As filed with the Securities and Exchange Commission on August 18, 2000
Registration No. 333-42294
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 1 TO
==================
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
-----------------
AUTOMATIC DATA PROCESSING, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 22-1467904
(State or other (I.R.S. Employer
jurisdiction of incorporation) Identification No.)
ONE ADP BOULEVARD
ROSELAND, NEW JERSEY 07068
PHONE: (973) 974-5000
(Address, including zip code, and telephone number,
including area code, of registrant's principal executive offices)
JAMES B. BENSON, ESQ.
CORPORATE VICE PRESIDENT, SECRETARY AND GENERAL COUNSEL
ONE ADP BOULEVARD
ROSELAND, NEW JERSEY 07068
(973) 974-5000
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
COPY TO:
RICHARD S. BORISOFF, ESQ.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON
1285 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10019
(212) 373-3000
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: From time
to time or at one time after the effective date of this Registration Statement
as determined by the Selling Stockholders.
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box. |_|
If any of the securities being registered on this Form are to be offered on
a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box. |X|
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. |_|
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. |_|
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. |_|
The Registrant hereby amends this registration statement (the "Registration
Statement") on such date or dates as may be necessary to delay its effective
date until the Registrant shall file a further amendment which specifically
states that this Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until the
Registration Statement shall become effective on such date as the Commission,
acting pursuant to said Section 8(a), may determine.
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The information in this document is not complete and may be changed. The selling
stockholders may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This document is
not an offer to sell these securities and it is not soliciting an offer to buy
these securities in any jurisdiction where the offer or sale is not permitted.
Subject to completion, dated August 18, 2000.
PRELIMINARY PROSPECTUS
AUTOMATIC DATA PROCESSING, INC.
293,325 Shares
Common Stock
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This prospectus relates to Our company's shares of
the public offering, which is not common stock are traded on the New
being underwritten, of 293,325 shares York Stock Exchange, the Chicago
of our company's common stock. The Stock Exchange and the Pacific Stock
common stock is held by some of the Exchange under the symbol "AUD." On
former stockholders of Business August 17, 2000, ADP's
Management Software, LTD, who are stock price was $57.06.
listed on page 2 of this document.
These stockholders obtained their
shares of ADP common stock in
connection with a share purchase
agreement dated June 8, 2000,
whereby ADP acquired all of the
stock of Business Management
Software, LTD.
These stockholders may
sell their ADP shares at prices
which are based on the market
price of the stock or in
negotiated transactions. ADP
will not receive any of the
proceeds from the sale of the
shares.
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Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved the ADP common stock to be issued in
connection with this document or determined that this document is accurate or
adequate. Any representation to the contrary is a criminal offense.
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, 2000
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TABLE OF CONTENTS
THE COMPANY....................................................................1
USE OF PROCEEDS................................................................1
THE SELLING STOCKHOLDERS.......................................................2
PLAN OF DISTRIBUTION...........................................................3
EXPERTS........................................................................3
LEGAL OPINION..................................................................3
WHERE YOU CAN FIND MORE INFORMATION............................................4
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THE COMPANY
We are engaged in the computing services business. With over nearly
500,000 clients, we are one of the largest companies in the world dedicated to
providing computerized transaction processing, data communications and
information services. Our services include:
o payroll, payroll tax and human resource management;
o securities transaction processing and investor communication services;
o industry-specific computing and consulting services for auto and truck
dealers; and
o computerized auto repair estimating, auto parts availability services
and fee and utilization audits of bodily injury claims.
Our principal executive offices are located at One ADP Boulevard,
Roseland, New Jersey 07068.
