Revenues Rise 5%, 3% Organic; EPS From Continuing
Operations up 2%
Anticipates Revenue Growth of 5% to 7% and
EPS Growth of 5% to 7%, Compared With Adjusted
$2.72 in Fiscal 2012
Automatic Data Processing, Inc. (Nasdaq:ADP) reported revenue
growth of 5%, 3% organic, to $2.6 billion for the first fiscal
quarter ended September 30, 2012, Carlos A. Rodriguez, president
and chief executive officer, announced today. Pretax earnings
increased 2%, pretax margin declined 50 basis points, and net
earnings increased 1% on a higher effective tax rate compared with
a year ago. Diluted earnings per share from continuing operations
of $0.62 increased 2% from $0.61 a year ago on fewer shares
outstanding. Through October 26, 2012 ADP acquired 3.7 million
shares of its stock for treasury at a cost of $215 million. Cash
and marketable securities were $1.7 billion at September 30,
2012.
First Quarter Discussion
Commenting on the results, Mr. Rodriguez said, "ADP's first
quarter results were in-line with our expectations. Each of our
business segments performed very well driving solid revenue growth
and pretax margin expansion excluding acquisitions. I am
particularly pleased with the 15% worldwide new business sales
growth in Employer Services and PEO Services where strong sales
execution and gains in productivity continued. We also saw
continued strength in growth in the number of employees on our
clients' payrolls, and client revenue retention is solid, even
though down from a year ago.
"Previously communicated challenges and tough comparisons we
faced heading into the quarter affected the company's results,
including:
- Unfavorable foreign exchange rates negatively impacted revenue
growth 2% with minimal impact on earnings.
- The decline in high-margin interest revenues due to the lower
average yield on client funds balances negatively impacted revenue
growth 1%, partially offset by growth in average client funds
balances. The client funds extended investment strategy, which is
primarily driven by interest on client funds, negatively impacted
pretax earnings growth 4%, pretax margin 100 basis points, and
diluted earnings per share from continuing operations $0.03, or
5%.
- Foregone revenues and earnings related to the fiscal 2012
second quarter sale of assets and the expiration of certain
employment tax credits within our Tax Credit Services business
negatively impacted revenue growth 1%, pretax earnings growth 4%,
pretax margin 50 basis points, and diluted earnings per share
$0.02, or 3%.
- Fiscal 2012 acquisitions contributed 2% to total revenue growth
and negatively impacted pretax margins 40 basis points with minimal
impact on earnings.
Employer Services
"Employer Services' revenues grew 6% for the first quarter, 5%
organically, compared to last year's first quarter. The number
of employees on our clients' payrolls in the United States
increased 3.3% for the quarter as measured on a same-store-sales
basis for our clients on our AutoPay platform. As anticipated,
worldwide client retention declined 0.4 percentage points compared
with a year ago. Also as anticipated, Employer Services'
pretax margin decreased 60 basis points for the quarter as
increased operating scale was offset by a 90 basis point drag from
fiscal 2012 acquisitions.
PEO Services
"PEO Services' revenues increased 13% for the first quarter, all
organic, compared to last year's first quarter. PEO Services'
pretax margin increased 110 basis points for the quarter due to
slower growth in pass-through revenues and an easier year-over-year
comparison. Average worksite employees paid by PEO Services
increased 11% for the quarter to approximately 269,000.
Dealer Services
"Dealer Services' revenues grew 9% for the first quarter, 7%
organically, compared to last year's first quarter. Dealer
Services' pretax margin improved 150 basis points for the quarter
benefiting from increased operating scale.
Interest on Funds Held for Clients
"The safety, liquidity, and diversification of our clients'
funds are the foremost objectives of our investment strategy.
Client funds are invested in accordance with ADP's prudent and
conservative investment guidelines and the credit quality of the
investment portfolio is predominantly AAA/AA.
"For the first quarter, interest on funds held for clients
declined $15.1 million, or 12%, from $121.9 million a year ago to
$106.8 million, due to a decline of about 60 basis points in the
average interest yield to 2.7%, partially offset by an increase of
6% in average client funds balances from $15.2 billion to $16.1
billion.
