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PAY-FONE SYSTEMS INC. ANNOUNCES SECOND QUARTER RESULTS

 LOS ANGELES, Feb. 16 /PRNewswire/ -- Pay-Fone Systems Inc. (AMEX: PYF), Los Angeles, a California-based payroll service company, announced its second quarter revenues of $1,094,469 and net profit of $16,050 or $.01 per share for the quarter ended Dec. 31, 1992, as compared to revenues of $1,283,800 and net loss of $43,533 or $0.03 per share for the quarter ended Dec. 31, 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 debt-free companies on the Exchange and has a current ratio of 7.27.
 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)
 6 Months Ended 6 Months Ended
 12-31-92 12-31-91
 Operating revenues $2,197,926 $2,497,294
 Interest and investment income 30,655 49,123
 Depreciation 148,029 173,112
 Net income after provision for
 income taxes 61,265 (244,703)
 Outstanding shares 1,467,813 1,467,813
 (a)Earnings (loss) per share 0.04 (0.17)
 Total assets 5,364,590 5,060,961
 Current ratio 7.27 5.14
 Net worth 4,932,037 4,512,274
 Long-term debt --- ---
 Net book value per share 3.36 3.07
 3 Months Ended 3 Months Ended
 12-31-92 12-31-91
 Operating revenues $1,094,469 $1,283,800
 Interest and investment income 14,440 27,780
 Depreciation 83,755 86,065
 Net income after provision for
 income taxes 16,050 (43,533)
 (a)Earnings (loss) per share 0.01 (0.03)
 (a) Based on weighted average number of shares.
 -0- 2/16/93
 /CONTACT: Kim Spaulding of Pay-Fone Systems, 818-997-0808, ext. 225/
 (PYF)


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

KJ-LS -- LA005 -- 6705 02/16/93 08:37 EST
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Publication:PR Newswire
Date:Feb 16, 1993
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