Rochester, N.Y., (Dec. 23, 2002) -- Payroll and benefits services provider Paychex Inc., posted second-quarter profits of $74.7 million, for the period ended Nov. 30, a 9-percent rise from the year-ago quarter. Revenues for the period rose 15 percent, to $269 million.
Paychex’s second-quarter financials were buoyed by the accretive results from Advantage Payroll Services, which Paychex acquired on Sept. 20, 2002 for about $240 million in cash.
Six-month profits at the company based here jumped 8 percent, to $150.6 million, vs. the same period a year ago, while six-month revenues spiked 11 percent, to $521.5 million.
Services revenues for the quarter and six-month periods rose 18 percent and 14 percent, to $256 million and $495.1 million, respectively. Service revenues are comprised of the payroll, human resources and benefits product lines. Payroll service revenue for the second quarter and six-month sessions rose 17 percent and 13 percent, to $220 million and $425.5 million, respectively.
-- Electronic Accountant Newswire staff