Discontinued Operations
"This release has been adjusted to exclude the discontinued
operations of a business ADP intends to sell that generated $50
million in revenues and approximately $0.02 of earnings per share
in fiscal 2012. The results of operations for this business
are reported within discontinued operations in the fiscal 2013 and
2012 results within this release.
Fiscal 2013 Forecast
"Our fiscal 2013 forecasts assume no changes in the current
economic environment. However, there is concern in the U.S.
surrounding the fiscal cliff, and we continue to anticipate a
difficult European economy. We continue to expect a lower
average yield on the client funds portfolio due to continued low
market interest rates, and tough year-over-year comparisons from
certain fiscal 2012 items as noted below. Our forecasts exclude the
results of discontinued operations. It is important to note
that despite the impact of discontinued operations, we have
maintained our fiscal 2013 forecasts for total revenues and
earnings per share growth.
- Total revenues – we continue to anticipate 5% to 7%
growth. This forecast includes: -- An anticipated
revenue headwind of about one percentage point from unfavorable
foreign exchange rates for the year, with about half a percentage
point negative impact in the second quarter; -- An
anticipated $70 to $75 million decline in interest on client funds
resulting in one percentage point of negative impact on revenues
from the expected lower average yield, with about one percentage
point negative impact in each of the second through
fourth quarters, partially offset by anticipated growth in
balances; -- The year-over-year comparison from the fiscal
2012 second quarter sale of assets and the expiration of certain
employment tax credits within our Tax Credit Services business are
expected to negatively impact revenues about half a percentage
point for the full year, with about one percentage point negative
impact in the second quarter.
- We anticipate driving good pretax margins in the business
segments, although we continue to anticipate a decline in total ADP
pretax margin of about 30 basis points due to: -- An
anticipated drag of about 100 basis points for the year related to
the client funds extended investment strategy which is primarily
driven by interest on client funds. The negative impact by
quarter is anticipated to be about 100 basis points in both the
second and third quarters and about 120 basis points in the fourth
quarter; -- An expected drag from fiscal 2012 acquisitions of
about 20 basis points for the year, with a drag of 20 basis points
in both the second and third quarters; and -- The
year-over-year comparison from the fiscal 2012 second quarter sale
of assets and the expiration of certain employment tax credits
within our Tax Credit Services business are expected to negatively
impact pretax margin about 20 basis points for the full year, with
about 30 basis points negative impact in the second quarter.
- We continue to anticipate an increase of 5% to 7% in diluted
earnings per share from continuing operations compared to $2.72
from continuing operations in fiscal 2012, which excludes the gain
from the sale of assets in the second quarter of fiscal
2012. Fiscal 2012 and our fiscal 2013 forecasted diluted
earnings per share from continuing operations have been reduced by
$0.02 and $0.03, respectively, as a result of discontinued
operations. This forecast includes: -- An anticipated
drag of about $0.11 in earnings per share due to the anticipated
decline in earnings related to the client funds extended investment
strategy which is primarily driven by interest on client
funds. We anticipate a decline of about $0.03 per share in
each of the second through fourth quarters; -- An expected
decline of about $0.04 in earnings per share related to the fiscal
2012 second quarter sale of assets and the expiration of certain
employment tax credits within our Tax Credit Services
business. We anticipate a decline of nearly $0.02 per share in
the second quarter. -- An expected minimal impact on earnings
per share from foreign exchange rates and fiscal 2012 acquisitions.
- The impacts noted above from the expected drag from fiscal 2012
acquisitions as well as the negative year-over-year comparisons
from the fiscal 2012 second quarter sale of assets and the
expiration of certain employment tax credits within our Tax Credit
Services business are reflected in the segment forecasts provided
below. -- Employer Services – revenue growth of 6% to 7% with
pretax margin expansion of at least 50 basis points
-- Pays per control – up 2.0% to
3.0% for the year -- PEO Services – revenue growth of 13% to
14% with flat to slight pretax margin expansion -- Employer
Services and PEO Services new business sales – 8% to 10% growth
compared to over $1.2 billion sold in fiscal 2012 -- Dealer
Services – revenue growth of 7% to 9%, with pretax margin expansion
of about 100 basis points
"The interest assumptions in our forecasts are based on Fed
Funds futures contracts and forward yield curves as of October 26,
2012. The Fed Funds futures contracts used in the client short and
corporate cash interest income forecasts do not anticipate any
changes during the fiscal year in the Fed Funds target
rate. The three-and-a-half and five-year U.S. government
agency rates based on the forward yield curves as of October 26,
2012 were used to forecast new purchase rates for the client
extended, corporate extended, and client long portfolios,
respectively.
