Intermagnetics General Corporation (Nasdaq: IMGC), reported that 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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