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PAYCHEX ANNOUNCES 50 PERCENT INCREASE IN QUARTERLY CASH DIVIDEND AND ELECTS EXECUTIVE VICE PRESIDENT

 ROCHESTER, N.Y., Oct. 7 /PRNewswire/ -- The board of directors of Paychex, Inc. (NASDAQ: PAYX) has declared a 50 percent increase in the company's quarterly cash dividend from $.04 per share to $.06 per share payable Nov. 22, 1993 to shareholders of record Oct. 28, 1993.
 Tom Golisano, chairman and chief executive, commented that the dividend increase is a result of the significant earnings gains the company has experienced over the last two years and our confidence in the future.
 In addition, the board elected John T. Carlen as executive vice president responsible for payroll sales and field operations. Carlen, who has moved to Rochester from Denver, comes to Paychex after over 12 years in senior management positions with the May Department Stores.
 "We are delighted to have an individual of John's experience join our senior management team as we continue with our plans for future growth", Golisano said.
 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.
 -0- 10/7/93
 /CONTACT: G. Thomas Clark, chief financial officer, 716-385-6666, or Kelly Brown, 716-383-3153, both of Paychex/
 (PAYX)


CO: Paychex, Inc. ST: New York IN: SU: DIV PER

BM -- CL007 -- 1217 10/07/93 08:48 EDT
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Publication:PR Newswire
Date:Oct 7, 1993
Words:228
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