- Interest on funds held for clients is expected to decline $70
to $75 million, or 14% to 15%, from $493.3 million in fiscal 2012
to $420 to $425 million. This forecast is based on a decline
of 50 to 60 basis points in the expected average interest yield to
2.2% to 2.3%, partially offset by 5% to 7% anticipated growth in
average client funds balances to $18.8 to $19.1 billion.
- Interest income on corporate funds is expected to decline
approximately $20 million from $85.2 million in fiscal
2012. Included in interest income on corporate funds is
interest income related to the extended investment strategy which
is expected to decline about $10 million to approximately $55
million.
- In combination, we expect the total impact related to the
client funds extended investment strategy to be a decline of $80 to
$85 million from $556 million in fiscal 2012. Our prior
forecast anticipated a decline of $75 to $85 million.
"I am cautious as economic growth is still lagging historic
levels. However, I am pleased with the momentum in our
businesses and I am confident that ADP is well positioned to
navigate the uncertainty of the global economy. As a leading
global Human Capital Management solutions provider we are focused
on successfully executing against our four strategic pillars for
growth. Driving product innovation and enhancing our
distribution and service capabilities are the right things to do to
continue to grow the business long-term," Mr. Rodriguez
concluded.
Website Schedules
The schedules of quarterly and full-year revenue and pretax
earnings by reportable segment for fiscal years 2011 and 2012, and
the first quarter of fiscal 2013, have been updated to reflect
fiscal 2013 budgeted foreign exchange rates and the impact of
discontinued operations, and are posted to the Investor Relations
home page (http://www.investquest.com/iq/a/adp/index.htm) of our
website www.ADP.com under Reportable Segments Financial Data.
An analyst conference call will be held today, Thursday,
November 1 at 8:30 a.m. EDT. A live webcast of the call will
be available to the public on a listen-only basis. To listen
to the webcast and view the slide presentation, go to ADP's home
page,www.ADP.com, or ADP's Investor Relations home page,
http://www.investquest.com/iq/a/adp/index.htm, and click on the
webcast icon. Please note, this webcast will be broadcast in two
streams: Windows Media and Flash. You may switch streams by
selecting "Windows Media" or "Flash" from the gear-setup symbol
located to the right-hand side of the volume control on the webcast
player. Please check your system 10 minutes prior to the
webcast. The presentation will be available to download and
print about 60 minutes before the webcast at the ADP Investor
Relations home page at
http://www.investquest.com/iq/a/adp/index.htm. ADP's news
releases, current financial information, SEC filings and Investor
Relations presentations are accessible at the same website.
About ADP
Automatic Data Processing, Inc. (Nasdaq:ADP), with more than $10
billion in revenues and approximately 600,000 clients, is one of
the world's largest providers of business outsourcing solutions.
Leveraging over 60 years of experience, ADP offers a wide range
of human resource, payroll, tax and benefits
administration solutions from a single source. ADP's
easy-to-use solutions for employers provide superior value to
companies of all types and sizes. ADP is also a leading provider of
integrated computing solutions to auto, truck, motorcycle,
marine, recreational vehicle, and heavy equipment
dealers throughout the world. For more information about
ADP or to contact a local ADP sales office, reach us at
1.800.225.5237 or visit the company's website at www.ADP.com.
