Intermagnetics income leaps

Increased sales of high-field MR magnets contributed to income growth at Intermagnetics General during the fourth quarter of fiscal 2003. Income rose 27% to $4.4 million from $3.4 million in the previous-year period. Excluding one-time items that resulted in a net charge of about $1 million, net income for the fiscal year ended May 25 was $15.9 million. Reported net income was $14.9 million, including one-time charges associated with the sale of securities, which was partially offset by a favorable settlement of long-standing trade litigation. These compare with income of $14.6 million in the previous fiscal year, excluding nonrecurring items that resulted in a net gain of about $6 million. Reported net income for the year ended May 26, 2002, was $20.6 million, including gains from the divestiture of the company's LTS wire and helium gas businesses, which was partially offset by charges related to restructuring of the Instrumentation segment and the write-down of investments. Net sales for the recently completed fiscal year were $147.4 million compared with $144.3 million from ongoing operations the prior year.

MR sales increased revenue to $125.1 million from $120.7 million. Operating profit increased at a higher rate than revenue because of improved product mix, notably among higher field strength 3T and 1.5T magnets. The company predicted continued increases in sales of its recently introduced 3T superconducting MRI magnet. Added revenues could accrue around fiscal 2005 with the commercial delivery of 1T open magnets.