Intermagnetics reports strong growth

Intermagnetics General continued an upward financial ride throughthe first half of fiscal 1996.

The Latham, NY, maker of superconducting magnets, wire andfreon-replacement refrigerants reported second-quarter revenuesof $23.7 million, up 18% from the second quarter of fiscal 1995.Sales of $45 million for the first half of the fiscal year wereup 25% from the year before.

Quarterly net income of $1.1 million was 36% higher than second-quarter1994 results. Through the first half of fiscal 1995, earningsincreased 72% to $1.8 million.

Intermagnetics' earnings improved despite a 24% decline insecond-quarter margins, according to CEO Carl Rosner. He blamedthe downturn on magnet and wire price reductions, lower wire productionyields, a change in sales mix, and substantial rework costs forcryogenic products.