Chatsworth-based Marantz on Monday announced a loss of $983,000, or 43 cents a share, on sales of $7.4 million for its first quarter, which ended March 31. That compares to losses of $798,000, or 35 cents a share, on sales of $9.1 million for the first quarter of 1983.
Marantz, a maker of consumer stereo equipment, blamed the loss on lower sales, according to William Morris, senior vice president for finance. "Sales were way down, about 19%," he said.
He said the company lost $138,000 on sales of $44 million in 1984. Marantz showed profits of $10.3 million on sales of $33.9 million in 1983, he added, because of an extraordinary item on its balance sheet: the elimination of $11.4 million in bank debt.
The 25-year-old company has not made money on operations for about five years, Morris said.
Amgen Posts Substantially Greater Losses for Year
Amgen on Monday reported sharply higher sales and substantially higher losses for the 12 months ended March 31. Sales were up 66%, but losses rose 57%.