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PAYCHEX, INC. REPORTS RECORD YEAR-END RESULTS

 ROCHESTER, N.Y., July 6 /PRNewswire/ -- Paychex, Inc. (NASDAQ: PAYX) today reported a 46 percent increase in earnings for the fiscal year ended May 31, 1993, as net income reached a record $19,955,000 or $1.01 per share, up from $13,702,000 or $.70 per share a year earlier. Revenue for fiscal 1993 rose 18 percent to $190,032,000 from $161,272,000 last year.
 Fourth quarter net earnings increased 52 percent to $5,285,000 or $.27 per share compared to net income of $3,481,000 or $.18 per share for the same period last year. Revenue for the quarter totaled $50,374,000, a 19 percent increase over the fourth quarter revenue last year of $42,383,000.
 Tom Golisano, chief executive officer, commented on the company's results for both the fourth quarter and the fiscal year.
 "We are delighted to report excellent financial results for another year. New client additions were above our expectations throughout the fiscal year and clients utilizing our Taxpay/service increased over 50 percent from a year ago. Client growth in both our regular payroll service and Taxpay were major factors in the increase in revenue and profit for both the fourth quarter and fiscal year. I am especially pleased to note that the average return on shareholders equity for the fiscal year was over 26 percent."
 Golisano added that the total number of payroll clients served now exceeds 167,000 and approximately 35 percent of these clients are utilizing the Taxpay tax filing and payment feature. Furthermore, an increasing number of clients are taking advantage of additional services such as Electronic Salary Deposit, check signing and various products and services of its Human Resource Services Division.
 Paychex, with payroll service centers in major metropolitan areas throughout the country, 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 Twelve Months
 Ended May 31 Ended May 31
 1993 1992 1993 1992
 REVENUE $50,374 $42,383 $190,032 $161,272
 Operating Costs 15,726 13,554 60,713 53,243
 Selling, General
 & Admin. Expenses 27,877 24,103 102,662 89,212
 Operating Income 6,771 4,726 26,657 18,817
 Income Before Taxes 7,276 4,946 28,027 19,547
 NET INCOME 5,285 3,481 19,955 13,702
 NET INCOME PER SHARE $.27 $.18 $1.01 $.70
 Average Number
 of Shares 19,862 19,757 19,820 19,679
 -0- 7/6/93
 /CONTACT: G. Thomas Clark, chief financial officer, 716-385-6666, or Kelly Brown, 716-383-3153, both of Paychex, Inc.
 (PAYX)


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

AR -- CL006 -- 8491 07/06/93 08:55 EDT
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Publication:PR Newswire
Date:Jul 6, 1993
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