<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q


[ x ]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                For the quarterly period ended November 25, 2001
                                               -----------------

                                       or

[   ]     Transition report pursuant to section 13 or 15(d) of the Securities
          Exchange Act of 1934 for the transition period from ______ to ______

                         Commission file number 1-11344
                                                -------

                       INTERMAGNETICS GENERAL CORPORATION
                       ----------------------------------
             (Exact name of registrant as specified in its charter)

            New York                                          14-1537454
 ------------------------------                            -----------------
 (State or other jurisdiction of                           (I.R.S. Employer
  incorporation or organization)                          Identification No.)

            450 Old Niskayuna Road, PO Box 461, Latham, NY 12110-0461
            ---------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

                                 (518) 782-1122
                                 --------------
              (Registrant's telephone number, including area code)



              ----------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                   Yes x   No   .
                                      ---    ---

Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.

Common Stock, $.10 par value - 16,399,454 as of January 02, 2002.

<PAGE>

                       INTERMAGNETICS GENERAL CORPORATION

                                    CONTENTS


PART I - FINANCIAL INFORMATION

<TABLE>
<CAPTION>

Item 1:  Financial Statements:

<S>      <C>                                                                                           <C>
         Consolidated Balance Sheets - November 25, 2001 and May 27, 2001................................3

         Consolidated Income Statements - Three Months and Six Months Ended
           November 25, 2001 and November 26, 2000.......................................................5

         Consolidated Statements of Cash Flows - Six Months Ended
           November 25, 2001 and November 26, 2000.......................................................6

         Consolidated Statements of Changes in Shareholders' Equity and Comprehensive Income -
          Three Months and Six Months Ended November 25, 2001 ...........................................7

         Notes to Consolidated Financial Statements......................................................8

Item 2:  Management's Discussion and Analysis of Financial Condition
           and Results of Operations....................................................................16

Item 3:  Quantitative and Qualitative Disclosures About Market Risk.....................................20


PART II - OTHER INFORMATION.............................................................................21


SIGNATURES..............................................................................................22
</TABLE>

                                       2
<PAGE>

CONSOLIDATED BALANCE SHEETS
INTERMAGNETICS GENERAL CORPORATION
(Dollars in Thousands, Except Per Share Amounts)

<TABLE>
<CAPTION>
                                                                        November 25,                May 27,
                                                                            2001                     2001
                                                                         --------                  --------
ASSETS                                                                  (Unaudited)
CURRENT ASSETS
<S>                                                                      <C>                       <C>
  Cash and cash equivalents                                              $ 59,347                  $ 27,675
  Trade accounts receivable, less allowance
    (November 25, 2001 - $621; May 27, 2001 - $496)                        19,008                    21,615
  Costs and estimated earnings in excess of
    billings on uncompleted contracts
                                                                              833                       642
  Inventories:
    Consigned products                                                      5,409                     7,176
    Finished products                                                       1,581                     2,142
    Work in process                                                         7,351                    12,768
    Materials and supplies                                                 11,041                    12,337
                                                                         --------                  --------
                                                                           25,382                    34,423
  Deferred income taxes                                                     3,362                     3,362
  Prepaid expenses and other                                                1,304                     1,228
                                                                         --------                  --------
    TOTAL CURRENT ASSETS                                                  109,236                    88,945

PROPERTY, PLANT AND EQUIPMENT
  Land and improvements                                                     1,479                     1,479
  Buildings and improvements                                               14,321                    18,243
  Machinery and equipment                                                  31,722                    41,604
  Leasehold improvements                                                      891                       923
                                                                         --------                  --------
                                                                           48,413                    62,249
  Less allowances for depreciation and amortization                        27,512                    37,787
                                                                         --------                  --------
                                                                           20,901                    24,462
  Equipment in process of construction                                      5,550                     2,801
                                                                         --------                  --------
                                                                           26,451                    27,263

