INTERMAGNETICS GENERAL CORPORATION
Consolidated Statements of Income
(Dollars in Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended
August 30, 1998
Net sales $26,494 $21,020
Cost of products sold 16,713 12,952
Gross Margin 9,781 8,068
Product research and
development 1,838 2,095
Marketing, general and
administrative 5,471 4,912
Amortization of intangible assets 436 201
7,745 7,208
Operating income 2,036 860
Interest and other income 372 486
Interest and other expense (528) (503)
Equity in net loss of unconsolidated affiliate (148) (87)
Income before income taxes 1,732 756
Provision for income taxes 727 295
NET INCOME $1,005 $461
Earnings per Common Share
Per Share:
Basic $0.08 $0.04
Diluted $0.07 $0.04
Shares:
Basic 12,520,702 12,706,403
Diluted 13,536,645 13,046,844
NOTE: Primary shares and earnings per share have been adjusted to reflect
a 2% stock dividend declared on July 22, 1998.
INTERMAGNETICS GENERAL CORPORATION
Condensed Consolidated Balance Sheets
(Dollars in Thousands)
August 30, 1998 May 31, 1998
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and short-term investments $2,828 $2,993
Trade accounts receivable 20,959 14,802
Costs and estimated earnings in excess
of billings on uncompleted contracts 2,953 4,660
Inventories 31,016 32,849
Prepaid expenses and other 5,016 5,006
TOTAL CURRENT ASSETS 62,772 60,310
PROPERTY, PLANT AND EQUIPMENT, net 27,899 27,939
INVESTMENTS AND INTANGIBLE AND OTHER ASSETS 37,689 39,527
$128,360 $127,776
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of long-term debt $276 $272
Note payable 5,000 --
Accounts payable 5,283 6,076
Salaries, wages and related items 3,650 3,647
Customer advances and deposits 321 298
Product warranty reserve 1,027 996
Accrued income taxes 1,424 2,411
Other liabilities and accrued expenses 1,299 1,117
TOTAL CURRENT LIABILITIES 18,280 14,817
LONG-TERM DEBT, less current portion 28,780 28,833
DEFERRED INCOME TAXES -- 325
SHAREHOLDERS' EQUITY 81,300 83,801
$128,360 $127,776
SOURCE Intermagnetics General Corporation |
