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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 11-K
Annual Report Pursuant to Section 15(d) of
The Securities Exchange Act of 1934
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended May 28, 1995
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or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the transition period from to
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Commission File Number 1-11344
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A. Full title of the plan and the address of the plan, if different from
that of the issuer named below.
INTERMAGNETICS GENERAL CORPORATION
IGC SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
INTERMAGNETICS GENERAL CORPORATION
450 Old Niskayuna Road
Latham, New York 12110-0461
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INTERMAGNETICS GENERAL CORPORATION
IGC SAVINGS PLAN
Financial Statements and Schedules
May 31, 1995 and 1994
(With Independent Auditors' Report Thereon)
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INTERMAGNETICS GENERAL CORPORATION IGC SAVINGS PLAN
Financial Statements and Schedules
May 31, 1995 and 1994
Table of Contents
Independent Auditors' Report ........................................... 1
Financial Statements:
Statements of Net Assets Available for Plan Benefits ............... 2
Statements of Changes in Net Assets Available for Plan Benefits .... 3
Notes to Financial Statements ...................................... 4
Schedules:
Item 27(a) - Schedule of Assets Held for Investment Purposes ....... 9
Item 27(d) - Schedule of Reportable Transactions ................... 10
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Independent Auditors' Report
Plan Administrator
Intermagnetics General Corporation IGC Savings Plan:
We have audited the accompanying statement of net assets available for plan
benefits of Intermagnetics General Corporation IGC Savings Plan as of May 31,
1995, and the related statement of changes in net assets available for plan
benefits for the year then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audit. The accompanying
financial statements of the Plan as of May 31, 1994 were audited by other
auditors whose report thereon, dated August 25, 1994, expressed an unqualified
opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1995 financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Plan as
of May 31, 1995, and the changes in net assets available for plan benefits for
the year then ended in conformity with generally accepted accounting principles.
Our audit was performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes and reportable transactions are presented for purposes
of additional analysis and are not a required part of the basic financial
statements, but are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental schedules have been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
/s/ KPMG Peat Marwick LLP
September 22, 1995
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INTERMAGNETICS GENERAL CORPORATION IGC SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits
May 31, 1995 and 1994
1995 1994
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Assets:
Investments at fair value (note 3) $8,911,814 $7,066,064
Cash 108 70
Employer contributions receivable 28,862 27,103
Loans receivable 419,754 345,944
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Total assets 9,360,538 7,439,181
Liabilities:
Benefits payable -- 17,150
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Total liabilities -- 17,150
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Net assets available for plan benefits $9,360,538 $7,422,031
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See accompanying notes to financial statements.
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INTERMAGNETICS GENERAL CORPORATION IGC SAVINGS PLAN
Statements of Changes in Net Assets Available for Plan Benefits
For the years ended May 31, 1995 and 1994
1995 1994
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Participant contributions $ 1,087,879 $ 934,056
Employer contributions 232,207 216,043
Net appreciation in fair value of investments 589,716 252,415
Interest and dividends 323,911 216,851
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2,233,713 1,619,365
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Payments to terminated participants (274,090) (338,331)
Administrative expenses (21,116) (18,356)
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(295,206) (356,687)
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Net increase in net assets available
for plan benefits 1,938,507 1,262,678
Net assets available for plan benefits:
At beginning of year 7,422,031 6,159,353
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At end of year $ 9,360,538 $7,422,031
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See accompanying notes to financial statements.
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INTERMAGNETICS GENERAL CORPORATION IGC SAVINGS PLAN
Notes to Financial Statements
May 31, 1995 and 1994
(1) Significant Accounting Policies
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(a) Accounting Method
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The accounting records of the Plan are maintained on the
accrual basis.
(b) Investments
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The fair values of the participation units owned by the Plan in
mutual funds are based on quoted redemption values on the last
business day of the Plan year. Intermagnetics General
Corporation stock ("IGC Stock Fund") owned by the Plan is
carried at market value based on quoted market prices.