INTANGIBLE AND OTHER ASSETS
  Available for sale securities                                             4,826                     6,145
  Other investments                                                                                   3,500
  Goodwill and other non-amortizable intangibles                           13,750                    13,750
  Other intangibles, less accumulated amortization
     (November 25, 2001- $4,780; May 27, 2001 - $3,765)                     9,853                    10,890
  Note receivable                                                           3,812
  Other assets                                                              1,665                     1,665
                                                                         --------                  --------

    TOTAL ASSETS                                                         $169,593                  $152,158
                                                                         ========                  ========

</TABLE>

                                       3
<PAGE>

CONSOLIDATED BALANCE SHEETS
INTERMAGNETICS GENERAL CORPORATION
(Dollars in Thousands, Except Per Share Amounts)

<TABLE>
<CAPTION>
                                                                           November 25,                  May 27,
                                                                               2001                        2001
                                                                            ---------                   ---------
LIABILITIES AND SHAREHOLDERS EQUITY                                        (Unaudited)
CURRENT LIABILITIES
<S>                                                                         <C>                         <C>
  Current portion of long-term debt                                         $     356                   $   2,445
  Accounts payable                                                              9,648                      10,749
  Salaries, wages and related items                                             6,979                       6,840
  Customer advances and deposits                                                  524                       2,054
  Product warranty reserve                                                      1,553                       1,474
  Accrued income taxes                                                          5,263                       2,143
  Other liabilities and accrued expenses                                        2,634                       2,870
                                                                            ---------                   ---------
    TOTAL CURRENT  LIABILITIES                                                 26,957                      28,575

LONG-TERM DEBT, less current portion                                            6,057                       6,185
DEFERRED INCOME TAXES                                                           2,383                       2,383
DERIVATIVE LIABILITY                                                              310

SHAREHOLDERS' EQUITY
  Preferred Stock, par value $.10 per share:
    Authorized - 2,000,000 shares
    Issued and outstanding - None
  Common Stock, par value $.10 per share:
    Authorized - 40,000,000 shares
    Issued and outstanding (including shares in treasury):
      November 25, 2001 - 17,017,210 shares;
      May 27, 2001 - 16,693,997 shares;                                         1,702                       1,671
  Additional paid-in capital                                                  130,861                     127,303
  Notes receivable from employees                                              (1,244)                     (1,501)
  Retained earnings (deficit)                                                   9,437                      (4,590)
  Accumulated other comprehensive loss                                         (1,049)                     (2,047)
                                                                            ---------                   ---------
                                                                              139,707                     120,836
  Less cost of Common Stock in treasury
    November 25, 2001 and May 27, 2001 - 661,282 shares                        (5,821)                     (5,821)
                                                                            ---------                   ---------
                                                                              133,886                     115,015
                                                                            ---------                   ---------

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                              $ 169,593                   $ 152,158
                                                                            =========                   =========
</TABLE>

See notes to consolidated financial statements.


                                       4
<PAGE>

CONSOLIDATED INCOME STATEMENTS
INTERMAGNETICS GENERAL CORPORATION
(Dollars in Thousands, Except Per Share Amounts)
(Unaudited)

<TABLE>
<CAPTION>
                                                  Three Months Ended                Six Months Ended
                                            ----------------------------      ---------------------------
                                            November 25,    November 26,      November 25,    November 26,
                                               2001             2000             2001             2000
                                             --------         --------         --------         --------
<S>                                          <C>              <C>              <C>              <C>
Net sales                                    $ 38,971         $ 32,425         $ 79,060         $ 64,136

Cost of products sold                          22,937           18,550           45,787           37,456
Recovery of inventory written off in
  restructuring                                                 (1,310)                           (1,348)
                                             --------         --------         --------         --------
                                               22,937           17,240           45,787           36,108
                                             --------         --------         --------         --------

Gross margin                                   16,034           15,185           33,273           28,028

Product research and development                3,689            1,685            7,707            3,247
Marketing, general and administrative           6,579            7,117           13,655           13,170
Amortization of intangible assets                 486              774            1,013            1,535
                                             --------         --------         --------         --------
                                               10,754            9,576           22,375           17,952
                                             --------         --------         --------         --------