We would like to note the following changes to our presentation of
information in future financial statements:
o Footnote 7 to the June 30, 1999 financial statements incorporated by
reference in ADP's 1999 Annual Report on Form 10-K indicates that
interest on collected but unremitted funds amounted to approximately
$269 million in fiscal 1999, $246 million in 1998 and $213 million in
1997. These amounts are included within total revenues on ADP's
Statement of Consolidated Earnings. In future filings this component
of total revenues will be broken out and presented as a separate line
item within total revenues.
o Footnote 7 to the June 30, 1999 financial statements also discloses
the amount of collected but remitted funds on hand at June 30, 1999
and 1998 (approximately $7.0 billion and $6.5 billion, respectively).
In future filings, these amounts will be included as assets and
liabilities on ADP's Consolidated Balance Sheet.
o Footnote 1C to the June 30, 1999 financial statements indicates that
realized gains/losses from the sale of marketable securities have not
been material. In future filings, these amounts will be presented as a
separate line item in ADP's Statement of Consolidated Earnings.
USE OF PROCEEDS
We will not receive any of the proceeds from the sale of the shares of
our common stock by the selling stockholders.
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THE SELLING STOCKHOLDERS
The selling stockholders received the shares of common stock from ADP
on June 30, 2000 in with a share purchase agreement dated June 8, 2000, whereby
ADP acquired all of the capital stock of Business Management Software, LTD, a
limited company organized under the laws of England and Wales and owned by the
selling stockholders.
We list below with respect to the selling stockholders (1) the number
of shares of ADP common stock beneficially owned as of August 18, 2000 and prior
to the offering covered by this prospectus, (2) the maximum number of shares of
ADP common stock which may be sold in the offering and (3) the number of shares
of ADP common stock which will be beneficially owned after the offering,
assuming the sale of all the shares set forth in (2) above.
<TABLE>
<CAPTION>
Beneficial Ownership Shares To Be Beneficial Ownership
Prior to Offering Offered After Offering
----------------- ------- --------------
Selling Stockholder Shares Percentage Shares Percentage
------------------- ------ ---------- ------ ----------
<S> <C> <C> <C> <C>
G. Barnes 106,224 * 106,224 0 0
M. Jones 97,688 * 97,688 0 0
J. Wright 39,120 * 39,120 0 0
A. Drinkwater 3,725 * 3,725 0 0
D. Dykes 3,725 * 3,725 0 0
S. Elkins 3,725 * 3,725 0 0
M. Fairbairn 3,725 * 3,725 0 0
A. Staines 27,943 * 27,943 0 0
C. Tuck 3,725 * 3,725 0 0
I. Clay 3,725 * 3,725 0 0
</TABLE>
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* Less than 1%.
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PLAN OF DISTRIBUTION
We are registering 293,325 shares of ADP common stock on behalf of the
selling stockholders. We issued all of these shares in connection with our
acquisition of Business Management Software, LTD.
The selling stockholders may choose to sell their shares from time to
time on the New York Stock Exchange, the Chicago Stock Exchange and/or the
Pacific Stock Exchange, at market prices prevailing at the time of the sale, at
prices related to the then prevailing market prices, in privately negotiated
transactions or through a combination of these methods. In addition, these
selling stockholders may choose one or more of the following alternatives:
o a block trade in which a broker or dealer will attempt to sell the
shares as agent but may position and resell a portion of the block as
principal in order to facilitate the transaction;
o purchases by a broker or dealer as principal and resale by such broker
or dealer for its account pursuant to this prospectus; and
o ordinary brokerage transactions and transactions in which the broker
solicits purchasers.
The selling stockholders and any broker-dealers who act in connection
with the sale of their shares of ADP common stock under this prospectus may be
deemed to be "underwriters" within the meaning of Section 2(11) of the
Securities Act of 1933 and any commissions received by them and profit on any
resale of their shares of ADP common stock as principals might be deemed to be
underwriting discounts and commissions under the Securities Act. ADP has agreed
to indemnify the selling stockholders against certain liabilities, including
liabilities under the Securities Act as underwriters or otherwise.
