14. QUARTERLY FINANCIAL RESULTS (UNAUDITED)
Summarized quarterly results of our operations for the two fiscal years ended June 30, 2015 and June 30, 2014 are as follows:
First
Quarter
Second Quarter
Third
Quarter
Fourth
Quarter
Y ear ended June 30, 2015
Revenues from continuing operations
$ 2,566.1
$ 2,653.6
$ 3,024.3
$ 2,694.5
Gross profit from continuing operations
$ 1,007.8
$ 1,070.3
$ 1,340.0
$ 1,092.7
Earnings from continuing operations before income taxes
$ 450.4
$ 498.8
$ 739.9
$ 381.6
Net earnings from continuing operations
$ 296.6
$ 332.5
$ 490.3
$ 257.0
Net (loss) / earnings from discontinued operations
$ (1.4)
$ (1.0)
$ (0.7)
$ 79.2
Net earnings
$ 295.2
$ 331.5
$ 489.6
$ 336.2
Basic per common share amounts:
Basic earnings per share from continuing operations
$ 0.62
$ 0.70
$ 1.04
$ 0.55
Basic earnings per share from discontinued operations
$ —
$ —
$ —
$ 0.17
Diluted per common share amounts:
Diluted earnings per share from continuing operations
$ 0.62
$ 0.69
$ 1.03
$ 0.55
Diluted earnings per share from discontinued operations
$ —
$ —
$ —
$ 0.17
First
Quarter
Second Quarter
Third
Quarter
Fourth
Quarter
Y ear ended June 30, 2014
Revenues from continuing operations
$ 2,355.4
$ 2,486.6
$ 2,817.8
$ 2,566.6
Gross profit from continuing operations
$ 917.8
$ 1,011.5
$ 1,235.6
$ 1,020.7
Earnings from continuing operations before income taxes
$ 402.6
$ 460.5
$ 659.2
$ 357.0
Net earnings from continuing operations
$ 264.2
$ 313.2
$ 432.1
$ 233.2
Net earnings from discontinued operations
$ 64.4
$ 63.8
$ 89.5
$ 55.5
Net earnings
$ 328.6
$ 377.0
$ 521.6
$ 288.7
Basic per common share amounts:
Basic earnings per share from continuing operations
$ 0.55
$ 0.65
$ 0.90
$ 0.49
Basic earnings per share from discontinued operations
$ 0.13
$ 0.13
$ 0.19
$ 0.12
Diluted per common share amounts:
Diluted earnings per share from continuing operations
$ 0.55
$ 0.65
$ 0.89
$ 0.48
Diluted earnings per share from discontinued operations
$ 0.13
$ 0.13
$ 0.19
$ 0.11
NOTE 15. SUBSEQUENT EVENTS
With the exception of the July 2015 increase in the commercial paper program discussed in Note 8, and the items listed below, there are no further subsequent
events for disclosure.
The Company's subsidiary captive insurance company, ADP Indemnity, paid a premium of $202.0 million in J uly 2015 to enter into a reinsurance arrangement
with ACE American Insurance Company to cover substantially all losses for the fiscal 2016 policy year on terms substantially similar to the fiscal 2015 reinsurance
policy to cover losses up to $1 million per occurrence related to the workers' compensation and employer's liability deductible reimbursement insurance protection
for PEO Services worksite employees.
In August 2015 , the Company signed an agreement to sell its AdvancedMD business, which is currently included within the Employer Services segment. The
Company expects the sale to be completed during the first or second quarter of fiscal 2016,
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