Operating income                                5,280            5,609           10,898           10,076
Interest and other income                         703              319            1,055              580
Interest and other expense                       (180)            (814)            (307)          (1,590)
Gain on sale of division                       15,376                            15,376
Write down of investments                      (6,290)                           (6,290)
                                             --------         --------         --------         --------
Income  before income taxes                    14,889            5,114           20,732            9,066
Provision for income taxes                      4,502            1,974            6,705            3,500
                                             --------         --------         --------         --------

NET INCOME                                   $ 10,387         $  3,140         $ 14,027         $  5,566
                                             ========         ========         ========         ========

Net Income per Common Share:
  Basic                                      $   0.64         $   0.20         $   0.87         $   0.37
                                             ========         ========         ========         ========
  Diluted                                    $   0.60         $   0.18         $   0.81         $   0.34
                                             ========         ========         ========         ========
</TABLE>


See notes to consolidated financial statements.


                                       5
<PAGE>

CONSOLIDATED STATEMENTS OF CASH FLOWS
INTERMAGNETICS GENERAL CORPORATION
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
                                                                                             Six Months Ended
                                                                                  ---------------------------------------
                                                                                  November 25,               November 26,
                                                                                      2001                       2000
                                                                                    --------                   --------
OPERATING ACTIVITIES
<S>                                                                                 <C>                        <C>
Net income                                                                          $ 14,027                   $  5,566
Adjustments to reconcile net income to net cash provided by
  operating activities:
    Depreciation and amortization                                                      2,935                      3,564
    Gain on sale of division                                                         (15,376)
    Write down of investments                                                          6,290
    Stock based compensation                                                             326                        367
    (Gain) Loss on disposal of assets                                                     14                        (14)
    Accrued interest and premium on debt conversion                                                               1,555
    Change in operating assets and liabilities
         (excluding changes resulting from sale of division):
      Decrease in accounts receivable and costs and estimated
         earnings in excess of billings on uncompleted contracts                       1,303                      3,741
      (Increase) in inventories and prepaid expenses and other                        (2,629)                    (2,157)
       Increase(decrease) in accounts payable and accrued expenses                       (68)                     4,589
                                                                                    --------                   --------
   NET CASH PROVIDED BY OPERATING ACTIVITIES                                           6,822                     17,211

INVESTING ACTIVITIES
Purchases of property, plant and equipment                                            (5,385)                    (2,838)
Proceeds from the sale of property, plant and equipment                                                              42
Proceeds from sale of division                                                        29,771
Purchase of other intangibles                                                                                    (1,000)
                                                                                    --------                   --------
    NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES                               24,386                     (3,796)

FINANCING ACTIVITIES
Proceeds from sale of Common Stock                                                     2,588                      1,591
Repayments of note receivable from employees                                             257
Principal payments on note payable and long-term debt                                 (2,217)                    (1,231)
                                                                                    --------                   --------
    NET CASH PROVIDED BY FINANCING ACTIVITIES                                            628                        360

EFFECT OF EXCHANGE RATE CHANGES ON CASH                                                 (164)                       (97)
                                                                                    --------                   --------

INCREASE IN CASH AND CASH EQUIVALENTS                                                 31,672                     13,678

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                      27,675                     12,527
                                                                                    --------                   --------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                          $ 59,347                   $ 26,205
                                                                                    ========                   ========

</TABLE>

See notes to consolidated financial statements.


                                       6
<PAGE>

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
EQUITY AND COMPREHENSIVE INCOME
INTERMAGNETICS GENERAL CORPORATION
Three months and six months ended November 25, 2001
(Dollars in Thousands)
(Unaudited)

<TABLE>
<CAPTION>
                                                                                                   Accumulated
                                                                        Additional    Retained        Other
                                                              Common     Paid-in      Earnings    Comprehensive   Treasury
                                                               Stock     Capital      (Deficit)   Income (Loss)     Stock
                                                              -------   ----------    ---------   -------------   ---------
<S>                                                            <C>       <C>         <C>            <C>          <C>
Balances at May 27, 2001                                       $1,671    $127,303     $(4,590)       $(2,047)      $(5,821)

