Martin Mucci, PaychexChecks per payroll rose for the eight consecutive quarter Paychex said this week as it reported results for the third quarter ended February 29. The company also said client satisfaction results remained high while the loss of payroll clients was down 5 percent from a year ago. That came as the company reported a 4-percent rise in net income on a 7-percent increase in revenue for the most recently ended quarter.

Third-quarter net income of $135.4 million compared to $130.6 a year earlier. Revenue for the three months was $569.5 million, up from $531.3 million. The growth in revenue from human resource services continued to outstrip the increase in the payroll business. HR revenue was $170.2 million in the third quarter, a 12-percent increase from $153.2 million while payroll service revenue hit $386.5 million up 5 percent from $366.4 million.

In a webcast, CEO Martin Mucci said third quarter sales rose over the prior year results for the first time in two years while the turnover of sales representatives declined. Growth from new clients remained weak, but the company was happy with results from referrals for existing customers and CPAs.

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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