Guaranteed investment contracts are valued at contract value as
estimated by the respective insurance companies. Contract value
represents contributions made under the contract, plus interest
at the contract rate, less funds used to pay retirement benefits
and payment of the insurance companies' Plan administrative
expenses. Purchases and sales of securities are recorded on a
trade date basis.
(2) Description of the Plan
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The Plan is a defined contribution employee savings plan under which
eligible employees of Intermagnetics General Corporation (the
"Company") may elect to make basic contributions in the form of salary
deductions up to a maximum of 15% of compensation for non-highly
compensated participants. Eligible employees are those employees who
have attained the age of 21 and completed a minimum of 1,000 hours of
service during a twelve month period. The Company has agreed to
provide matching contributions of fifty percent of the first three
percent of a participating employee's salary deductions.
All participants are fully vested upon participation in the Plan.
Upon employee termination, participants with a balance less than $3,500
will receive a lump-sum distribution. Participants with balances
greater than $3,500 may elect to remain in the Plan and defer their
account distribution.
(3) Investments
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The Plan offers participants the option to choose from fixed income,
equity or diversified portfolio (equity, bonds and cash) investments.
Company contributions are allocated on the same basis as that chosen
for participant contributions. Contributions designated as fixed
income have been deposited with a trust company and two insurance
companies under a fixed income fund and guaranteed income group
annuity contracts. The guaranteed income group annuity contracts
provide for certain limitations on withdrawals, the most significant
of which restrict withdrawals to 20% per year for the first five
years, and the interest rate which can be earned if withdrawals are
made against amounts deposited. Equity contributions are invested in
one or both of two funds: (i) a fund comprised of equal portions of
the Fidelity Magellan Fund, Fidelity Contra Fund, Fidelity Growth
Company Fund, and (ii) the IGC Stock Fund. Diversified investment
contributions are invested in units of the Massachusetts Mutual
Balanced Fund.
<PAGE>
INTERMAGNETICS GENERAL CORPORATION IGC SAVINGS PLAN
Notes to Financial Statements, Continued
A summary of plan investments as of May 31, 1995 and 1994 follows:
Year ended May 31, 1995:
Number of Shares Net Appreciation
or Principal In Fair Value
Amount During Year Fair Value
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Massachusetts Mutual Life
Insurance Company
Guaranteed Income (Group
Annuity) Contract $ 934,802 $ -- $ 934,802
Meridian Trust Short-Term
Fixed Income Fund $2,201,356 91,566 2,265,167
Massachusetts Mutual Life
Insurance Company
Balanced Fund 6,456 Units 15,752 1,430,831
Fidelity Magellan Fund 16,931 Shares 170,096 1,313,709
Fidelity Contra Fund 37,268 Shares 152,540 1,281,284
Fidelity Growth Company
Fund 40,966 Shares 140,377 1,291,252
IGC Stock Fund 24,737 Shares 19,385 394,769
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$ 589,716 $8,911,814
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<PAGE>
INTERMAGNETICS GENERAL CORPORATION IGC SAVINGS PLAN
Notes to Financial Statements, Continued
Number of Shares Net Appreciation
or Principal In Fair Value
Amount During Year Fair Value
------ ----------- ----------
Year ended May 31, 1994:
Metropolitan Life Insurance
Company Guaranteed Income
(Group Annuity) Contract $ 304,484 $ -- $ 304,484
Massachusetts Mutual Life
Insurance Company
Guaranteed Income (Group
Annuity) Contract $1,011,672 -- 1,011,672
Meridian Trust Short-Term
Fixed Income Fund $1,481,416 22,797 1,504,213
Massachusetts Mutual Life
Insurance Company Balanced
Fund 5,548 Units 1,354 1,088,831
Fidelity Magellan Fund 14,833 Shares 43,831 997,510
Fidelity Contra Fund 32,296 Shares 36,516 979,224
Fidelity Growth Company Fund 34,053 Shares 36,113 960,638
