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Pay-Fone Systems Reports $57,000 Loss

October 06, 1987

Pay-Fone Systems lost $57,021 in its fiscal year ended June 30, contrasted with net income of $305,263, or 21 cents a share, in fiscal 1986. Revenue fell 3%, from $7 million to $6.7 million.

Pay-Fone, a Van Nuys-based payroll and accounting services firm, said its latest results included $829,533 in one-time charges stemming from a bitter proxy fight that led to a management change at the company.

Earlier this year, a group led by Pay-Fone's founder, Lewis Greenwood, won the proxy fight against businessmen Guy Lundberg and Richard Kelton. But, in June, Greenwood sold his 30% stake in Pay-Fone to Lundberg and Kelton, effectively transferring management control to them.

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