Paychex Reports Drop in Income for Fiscal 2009 ROCHESTER, NY (WXXI) - Payroll-processing company Paychex reports revenue went up 1 percent for fiscal 2009, but net income fell in the fourth quarter and for the year.

Net income for the year stood at $533 million or $1.48 a share, down from $576 million or $1.56 a share a year ago.

George Conboy at Brighton Securities says the results weren't unexepected, given the soft economy and the impact of unemployment at Paychex's client companies.

He says the company is also hurting because of the low interest it's earning on funds held for clients.

Conboy says Paychex will benefit from an improving economy, but that may take a while.

The company is projecting a total revenue loss ranging from 1 to 4 percent for fiscal 2010.

Company president and CEO Jonathan Judge issued a statement saying fiscal 2009 was one of the most challening years in Paychex history. © Copyright 2009, WXXI