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PAY-FONE SYSTEMS INC. ANNOUNCES FIRST QUARTER RESULTS

 LOS ANGELES, Nov. 20 ~PRNewswire~ -- Pay-Fone Systems Inc. (AMEX: PYF) Los Angeles, a California-based payroll service company, announced its first quarter revenues of $1,103,457 and a net profit of $45,215, or $0.03 per share, for the quarter ended Sept. 30, 1992, as compared to revenues of $1,213,494 and net loss of $201,170, or $0.13 per share, for the quarter ended Sept. 30, 1991.
 Pay-Fone Systems Inc., founded in 1955, originated automated payroll processing by telephone. First listed on the American Stock Exchange in 1981, Pay-Fone remains one of the few debt-free companies on the exchange.
 Pay-Fone Systems, Inc. began doing business under its new name, Precision Payroll, in 1988, and with its corporate mission to "Satisfy the Customer," currently provides a complete selection of payroll services to more than 4,000 businesses in a variety of industries.
 PAY-FONE SYSTEMS INC.
 Financial Highlights
 (Unaudited)
 Quarter Quarter
 Ended Ended
 Sept. 30, 1992 Sept. 30, 1991
 Operating revenues $1,103,457 $1,213,494
 Interest and
 investment income 16,215 21,342
 Depreciation 64,274 87,046
 Net income (loss) after
 provision for income taxes 45,215 (201,170)
 Outstanding shares 1,467,813 1,506,133
 Earnings (loss) per share(a) 0.03 (0.13)
 Total assets 5,271,528 5,240,125
 Current ratio 8.50 5.23
 Net worth 4,912,788 4,680,347
 Long-term debt --- ---
 Net book value per share 3.35 3.11
 (a) Based on weighted average number of shares.
 -0- 11~20~92
 ~CONTACT: Kim Spaulding of Pay-Fone Systems, 818-997-0808, ext. 225~
 (PYF)


CO: Pay-Fone Systems Inc. ST: California IN: SU: ERN

KJ-JB -- LA003 -- 3240 11~20~92 08:32 EST
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Publication:PR Newswire
Date:Nov 20, 1992
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