ADP to Record Charge for Bridge Information Systems Investment
Chris Frankie
01/16/01 - 12:10 PM EST
Automatic Data Processing(ADP Quote) said it will take a $45 million charge as a result of a $90 million stake in
Bridge Information Systems, an investment that's losing money.
The company said the charge will amount to $27 million after taxes. ADP said "we expect to learn more about Bridge's prospects and efforts to obtain refinancing in the next several weeks. As additional information becomes known we will keep you informed as we continue to reassess the possibility of a further write-down."
Shares of ADP gained 19 cents, or 0.3%, to $62 in recent
New York Stock Exchange trading.
