Rochester, N.Y. (Dec. 23, 2003) — Buoyed by double-digit hikes in service revenues, payroll and benefits provider Paychex Inc. posted an 8-percent rise in second-quarter profits, to $80.7 million vs. the year-ago figure.
For the period ended Nov. 30, second-quarter revenues rose 16 percent, to $312.1 million, vs. the year-ago quarter.

For the six months period, Paychex posted net income of $161 million, or $.42 diluted earnings per share, an increase of 7 percent over net income of $150.6 million.

Systemwide revenues were $621.4 million, a boost of 19 percent, compared with the same period last year.
Second-quarter service revenues, which includes the payroll and human resources and benefits product lines, jumped 16 percent compared with the prior second quarter, to $297.6 million.

Payroll service revenue increased 16 percent for the quarter and 20 percent for the six-month period to $255.0 million and $509.7 million, respectively.

Human resource and benefits service revenue rose 19 percent for the second quarter and 21 percent for the six-month period of fiscal 2004, to $42.5 million and $83.8 million, respectively.

— WebCPA staff

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