Electro Funds Posts a $120,122 Increase
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In the first earnings report since its reverse acquisition in April, Electro Funds Corp. and its wholly owned subsidiary Complete Management Systems reported net earnings for the year of $1 million, up from $120,122 for the prior year.
Revenues for the year also rose to $41.1 million from $10.3 million in 1985.
The acquisition was a way for Costa Mesa-based Complete Management Systems, a maker of enhancement systems for personal computers, to shortcut the yearlong process of becoming a publicly traded corporation, Jim Farooquee, Complete Management’s president, said.
The acquisition, Farooquee said, was responsible for the jump in earnings and revenues, and he predicted further growth in revenues.
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