Pay-Fone Systems Reports Profit Turnaround

Pay-Fone Systems Inc., a Van Nuys-based provider of automated payroll-processing services, reported a profit in its fiscal fourth quarter after a loss in the previous year.

In the three months ended June 30, Pay-Fone earned $21,526 while its operating revenue rose 8%, to $1.09 million. A year before, the company lost $49,720 on operating revenue of $1.01 million.

For the fiscal year, Pay-Fone reported net income of $188,966, a 25% increase from its $151,015 profit in fiscal 1993. Its annual operating revenue was $4.46 million, off slightly from $4.51 million in the prior year.

The company attributed part of its revenue and earnings growth to its February acquisition of Concentric Computer Corp. and added that it is seeking other acquisitions or alliances.