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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 11-K
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended May 31, 2000
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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______________
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 Supplemental Schedule
May 31, 2000 and 1999
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Intermagnetics General Corporation IGC Savings Plan
Index
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Page(s)
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Report of Independent Accountants............................................1
Independent Auditors' Report.................................................2
Financial Statements
Statements of net assets available for benefits.......................3
Statements of changes in net assets available for benefits............4
Notes to financial statements.......................................5-8
Supplemental Schedule
Schedule of assets held for investment purposes*......................9
* Refers to schedule required in Form 5500 (Annual Return/Report of Employee
Benefit Plan) for the plan year ended May 31, 2000.
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Report of Independent Accountants
To the Participants and Administrator of
Intermagnetics General Corporation IGC Savings Plan
In our opinion, the accompanying statement of net assets available for benefits
and the related statement of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of Intermagnetics General Corporation IGC Savings Plan (the "Plan") at May 31,
2000, and the changes in net assets available for benefits for the year ended
May 31, 2000 in conformity with accounting principles generally accepted in the
United States of America. 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. We conducted our audit of these
statements in accordance with auditing standards generally accepted in the
United States of America, which 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, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audit provide a reasonable basis for our opinion.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of Assets Held
for Investment Purposes is presented for the purpose of additional analysis and
is not a required part of the basic financial statements but is 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. This supplemental schedule is the responsibility of the Plan's management.
The supplemental schedule has been subjected to the auditing procedures applied
in the audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ PricewaterhouseCoopers LLP
November 17, 2000
1
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Independent Auditors' Report
The Plan Administrator
Intermagnetics General Corporation IGC Savings Plan:
We have audited the accompanying statement of net assets available for benefits
of Intermagnetics General Corporation IGC Savings Plan as of May 31, 1999, and
the related statement of changes in net assets available for 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.
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 financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of Intermagnetics
General Corporation IGC Savings Plan as of May 31, 1999, and the changes in net
assets available for benefits for the year then ended in conformity with
generally accepted accounting principles.
/s/ KPMG LLP
Albany, New York
July 16, 1999
2
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Intermagnetics General Corporation IGC Savings Plan
Statements of Net Assets Available for Benefits
May 31, 2000 and 1999
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2000 1999
ASSETS
Assets:
Investments at fair value (Note 3): $22,084,031 $18,951,224
Cash 21,427 132
Participant contributions receivable 72,572 12,187
Employer contributions receivable 587,093 3,277
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Net assets available for benefits $22,765,123 $18,966,820
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The accompanying notes are an integral part of the financial statements.
3
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Intermagnetics General Corporation IGC Savings Plan
Statements of Changes in Net Assets Available for Benefits
For the Years Ended May 31, 2000 and 1999
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<TABLE>
<CAPTION>
2000 1999
<S> <C> <C>
Investment income:
Net appreciation in fair value of investments (Note 3) $ 1,950,488 $ 1,765,213
Interest and dividends 593,941 49,484
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2,544,429 1,814,697
Contributions:
Participants 1,815,812 1,271,618
Employer 1,254,748 285,572
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3,070,560 1,557,190
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Total additions 5,614,989 3,371,887
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Deductions from net assets attributed to:
Withdrawals and benefits paid to participants (1,734,558) (2,037,679)
Administrative expenses (82,128) (98,795)
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Total deductions (1,816,686) (2,136,474)
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Net increase 3,798,303 1,235,413
Net assets available for benefits:
Beginning of year 18,966,820 17,731,407
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End of year $22,765,123 $18,966,820
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</TABLE>
The accompanying notes are an integral part of the financial statements.
4
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Intermagnetics General Corporation IGC Savings Plan
Notes to Financial Statements
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1. Description of the Plan
The following brief description of Intermagnetics General Corporation IGC
Savings Plan (the "Plan") provides only general information. Participants
should refer to the Plan agreement for a more complete description of the
Plan's provisions.
General
The Plan is a defined contribution employee savings plan covering
substantially all employees of Intermagnetics General Corporation (the
"Company") that became effective on February 1, 1985, as restated on June
1, 1989. The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974 (ERISA).
