MRI components provider Intermagnetics General reported fiscal first-quarter revenues of $71 million, up 37.8% compared with the $51.5 million turned in during its first quarter last year. For the period (end-August 28), the Latham, NY-based firm had net income of $5.1 million, compared with net income of $5.3 million a year ago.
All operating segments delivered exceptionally strong revenues during the quarter, although gross margins decreased slightly due to introductory batches of a new MRI segment product line, said chairman and CEO Glenn Epstein. Stronger than anticipated demand of OEM channel products at contract volume pricing within the firm's medical devices segment was also a factor, he said.
Intermagnetics continues to expect margins to strengthen in the second half of its fiscal year, and reaffirmed its sales growth forecast of greater than 15%. Earnings growth is projected to be in excess of 20%.
By AuntMinnie.com staff writers
September 29, 2005
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