Comprehensive income:
   Net Income                                                                           3,640
   Unrealized loss on available for sale securities, net                                                (111)
   Unrealized loss on foreign currency translation                                                      (497)
   Loss on derivative                                                                                   (104)
   Transitional adjustment - on derivatives                                                             (128)

         Total  comprehensive income

Net repayments
Issuance of 137,855 shares of Common Stock ,
 including exercise of stock options and sale of 1,648
 shares to IGC Savings Trust                                       12         921
                                                               ------    --------     -------        -------       -------

Balances at August 26, 2001                                    $1,683    $128,224     $  (950)       $(2,887)      $(5,821)
                                                               ======    ========     =======        =======       =======

Comprehensive income:
   Net Income                                                                          10,387
   Reclassification adjustments - write down of investments                                            1,583
   Unrealized gain on foreign currency translation                                                       333
   Loss on derivative                                                                                    (78)

         Total  comprehensive income

Repayments of note receivable from employees
Stock based compensation                                                      987
Issuance of 185,479 shares of Common Stock ,
 including exercise of stock options and sale of 6,025
 shares to IGC Savings Trust                                       19       1,668
Stock dividend adjustment of (121) shares and
 payments for fractional shares                                               (18)
                                                               ------    --------     -------        -------       -------

Balances at November 25, 2001                                  $1,702    $130,861     $ 9,437        $(1,049)      $(5,821)
                                                               ======    ========     =======        =======       =======
</TABLE>
                               [RESTUBBED TABLE]
<TABLE>
<CAPTION>
                                                                    Notes
                                                                  Receivable     Comprehensive
                                                                from Employees      Income
                                                                --------------   -------------
<S>                                                               <C>              <C>
Balances at May 27, 2001                                           $(1,501)

Comprehensive income:
   Net Income                                                                        3,640
   Unrealized loss on available for sale securities, net                              (111)
   Unrealized loss on foreign currency translation                                    (497)
   Loss on derivative                                                                 (104)
   Transitional adjustment - on derivatives                                           (128)
                                                                                   -------
         Total  comprehensive income                                               $ 2,800
                                                                                   =======
Net repayments                                                         147
Issuance of 137,855 shares of Common Stock ,
 including exercise of stock options and sale of 1,648
 shares to IGC Savings Trust
                                                                   -------

Balances at August 26, 2001                                        $(1,354)
                                                                   =======

Comprehensive income:
   Net Income                                                                       10,387
   Reclassification adjustments - write down of investments                          1,583
   Unrealized gain on foreign currency translation                                     333
   Loss on derivative                                                                  (78)
                                                                                   -------
         Total  comprehensive income                                               $12,225
                                                                                   =======
Repayments of note receivable from employees                           110
Stock based compensation
Issuance of 185,479 shares of Common Stock ,
 including exercise of stock options and sale of 6,025
 shares to IGC Savings Trust
 Stock dividend adjustment of (121) shares and
 payments for fractional shares
                                                                   -------

Balances at November 25, 2001                                      $(1,244)
                                                                   =======
</TABLE>
See notes to consolidated financial statements.

                                       7
<PAGE>

INTERMAGNETICS GENERAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note A - General

         In the opinion of Management, the accompanying unaudited consolidated
financial statements contain all adjustments, which are of a normal recurring
nature, necessary to present fairly the Company's financial position at November
25, 2001 and the results of its operations, cash flows and changes in
shareholders' equity for the periods presented. The results for the six months
ended November 25, 2001 are not necessarily indicative of the results to be
expected for the entire year. The Consolidated Financial Statements and
Management's Discussion and Analysis of Financial Condition and Results of
Operations should be read in conjunction with the Company's consolidated
financial statements for the year ended May 27, 2001, filed on Form 10-K on
August 27, 2001.

         It is the Company's policy to reclassify prior year consolidated
financial statements to conform to current year presentation.