|
Automatic Data
Processing, Inc. and Subsidiaries |
Condensed Consolidated
Balance Sheets |
(In
millions) |
(Unaudited) |
|
September 30, |
June 30, |
|
2012 |
2012 |
Assets |
|
|
Cash and cash equivalents/Short-term
marketable securities (A) |
$ 1,153.1 |
$ 1,578.5 |
Other current assets |
2,226.4 |
2,030.0 |
Assets of discontinued operations |
125.7 |
125.0 |
Total current assets before funds
held for clients |
3,505.2 |
3,733.5 |
|
|
|
Funds held for clients |
20,467.4 |
21,539.1 |
Total current assets |
23,972.6 |
25,272.6 |
|
|
|
Long-term marketable securities (A) |
522.4 |
86.9 |
Property, plant and equipment, net |
703.9 |
706.3 |
Other non-current assets |
4,945.2 |
4,751.6 |
Total assets |
$ 30,144.1 |
$ 30,817.4 |
|
|
|
Liabilities and Stockholders' Equity |
|
|
Other current liabilities |
$ 2,177.4 |
$ 2,367.5 |
Obligations under reverse repurchase
agreements |
442.7 |
-- |
Liabilities of discontinued operations |
29.7 |
29.0 |
Client funds obligations |
19,701.3 |
20,856.2 |
Total current
liabilities |
22,351.1 |
23,252.7 |
|
|
|
Long-term debt |
16.3 |
16.8 |
Other non-current liabilities |
1,484.0 |
1,433.9 |
Total liabilities |
23,851.4 |
24,703.4 |
|
|
|
Total stockholders' equity |
6,292.7 |
6,114.0 |
Total liabilities and stockholders'
equity |
$ 30,144.1 |
$ 30,817.4 |
|
|
|
(A) As of September 30, 2012,
$439.4 of Long-term marketable securities and $3.3 of Cash and cash
equivalents have been pledged as collateral under reverse
repurchase agreements. |
|
Automatic Data
Processing, Inc. and Subsidiaries |
Statements of
Consolidated Earnings |
(In millions, except per
share amounts) |
(Unaudited) |
|
|
|
|
Three Months Ended |
|
September 30, |
|
2012 |
2011 |
Revenues: |
|
|
Revenues, other than interest on
funds held for clients and PEO revenues |
$ 2,081.8 |
$ 1,991.1 |
Interest on funds held for clients |
106.8 |
121.9 |
PEO revenues (A) |
448.9 |
397.9 |
Total revenues |
2,637.5 |
2,510.9 |
|
|
|
Expenses: |
|
|
Costs of revenues: |
|
|
Operating expenses |
1,367.5 |
1,289.7 |
Systems development & programming
costs |
156.3 |
147.9 |
Depreciation & amortization |
62.7 |
62.8 |
Total costs of revenues |
1,586.5 |
1,500.4 |
|
|
|
Selling, general & administrative
expenses |
611.4 |
586.9 |
Interest expense |
3.1 |
2.1 |
Total expenses |
2,201.0 |
2,089.4 |
|
|
|
Other income, net |
(29.1) |
(34.2) |
|
|
|
Earnings from continuing operations
before income taxes |
465.6 |
455.7 |
|
|
|
Provision for income taxes |
163.1 |
155.3 |
|
|
|
Net earnings from continuing
operations |
$ 302.5 |
$ 300.4 |
|
|
|
Earnings from discontinued operations, net of
provision for income taxes of $1.7 and $1.3 for the three
months ended September 30, 2012 and 2011, respectively |
2.8 |
2.3 |
|
|
|
Net earnings |
$ 305.3 |
$ 302.7 |
|
|
|
Basic Earnings Per Share from Continuing
Operations |
$ 0.63 |
$ 0.62 |
Basic Earnings Per Share from
Discontinued Operations |
0.01 |
-- |
Basic Earnings Per Share |
$ 0.63 |
$ 0.62 |
|
|
|
Diluted Earnings Per Share from
Continuing Operations |
$ 0.62 |
$ 0.61 |
Diluted Earnings Per Share from
Discontinued Operations |
0.01 |
-- |
Diluted Earnings Per Share |
$ 0.63 |
$ 0.61 |
|
|
|
Dividends declared per common share |
$ 0.3950 |
$ 0.3600 |
|
|
|
(A) Professional Employer
Organization ("PEO") revenues are net of direct pass-through costs,
primarily consisting of payroll wages and payroll taxes, of
