Electro Funds Posts a $120,122 Increase

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.