Rochester, N.Y. (Sept. 26, 2003) -- Payroll and benefits provider Paychex Inc. reported a 6 percent rise in first-quarter profits, to $80.3 million, against the year-ago period.
The company said revenues for the period ended Aug. 31 rose 22 percent, to $309.3 million, compared to first-quarter revenues in fiscal 2003. The revenue rise was fueled by a pair of payroll company acquisitions, Advantage Payroll Services Inc. and Interpay Inc. The recently acquired companies chipped in $31.6 million in revenues for the first quarter.
Paychex said service revenues, which include its payroll and human resource and benefits product lines, were $295.9 million, a 24 percent jump over the prior year.
-- WebCPA staff
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