Eligibility
An employee must complete 30 days of service from the date of employment,
and have attained the age of 18 to be eligible to participate in the
Plan. Employees can join the Plan on the first Monday of the month
following the 30 days of employment.
Contributions
Employees who elect to participate in the Plan may contribute on a pretax
basis up to 15% of their annual compensation, not to exceed certain
Internal Revenue Code limitations. Employer contributions to the Plan are
made equal to 50% of participant contributions, up to 5% of their gross
compensation, which includes a participant's base compensation, overtime,
fees, tips, profits, bonuses and commissions. Company contributions are
allocated on the same basis as those chosen for participant
contributions. Additional non-elective and/or profit-sharing
contributions are at the discretion of the Company. The Company made
non-elective discretionary contributions of approximately $800,000 during
2000, of which $566,000 is included in employer contributions receivable
at May 31, 2000. There were no discretionary contributions made in 1999.
Participant accounts
Participants' accounts are credited with the participants' contributions
and allocations of (a) the Company's contribution and, (b) Plan earnings,
and charged with an allocation of administrative expenses. Allocations
are based on participant account balances in the respective funds
elected.
The accumulated values of participants' account as of May 31 were as
follows:
2000 1999
Active participants $18,980,805 $16,062,765
Terminated participants 3,784,318 2,904,055
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$22,765,123 $18,966,820
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Vesting
All participants immediately vest in their contributions while employer
matching contributions vest after one year of service, plus accumulated
earnings thereon. A participant vests in non-elective and/or
profit-sharing contributions, if any, based upon years of service and is
100% vested after five years of continuous service, death or disability,
or upon attainment of age 65.
5
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1. Description of the Plan, Continued
Forfeitures
Forfeitures, if any, from accounts of non-vested terminated participants
are allocated to pay administrative expenses or to remaining participants
in the same manner as Company contributions. There were no significant
amounts forfeited during 2000 and 1999.
Participant loans
Participants may borrow from their accounts a minimum of $1,000 up to a
maximum equal to the lesser of $50,000 or 50% of their vested account
balances. Loans are collateralized by the balance in the participant's
account. Loan terms may not exceed five years, unless for the purchase of
a primary residence. The loans bear interest at a rate of prime plus 1%
at the time the loan is made, as determined by the plan administrator.
Payment of benefits
On termination of service due to death, disability or retirement, a
participant becomes 100% vested and may elect to receive payment in the
form of a lump-sum or defer payment until the later of death, disability,
retirement or attainment of age 70-1/2. If a participant's account does
not exceed $3,500 for participants joining the Plan before August 5, 1997
or $5,000 for participants joining the Plan thereafter, a lump-sum
payment will be made.
A participant may also elect benefits to be paid under the qualifying
financial hardship provisions of the Plan.
2. Summary of Significant Accounting Policies
Basis of presentation
The accompanying financial statements have been prepared on the accrual
basis of accounting.
Investments
Investments are stated at fair value. The fair value of investments in
mutual funds are based on quoted redemption values on the last business
day of the Plan year. The investments in the Exeter Trust Company
collective investment trust funds are stated at fair value based on the
market values of the underlying securities as reflected on the funds'
financial statements. Intermagnetics General Corporation common stock
("IGC Stock Fund") owned by the Plan is carried at market value based on
the latest quoted market prices on the last business day of the plan
year. Participant loans are valued at cost, which approximates fair
value.
Security transactions are recorded on a trade-date basis. Gain or loss on
sales of the Company's common stock is determined using the first-in,
first-out (FIFO) method, and, for mutual and trust funds, based on the
average cost for investments in the respective funds.
Administrative expenses
The Plan stipulates that all costs incurred in administering the Plan
shall be borne by the Company, or if the Company elects not to pay such
expenses, they should be paid from the plan. Administrative expenses paid
by the Company on behalf of the Plan were approximately $22,000 and
$16,000 during 2000 and 1999, respectively.
6
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2. Summary of Significant Accounting Policies, Continued
Use of estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and changes therein, and disclosure of
contingent assets and liabilities. Actual results could differ from those
estimates.