EXPERTS
The consolidated financial statements and the related financial
statement schedules incorporated in this prospectus by reference from our Annual
Report on Form 10-K for the year ended June 30, 1999 have been audited by
Deloitte & Touche LLP, independent auditors, as stated in their reports, which
are incorporated in this prospectus by reference, and have been so incorporated
in reliance upon the reports of such firm given upon their authority as experts
in accounting and auditing.
LEGAL OPINION
James B. Benson, Esq., Corporate Vice President, Secretary and General
Counsel of ADP, will issue an opinion about the legality of the ADP common stock
being offered by this prospectus. As of the date of this prospectus, Mr. Benson
beneficially owns 56,613 shares of ADP's common stock.
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WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and special reports, proxy statements and
other information with the Securities and Exchange Commission. You may read and
copy any document that we file at the Securities and Exchange Commission's
Public Reference Room at 450 Fifth Street N.W., Washington, D.C. 20549. Please
call 1-800-SEC-0330 for further information on the operation of the Public
Reference Room. Reports, proxy statements and other information regarding
issuers that file electronically with the Securities and Exchange Commission,
including our filings, are also available to the public from the Securities and
Exchange Commission's Web site at "http://www.sec.gov."
Our common stock is listed on the New York Stock Exchange, the Chicago
Stock Exchange and the Pacific Stock Exchange, and such reports, proxy
statements and other information can also be inspected at the office of the New
York Stock Exchange, 20 Broad Street, New York, New York 10005, the office of
the Chicago Stock Exchange, 440 South LaSalle Street, Chicago, Illinois 60603,
and the offices of the Pacific Stock Exchange, 618 South Spring Street, Los
Angeles, California 90015 and 301 Pine Street, San Francisco, California 94104.
We have filed with the Securities and Exchange Commission a
registration statement on Form S-3 under the Securities Act. This prospectus is
a part of the registration statement and constitutes a prospectus of our company
for the ADP common stock to be sold by the selling stockholders. As allowed by
the Securities and Exchange Commission rules, this prospectus does not contain
all the information you can find in the registration statement or the exhibits
to the registration statement.
The Securities and Exchange Commission allows us to "incorporate by
reference" the information we file with them, which means that we can disclose
important business and financial information about us to you that is not
included in or delivered with this prospectus by referring you to those
documents.
The information incorporated by reference is considered to be part of
this prospectus, and information that we file later with the Securities and
Exchange Commission will automatically update and supersede this information. We
incorporate by reference the documents listed below and any filing we will make
with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934 following the date of this
prospectus and prior to the termination of the offering of our company's shares
of common stock:
1. Annual Report on Form 10-K of ADP for the fiscal year ended June 30, 1999.
2. Quarterly Reports on Form 10-Q filed by ADP for the fiscal quarters ended
September 30, 1999, December 31, 1999 and March 31, 2000.
3. The description of ADP common stock contained in ADP's Registration
Statement on Form 8-A, as filed with the Commission on January 21, 1992.
You may request a copy of these filings, at no cost, by writing or
telephoning us at the following address:
James B. Benson, Esq.,
Corporate Vice President, Secretary and General Counsel
Automatic Data Processing, Inc.
One ADP Boulevard
Roseland, New Jersey 07068
Telephone requests may be directed to (973) 974-5000.
We have not authorized anyone to give any information or make any
representation about our company that differs from or adds to the information in
this prospectus or in our documents or the documents that we publicly file with
the Securities and Exchange Commission. Therefore, if anyone does give you
different or additional information, you should not rely on it.
The information contained in this prospectus speaks only as of its date
unless the information specifically indicates that another date applies.
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PART II
INFORMATION NOT REQUIRED IN THE PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution.
Registration fee to the Securities
and Exchange Commission................................. $4,133.61
Accounting fees and expenses............................. $2,500.00
Legal fees and expenses.................................. $3,000.00
Miscellaneous expenses................................... $100.00
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Total........................................... $9,733.61
The foregoing items, except for the registration fee to the Securities
and Exchange Commission (the "Commission"), are estimated. All expenses of the
offering, other than selling discounts, commissions and legal fees and expenses
incurred separately by the selling stockholders, will be paid by ADP.
