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Intermagnetics Reports Strong Q1 Revenue, Net Income
Latham, N.Y., Sept. 28: Intermagnetics General
Corporation (NASDAQ:IMGC)
, today reported the first-quarter normalized net income from operations climbed
to $6.1 million, or $0.21 per diluted share, from $4.3 million, or $0.16 per
diluted share, a year earlier. Reported net income increased to $5.1 million, or
$0.18 per diluted share, from $3.4 million or $0.13 per diluted share. Revenues
for the quarter ended August 28, 2005, rose to just over $71 million from $51.5
million.
"All operating segments delivered exceptionally
strong revenues during the quarter," said Glenn H. Epstein, chairman and chief
executive officer. "As previously forecast, gross margins declined slightly due
to introductory batches of a key new MRI segment product line. Stronger than
anticipated demand of OEM channel products at contract volume pricing within the
Medical Devices Segment was also a factor. We continue to expect margins to
strengthen in the second half of our fiscal year and reaffirm our forecast of
sales growth in excess of 15 percent and earnings growth in excess of 20 percent
for fiscal 2006 versus normalized continuing operations last year."
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