$4,525.8 and $3,935.3 for the three months ended September 30, 2012
and 2011, respectively. |
|
Automatic Data
Processing, Inc. and Subsidiaries |
Other Selected Financial
Data |
(Dollars in millions,
except per share amounts) |
(Unaudited) |
|
Three Months Ended |
|
|
|
September 30, |
|
|
|
2012 |
2011 |
Change |
% Change |
Revenues from continuing operations (A) |
|
|
|
|
Employer Services |
$ 1,819.0 |
$ 1,708.9 |
$ 110.1 |
6% |
PEO Services |
451.9 |
400.5 |
51.4 |
13% |
Dealer Services |
439.8 |
402.6 |
37.2 |
9% |
Other |
(73.2) |
(1.1) |
(72.1) |
(100+)% |
|
$ 2,637.5 |
$ 2,510.9 |
$ 126.6 |
5% |
Pre-tax earnings from continuing operations
(A) |
|
|
|
|
Employer Services |
$ 421.8 |
$ 407.2 |
$ 14.6 |
4% |
PEO Services |
46.2 |
36.7 |
9.5 |
26% |
Dealer Services |
76.0 |
63.4 |
12.6 |
20% |
Other |
(78.4) |
(51.6) |
(26.8) |
(52)% |
|
$ 465.6 |
$ 455.7 |
$ 9.9 |
2% |
Pre-tax margin (A) |
|
|
|
|
Employer Services |
23.2% |
23.8% |
(0.6)% |
|
PEO Services |
10.2% |
9.2% |
1.1% |
|
Dealer Services |
17.3% |
15.8% |
1.5% |
|
Other |
n/m |
n/m |
n/m |
|
|
17.7% |
18.2% |
(0.5)% |
|
|
|
|
|
|
(A) Prior year's segment results
were adjusted to reflect fiscal year 2013 budgeted foreign exchange
rates. |
|
n/m - not meaningful |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, |
Change in other |
|
|
2012 |
2011 |
income, net |
|
Components of other income, net: |
|
|
|
|
Interest income on corporate funds |
$ (23.8) |
$ (29.6) |
$ (5.8) |
|
Realized gains on available-for-sale
securities |
(4.9) |
(4.3) |
0.6 |
|
Realized losses on available-for-sale
securities |
0.4 |
0.3 |
(0.1) |
|
Other, net |
(0.8) |
(0.6) |
0.2 |
|
Total other income, net |
$ (29.1) |
$ (34.2) |
$ (5.1) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, |
|
|
|
2012 |
2011 |
Change |
% Change |
Earnings per share information: |
|
|
|
|
Net earnings from continuing operations |
$ 302.5 |
$ 300.4 |
$ 2.1 |
1% |
Net earnings |
$ 305.3 |
$ 302.7 |
$ 2.6 |
1% |
Basic weighted average shares
outstanding |
483.5 |
487.9 |
(4.4) |
(1)% |
Basic earnings per share from continuing
operations |
$ 0.63 |
$ 0.62 |
$ 0.01 |
2% |
Basic earnings per share |
$ 0.63 |
$ 0.62 |
$ 0.01 |
2% |
|
|
|
|
|
Net earnings from continuing operations |
$ 302.5 |
$ 300.4 |
$ 2.1 |
1% |
Net earnings |
$ 305.3 |
$ 302.7 |
$ 2.6 |
1% |
Diluted weighted average shares
outstanding |
488.4 |
493.3 |
(4.9) |
(1)% |
Diluted earnings per share from continuing
operations |
$ 0.62 |
$ 0.61 |
$ 0.01 |
2% |
Diluted earnings per share |
$ 0.63 |
$ 0.61 |
$ 0.02 |
3% |
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, |
|
|
|
2012 |
2011 |
|
|
Key Statistics: |
|
|
|
|
Internal revenue growth: |
|
|
|
|
Employer Services |
5% |
7% |
|
|
PEO Services |
13% |
17% |
|
|
Dealer Services |
7% |
6% |
|
|
|
|
|
|
|
Employer Services: |
|
|
|
|
Change in pays per control -
AutoPay product |
3.3% |
2.7% |
|
|
Change in client revenue retention
percentage - worldwide |
(0.4) pts |
0.2 pts |
|
|
Employer Services/PEO new business
sales growth - worldwide |
15% |
8% |
|
|
|
|
|
|
|
PEO Services: |
|
|
|
|
Paid PEO worksite employees at end
of period |
272,000 |
247,000 |
|
|
Average paid PEO worksite employees
during the period |
269,000 |
242,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Automatic Data
Processing, Inc. and Subsidiaries |
Other Selected Financial
Data, Continued |
(Dollars in millions,
except per share amounts or where otherwise stated) |
