Paychex Q3 net income down 8%

Fri. March 27, 2009; Posted: 01:05 PM

Mar 27, 2009 (Datamonitor via COMTEX) -- PAYX | Quote | Chart | News | PowerRating -- Paychex, a provider of payroll and human resource solutions, has reported a net income of $130.79 million, or $0.36 per diluted share, for the third quarter ended February 28, 2009, a decrease of 8% compared to $142.47 million, or $0.39 per diluted share, for the same quarter of fiscal 2008.

For the third quarter of fiscal 2009, total revenues were $528.58 million, a decrease of 1% compared to $532.17 million for the same quarter of fiscal 2008.

For the first nine months of fiscal 2009, total revenues were $1.59 billion, an increase of 3% compared to $1.55 billion for the same period of fiscal 2008. Net income was $419.74 million, or $1.16 per diluted share, a decrease of 5% compared to $440.66 million, or $1.18 per diluted share, for the same period of fiscal 2008.

Jonathan Judge, president and CEO of Paychex, said: "Our financial results continue to be challenged by weakening economic conditions in the third quarter, as many of our key indicators were weaker than on a year-to-date basis. The most significant change was in the area of checks per client, which declined 4.3% for the third quarter compared to 2.4% for the first nine months of fiscal 2009."

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For full details on Paychex Inc (PAYX) click here. Paychex Inc (PAYX) has Short Term PowerRatings of 5. Details on Paychex Inc (PAYX) Short Term PowerRatings is available at This Link.

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