Edit - Higher than forecasted Net Income increase. Estimates in line with the street.
Sell off was anticipated, but it looks like it's coming back nicely, good coverage in "The Street" should put it on a lot of traders radar screens.
Tuesday June 29, 7:40 am Eastern Time
Company Press Release
Paychex, Inc. Reports Record Year-End and Fourth Quarter Results
ROCHESTER, N.Y.--(BUSINESS WIRE)--June 29, 1999--Paychex, Inc. (NASDAQ: PAYX - news) today announced record net income of $139.1 million or $.56 diluted earnings per share for the year ended May 31, 1999, a 36% increase over net income of $102.2 million or $.41 diluted earnings per share for the same period last year. Total service revenues were $597.3 million, an increase of 21% over $493.7 million for the previous fiscal year.
For the quarter ended May 31, 1999, net income increased 35% to $37.9 million or $.15 diluted earnings per share as compared to net income of $28.1 million or $.11 diluted earnings per share for the same period last year. Total service revenues were $156.6 million, an increase of 19% over $131.7 million for the same period last year.
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