(Unaudited) |
|
Three Months Ended |
|
|
|
September 30, |
|
|
|
2012 |
2011 |
Change |
% Change |
Average investment balances at cost (in
billions): |
|
|
|
|
Corporate, other than corporate
extended |
$ 1.2 |
$ 1.4 |
$ (0.1) |
(10)% |
Corporate extended |
3.8 |
3.5 |
0.3 |
7% |
Total corporate |
5.0 |
4.9 |
0.1 |
2% |
Funds held for clients |
16.1 |
15.2 |
0.9 |
6% |
Total |
$ 21.1 |
$ 20.0 |
$ 1.0 |
5% |
|
|
|
|
|
Average interest rates earned exclusive of
realized losses (gains) on: |
|
|
|
|
Corporate, other than corporate
extended |
0.9% |
1.0% |
|
|
Corporate extended |
2.2% |
2.8% |
|
|
Total corporate |
1.9% |
2.4% |
|
|
Funds held for clients |
2.7% |
3.2% |
|
|
Total |
2.5% |
3.0% |
|
|
|
|
|
|
|
Net unrealized gain position at end of
period |
$ 806.0 |
$ 741.4 |
|
|
|
|
|
|
|
Average short-term financing (in
billions): |
|
|
|
|
U.S. commercial paper
borrowings |
$ 3.2 |
$ 3.0 |
|
|
U.S. & Canadian reverse
repurchase agreement borrowings |
0.5 |
0.5 |
|
|
|
$ 3.8 |
$ 3.5 |
|
|
Average interest rates paid on: |
|
|
|
|
U.S. commercial paper
borrowings |
0.2% |
0.1% |
|
|
U.S. & Canadian reverse
repurchase agreement borrowings |
0.7% |
0.5% |
|
|
|
|
|
|
|
Interest on funds held for clients |
$ 106.8 |
$ 121.9 |
$ (15.1) |
(12)% |
Corporate extended interest income (B) |
21.2 |
25.6 |
(4.4) |
(17)% |
Corporate interest expense-short-term
financing (B) |
(2.5) |
(1.5) |
(1.0) |
(69)% |
|
$ 125.5 |
$ 145.9 |
$ (20.5) |
(14)% |
|
|
|
|
|
|
|
|
|
|
(B) While "Corporate
extended interest income" and "Corporate interest expense
-short-term financing" are non-GAAP disclosures, management
believes this information is beneficial to reviewing the financial
statements of ADP. Management believes this information is
beneficial as it allows the reader to understand the extended
investment strategy for ADP's client funds assets, corporate
investments and short-term borrowings. A reconciliation of
the non-GAAP measures to GAAP measures is as follows: |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, |
|
|
|
2012 |
2011 |
|
|
|
|
|
|
|
Corporate extended interest income |
$ 21.2 |
$ 25.6 |
|
|
All other interest income |
2.6 |
4.0 |
|
|
Total interest income on corporate
funds |
$ 23.8 |
$ 29.6 |
|
|
|
|
|
|
|
Corporate interest expense - short-term
financing |
$ 2.5 |
$ 1.5 |
|
|
All other interest expense |
0.6 |
0.6 |
|
|
Total interest expense |
$ 3.1 |
$ 2.1 |
|
|
|
|
|
|
|
This document 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," "assumes,"
"projects," "anticipates," "estimates," "we believe," "could be"
and other words of similar meaning, are forward-looking statements.
These statements are based on management's expectations 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, retaining 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; auto sales and related industry changes; employment 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 information,
future events or otherwise. These risks and uncertainties, along
with the risk factors discussed under "Item 1A. - Risk Factors" in
our Annual Report on Form 10-K for the fiscal year ended June 30,
2012 should be considered in evaluating any forward-looking
statements contained herein.
CONTACT: Automatic Data Processing, Inc.
ADP Investor Relations
Elena Charles, 973.974.4077
Debbie Morris, 973.974.7821
Automatic Data Processing (NASDAQ:ADP)
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