paychex inc (PAYX) Key Developments
Paychex, Inc. Offers UnitedHealthcare's Health Benefits in 11 States
Sep 19 14
Paychex, Inc. through Paychex PEO is offering health benefits plans from UnitedHealthcare to its PEO employees in 11 states. Paychex PEO employees whose worksite employers are located in Arizona, Northern California, Colorado, Illinois, Indiana, Iowa, Missouri, Nebraska, New Mexico, Oregon, and Washington can now select from a variety of plan designs through UnitedHealthcare including traditional medical plans and consumer-driven benefits plans. Paychex PEO enables businesses to cost-effectively outsource the management of HR, employee benefits, payroll, and workers' compensation, while helping them stay up-to-date with changing government regulations and health care reform complexities.
Paychex, Inc. Presents at Citi 2014 Global Technology Conference, Sep-02-2014
Aug 30 14
Paychex, Inc. Presents at Citi 2014 Global Technology Conference, Sep-02-2014 . Venue: Hilton New York, 1335 Avenue of the Americas, New York, NY 10019, United States.
Paychex Announces Payroll Card Solution for Small- and Medium-Sized Businesses
Aug 5 14
Paychex, Inc. announced the Skylight(R) PayOptions(TM) Program, a payroll card program that allows employers to provide employees with a convenient alternative to traditional direct deposit and paper paychecks by directly depositing their wages onto the Skylight ONE(R) Prepaid MasterCard(R). NetSpend(R), a TSYS Company and leading provider of prepaid debit cards and related financial services, will serve as the exclusive program manager and processor for the Skylight PayOptions Program. BofI Federal Bank, Member FDIC, issues the Skylight ONE Prepaid MasterCard. The Skylight ONE Prepaid MasterCard is a safe, convenient, and alternative to paper payroll checks that decreases the expenses associated with paper checks for employers and employees alike. Employers will benefit from an affordable, easy to implement, and secure payroll solution that provides a great alternative for employees who do not have or want a traditional bank account, or those that do, but are also looking for a convenient way to budget a portion of their income. Employees who opt to directly deposit their wages onto a payroll card may choose to use the card as a means of fee-free access to their wages via over-the-counter cash withdrawals at any MasterCard member bank and domestic ATM cash withdrawals within the Allpoint network. Employees may also use it to gain affordable access to valuable features such as online bill payment, cash-back rewards, budgeting tools, text and email alerts, and others.
Paychex, Inc. Increases Quarterly Dividend, Payable on August 15, 2014
Jul 10 14
The board of directors of Paychex, Inc. declared a nearly 9% increase in the company's regular quarterly dividend. The dividend, increasing from $0.35 per share to $0.38 per share, is payable August 15, 2014 to shareholders of record August 1, 2014.
Paychex, Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2014; Provides Earnings Guidance for the Year Ending March 31, 2015
Jul 1 14
Paychex, Inc. reported consolidated unaudited earnings results for the fourth quarter and full year ended March 31, 2014. For the quarter, the company reported total revenue of $639.0 million against $585.3 million a year ago. Operating income was $228.3 million against $211.8 million a year ago. Income before income taxes was $229.7 million against $213.2 million a year ago. Net income was $145.9 million or $0.40 per diluted share compared to $123.5 million $0.34 per diluted share a year ago.
For the year, the company reported total revenue of $2,518.9 million against $2,326.2 million a year ago. Operating income was $982.7 million against $904.8 million a year ago. Income before income taxes was $988.1 million against $911.4 million a year ago. Net income was $637.5 million or $0.40 per diluted share compared to $569 million $0.34 per diluted share a year ago. Net cash provided by operating activities was $880.9 million against $675.3 million a year ago. This increase was the result of higher net income adjusted for non-cash items, and fluctuations in working capital. Purchases of property and equipment were $84.1 million against $98.7 million a year ago.
The company reported its outlook for the fiscal year ending May 31, 2015, payroll service revenue of 3% to 5%, HRS revenue of 16% to 19%, and total service revenue of 8% to 10% and net income of 6% to 8%. Operating income, net of certain items, as a percent of total service revenue is expected to be in the range of 37% to 38% for fiscal 2015. The effective income tax rate for fiscal 2015 is expected to be consistent with that experienced for fiscal 2014. Interest on funds held for clients for fiscal 2015 is expected to be relatively flat as it continues to be impacted by the low interest rate environment, with funds reinvested at lower yields.