Damon Group Reports Loss in 2nd Quarter

Damon Group Inc. in Sherman Oaks said it lost $1.89 million in its fiscal second quarter that ended March 31, compared with a loss of $371,000 a year earlier.

Damon Group, which recently changed its name from American Magnetics Corp., also has changed its focus to medical testing labs from manufacturing electronic bank card and credit card readers. Last year, the company invested in a chain of medical labs and recently it announced the $12-million sale of its magnetic card business, which is to be completed June 15.

As a result of the lab chain’s contribution, Damon Group’s sales soared to $51.7 million in the second quarter from $322,000 for the same period a year earlier.

For the six months ended March 31, Damon lost $2.7 million, compared to a $531,000 loss a year earlier. Its six-month sales climbed to $101.9 million from $640,000.