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Paychex, Inc. Message Board

  • bluecheese4u bluecheese4u Sep 24, 2012 7:50 PM Flag

    PAYCHEX, INC. REPORTS FIRST QUARTER RESULTS

    PAYCHEX, INC. REPORTS FIRST QUARTER RESULTS

    September 24, 2012

    FIRST QUARTER FISCAL 2013 HIGHLIGHTS
    • Total service revenue increased 3% to $568.1 million.
    • Payroll service revenue increased 1% to $385.9 million.
    • Human Resource Services revenue increased 7% to $182.2 million.
    • Operating income and operating income, net of certain items, both increased 4% to $238.0 million and $227.9
    million, respectively.
    • Net income increased 3% to $153.1 million and diluted earnings per share increased 2% to $0.42 per share.

    ROCHESTER, NY, September 24, 2012 — Paychex, Inc. (“Paychex,” “we,” “our,” or “us”) (NASDAQ:PAYX)
    today announced total revenue of $578.2 million for the three months ended August 31, 2012 (the “first quarter”), an
    increase of 3% from $563.1 million for the same period last year. Net income increased 3% to $153.1 million and
    diluted earnings per share increased 2% to $0.42 per share.
    Martin Mucci, President and Chief Executive Officer, commented, “The first quarter has fiscal 2013 off to a good
    start with results meeting our expectations. Our client base continued to improve, checks per payroll continued to
    increase, and our client retention is near a historic high. Growth rates reflect fluctuations in the frequency of payroll
    processing compared to the same period last year. For fiscal 2013, we have reaffirmed our financial guidance.”
    Payroll service revenue increased 1% to $385.9 million for the first quarter compared to the same period last year.
    Checks per payroll increased 2.0% for the first quarter compared to 2.4% for the same period last year. Revenue per
    check grew modestly, impacted by price increases, partially offset by discounting. Growth was tempered by the impact
    of greater payroll processing per day in the same period last year.
    Human Resource Services (“HRS”) revenue increased 7% to $182.2 million for the first quarter compared to the
    same period last year. The following factors contributed to this growth:
    • Paychex HR Solutions revenue was positively impacted by the favorable trend in checks per payroll, price
    increases, and growth in both clients and client employees. The rate of growth for Paychex HR Solutions
    revenue was tempered by lower client employees within our professional employer organization and product
    mix.
    • Insurance services revenue, including our health and benefits services and our workers’ compensation
    payment services, increased 21% for the first quarter compared to the same period last year. This result has
    benefited from the growth in health and benefits services applicants and increases in both clients and
    premiums in workers’ compensation insurance services.
    • Retirement services revenue was positively impacted by client growth and an increase in the average asset
    value of retirement services client employees’ funds, offset partially by the impact from a shift in the mix of
    assets within these funds to investments that earn lower fees from external fund managers.
    • Products that primarily support our Major Market Services clients through our software-as-a-service solution
    also contributed to growth in revenue.
    Total expenses increased 2% to $340.2 million for the first quarter compared to the same period last year. We
    continued our investment in product development and supporting technology, with those expenses growing at a faster
    rate than total expenses during the first quarter. This was offset by increased productivity within operations, which has
    allowed us to maintain solid operating margins.
    For the first quarter, our operating income was $238.0 million, an increase of 4% from the same period last year.
    Operating income, net of certain items, (see Note 1 on page 3 for further description of this Non-GAAP financial
    measure) also increased 4% to $227.9 million for the first quarter compared to $218.6 million for the same period last
    year.

    paychexinc

 
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