3. Investments
A summary of plan investments as of and for the years ended May 31, 2000
and 1999 follows:
<TABLE>
<CAPTION>
May 31, 2000
Net Appreciation
(Depreciation)
in Fair Value Fair
During Year Value
<S> <C> <C>
Investment in mutual funds:
American Century Ultra Fund $ 1,311,472 $ 10,863,027
Neuberger and Berman Guardian Fund (281,980) 1,340,767
Strong Government Securities Fund (23,523) 589,170
Investment in Exeter Trust Company collective investment trusts:
Long-Term Growth 269,197 3,221,573
Growth with Reduced Volatility 144,068 1,974,301
Defensive Growth 35,619 567,832
Stable Income 142,095 2,320,520
Participant loans - 566,233
IGC Stock Fund 353,540 640,608
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$ 1,950,488 $ 22,084,031
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</TABLE>
<TABLE>
<CAPTION>
May 31, 1999
Net Appreciation
(Depreciation)
in Fair Value Fair
During Year Value
<S> <C> <C>
Investment in mutual funds:
American Century Ultra Fund $ 1,421,367 $ 7,940,955
Neuberger and Berman Guardian Fund (22,674) 1,603,314
Strong Government Securities Fund 34,474 650,643
Investment in Exeter Trust Company collective investment trusts:
Long-Term Growth 217,989 3,129,102
Growth with Reduced Volatility 86,358 1,884,523
Defensive Growth 27,692 665,790
Stable Income 88,177 2,123,395
Participant loans - 540,282
IGC Stock Fund (88,170) 413,220
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$ 1,765,213 $ 18,951,224
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</TABLE>
7
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4. Plan Termination
Although it has not expressed any intent to do so, the Company may
terminate the Plan at any time. If the Plan is terminated, the assets of
the Plan shall be distributed to the participants based upon the
participants' respective accumulated account balances.
5. Income Tax Status
The Internal Revenue Service has determined and informed the Company by a
letter dated September 1, 1995, 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 and the Plan's tax counsel believe
that the Plan is currently designed and being operated in compliance with
the applicable requirements of the IRC. Therefore, they believe that the
Plan was qualified and was tax-exempt as of the financial statement date.
6. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of benefits paid to participants per
the financial statements to Form 5500 as of May 31, 1999:
<TABLE>
<CAPTION>
<S> <C>
Benefits paid to participants per the financial statements $2,037,679
Less: Amounts allocated to withdrawing participants
at May 31, 1999 50,441
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Benefits paid to participants per Form 5500 $1,987,238
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</TABLE>
Amounts allocated to withdrawing participants are recorded on Form 5500
for benefit claims that have been processed and approved for payment
prior to May 31, 1999 but not yet paid as of that date.
There were no differences between the amounts reported on Form 5500 and
these financial statements as of May 31, 2000.
8
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Intermagnetics General Corporation IGC Savings Plan
Schedule of Assets Held for Investment Purposes
May 31, 2000
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<TABLE>
<CAPTION>
Face Value
Description of or Number Current
Identity of Issue Investment of Shares Value Cost
<S> <C> <C> <C> <C>
American Century Ultra Fund Mutual Fund 259,075 $ 10,863,027 $ 9,357,192
Neuberger & Berman Guardian Fund Mutual Fund 91,770 1,340,767 1,382,076
Strong Funds Government Securities Fund Mutual Fund 58,858 589,170 615,000
Exeter Trust Long-Term Growth Mutual Fund 200,721 3,221,573 2,544,493
Exeter Trust Growth with Reduced Volatility Mutual Fund 138,160 1,974,301 1,595,043
Exeter Trust Defensive Growth Mutual Fund 42,281 567,832 510,886
Exeter Trust Stable Income Mutual Fund 183,006 2,320,520 2,254,927
*Intermagnetics General Corporation Common Stock 56,943 640,608 392,638
Participant Loans Loans 566,233 566,233
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$ 22,084,031 $ 19,218,488
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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.
9
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SIGNATURES
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/Michael C. Zeigler
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Michael C. Zeigler
Chief Financial Officer
Dated: November 22, 2000
10
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Exhibit Index
Exhibit
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23 Consent Of PricewaterhouseCoopers LLP
23(a) Consent of KPMG LLP
11
