SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Act of 1934 Date of Report (Date of earliest event reported): January 7, 1997 PAYCHEX, INC. (Exact name of Registrant as specified in its charter) Delaware 0-11330 16-1123166 __________________________________________________________________________ (State or other (Commission I.R.S. Employer jurisdiction File No.) Identification of incorporation) No.) 911 Panorama Trail South Rochester, New York 14625 __________________________________________________________________________ (Address of Principal Executive Offices) Registrant's telephone number, including area code: (716)385-6666 N/A __________________________________________________________________________ (Former name or former address, if changed, since last report) ITEM 5. OTHER EVENTS On November 21, 1996, Paychex, Inc. acquired all of the outstanding stock of Olsen Computer Systems, Inc., (now Paychex Computer Systems, Inc.), in a business combination accounted for as a pooling of interests. The stockholders of Olsen Computer Systems, Inc. received approximately 393,000 shares of Paychex, Inc. common stock. In accordance with the merger agreement, Paychex, Inc. agreed to publish consolidated financial information covering at least 30 days of post-merger combined operations. Consolidated revenue and net income for the seven month period ended December 31, 1996 were $399.9 million and $42.2 million, respectively. 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 hereunto duly authorized. Dated: January 21, 1997 PAYCHEX, INC. By: /s/ John M. Morphy _____________________________________ John M. Morphy, Vice President, Chief Financial Officer and Secretary