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.