Rochester, N.Y. (March 22, 2004) -- Buoyed by double-digit revenue increases in its service segments, payroll and benefits services provider Paychex Inc. reported third-quarter profits of $80.5 million for the period ended Feb. 29, a 13 percent rise over the year-ago period.

The company, headquartered here, said system-wide revenues rose 19 percent, to $342.6 million compared to the third quarter of last year.

Paychex said that third quarter service revenues, which are comprised of its payroll and human resources product lines, rose 20 percent, to $328.1 million, compared to the year-ago figures.

For the nine-month period, net income rose 9 percent to $241.5 million vs. the year-over-year period, while revenue for the first three fiscal quarters hit $964 million, a jump of 19 percent from the prior year.

The company’s fiscal 2004 results were also helped because they included the results from InterPay and Advantage, two payroll concerns it acquired during fiscal 2003.

-- WebCPA staff

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