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PAY-FONE SYSTEMS INC. ANNOUNCES FIRST QUARTER RESULTS

 LOS ANGELES, Nov. 15 /PRNewswire/ -- Pay-Fone Systems Inc. (AMEX: PYF), a California-based payroll service company, announced its first quarter revenues of $1,050,750 and a net loss of $7,270, or $0.01 per share, for its fiscal quarter ended Sept. 30, 1993. This is compared to revenues of $1,103,457 and a net income of $45,215, or $.03 per share, for the quarter ended Sept. 30, 1992, and this represents an increase in gross revenues and a smaller loss as compared to gross revenues of $1,011,773 and a net loss of $49,720 reported in the most recent preceding quarter.
 Mark Leekley, president and chief executive officer, attributed the small loss primarily to increased sales and marketing expenses. He said, "The company is pleased to report that its increased sales and marketing efforts resulted in an increase in gross revenues this quarter over the prior quarter. The company is actively seeking acquisition opportunities in the payroll field to further increase growth, net income and shareholder value."
 Founded in 1955, Pay-Fone Systems Inc. originated automated payroll processing by telephone. It continues to add new services and enhancements to its operating segments. First listed on the American Stock Exchange in 1981, today Pay-Fone remains one of the debt-free companies on the exchange and has a current ratio of 10.42, a company record.
 Pay-Fone Systems Inc. began doing business under its new name, Precision Payroll, in 1988 and with its corporate mission to "satisfy the customer" provides a complete selection of payroll services to over 4,000 businesses in a variety of industries.
 PAY-FONE SYSTEMS INC.
 Financial Highlights
 Quarter ended Quarter ended
 Sept. 30, 1993 Sept. 30, 1992
 Operating revenues $1,050,750 $1,103,457
 Interest and investment income 19,236 16,215
 Depreciation 64,347 64,274
 Net income (loss) after
 provision for income taxes (7,270) 45,215
 Outstanding shares 1,467,813 1,467,813
 Earnings per share(a) (.01) .03
 Total assets 5,357,662 5,271,528
 Current ratio 10.42 8.50
 Net worth 5,011,317 4,912,788
 Long-term debt 0 0
 Net book value per share 3.41 3.35
 (a) Based on weighted average number of shares.
 -0- 11/15/93
 /CONTACT: Kim Spaulding, 818-997-0808, ext. 225/
 (PYF) CO: Pay-Fone Systems Inc.; Precision Payroll ST: California IN: SU: ERN


NY-JL -- LA020 -- 4207 11/15/93 08:36 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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