Note B - Earnings Per Common Share

         A summary of the shares used in the calculation of net income per
Common Share is shown below:

(Dollars in Thousands, Except Per Share Amounts)

<TABLE>
<CAPTION>
                                                      Three Months Ended                    Six Months Ended
                                               ------------------------------       -------------------------------
                                                  Nov. 25,           Nov. 26,           Nov. 25,          Nov. 26,
                                                   2001               2000               2001               2000
                                               -----------        -----------        -----------        -----------
<S>                                            <C>                <C>                <C>                <C>
Income available to common stockholders        $    10,387        $     3,140        $    14,027        $     5,566

Weighted average shares                         16,229,361         15,518,242         16,166,681         14,986,179

Dilutive potential common shares:
     Warrants                                       32,345             18,810             37,425              2,670
     Stock options                               1,120,471          1,450,904          1,155,538          1,301,479
                                               -----------        -----------        -----------        -----------

Adjusted weighted average shares                17,382,177         16,987,956         17,359,644         16,290,328
                                               ===========        ===========        ===========        ===========

Net income per common share:
     Basic                                     $      0.64        $      0.20        $      0.87        $      0.37
                                               ===========        ===========        ===========        ===========
     Diluted                                   $      0.60        $      0.18        $      0.81        $      0.34
                                               ===========        ===========        ===========        ===========
</TABLE>


                                       8
<PAGE>

Note C - New Accounting Pronouncements

      In August 2001, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets", ("SFAS No. 144") which supersedes Statement of
Financial Accounting Standards No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed Of". SFAS No. 144
establishes a single accounting method for long-lived assets to be disposed of
by sale, whether previously held and used or newly acquired, and extends the
presentation of discontinued operations to include more disposal transactions.
SFAS No. 144 also requires that an impairment loss be recognized for assets
held-for-use when the carrying amount of an asset (group) is not recoverable.
The carrying amount of an asset (group) is not recoverable if it exceeds the sum
of the undiscounted cash flows expected to result from the use and eventual
disposition of the asset (group), excluding interest charges. Estimates of
future cash flows used to test the recoverability of a long-lived asset (group)
must incorporate the entity's own assumptions about its use of the asset (group)
and must factor in all available evidence. SFAS No. 144 is effective for the
Company for the first quarter of Fiscal 2003. Management is reviewing to
determine the impact that the adoption of SFAS No. 144 will have on the
Company's consolidated financial statements

Note D - Segment and Related Information

         The Company operates in three reportable segments: Magnetic Resonance
Imaging ("MRI"), Instrumentation, and Energy Technology. The MRI segment
consists primarily of the manufacture and sale of magnets (by the IGC-Magnet
Business Group) and radio frequency coils (by IGC-Medical Advances Inc.), which
are used principally in the medical diagnostic imaging market. Until October 25,
2001 this segment also included the manufacture and sale of low-temperature
superconducting wire (by IGC-Advanced Superconductors, also known as IGC-AS).
The Company sold substantially all of the assets of IGC-AS on October 25, 2001.
The Instrumentation segment consists of the manufacture and sale of
refrigeration equipment (by IGC-APD Cryogenics Inc. and IGC-Polycold Systems
Inc.), used primarily in ultra-high vacuum applications, industrial coatings,
analytical instrumentation, medical diagnostics and semiconductor processing and
testing. The Energy Technology segment, operated through IGC SuperPower LLC, is
developing second generation, high-temperature superconducting (HTS) materials
that we expect to use in devices designed to enhance capacity, reliability and
quality of transmission and distribution of electrical power.

         Intersegment sales and transfers are accounted for as if the sales or
transfers were to third parties, that is, at current market prices. The Company
evaluates the performance of its reportable segments based on operating income
(loss).


