American Magnetics Lists 1st-Quarter Earnings Dip
- Share via
American Magnetics reported 7% lower earnings on 51% lower sales for its first quarter ended March 29.
Earnings were $356,000, or 7 cents a share, versus $384,000, or 8 cents a share, for the quarter ended March 31, 1985. Sales were $2.1 million versus $4.3 million.
The Sherman Oaks-based company managed a profit despite sharply lower sales, thanks to an extraordinary gain of $607,000 from the sale of securities. A company spokesman said sales were off because of the slump in the computer peripherals business.
American Magnetics is a leading maker of devices called readers, which read and write on magnetically encoded cards such as credit cards. Its customers include IBM and ATT.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