IGC Stock Fund 11,600 Shares 111,804 219,492
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$ 252,415 $7,066,064
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(Continued)
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(4) Summary of Assets Available for Benefits
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A summary of the asset balances (including allocated contributions
receivable) as of May 31, 1995 and 1994 and changes in assets for the
years then ended for each investment fund follows:
<TABLE>
Guaranteed
Income IGC
Contract Balanced Equity Stock Participant
Fund Fund Fund Fund Loan Fund Cash Total
---- ---- ---- ---- --------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Assets available at May 31, 1993 $ 2,835,770 $814,923 $2,090,724 $70,172 $347,648 $120 $6,159,353
Contributions 391,015 202,663 512,005 44,416 -- -- 1,150,099
Net additions to investments from investment
income and net realized and unrealized
appreciation in fair value of investments 137,934 9,181 190,819 131,382 -- (50) 469,266
Reductions in investments due to benefit
payments and expenses (166,417) (88,659) (100,358) (1,253) -- -- (356,687)
New loans to participants (147,912) (7,495) (21,750) -- 177,157 -- --
Repayments of loans from participants 165,994 12,863 -- -- (178,857) -- --
Transfers, net (535,482) 175,890 357,060 2,532 -- -- --
----------- ---------- ---------- --------- ---------- ---- ----------
Assets available at May 31, 1994 2,680,902 1,119,366 3,028,500 247,249 345,944 70 7,422,031
Contributions 392,504 226,462 633,724 67,396 -- -- 1,320,086
Net additions to investments from investment
income and net realized and unrealized
appreciation in fair value of investments 193,814 163,711 525,193 30,909 -- -- 913,627
Reductions in investments due to benefit
payments and expenses (130,523) (55,709) (86,458) (22,516) -- -- (295,206)
New loans to participants (142,720) (23,840) (108,325) -- 274,885 -- --
Repayments of loans from participants 194,647 -- 6,428 -- (201,075) -- --
Transfers, net (112,068) 22,076 (8,488) 98,442 -- 38 --
----------- ---------- ---------- --------- ---------- ---- ----------
Assets available at May 31, 1995 $ 3,076,556 $1,452,066 $3,990,574 $421,480 $419,754 $108 $9,360,538
=========== ========== ========== ========= ========== ==== ==========
</TABLE>
(Continued)
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INTERMAGNETICS GENERAL CORPORATION IGC SAVINGS PLAN
Notes to Financial Statements, Continued
(5) Net Assets
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Participants' accounts are credited with individual and Company
contributions. Income earned from Plan assets and appreciation or
depreciation in the fair value of Plan assets are allocated to
participants' accounts in proportion to the balance in each
participants' account on the last valuation date, less distributions,
compared to the total account balances of all participants' accounts
on the last valuation date, less distributions.
The accumulated values of participants' accounts as of May 31 are as
follows:
1995 1994
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Active participants $8,670,849 $6,751,276
Terminated participants 689,689 670,755
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$9,360,538 $7,422,031
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(6) Income Tax Status
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The Internal Revenue Service has ruled that the Plan qualifies under
Section 401(a) of the Internal Revenue Code (IRC) and is, therefore,
not subject to tax under present income tax law. Once qualified, the
Plan is required to operate in conformity with the IRC in order to
maintain its qualified plan status.
The Plan administrator is not aware of any course of action or series of
events that have occurred that might adversely impact the Plan's
qualified status.
(7) Transactions with Parties in Interest
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All expenses of the Plan are paid by the Company, except for certain
administrative expenses. Expenses paid by the Company for the Plan
year ended May 31, 1995 were approximately $11,000.
