Paychex Inc. (PAYX), provider of payroll and human resource services, announced fiscal first-quarter results after Wednesday’s closing bell. Earnings totaled 34 cents per share, versus the year-prior 41 cents. The result was in line with the Zacks Consensus Estimate. Sales of $ 500.21 million slipped 6% year-over-year.
Management noted that the company continues to be challenged by weak economic conditions, the credit crisis in the financial markets and extremely low investment rates of return. On the positive side, Paychex said this was the first quarter in the last four sequential quarters that the company did not have a noticeable decline in checks per client.
President and Chief Executive Officer Jonathan J. Judge added, “We have remained steadfast in providing excellent customer service and investing in our business, while continuing to control expenses. Our financial position remains strong with significant cash and total corporate investments and no debt as of August 31, 2009.”
Read the full analyst report on “PAYX”
Zacks Investment Research
