ADP Authorized to Purchase an Additional Thirty Five Million Shares of Its Common Stock.Business Editors ROSELAND, N.J.--(BUSINESS WIRE)--Nov. 12, 2002 The board of directors of Automatic Data Processing Same as data processing. , Inc., (NYSE NYSE See: New York Stock Exchange :ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. ) authorized the purchase of 35 million shares of its common stock, Arthur F. Weinbach, chairman and chief executive officer, announced today. This is in addition to the approximately 16 million shares remaining to be purchased under previous share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. authorizations. Since July 1, 2002 ADP has purchased approximately 20 million of its shares. ADP currently has approximately 599 million common shares outstanding. ADP, with over $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 Auto Sales The major producers of domestic automobiles report sales monthly. These numbers are seasonally adjusted by the U.S. Department of Commerce and are available to the public one to five business days after the end of each month. 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. The information and opinions contained in this release have been furnished and approved by Automatic Data Processing, Inc. We are retained by them as investor relations Investor relations The process by which the corporation communicates with its investors. counsel. |
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