MRI components provider Intermagnetics General reported net income for operations, excluding one-time charges, of $8 million in its fiscal third quarter of 2005, a 55% increase compared with the $5.2 million in normalized net income posted in the same period last year.
Including the one-time items, the firm had net income of $24.7 million for the quarter, primarily due to the sale of its Polycold division.
For the quarter (end-February 27), the Latham, NY-based vendor had net sales of $75.1 million, a sharp upturn compared with the $43.1 million reported for the prior-year period. The firm said that magnet systems sales rose to $30.1 million, nearly 10% over the prior-year third quarter, and contributed a greater than 15% increase in operating profit to the company. Revenues were also boosted by contributions from two acquisitions made in calendar 2004, medical device firms Invivo and MRI Devices.
For the first nine months of fiscal 2005, the company's reported normalized net income was $21.5 million, a more than 100% increase compared with the $10 million in normalized net income for the same period in fiscal 2004. Net sales for the nine-month period climbed to $210 million, nearly double the $105.3 million of the year-earlier period, the company said.
By AuntMinnie.com staff writers
March 17, 2005
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