Now, I'd say this explains the recent action:
Intermagnetics General Corp.
Dow Jones Newswires -- May 12, 1999
Intermagnetics Genl Gets 5-Yr Pact From Philips Medical>IMG
LATHAM, N.Y. (Dow Jones)--Intermagnetics General Corp. (IMG) received a five-year, $350
million contract from Philips Medical Systems to develop and sell superconductive magnet systems.
The systems are used in magnetic resonance imaging medical equipment sold by Philips.
In a press release Wednesday, Intermagnetics said the contract is an early extension on a three-year
agreement signed in 1997.
Intermagnetics, with fiscal 1998 sales of $95.9 million, makes superconducting LTS and HTS
magnets, wire and cable, and related low-temperature refrigeration equipment and radio-frequency
coils.
Phillips Medical is a unit of Philips Electronics NV (PHG).
Intermagnetics was recently trading at 9 1/8, up 1 1/4, or 15.9%, on composite volume of 133,800
shares. Average daily volume is 123,883 shares. |