Item 15. Indemnification of Directors and Officers.
Provision for indemnification of directors and officers is made in
Section 145 of the Delaware General Corporation Law.
Article Fifth, Sections 3 and 4 of the ADP's Amended and Restated
Certificate of Incorporation provide as follows:
"The Corporation shall indemnify all directors and officers of the
Corporation to the full extent permitted by the General Corporation Law of the
State of Delaware (and in particular Paragraph 145 thereof), as from time to
time amended, and may purchase and maintain insurance on behalf of such
directors and officers. In addition, the Corporation shall, in the manner and to
the extent as the Bylaws of the Corporation shall provide, indemnify to the full
extent permitted by the General Corporation Law of the State of Delaware (and in
particular Paragraph 145 thereof), as from time to time amended, such other
persons as the By-laws shall provide, and may purchase and maintain insurance on
behalf of such other persons."
"A director of the Corporation shall not be held personally liable to
the Corporation or its stockholders for monetary damages for breach of fiduciary
duty as a director; except for liability (i) for breach of the director's duty
of loyalty to the Corporation or its stockholders, (ii) for acts or omissions
not in good faith or which involve intentional misconduct or a knowing violation
of law, (iii) under Section 174 of the General Corporation Law of the State of
Delaware, or (iv) for any transaction from which the director derived an
improper personal benefit. Any repeal or modification of this paragraph by the
stockholders of the Corporation shall not adversely affect any right or
protection of any director of the Corporation existing at the time of, or for or
with respect to any acts or omissions occurring prior to, such repeal or
modification."
Finally, Article 6, Section 6.01 of ADP's By-Laws provides as follows:
"Nature of Indemnity: The Corporation shall indemnify any person who
was or is a party or is threatened to be made a party to any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative
or investigative, by reason of the fact that he or she is or was or has agreed
to become a director or officer of the Corporation, or is or was serving or has
agreed to serve at the request of the Corporation as a director or officer, of
another corporation, partnership, joint venture, trust or other enterprise, or
by reason of any action alleged to have been taken or omitted in such capacity,
and may indemnify any person who was or is a party or is threatened to be made a
party to such an action, suit or proceeding by reason of the fact that he or she
is or was or has agreed to become an employee or agent of the Corporation, or is
or was serving or has agreed to serve at the request of the Corporation as an
employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, against expenses (including attorneys' fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by him or her or
on his or her behalf in connection with such action, suit or proceeding and any
appeal therefrom, if he or she (x) acted in good faith and in a manner he or she
reasonably believed to be in or not opposed to the best interests of the
Corporation and, in the case of any such employee or agent, in a manner he or
she reasonably believed to be not in violation of any policies or directives of
the Corporation, and (y) with respect to any criminal action or proceeding had
no reasonable cause to believe his or her conduct was unlawful; except that in
the case of an action or suit by or in the right of the Corporation to procure a
judgment in its favor (i) such indemnification shall be limited to expenses
(including attorneys' fees) actually and reasonably incurred by such person in
the defense or settlement of such action or suit, and (ii) no indemnification
shall be made in respect of any claim, issue or matter as to which such person
shall have been adjudged to be liable to the Corporation unless and only to the
extent that the Delaware Court of Chancery or the
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court in which such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances
of the case, such person is fairly and reasonably entitled to indemnity for such
expenses which the Delaware Court of Chancery or such other court shall deem
proper. The indemnification under this Section 6.01 shall apply to all directors
and officers of the Corporation who sit on the boards of directors of non-profit
corporations in keeping with the Corporation's philosophy."
"The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the person did not act in good
faith and in a manner which he or she reasonably believed to be in or not
opposed to the best interests of the Corporation, and, with respect to any
criminal action or proceeding, had reasonable cause to believe that his conduct
was unlawful."