                                       9
<PAGE>

         Summarized financial information concerning the Company's reportable
segments is shown in the following table:

 (Dollars in Thousands)
<TABLE>
<CAPTION>
                                                          Three Months Ended
                                     ------------------------------------------------------------
                                                           November 25, 2001
                                     ------------------------------------------------------------
                                       Magnetic
                                      Resonance                         Energy
                                       Imaging      Instrumentation   Technology          Total
                                       --------     ---------------   ----------         --------
<S>                                      <C>              <C>                <C>           <C>
Net sales to external customers:
   Magnet systems                      $ 25,847                                          $ 25,847
   RF Coils                               3,843                                             3,843
   Superconductive wire                   1,061                                             1,061
   Refrigeration equipment                             $  7,568                             7,568
   Other                                                                $    652              652
                                       --------        --------         --------         --------
      Total                              30,751           7,568              652           38,971
Intersegment net sales                                    1,236                             1,236
Segment operating profit (loss)           6,790            (426)          (1,659)           4,705
Total assets                           $146,177        $ 16,048         $  7,368         $169,593
</TABLE>

<TABLE>
<CAPTION>
                                                          Three Months Ended
                                     ------------------------------------------------------------
                                                           November 26, 2000
                                     ------------------------------------------------------------
                                       Magnetic
                                      Resonance                         Energy
                                       Imaging      Instrumentation   Technology          Total
                                       --------     ---------------   ----------         --------
<S>                                      <C>              <C>                <C>           <C>

Net sales to external customers:
   Magnet systems                      $ 15,913                                         $ 15,913
   RF Coils                               3,372                                            3,372
   Superconductive wire                   2,318                                            2,318
   Refrigeration equipment                             $ 10,186                           10,186
   Refrigerants                                             331                              331
   Other                                                               $    305              305
                                       --------        --------        --------         --------
      Total                              21,603          10,517             305           32,425
Intersegment net sales                                      910                              910
Segment operating profit (loss)           3,915           2,767            (780)           5,902
Total assets                           $118,684        $ 18,310        $  5,189         $142,183
</TABLE>

                                       10
<PAGE>

(Dollars in Thousands)
<TABLE>
<CAPTION>
                                                           Six Months Ended
                                     ------------------------------------------------------------
                                                           November 25, 2001
                                     ------------------------------------------------------------
                                       Magnetic
                                      Resonance                         Energy
                                       Imaging      Instrumentation   Technology          Total
                                       --------     ---------------   ----------         --------
<S>                                      <C>              <C>                <C>           <C>
Net sales to external customers:
   Magnet systems                      $ 50,491                                         $ 50,491
   RF Coils                               7,015                                            7,015
   Superconductive wire                   2,092                                            2,092
   Refrigeration equipment                             $ 17,911                           17,911
   Other                                                               $  1,551            1,551
                                       --------        --------        --------         --------
      Total                              59,598          17,911           1,551           79,060
Intersegment net sales                                    2,931                            2,931
Segment operating profit (loss)          13,502             289          (3,126)          10,665
Total assets                           $146,177        $ 16,048        $  7,368         $169,593

</TABLE>

<TABLE>
<CAPTION>
                                                           Six Months Ended
                                     ------------------------------------------------------------
                                                           November 26, 2000
                                     ------------------------------------------------------------
                                       Magnetic
                                      Resonance                         Energy
                                       Imaging      Instrumentation   Technology          Total
                                       --------     ---------------   ----------         --------
<S>                                      <C>              <C>                <C>           <C>
Net sales to external customers:
   Magnet systems                      $ 32,660                                         $ 32,660
   RF Coils                               6,486                                            6,486
   Superconductive wire                   5,186                                            5,186
   Refrigeration equipment                             $ 17,988                           17,988
   Refrigerants                                           1,253                            1,253
   Other                                                               $    563              563
                                       --------        --------        --------         --------
      Total                              44,332          19,241             563           64,136
Intersegment net sales                                    1,591                            1,591
Segment operating profit (loss)           8,289           3,454          (1,406)          10,337
Total assets                           $118,684        $ 18,310        $  5,189         $142,183
</TABLE>

                                       11
<PAGE>

         The following are reconciliations of the information used by the chief
operating decision maker to the Company's consolidated totals:

(Dollars in Thousands)
<TABLE>
<CAPTION>
                                                                  Three Months Ended
                                                      -------------------------------------------
                                                      November 25, 2001         November 26, 2000
                                                      -----------------         -----------------
<S>                                                        <C>                        <C>
Reconciliation of income before income taxes:

