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PAYCHEX, INC. REPORTS RECORD SECOND QUARTER RESULTS

 ROCHESTER, N.Y., Dec. 15 /PRNewswire/ -- Paychex, Inc. (NASDAQ: PAYX) today reported record net income of $5,158,000 or $.26 per share for the second quarter ended Nov. 30, 1992, up 36 percent over net income of $3,795,000 or $.19 per share for the same quarter last year. Revenue for the second quarter rose by 17 percent to $45,747,000 from $39,184,000 for the year-earlier quarter.
 For the six months ended Nov. 30, 1992, net income increased 43 percent to $10,257,000 or $.52 per share, compared to net income of $7,187,000 or $.37 per share, for the same period last year. Revenue reached $91,024,000, an increase of 18 percent over the previous year's first-half total of $77,206,000.
 Tom Golisano, chairman and chief executive, indicated that the positive trends experienced in the first quarter continued during the second quarter, including satisfactory growth in payroll and Taxpay/clients and good expense controls.
 "We continue to be pleased with the productivity of our sales organization in adding new payroll clients with over 50 percent of these clients electing to utilize our Taxpay service," Golisano said.
 Paychex, with almost 158,000 payroll clients nationwide, is primarily engaged in the preparation of payroll checks, internal accounting records and all federal, state and local payroll tax returns for businesses employing from 1 to 200 employees.
 SUMMARY OF RESULTS
 (In Thousands Except Per Share Amounts)
 Three Months Ended Nov. 30
 1992 1991
 REVENUE $45,747 $39,184
 Operating Costs 14,454 12,573
 Selling, General & Admin. Expense 24,278 21,341
 Operating Income 7,015 5,270
 Income Before Taxes 7,316 5,461
 NET INCOME $5,158 $3,795
 NET INCOME PER SHARE $.26 $.19(A)
 Average Number of Shares 19,807 19,644(A)
 Six Months Ended Nov. 30
 1992 1991
 REVENUE $91,024 $77,206
 Operating Costs 28,420 25,080
 Selling, General & Admin. Expense 48,612 42,120
 Operating Income 13,992 10,006
 Income Before Taxes 14,549 10,341
 NET INCOME $10,257 $7,187
 NET INCOME PER SHARE $.52 $.37(A)
 Average Number of Shares 19,791 19,626(A)
 (A) -- Adjusted for a three-for-two stock split in May 1992.
 -0- 12/15/92
 /CONTACT: G. Thomas Clark, chief financial officer, 716-383-3402; or Kelly Brown, 716-383-3153; both of Paychex, Inc.
 (PAYX)


CO: Paychex, Inc. ST: New York IN: SU: ERN

KK -- CL004 -- 7055 12/15/92 09:02 EST
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Publication:PR Newswire
Date:Dec 15, 1992
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