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Paychex Inc. (NASD: PAYX), a payroll processing provider and professional employer organization, reported fourth-quarter revenue in its human resources services division rose 12.6 percent on a year-over-year basis to $192.7 million. The division includes professional employer organization services revenue as well as other revenue.
Total fourth-quarter revenue rose 6.1 percent to $585.3 million in its fiscal fourth quarter ended May 31 from $551.5 million in the same period last year.
The company's human resources services division averaged fewer PEO client employees, which tempered revenue growth for the 2013 fiscal year. However, PEO business stabilized and its results strengthened as the year progressed. PEO revenue also benefited from positive rate impacts and fluctuations in workers' compensation costs.
Fourth-quarter net income at the Rochester, N.Y.-based firm edged up 0.2 percent to $123.5 million.
Full-year revenue rose 10.3 percent in the human resources division to $746.0 million. Total revenue was $2.33 billion, up 4.3 percent over the previous fiscal year. Net income for the full year was $569.0 million, up 3.8 percent from the prior year.