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PAYCHEX, INC. REPORTS RECORD SECOND QUARTER RESULTS

 ROCHESTER, N.Y., Dec. 13 /PRNewswire/ -- Paychex, Inc. (NASDAQ: PAYX) today reported record net income of $7,103,000 or $.24 per share for the second quarter ended November 30, 1993, up 38 percent over net income of $5,158,000 or $.17 per share for the same quarter last year. Revenue for the second quarter rose by 19 percent to $54,310,000 from $45,747,000 for the year-earlier quarter.
 For the six months ended November 30, 1993, net income increased 37 percent to $14,022,000 or $.47 per share, compared to net income of $10,257,000 or $.35 per share for the same period last year. Revenue reached $107,640,000, an increase of 18 percent over the previous year's first-half total of $91,024,000.
 Tom Golisano, chairman and chief executive, noted that the positive trends experienced in the first quarter continued during the second quarter. "We continue to experience satisfactory growth in payroll and Taxpay(R) clients and acceptance of our Salary Deposit and Check Signing features," Golisano said.
 Golisano added that the number of payroll clients served now exceeds 176,000 and almost 40 percent are utilizing Taxpay, the tax filing and payment feature.
 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 Ended Nov. 30 Six Months Ended Nov.30
 1993 1992 1993 1992
 REVENUE $54,310 $45,747 $107,640 $91,024
 Operating Costs 16,448 14,453 32,675 28,419
 Selling, General
 & Admin.
 Expense 28,224 24,296 56,268 48,650
 Operating Income 9,638 6,998 18,697 13,955
 Income Before
 Taxes 10,148 7,316 19,640 14,549
 Income Taxes 3,045 2,158 5,618(B) 4,292
 NET INCOME $ 7,103 $ 5,158 $ 14,022 $10,257
 NET INCOME PER
 SHARE $ .24 $ .17(A) $ .47(B) $ .35(A)
 Average Number
 of Shares 29,845 29,710(A) 29,828 29,687(A)
 NOTES:
 (A) Adjusted for a three-for-two stock split in August, 1993.
 (B) Reflects a reduction of $274,000 in income taxes or an additional $.01 per share from adoption of FAS109 "Accounting for Income Taxes" in the first quarter.
 CONDENSED BALANCE SHEET
 (In Thousands)
 November 30, 1993
 ASSETS LIABILITIES & STOCKHOLDERS' EQUITY
 Cash & Cash Equivalents $ 4,232 Trade Accounts Payable $ 2,889
 Investments 39,631 Accrued Compensation and
 Trade Accounts Receivable 22,477 Other Expenses 12,156
 Prepaid Expenses & Other 6,477 Current Part-Long Term
 Debt 267
 Total Current Assets 72,817 Total Current Liabilities 15,312
 Net Property & Equipment 41,611 Long Term Debt 993
 Other Assets 765 Unamortized Lease
 Incentives 1,045
 Deferred Income Taxes 1,224
 TOTAL ASSETS $115,193 TOTAL LIABILITIES 18,574
 STOCKHOLDERS' EQUITY 96,619
 TOTAL LIABILITIES AND
 STOCKHOLDERS' EQUITY $115,193
 -0- 12/13/93
 /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

SM-KL -- CL002 -- 3036 12/13/93 09:12 EST
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Publication:PR Newswire
Date:Dec 13, 1993
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