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PAYCHEX, INC. REPORTS RECORD THIRD QUARTER RESULTS

 ROCHESTER, N.Y., March 16 /PRNewswire/ -- Paychex, Inc. (NASDAQ: PAYX) today reported net income of $4,413,000 or $.22 per share for the third quarter ended Feb. 28, 1993, up 45 percent over net income of $3,034,000 or $.15 per share for the same quarter last year. Revenue for the third quarter rose 17 percent to $48,634,000 from $41,684,000 the previous year.
 For the nine-month period ended Feb. 28, 1993, net income was $14,670,000 or $.74 per share, up 44 percent over net income of $10,221,000 or $.52 per share for the same nine months last year. Revenue for the period reached $139,658,000, an increase of 17 percent over the year-earlier total of $118,890,000.
 Tom Golisano, chairman and chief executive officer, commented on the very satisfactory quarterly increase in revenue and the significant profit gains.
 "The positive productivity of our sales organization continued during the quarter as we exceeded our sales goals for both new payroll clients and those selecting the Taxpay(R) feature. These gains, along with efficient year-end processing of our clients and their employees tax reports, were important factors in our favorable results," Golisano said.
 Golisano added that the company is now processing payrolls for approximately 164,000 clients nationwide, a 12 percent increase over the past 12 months. Furthermore, one third of these clients are now utilizing our Taxpay service.
 Paychex is primarily engaged in the preparation of payroll checks, internal accounting records and all federal, state and local payroll tax returns for businesses with 1 to 200 employees.
 SUMMARY OF RESULTS
 (In Thousands Except Per Share Amounts)
 Three Months Ended Nine Months Ended
 Feb. 28 Feb. 29 Feb. 28 Feb. 29
 1993 1992 1993 1992
 REVENUE $48,634 $41,684 $139,658 $118,890
 Operating Costs 16,568 14,609 44,987 39,689
 Selling, General
 & Admin. Expense 26,172 22,989 74,785 65,109
 Operating Income 5,894 4,086 19,886 14,092
 Income Before Taxes 6,202 4,260 20,751 14,601
 NET INCOME $4,413 $3,034 14,670 $10,221
 NET INCOME PER SHARE $.22 $.15(A) $.74 $.52(A)
 Average Number of
 Shares 19,838 19,709(A) 19,807 19,655(A)
 (A) -- Adjusted for a three-for-two stock split in May, 1992
 -0- 3/16/93
 /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 -- CL009 -- 6392 03/16/93 08:46 EST
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Publication:PR Newswire
Date:Mar 16, 1993
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