(Continued)
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INTERMAGNETICS GENERAL CORPORATION IGC SAVINGS PLAN
Item 27(a) - Schedule of Assets Held for Investment Purposes
May 31, 1995
<TABLE>
<CAPTION>
No. of Shares Held Current
Identity of Issue Description of Investment or Principal Amount Cost Value
----------------- ------------------------- ------------------- ---- -----
<S> <C> <C> <C> <C>
Fidelity Investment Fidelity Growth Company Fund 40,966 - $ 1,291,252
Fidelity Investment Fidelity Magellan Fund 16,931 - 1,313,709
Fidelity Investment Fidelity Contra Fund 37,268 - 1,281,284
Meridian Trust Company Short-Term Fixed Income Fund $ 2,201,356 - 2,265,167
Massachusetts Mutual Life
Insurance Company Guaranteed Income Contract $ 934,802 - 934,802
Massachusetts Mutual Life
Insurance Company Balanced Fund 6,456 - 1,430,831
*Intermagnetics General
Corp. Common Stock 24,737 - 394,769
Participant Loans Loans $ 419,754 - 419,754
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$ 9,331,568
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</TABLE>
*Indicates that the issuer is a party-in-interest as defined in the Employee
Retirement Income Security Act of 1974.
<PAGE>
INTERMAGNETICS GENERAL CORPORATION IGC SAVINGS PLAN
Item 27(d) - Schedule of Reportable Transactions
Year ended May 31, 1995
<TABLE>
<CAPTION>
Current value
Expense of asset on
Identity of Purchase Selling Lease incurred with Cost of transaction Net gain
Party Involved Description of Asset price price rental transaction asset date or (loss)
-------------- -------------------- ----- ----- ------ ----------- ----- ---- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fidelity Investment Fidelity Magellan Fund $258,829 $ -- $ -- $ -- $258,829 $258,829 $ --
Fidelity Investment Fidelity Magellan Fund -- 115,218 -- -- * 115,218 --
Fidelity Investment Fidelity Contra Fund 250,850 -- -- -- 250,850 250,850 --
Fidelity Investment Fidelity Contra Fund -- 104,391 -- -- * 104,391 --
Fidelity Investment Fidelity Growth Company
Fund 250,850 -- -- -- 250,850 250,850 --
Fidelity Investment Fidelity Growth Company
Fund -- 102,807 -- -- * 102,807 --
Meridian Trust
Company Fixed Income Investment
Fund 947,166 -- -- -- 947,166 947,166 --
Meridian Trust
Company Fixed Income Investment
Fund -- 270,800 -- -- * 270,800 --
</TABLE>
Note: Reportable transactions, for purposes of this schedule are:
(a) Individual transactions within the Plan year involving an amount in
excess of 5 percent of the fair value of plan assets at the
beginning of the Plan year.
(b) Series of transactions within the Plan year in which the aggregate
amount of the transactions exceeds 5 percent of the fair value of
Plan assets at the beginning of the Plan year.
*Cost of assets sold was not made available.
<PAGE>
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
INTERMAGNETICS GENERAL CORPORATION
IGC SAVINGS PLAN
(Name of Plan)
By: /s/ Carl H. Rosner
-----------------------------
Carl H. Rosner
Trustee
By: /s/ Michael C. Zeigler
-----------------------------
Michael C. Zeigler
Trustee
By: /s/ Catherine E. Arduini
-----------------------------
Catherine E. Arduini
Trustee
Dated: November 16, 1995
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Exhibit Index
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Exhibit Page
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23 Consent of Ernst & Young ...................................... 14
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Exhibit 23
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
Plan Administrator
Intermagnetics General Corporation
IGC Savings Plan
We consent to the incorporation by reference in Registration Statement No.
33-50598 on Form S-8 of our report dated September 22, 1995, relating to the
statement of net assets available for plan benefits of the Intermagnetics
General Corporation IGC Savings Plan as of May 31, 1995, and the related
statement of changes in net assets available for plan benefits for the year then
ended, which report appears in the May 31, 1995 annual report on Form 11-K.
/KPMG Peat Marwick LLP
Albany, New York
November 16, 1995
