got antitrust clearance on a pending acquisition and reaffirmed its financial guidance.
The Latham, N.Y., company said its $100 million acquisition of closely held MRI Devices should close early next year. Intermagnetics said the Justice Department gave it the OK to proceed with its stock-and-cash purchase of the manufacturer of radio frequency coils for magnetic resonance imaging systems.
Intermagnetics also reiterated its 2004 and 2005 guidance. The company said it expects to earn around 91 cents a share this year and about $1.60 next year, on revenue of "nearly $300 million" in 2005. Those figures are in line with Wall Street estimates, excluding a raft on one-time charges related to recent acquisitions. The company said it would offer further information on those charges when it reports earnings Thursday.
Michael Burke, chief financial officer of Intermagnetics, said that increased cash flow expected from the MRI acquisition would enable the company to aggressively pay down its debt.
In regular trading Monday, Intermagnetics surged $1.51 to $34.42, putting it near a 52-week high. In postclose action, the stock tacked on 58 cents to $35.10.