Martin MucciPayroll services provider Paychex reported a 17-percent increase in net income on a 5-percent rise in revenue for the third quarter ended February 28. The company said improved economic conditions contributed to the improvements, although new company formation continues to lag. Paychex expects payroll revenue to rise from 1 percent to 2 percent and human resources revenue from 11 percent to 12 percent for the current fiscal year.

Net income for the most recently ended period was $130.6 million, up from $112 million a year earlier. Revenue rose to $519.6 million for the quarter, compared to $507.8 million for the corresponding period of fiscal 2010. Payroll revenue of $366.4 million represented a 2-percent increase over $358.3 million the prior year. The company noted that on February 8 it completed the acquisition of online payroll provider SurePayroll for about $155 million. SurePayroll had about $23 million in revenue for 2010.

Among the metrics that showed improvement was checks per client and CEO Martin Mucci said the company had double-digit growth in client bonus activity at the end of 2010.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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