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Paychex, Inc. Reports Fourth Quarter And Fiscal 2013 Results

Paychex, Inc. (“Paychex,” “we,” “our,” or “us”) (NASDAQ: PAYX) today announced total service revenue of $575.3 million for the three months ended May 31, 2013 (the “fourth quarter”), an increase of 6% from $540.7 million for the same period last year. For the full year ended May 31, 2013 ("fiscal 2013" or the "fiscal year"), total service revenue was $2.3 billion, an increase of 5% from $2.2 billion for the same period last year. For the fourth quarter, net income was $123.5 million and diluted earnings per share was $0.34 per share, both flat compared to the same period last year. During the fourth quarter, we recorded an increase to our tax provision for the settlement of a state income tax matter. This reduced diluted earnings per share by approximately $0.04 per share for both the fourth quarter and fiscal 2013. For the fiscal year, net income increased 4% to $569.0 million and diluted earnings per share increased 3% to $1.56 per share.

Martin Mucci, President and Chief Executive Officer, commented, “Paychex closed the fiscal year with a strong fourth quarter. As anticipated, we saw improvement in payroll services revenue growth, which was 4% for the fourth quarter, up from 1% growth experienced for the first nine months of the fiscal year. Checks per payroll increased approximately 1% for the fourth quarter, as our rate of growth moderated from the higher levels experienced earlier in the year. Our Human Resource Services revenue continued to grow at a double-digit rate. Sales execution in the fourth quarter was strong, particularly in the small market and Human Resource Services. We finished the year with client retention at record levels."

Mr. Mucci added, "The Company continues to invest in technology, creating a robust service for our clients. We have enhanced our mobile technology, recently adding health and benefits information to our mobile applications. We are also continuing to enhance our Paychex Next Generation platform and its suite of innovative products, which creates a truly integrated workforce management solution for our mid-market clients. In our retirement services area, we have also experienced success in driving more sales through our approach to enhance our relationships directly with financial advisors."

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