  Total profit from reportable segments                    $  4,705                   $  5,902
  Change in Intercompany profit in ending inventory             575                       (293)
                                                           --------                   --------
  Net operating profit                                        5,280                      5,609

Unallocated amounts:
  Interest and other income                                     703                        319
  Interest and other expense                                   (180)                      (814)
  Gain on sale of division                                   15,376
  Write down of investments                                  (6,290)
                                                           --------                   --------
Income before income taxes                                 $ 14,889                   $  5,114
                                                           ========                   ========
</TABLE>

<TABLE>
<CAPTION>
                                                                      Six Months Ended
                                                        -------------------------------------------
                                                        November 25, 2001         November 26, 2000
                                                        -----------------         -----------------
<S>                                                        <C>                        <C>
Reconciliation of income before income taxes:

  Total profit from reportable segments                    $ 10,665                   $ 10,337
  Change in Intercompany profit in ending inventory             233                       (261)
                                                           --------                   --------
  Net operating profit                                       10,898                     10,076

Unallocated amounts:
  Interest and other income                                   1,055                        580
  Interest and other expense                                   (307)                    (1,590)
  Gain on sale of division                                   15,376
  Write down of investments                                  (6,290)
                                                           --------                   --------
Income before income taxes                                 $ 20,732                   $  9,066
                                                           ========                   ========
</TABLE>

Note E - Goodwill and Other Intangible Assets

         In July 2001, Financial Accounting Standards Board issued Statements of
Financial Accounting Standards ("SFAS") No. 142, "Goodwill and Other Intangible
Assets." SFAS No. 142 requires that ratable amortization of goodwill and other
intangibles with indefinite lives be replaced with periodic tests of the
goodwill's impairment and that identifiable intangible assets other than
goodwill be amortized over their useful lives. The Company adopted this
provision effective May 28, 2001.

                                       12
<PAGE>

The components of other intangibles are as follows:

(Dollars in Thousands)

<TABLE>
<CAPTION>
                                                                     As of November 25, 2001
                                                 ----------------------------------------------------------------
                                                   Gross Carrying          Accumulated         Weighted Average
                                                       Amount              Amortization              Life
                                                 -------------------    -------------------   -------------------
<S>                                                          <C>                    <C>                      <C>
Amortized Intangible Assets
     Production Rights                                       $8,750                 $3,049                   5.5
     Patents                                                  3,921                    562                  17.9
     Trade Name                                                 960                    252                  20.0
     Unpatented Technology                                      930                    884                   5.0
     Other                                                       71                     33                   5.0
                                                 -------------------    -------------------   -------------------
                                                            $14,632                 $4,780                   9.8
</TABLE>


Aggregate amortization expense for the quarter and six months ended November 25,
2001 was $486,000 and $1,013,000, respectively.

Estimated Amortization Expense:

For the year ending May 2002                $1,938
For the year ending May 2003                $1,845
For the year ending May 2004                $1,845
For the year ending May 2005                $1,845
For the year ending May 2006                $  386

All intangibles are amortized on a straight-line basis.




                                       13

<PAGE>

         The table below shows the effect on net income had FAS 142 been adopted
in prior periods.

(Dollars in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
                                      Three Months Ended                          Six Months Ended
                               ------------------------------------    -----------------------------------
                                 Nov. 25, 2001       Nov. 26, 2000      Nov. 25, 2001        Nov. 26, 2000
                               ----------------    ----------------    ---------------     ----------------
<S>                                   <C>                  <C>               <C>                   <C>
Net income                            $ 10,387             $ 3,140           $ 14,027              $ 5,566

Goodwill amortization                                          303                                     570
                               ----------------    ----------------    ---------------     ----------------

Adjusted net income                   $ 10,387             $ 3,443           $ 14,027              $ 6,136
                               ================    ================    ===============     ================


                                Basic   Diluted    Basic    Diluted    Basic   Diluted     Basic   Diluted
                               ----------------    ----------------    ---------------     ---------------

Earnings per common share      $.64        $.60    $.20        $.18    $.87       $.81     $.37       $.34


