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INTERMAGNETICS GENERAL CORPORATION REPORTS SECOND QUARTER AND FIRST HALF RESULTS

 GUILDERLAND, N.Y., Dec. 23 /PRNewswire/ -- Intermagnetics General Corporation (AMEX: IMG) today reported total revenue for the quarter ended Nov. 29, 1992, of $15,349,000 compared to $14,445,000 for the same period last year. Revenues for the first half of fiscal 1993 were $28,878,000 as compared to $28,716,000 for the same period a year ago.
 Net income for the second quarter amounted to $906,000 or $0.12 per primary share as compared to $1,044,000 or $0.14 per primary share last year. For the first half, net income amounted to $1,986,000 or $0.27 per primary share versus $2,163,000 or $0.29 per primary share last year.
 Carl H. Rosner, president and chief executive officer, stated, "Even though revenues grew approximately 6 percent and income before taxes was slightly higher in the current quarter, net income was below last year because income taxes increased from approximately 9 percent of income before taxes last year, to approximately 23 percent this year. This was due to the complete utilization of our net operating loss carryforwards in fiscal 1992 coupled with an increase in state taxes resulting from a decision by the state of Connecticut to disallow retroactively, since 1988, the apportionment of part of a subsidiary's income to other states. The company disagrees with, and is contesting this decision."
 Mr. Rosner also noted that pre-tax income for the quarter was adversely impacted by a negotiated adjustment to close out its Phase I Superconducting Supercollider (SSC) wire and cable contract, which reduced income before taxes by approximately $300,000. This adjustment has allowed a quicker transition to Phase II of this contract to improve the company's competitive position on the much larger quantities of cable that will be required in the future for the SSC. He further stated that the company has experienced a lower demand for Magnetic Resonance Imaging (MRI) wire, which he believes reflects a general softening of this market which will likely continue to affect growth over the next few quarters. The impact of these two factors was partially offset by a decline in marketing, general and administrative expenses which, in the prior year, contained a provision of $300,000 for expenses related to a terminated public offering. "Overall," he continued, "we are pleased that we were able to maintain earnings at this level in spite of being affected by the adverse combination of these factors. We believe this positive financial performance is a reflection of the improvements in efficiency instituted over the last two years.
 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 medical diagnostic imaging (MRI) systems, is dedicated to the development and commercialization of applied superconducting systems. The company also manufactures permanent magnet systems and materials separation equipment.
 INTERMAGNETICS GENERAL CORPORATION
 Consolidated Statements of Income
 (Unaudited -- Dollars in thousands, except per share amounts)
 Three Months Ended Six Months Ended
 11/29/92 11/24/91 11/29/92 11/24/91
 Net sales $15,101 $14,305 $28,582 $28,473
 Other revenue 248 140 296 243
 Total revenue 15,349 14,445 28,878 28,716
 Costs & expenses:
 Cost of products sold 10,672 9,766 19,855 19,676
 Product R & D 636 496 1,038 999
 Marketing, genl & admin. 2,621 2,755 4,950 5,081
 Interest & other expense 241 284 488 542
 Total 14,170 13,301 26,331 26,298
 Income before income taxes 1,179 1,144 2,547 2,418
 Provision for income taxes 273 100 561 255
 Net income 906 1,044 1,986 2,163
 Per share:
 Primary $0.12 $0.14 $0.27 $0.29
 Fully diluted 0.12 0.14 0.26 0.29
 Shares:
 Primary 7,478,806 7,619,409 7,446,085 7,580,835
 Fully diluted 7,650,221 7,619,409 7,644,656 7,580,835
 -0- 12/23/92
 /CONTACT: Carl H. Rosner, president of Intermagnetics General, 518-456-5456/
 (IMG)


CO: Intermagnetics General Corporation ST: New York IN: SU: ERN

AH-PS -- NY031 -- 9579 12/23/92 12:59 EST
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Date:Dec 23, 1992
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