As permitted by Section 145 of the General Corporation Law of the State
of Delaware and ADP's Certificate and By-Laws, ADP also maintains a directors
and officers liability insurance policy which insures, subject to certain
exclusions, deductibles and maximum amounts, directors and officers of ADP
against damages, judgments, settlements and costs incurred by reason of certain
acts committed by such persons in their capacities as directors and officers.
Item 16. Exhibits.
A list of exhibits included as part of this registration statement (the
"Registration Statement") is set forth in the Exhibit Index which immediately
precedes such exhibits and is hereby incorporated by reference herein.
Item 17. Undertakings.
(a) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of ADP (the "Registrant") pursuant to the foregoing provisions, or
otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act of 1933 and will be governed by the final adjudication of such
issue.
(b) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are
being made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section
10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events
arising after the effective date of the Registration Statement (or the
most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set
forth in the Registration Statement; and
(iii) To include any material information with
respect to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in
the Registration Statement; provided, however, that paragraphs
(b)(1)(i) and (b)(1)(ii) above do not apply if the Registration
Statement is on Form S-3 or Form S-8 and the information required to be
included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the Registrant pursuant to Section 13 or
Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the Registration Statement.
(2) That, for the purpose of determining any liability under
the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new Registration Statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.
(c) The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in the
Registration
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Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-3 and has duly caused this Amendment
No. 1 to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the Borough of Roseland, State of New
Jersey, on the 18th day of August, 2000.
AUTOMATIC DATA PROCESSING, INC.
(Registrant)
By: /s/Arthur F. Weinbach
------------------------------------
Arthur F. Weinbach
Chairman and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this
Amendment No. 1 to the Registration Statement has been signed below by the
following persons in the capacities and on the dates indicated.
Signature Title Date
/s/ Arthur F. Weinbach Chairman, Chief Executive Officer August 18, 2000
------------------------ and Director
(Arthur F. Weinbach) (Principal Executive Officer)
/s/Richard J. Haviland Chief Financial Officer August 18, 2000
------------------------ (Principal Financial Officer)
(Richard J. Haviland)
Director August 18, 2000
------------------------
(Gary C. Butler)
/s/Joseph A. Califano, Jr. Director August 18, 2000
------------------------
(Joseph A. Califano, Jr.)
/s/Leon G. Cooperman Director August 18, 2000
------------------------
(Leon G. Cooperman)
/s/George H. Heilmeier Director August 18, 2000
------------------------
(George H. Heilmeier)
/s/Ann Dibble Jordan Director August 18, 2000
------------------------
(Ann Dibble Jordan)
/s/Harvey M. Krueger Director August 18, 2000
------------------------
(Harvey M. Krueger)
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/s/Frederick V. Malek Director August 18, 2000
------------------------
(Frederic V. Malek)
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/s/Henry Taub Director August 18, 2000
------------------------
(Henry Taub)
/s/Laurence A. Tisch Director August 18, 2000
------------------------
(Laurence A. Tisch)
/s/Josh S. Weston Director August 18, 2000
------------------------
(Josh S. Weston)
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EXHIBIT INDEX
Sequentially
Exhibit Numbered
Number Exhibit Page
------ ------- ----
3.1 Amended and Restated Certificate of
Incorporation of the Registrant (incorporated
by reference to Exhibit (3)-#1 to Registrant's
registration statement on Form S-4 filed with
the Commission on February 9, 1999) --
3.2 Amended and Restated By-laws of the Registrant
(incorporated by reference to Exhibit (3)-#2 to
Registrant's Quarterly Report on Form 10-Q for
the fiscal quarter ended March 31, 1997, No.
1-05397) --
3.3 Form of the Registrant's common stock
certificate (incorporated by reference to
Exhibit 4.4 to Registrant's registration
statement on Form S-3 filed with the Commission
on January 21, 1992, No. 33-45150) --
23.2 Consent of Deloitte & Touche LLP* II-8
*Filed with this Amendment No. 1 to Form S-3.
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