Finally someone starting to clean-up. Well, its about time.
Intermagnetics General Corp.
Dow Jones Newswires -- August 10, 1999
DJ Intermagnetics Genl 4Q Loss 57c/Shr On Items Vs Net 6c
Intermagnetics General Corp. - Latham, N.Y.
4th Quar May 30:
1999 1998
Sales $27,410,000 $27,424,000
Net income a (7,037,000) 885,000
Avg shrs (basic) 12,335,271 12,771,120
Avg shrs (diluted) 12,335,271 13,807,377
Shr earns (basic)
Net income a (.57) .07
Shr earns (diluted)
Net income a (.57) .06
Year:
Sales 102,871,000 95,894,000
Net income b (7,029,000) 2,753,000
Avg shrs (basic) 12,429,039 12,755,733
Avg shrs (diluted) 12,429,039 13,408,960
Shr earns (basic)
Net income b (.57) .22
Shr earns (diluted)
Net income b (.57) .21
Figures in parentheses are losses.
a. Includes charges and provision totaling $2.5 million and a pension curtailment gain of $1.5 million,
as well as a $7.3 million write off from an investment in an unconsolidated European affiliate, SMIS
Ltd. Excluding all items, except the write off, the company earned $635,000.
b. Includes restructuring charges totaling $4.7 million and a $1.75 million provision for inventory
impairment and a pension curtailment gain of $1.5 million, as well as as the $7.3 million write off.
Excluding the items, except the write off, the company earned $5.8 million.
Intermagnetics General Corp. (IMG) said that as a result of its fiscal-year loss, it's unable to declare a
dividend.
Also, Intermagnetics said it has begun working on the termination of its pension plan since it recorded
a curtailment gain of $1.5 million. The gain will be offset by any loss required to be recognized when
the plan is terminated in a subsequent period.
The company said it has switched from the pension plan to a contribution 401k plan.
Thomas Matthews; 201-938-5400
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