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Technology Stocks : Paychex (PAYX) -- Ignore unavailable to you. Want to Upgrade?

To: Michael W. Brom who wrote (141)	3/17/1999 12:35:00 AM
From: Beltropolis Boy	Respond to of 210

CNBC The Daytime Guest List for March 17, 1999 10:00am Market Watch Gregory Nie EVEREN Securities Jack Shaughnessy Advest Paul Fraker 59 Wall Street Pacific Basin Fund Rebecca Buckman The Wall Street Journal David Weiss StorageTek Chairman & CEO Tom Golisano Paychex Chairman & CEO

To: Michael W. Brom who wrote (141)	3/18/1999 1:04:00 PM
From: Beltropolis Boy	Respond to of 210

the homegrown take. ----- Paychex earnings up 37% Payroll company's record quarterly profit tops analysts' estimate; revenue rises 20% By Christina Le Beau Democrat and Chronicle (March 18, 1999) -- Playing out a familiar tale, Paychex Inc. yesterday released another round of record earnings. Net income for the third quarter ended Feb. 28 was up 37 percent, from $26.4 million in fiscal 1998 to $36.2 million in fiscal 1999. Earnings per share clocked in at 22 cents, up from 16 cents. The average forecast of analysts surveyed by First Call Corp. was 20 cents a share. Service revenue for the quarter was $158.4 million, up 20 percent from $131.9 million a year ago. "Service revenue" is revenue that excludes "pass-through" revenue -- money Paychex collects from client companies but pays back out in salaries and benefits to those companies' employees. Income once again outpaced expenses from new hires and increased national marketing. The Penfield company's operating expenses for the quarter increased 15 percent, from $13.7 million a year ago to $15.7 million. The company's two business lines continued their ascent. The payroll segment, Paychex's primary business, reported a 27 percent increase in operating income for the quarter. Payroll service revenue, meanwhile, climbed 18 percent. The Paychex professional service organization, which acts as a contract personnel department, posted a 540 percent increase in operating income for the quarter. PEO service revenue jumped 47 percent. rochesternews.com