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INTERMAGNETICS GENERAL CORPORATION REPORTS THIRD QUARTER AND NINE MONTH RESULTS

 GUILDERLAND, N.Y., March 31 /PRNewswire/ -- Intermagnetics General Corporation (AMEX: IMG) today reported total revenue for the quarter ended Feb. 28, 1993 of $14,214,000 as compared to $14,634,000 for the same period last year. Revenues for the nine month period ending in February 1993 were $43,092,000 as compared to $43,350,000 a year ago.
 Net income for the third quarter totaled $563,000 or $0.07 per primary share as compared to $1,005,000 or $0.13 per primary share last year. For the nine month period net income totaled $2,549,000 or $0.34 per primary share as compared to $3,168,000 or $0.42 per primary share last year.
 Commenting on the results for the nine month period, Carl H. Rosner, president and chief executive officer said, "While Applied Superconductivity will generate a number of major and diverse growth opportunities, there has been a general leveling off in the medical equipment sales segment of the market, as the health care industry attempts to reduce costs. As a result of this increased cost sensitivity, the company has attracted new customers for our line of permanent magnets, generally suitable for the low-end magnetic resonance imaging (MRI) market."
 "We have also been active in establishing our High Temperature Superconductor (HTS) business and I am pleased to report that our HTS magnet coils have exhibited the best performance achieved by any U.S. manufacturer to date. However, these new and significant future business opportunities will initially generate lower margins as these products move through the development stage. In the first nine months of this year a gross margin loss of $550,000 related to these areas was recorded, as compared to a loss of $100,000 for the corresponding period a year ago. I am pleased to report that margins for our other business categories improved on a year-to-year comparison basis and offset the margin losses mentioned above. In addition, product research and development expenses increased from $1,340,000 in the previous year to $1,442,000 for the current nine month period."
 Other revenues of $595,000 were $126,000 lower than the previous year owing to a decline in royalty income related to offshore cryogenic sales.
 Income tax expense as a percentage of pre-tax income rose to 22.4 percent for the current nine month period as compared to 10.5 percent for the corresponding period a year ago, because the company utilized all of its operating loss carry forwards last year. Income taxes were also impacted in the current period by a decision by the state of Connecticut to disallow retroactively to 1988, the apportionment of part of a subsidiary's income to other states. The company disagrees with, and is contesting this decision.
 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 systems, is dedicated to the development and commercialization of applied superconducting systems. The company also manufactures permanent magnet systems and materials separation equipment.
 CONSOLIDATED STATEMENTS OF INCOME
 (Dollars in Thousands, Except Per Share Amounts)
 (Unadutied)
 Three Months Ended
 Feb 28, Feb. 23,
 1993 1992
 Net sales $13,915 $14,156
 Other revenue 299 478
 Total revenue $14,214 $14,634
 Costs and expenses:
 Cost of products sold 10,090 10,404
 Product research and
 development 404 341
 Marketing, general
 and administrative 2,664 2,514
 Interest and other expense 320 254
 Total 13,478 13,513
 Income before income taxes 736 1,121
 Provision for income taxes 173 116
 NET INCOME $ 563 $ 1,005
 PER PRIMARY SHARE $ .07 $ .13
 Primary Shares 7,623,422 7,493,429
 Nine Months Ended
 Feb. 28, Feb. 23,
 1993 1992
 Net sales $42,497 $42,629
 Other revenue 595 721
 Total revenue $43,092 $43,350
 Costs and expenses:
 Cost of products sold 29,945 30,080
 Product research and
 development 1,442 1,340
 Marketing, general
 and administrative 7,614 7,595
 Interest and other expense 808 796
 Total 39,809 39,811
 Income before income taxes 3,283 3,539
 Provision for income taxes 734 371
 NET INCOME $ 2,549 $ 3,168
 PER PRIMARY SHARE $ .34 $ .42
 Primary Shares 7,487,370 7,550,220
 NOTE: Primary shares and earnings per share have been adjusted to reflect a three percent stock dividend declared May 1992.
 -0- 3/31/93
 /CONTACT: Carl H. Rosner, president of Intermagnetics General Corporation, 518-456-5456/
 (IMG)


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

LC -- CL018 -- 1674 03/31/93 16:33 EST
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Date:Mar 31, 1993
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