Paychex, US provider of payroll outsourcing for small business, reports that in the three-months ended 31 May 2008 revenues increased 12 percent to USD 135.5 million, or USD 0.48 diluted earnings per share.

Operating income increased 24 percent to USD 197.8 million, and operating income, net of certain items, increased 12 percent to USD 166.4 million. Total revenues increased 7 percent to USD 519.2 million. Payroll service revenue increased 6 percent to USD 365.5 million, while Human Resource Services revenue rose by 15 percent to USD 122.4 million.

Net income for the twelve-months ended 31 May 2008 increased 12 percent to USD 576.1 million, compared to net income of USD 515.4 million for the prior fiscal year. Diluted earnings per share reached USD 1.56, an increase of 16 percent over USD 1.35 per share for the 2007 fiscal year. Payroll service revenue increased 8 percent to USD 1.5 billion over the prior fiscal year from client base growth, higher check volume, price increases, and growth in the utilisation of ancillary services. Its client base growth was 2 percent for fiscal 2008.

The US government’s fiscal year determines that companies report on other time frames than European companies.