-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LjZgjozm7GRhDF8l1asfLTyl5Fy0xqD4M/bBvKsnQ8H+1Ns/sOBZz0wdaGPgyuUp Yq2gIt8LmIzwT9Ukv1euTA== 0000008670-03-000061.txt : 20030313 0000008670-03-000061.hdr.sgml : 20030313 20030313082349 ACCESSION NUMBER: 0000008670-03-000061 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030313 ITEM INFORMATION: Other events FILED AS OF DATE: 20030313 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUTOMATIC DATA PROCESSING INC CENTRAL INDEX KEY: 0000008670 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] IRS NUMBER: 221467904 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05397 FILM NUMBER: 03601618 BUSINESS ADDRESS: STREET 1: ONE ADP BOULVARD CITY: ROSELAND STATE: NJ ZIP: 07068 BUSINESS PHONE: 9739747849 MAIL ADDRESS: STREET 1: ONE ADP BOULEVARD CITY: ROSELAND STATE: NJ ZIP: 07068 8-K 1 form8k-31303.txt FORM8K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 13, 2003 Automatic Data Processing, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-5397 22-1467904 - ------------------------------------------------------------------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification incorporation) No.) One ADP Boulevard, Roseland, New Jersey 07068 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (973) 974-5000 ---------------------------- N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits (c) Exhibits Exhibit Number Description -------------- -------------------------------------------------- 99.1 Press Release dated March 13, 2003, issued by Automatic Data Processing, Inc. (the "Registrant"). Item 9. Regulation FD Disclosure On March 13, 2003, the Registrant issued a press release announcing revised revenue and earnings per share guidance and outlook for fiscal 2003. A copy of the Registrant's press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference. In accordance with General Instruction B.2 of Form 8-K, the information in this Form 8-K is being furnished under Item 9 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 13, 2003 AUTOMATIC DATA PROCESSING, INC. By: /s/ James B. Benson ------------------------------- Name: James B. Benson Title: Corporate Vice President Exhibit Index ------------- Exhibit Number Description -------------- --------------------------------------------- 99.1 Press Release dated March 13, 2003, issued by Automatic Data Processing, Inc. EX-99.1 3 ex991form8k-31303.txt EX991FORM8K-31303 THE FOLLOWING IS THE TEXT OF A PRESS RELEASE MADE BY THE REGISTRANT ON MARCH 13, 2003: ADP ANNOUNCES ACCELERATION OF INVESTMENTS IN CORE BUSINESSES; LOWERS EPS GUIDANCE FOR FISCAL 2003 TO $1.68 - $1.73 ROSELAND, NJ, March 13, 2003 -- Automatic Data Processing, Inc. (NYSE:ADP), announced today that it is lowering its guidance for fiscal 2003 to the range of $1.68 - $1.73 earnings per share compared with $1.75 last year, and that revenues will be flat with last year, compared with the previous guidance of low single digit revenue and earnings per share growth over fiscal 2002. The change in guidance is due, in part, to continued weak economic conditions and their impact on the Employer and Brokerage Services segments, but primarily from an acceleration of activities in three critical areas: 1) increasing investments in highly attractive growth initiatives; 2) cost reductions in selected areas including exiting a few non-performing product lines; and 3) investing in the retention of quality associates. Arthur F. Weinbach, chairman and chief executive officer, commented, "We have decided to accelerate investments to enhance our leadership position in a number of our most critical markets despite the current weak environment. Therefore, we will substantially increase our investments in our most promising growth areas, particularly in Employer Services with products like our eXpert services suite, Total Choice and Enterprise. "In those areas where growth has been short of our expectations we will reduce or freeze our headcount and improve our productivity. In a very limited number of cases we will aggressively exit non-performing product lines and non-strategic businesses to allow us to focus our resources on more promising growth areas. "Retaining our quality associates is critical to our business. We are committed to investing in our associates to ensure our success. We will take actions that positively impact a broad range of associates as we refocus on our Employer of Choice initiatives. "While it is premature to discuss the impact of these actions in detail at this time, I estimate we will spend between $150 to $200 million over the next twelve to eighteen months. "The most important message here is that ADP is a very strong company with excellent growth prospects. These actions are being taken to strengthen our powerful position and not allow short-term economic weakness to influence our long-term strengths. Most of the issues facing us today are cyclical, and employment, brokerage activity and interest rates will all rebound. ADP's financial strength provides us the ability to invest and compete without waiting for an economic upturn. I am very optimistic about ADP's future and its growth," Mr. Weinbach concluded. ADP, with $7 billion in revenues and 500,000 clients, is one of the largest independent computing services firms in the world. ---------------------------------------- This release contains "forward-looking statements" based on management's expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ from those expressed. Factors that could cause differences 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 and employee benefits; overall economic trends, including interest rate and foreign currency trends; stock market activity; auto sales and related industry changes; employment levels; changes in technology; availability of skilled technical associates; and the impact of new acquisitions. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. -----END PRIVACY-ENHANCED MESSAGE-----