ADP Reports 4% Revenue Growth for First Fiscal Quarter; EPS Declines 6%.
Business Wire › October 17, 2003
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ADP Reports 4% Revenue Growth for First Fiscal Quarter; EPS Declines 6%.
Business Editors
ROSELAND, N.J.--(BUSINESS WIRE)--Oct. 17, 2003 Automatic Data Processing, Inc. (NYSE:ADP) reported 4% revenue growth and $.32 earnings per share for the first fiscal quarter ended September 30, 2003, Arthur F. Weinbach, chairman and chief executive officer, announced today. Revenues of $1.7 billion increased 4% over last year. Pretax earnings declined 9% and net earnings declined 7%. Diluted earnings per share declined 6% from $.34 per share last year. Commenting on the quarter, Mr. Weinbach said, "The primary reasons for the earnings decline are the previously disclosed reductions in interest rates, the weakness in the brokerage industry and the overall economy, and our incremental investment activity. Nevertheless, earnings were slightly...See the full content of this document
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