SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: October 1, 1998
(Date of earliest event reported)
PAYCHEX, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-11330 16-1124166
(State of incorporation) (Commission (IRS Employer
File Number) Identification Number)
911 PANORAMA TRAIL SOUTH, ROCHESTER, NEW YORK 14625-0397
(Address of principal executive offices) (Zip Code)
(716)385-6666
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
The registrant's press release dated October 1, 1998, is attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PAYCHEX, INC.
Date: October 2, 1998 /s/ B. Thomas Golisano
-----------------------
B. Thomas Golisano
Chairman, President and
Chief Executive Officer
Date: October 2, 1998 /s/ John M. Morphy
-----------------------
John M. Morphy
Vice President, Chief
Financial Officer and
Secretary
<PAGE>
FOR IMMEDIATE RELEASE
John M. Morphy, Chief Financial Officer
Paychex, Inc. 716-385-6666
or
Jan Shuler
Paychex, Inc. 716-383-3406
Access Paychex, Inc. News Releases on the WORLD WIDE WEB
http://www.prnewswire.com
PAYCHEX ANNOUNCES 50% INCREASE IN QUARTERLY DIVIDEND
ROCHESTER, N.Y., October 1, 1998 - The Board of Directors of Paychex,
Inc. (NASDAQ-PAYX) has declared a 50% increase in the company's quarterly
dividend from $.06 per share to $.09 per share payable November 16, 1998 to
shareholders of record November 2, 1998.
Tom Golisano, Chairman and Chief Executive Officer, commented that the
dividend increase is a result of continued earnings gains, confidence in
the future and our strong cash position.
The Company also announced the retirement of Edmund S. Russo, Vice
President, Operations, effective January 31, 1999. Mr. Russo joined Paychex
on January 19, 1987, having been a vice president with Bank of America. He
served as Regional Manager and Vice President, Western Operations until
September 6, 1994, when he was named to his current position. He was voted an
officer of the Company at the same time.
During June of 1998, in anticipation of Ed Russo's retirement and in
recognition of the growth of Branch Operations, Paychex created two Area Vice
President positions, Donald Mersch Area Vice President - Western Operations
and Vincent Tarquin Area Vice President - Eastern Operations. Mr. Tarquin
will also oversee Corporate Operations functions. In combination, Messers
Mersch and Tarquin have over 25 years experience with Paychex, having risen
through the ranks from Branch Manager to their current positions. The Area
Vice Presidents will report directly to the CEO.
Paychex, Inc. is a national provider of payroll processing, human
resource and benefits outsourcing solutions for small to medium-sized
businesses. The company is a leading U.S. payroll processor with a
comprehensive product offering including payroll tax returns, direct deposit
and other payroll services. The human resource and benefits outsourcing
services include a professional employer organization ("PEO"), 401(k)
recordkeeping, section 125 cafeteria plans and employee handbooks.
Paychex Inc. was founded in 1971. Headquartered in Rochester, New York,
the company has over 100 locations and serves more than 300,000 clients
nationwide.
