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To: Venkie who wrote (49389)	6/30/1998 4:49:00 PM
From: D.J.Smyth	Respond to of 176387

15:44 DJS Paychex Posts 35% Jump In 4th-Quarter Net, Meeting Estimates 15:44 DJS Paychex Posts 35% Jump In 4th-Quarter Net, Meeting Estimates NEW YORK -(Dow Jones)- Paychex, which operates payroll-service centers in major cities across the country, posted a 35% increase in fourth-quarter revenue on an increase in clients and revenue. The Rochester, N.Y.-based company turned in net income of $28.1 million, or 17 cents a diluted share, for the quarter ended May 31, in line with estimates by 10 analysts surveyed by First Call. All share information was adjusted for a 3-for-2 stock split distributed in May. Despite what appeared to be a positive earnings report, investors bid shares of Paychex (PAYX) lower. The stock fell $3.688, or 8.3%, to close at $40.688 on Nasdaq volume of 2.6 million shares, compared with average daily turnover of about 589,000. In the year-ago fourth quarter, Paychex earned $20.7 million, or 13 cents a diluted share. Total revenue jumped 32% in the fourth quarter to $268.29 million from $203.6 million a year earlier. For the year, the company earned $102.2 million, or 62 cents a share, on revenue of $993.4 million, compared with $75.15 million, or 46 cents, on revenue of $734.7 million in fiscal 1997. Paychex said an expansion of the client base in both of its divisions - Payroll and Human Resource Services-Professional Employer Organization - helped earnings for the latest year. The company provides such services as preparation of payroll checks, internal account records, tax returns and group benefits and workers' compensation insurance services. In an interview on CNBC, Chief Executive Thomas Golisano said he expects the company to continue to show strong earnings growth in its current fiscal year. Golisano said fiscal 1998 marks the seventh year in a row that Paychex has managed to record earnings growth of more than 30%. In fiscal 1999, he said, profit growth should be "in excess of 25%." To attain that mark, the executive said the company is trying to increase its client base by 11% to 13%, which would translate into revenue growth of 17% to 19%. With market penetration of just 5%, he said, the company has a lot of room to grow. Copyright (c) 1998 Dow Jones & Company, Inc. All Rights Reserved. 06/30 3:44p CDT paychex is closely watched by the street. good news doesn't hurt.

To: Venkie who wrote (49389)	6/30/1998 4:54:00 PM
From: D.J.Smyth	Respond to of 176387

15:47 DJH Microchip Tech: Orders,Shipments Strong In All Geographies 15:47 DJH Microchip Tech: Orders,Shipments Strong In All Geographies * Dow Jones Headline * Microchip Tech: Orders,Shipments Strong In All Geographies (:MCHP) 06/30 3:47p CDT interesting in that kurlack implied the 8bit market would be weak...