Intermagnetics sales boom, profits plateau

Fourth quarter sales by Intermagnetics General rose more than 33% in the quarter ending May 30 to $5.8 million, or 34¢ per diluted share, from $4.4 million, or 26¢ per diluted share, a year earlier. Net sales increased 57% to $59.1 million from $37.7 million. Gains were attributed to on-target performance from recently acquired Invivo, a manufacturer of specialty patient monitors.

For fiscal 2004, net income at the Latham, NY, company, excluding acquisition-related charges, was $15.6 million, or 92¢ per diluted share, compared with $15.9 million, or 94¢ per diluted share, excluding one-time items for the previous year. Reported net income for the fiscal year was $14.8 million, or 87¢ per diluted share, compared with $14.9 million, or 88¢ per diluted share in 2003. The first quarter of FY04 was affected by a planned reduction in deliveries of magnet systems to accommodate a strategic enhancement to the company's exclusive supply agreement with Philips Medical Systems. Intermagnetics said overall operations performed at, or slightly above, previously forecasted levels. The year ahead is expected to bring record financial results. The company announced a three-for-two stock split to enhance liquidity of shares.