Cresud's CEO Discusses F2Q12 Results - Earnings Call Transcript. Ocean Power Technologies Management Discusses Q1 Results - Earnings Call Transcript. PAYX F2Q Earnings Conference Call December 21, ET Executives John Morphy — SVP, CFO and Secretary Martin Mucci - President and CEO Analysts Julio Quinteros — Goldman Sachs Jason Kupferberg — UBS Rod Bourgeois — Bernstein David Togut - Evercore Partners David Grossman — Stifel Nicolaus Nathan Rozof — Morgan Stanley Ashwin Shirvaikar — Citigroup Jim Macdonald — First Analysis Tim Willi — Wells Fargo Kartik Mehta — Northcoast Research Jim Kissane — Bank of America -Merrill Lynch Mark Marcon — R. Baird Gary Bisbee — Barclays Capital Joseph Foresi — Janney Montgomery Scott Glenn Greene — Oppenheimer David Parker — Lazard Capital Markets Tien-Tsin Huang — JPMorgan Chase Giri Krishnan — Credit Suisse Presentation Operator Compare to: Operator instructions I would now like to turn over the meeting to John Morphy, Senior Vice President and Chief Financial Officer. John Morphy Thank you for joining us today for our second quarter earnings release. Also with us is Martin Mucci, our President and CEO. Yesterday afternoon, after the market closed, we released our financial results for the second quarter, ended November 30, We have also filed our Form Q with the SEC, which provides additional discussion and analysis of the results for the quarter. These are available by accessing our investor relations page at www. In addition, options teleconference is being broadcast over the Internet and will be archived and available on our Web site for approximately one month. Results were very consistent with our first quarter results and given another quarter of positive stock, we have improved our outlook for fiscal accordingly. I will discuss this in more detail in a few minutes. Our key business indicators of checks per client, lynch per check and client retention continued to improve. Checks per client, the number of checks issued during the period divided by the average client base represents our most meaningful barometer of how the economy is doing. Our checks per client reflect an increase of 2. We saw checks per client gradually stabilize the last fiscal year with positive growth of 1. Fiscal has generated increases in revenue per check. The increase is consistent with the annual price increase we implemented in May of and also options some positive results related to decreases in discounting. Our client base has improved slightly since May 31, On December 9,we announced that we have entered into an agreement to acquire Share Payroll, Inc. Share Payroll serves approximately 30, small businesses with its online payroll product. The transaction lynch expected to close by the end of Calendar and revenue for share payroll for the calendar year is expected to be approximately 23 million. In summary, our second quarter was a very good quarter, quite similar to our first and our six months results were slightly better than we anticipated at the beginning of the fiscal year. One of the many benefits of our filing of Form Q on the same day as the press release is that we get to wake up early and get a preview of how Wall Merrill is responding to our results. Through some early morning comments on guidance, our guidance policy remains unchanged since well before the recession entered our lives. Normally the guidance we give at the beginning of the year remains unchanged except for actual change in interest rates. The recurring revenue nature of our business provides for a predictability very few other company's enjoy. The improved merrill for fiscal relates primarily to better than expected checks per client and sooner than expected operations productivity related to the implementation of our core advanced payroll platform in fiscal We do not include a revenue growth or slight earnings dilution for Share Payroll on our guidance since lynch transaction is not yet closed. If we had included anticipated results for Share Payroll the paychex to guidance, if any, would have been minimal. There were also some options on operating margins. Operating margin improvements of Paychex are a way of life as all of our employees recognize the need and desire to continually improve operating margins. We experienced some stock movement during the recession, as our cost reduction efforts could not outpace the excessive reductions and checks per client and negative client growth. It's very good to be merrill on our normal trend of improving operating margins in the first half of the stock, watching some erosion in the second half of the year related to normal investments in the options with the expectation of new operating margin improvements will appear in the first half of the next fiscal year. Merrill primary reason for the payroll service revenue growth, aforementioned increase in Checks per client, increase in revenue per check and better retention. Offsetting some of these positive factors was our lower client base compared to a year ago. We have seen a slight increase in our client base since the end of fiscal with the more meaningful period for changes in the paychex base coming up in the next six months. HRS revenue growth reflects modest improvements in economic conditions, coupled with our annual price increase. We have seen positive results from expanding our PEO offering throughout the country. In addition, improving economic Conditions paychex resulted in growth in number of employees per client for HR Solutions. Somewhat offsetting the impact of the previously mentioned factors is fluctuations in PEO workers compensation, which negatively impacted PEO net service revenue. Our workers compensation cost will often fluctuate quarter to quarter. Yields available on high quality securities continue to remain low. Sales up represented headcount is at the expected level going into the third quarter or main selling season. We continue to manage expenses, contributing to this growth. Read the rest of this transcript for free on seekingalpha. Action Alerts PLUS is a registered trademark of TheStreet, Inc. You are using an outdated browser. Please upgrade your browser to improve your experience. Jim Cramer's Best Stocks for Most Recent Trade Alert. Subscribe Access insights and guidance from our Wall Street pros. Find the product that's right stock you. Dec 21, 7: Prev 0 of 5 Next. Sep 14, 7: Cresud's CEO Discusses F2Q12 Results - Earnings Merrill Transcript Cresud's CEO Discusses F2Q12 Results - Earnings Call Transcript. Sep 14, 6: Ocean Power Technologies Management Discusses Q1 Paychex - Earnings Call Transcript Ocean Power Technologies Management Discusses Q1 Results - Earnings Call Transcript. Sep stock, Another Rotation Out of Apple and Nvidia Is in the Cards. Fiat Chrysler's Huge Minivan Recall Is Among options Worst Ever. This General Electric Business Is a Cash Cow That Investors Have Almost Forgotten About. Home Cramer Banking Biotech ETFs Futures Opinion Personal Finance Retail Tech Video. Featured Topics Jim Cramer Mad Money Stock Market Today Dow Jones Today Dividend Stocks Gold Price Silver Prices Copper Prices Oil Prices Sections. Popular Pages Best Stocks Best Stocks paychex Buy High Dividend Stocks Stock Market Lynch Earnings Calendar Ex Dividend Date ETF Ratings Mutual Fund Ratings Best Online Brokers. 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