MRI components provider Intermagnetics General reported that fiscal 2004 fourth-quarter net income climbed more than 33% to $5.8 million from the $4.4 million in net income posted in the same period last year.
For the quarter (end-May 30), the Latham, NY-based vendor had net sales of $59.1 million, a 57% increase compared with $37.7 million reported the prior year. The company attributed the jump in sales to data from a full quarter of performance from its recent acquisition of patient-monitoring provider Invivo of Orlando, FL.
For the fiscal year, the firm said that its net income was $15.6 million, excluding acquisition-related charges, compared with the $15.9 million it posted in fiscal 2003. Net sales for the year showed a strong increase to $164.4 million, compared with the $147.4 million in net sales booked in fiscal 2003. The company attributed the slight net-income downturn in 2004 to its first-quarter performance, which was affected by a planned reduction in deliveries of magnet systems.
By AuntMinnie.com staff writersJuly 15, 2004
Related Reading
Intermagnetics gets OK for MRI Devices deal, July 13, 2004
Intermagnetics to buy MRI Devices, May 27, 2004
Intermagnetics to distribute Gore coils, May 11, 2004
Intermagnetics sales rise in Q3, March 18, 2004
Intermagnetics and Invivo come to terms, December 18, 2003
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