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INTERMAGNETICS GENERAL CORPORATION REPORTS FIRST QUARTER RESULTS

 INTERMAGNETICS GENERAL CORPORATION REPORTS FIRST QUARTER RESULTS
 GUILDERLAND, N.Y., Oct. 5 /PRNewswire/ -- Intermagnetics General Corporation (AMEX: IMG) today reported total revenue of $13,529,000 for the first quarter of fiscal year 1993 that ended Aug. 30, 1992, compared to $14,271,000 for the equivalent period for the prior fiscal year. Net income was $1,080,000 compared to $1,119,000 in the first quarter last year. Per share income was 15 cents in both quarters.
 Carl Rosner, president and chief executive officer, stated, "We are pleased to report that income before taxes increased by approximately 7 percent over the corresponding quarter last year. However, because we fully utilized our net operating loss carry forwards by the end of last year, our provision for income taxes in the current year has nearly doubled.
 "While revenues for cryogenic products have continued to achieve a steady growth pattern, magnetic products have reflected quarter to quarter variations in superconducting wire and magnets as we respond to changing customer demand, principally for MRI products. On the basis of a substantially higher level of order backlog, we believe the current quarter's sales were abnormally low. We expect to recover the shortfall and reflect overall gains during the balance of the year.
 "Gross margins were higher as a percentage of sales than have been achieved previously in part due to an annual adjustment in our billing rates to the government which amounted to approximately nine percent of the company's total gross margin for the quarter. Excluding this adjustment, profit margins in the quarter were essentially maintained at the same percentage as achieved in the year-ago quarter as well as the last 12 months."
 Intermagnetics General, as a leading manufacturer of superconducting magnets, wire and associated ultra-low temperature refrigeration equipment, the combination of which is especially useful in medial diagnostic imaging (MRI) systems, is dedicated to the development and commercialization of applied superconducting systems. The company also produces permanent magnet systems and materials separation equipment.
 INTERMAGNETICS GENERAL CORPORATION
 CONSOLIDATED STATEMENTS OF INCOME
 (Dollars in Thousands, Except Per Share Amounts)
 (Unaudited)
 Three Months Ended
 August 30, August 25,
 1992 1991
 Net sales $13,481 $14,168
 Other revenue 48 103
 Total revenue 13,529 14,271
 Costs and expenses:
 Cost of products sold 9,183 9,910
 Product research and
 development 402 503
 Marketing, general
 and administrative 2,329 2,326
 Interest and other expense 247 258
 Total 12,161 12,997
 Income before income taxes 1,368 1,274
 Provision for income taxes 288 155
 NET INCOME $ 1,080 $ 1,119
 PER SHARE $ .15 $ .15
 Primary Shares 7,430,422 7,594,814
 NOTE: Primary shares and earnings per share have been adjusted
 to reflect a three percent stock dividend distributed
 September 1991 and a three percent stock dividend declared
 May 1992.
 -0- 10/5/92
 /CONTACT: Carl H. Rosner, president of Intermagnetics General Corporation, 518-456-5456/
 (IMG) CO: Intermagnetics General Corporation ST: New York IN: SU: ERN


KK -- CL003 -- 6447 10/05/92 09:16 EDT
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Date:Oct 5, 1992
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