The information furnished herein reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods.
All adjustments are of a normal recurring nature.
These statements should be read in conjunction with the annual financial statements and related notes of the Company for the year ended June 30, 1998. Systems development and programming investments increased to accelerate automation, migrate to new computing technologies, and develop new products. The Company's financial condition and balance sheet remain exceptionally strong, and operations continue to generate a strong cash flow. The Company's investment portfolio for corporate and client funds consists primarily of fixed income securities subject to interest rate risk, including reinvestment risk. The Company has historically had the ability to hold these investments until maturity, and therefore this has not had an adverse impact on income or cash flows.