Pay-Fone Sees Loss Grow to $101,704 in 1st Quarter
Pay-Fone Systems Inc., a Van Nuys provider of automated payroll services, said its loss widened for the first fiscal quarter that ended Sept. 30 to $101,704, compared to a loss of $7,270 in the first quarter a year earlier.
Revenues for the latest quarter were up 5% to $1.10 million, from $1.05 million a year earlier.
The company attributed the loss to costs of developing an in-house service for filing taxes and to increasing its sales staff. The company spent about $160,000 on these efforts in the first quarter.
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