UPDATE 1-Paychex Q4 net falls as weak economy weighs

By : * Q4 EPS $0.32, down 16 pct
Date posted :2009-06-24 15:14:00

* FY 2010 net seen down 10-12 pct

* FY 2010 revenue seen down 1-4 pct

NEW YORK, June 26 (Reuters) - Paychex Inc (PAYX.O), a payroll and human resources company, said fourth-quarter net income fell 16 percent as the weak U.S. economy and employment took a toll.

For the quarter, the company earned $113.8 million, or 32 cents a share, a penny shy of Wall Street estimates, on revenue of $495.9 million.

Besides weak economic conditions and the credit crisis, extremely low investment rates of return on funds held for clients hurt the company's results, Chief Executive Jonathan Judge said in a statement.

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