Effect of accounting change                         .02         .02                         .04        .04
                               ----------------    ----------------    ---------------     ---------------

Adjusted net income            $.64        $.60    $.22        $.20    $.87       $.81     $.41       $.38
                               ================    ================    ===============     ===============
</TABLE>

Note F - Derivative Instruments and Hedging Activities

         On June 15, 1998, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting for
Derivative Instruments and Hedging Activities." SFAS No. 133 was amended by SFAS
No. 137, which modified the effective date of SFAS No. 133 to all fiscal
quarters of all fiscal years beginning after June 15, 2000. SFAS No. 133, as
amended, requires that all derivative instruments be recorded on the balance
sheet at their fair value. Changes in the fair value of derivatives are recorded
each period in current earnings or other comprehensive income, depending on
whether a derivative is designated as part of a hedge transaction and, if it is,
the type of hedge transaction. The Company adopted SFAS No. 133 at the beginning
of the quarter ended August 26, 2001. This resulted in the recording of a
derivative liability of $104,000 and other comprehensive loss of $104,000, as
well as a transition adjustment of $128,000 recorded as a derivative liability
and other comprehensive loss for the first quarter. For the quarter ended
November 25, 2001 the Company recorded an additional other comprehensive loss of
$78,000.

         The Company has entered into interest rate swap agreements to reduce
the effect of changes in interest rates on certain of its floating rate
long-term debt. At November 25, 2001, the Company had outstanding interest rate
swap agreements with a commercial bank, having a total original notional
principal amount of approximately $5.735 million. Those agreements effectively
change the Company's interest rate exposure on its mortgages due 2005 to a fixed
6.88%. The interest rate swap agreement matures at the time the related notes
mature. The Company is exposed to credit loss in the event of non-performance by
the other parties to the interest rate swap agreement. However, the Company does
not anticipate non-performance by the counterparties.

                                       14
<PAGE>

Note G - Sale of IGC-Advanced Superconductors

         On October 25, 2001, the Company sold substantially all of the assets
of IGC-AS, a division that manufactures low temperature superconducting wire and
tape. The sale was subject to a purchase agreement, dated October 4, 2001,
between the Company and Outokumpu Copper Products Oy and Outokumpu Advanced
Superconductors Inc. (together, the "Purchasers"). The purchase consideration
was arrived at by arms length negotiation and consisted of $29.8 million in cash
paid on October 25 and the recording of a note receivable of $4 million, with a
net present value of $3.8 million, due in two years from the closing date. The
net pretax gain from the sale was $15.4 million. The agreement also includes a
six-year strategic supply arrangement under which the Company will purchase from
Outokumpu a substantial portion of the LTS wire it requires internally,
primarily for manufacturing superconducting magnet systems for magnetic
resonance imaging systems. The Company can earn up to $4 million as a
performance payment if it attains specified levels of LTS wire purchases over
the next two years. In connection with the sale of IGC-AS, the Company has
recorded a liability related to environmental investigation and potential
remediation costs to be incurred by the Company under certain property transfer
laws of the State of Connecticut. The Company has estimated that such costs will
approximate $1.5 million.

Note I - Investments

         On November 25, 2001, the Company wrote down to fair market value
certain equity investments. The write down amounted to $6.3 million and was due
to a decline in the fair value of the investments which, in the opinion of
management, is other than temporary or permanent.

Note J - Subsequent Event

         On January 8, 2002, the Company announced that it had signed a
definitive agreement to sell the helium-related portion of the subsidiary
IGC-APD Cryogenics' (APD) business for about $10 million. The sale to Sumitomo
Heavy Industries (SHI) of Japan includes all helium-related assets and
liabilities. The mixed-gas portion of the refrigeration systems business,
currently conducted at APD's Allentown, Pennsylvania facility, will be
integrated into IGC-Polycold Systems' new facility in Petaluma, California. The
company also announced a strategic six-year supply agreement with SHI, under
which the Company will purchase shield coolers used in production of its
magnetic resonance imaging (MRI) magnet systems. The Company currently purchases
all of its shield coolers from either SHI or APD. The sale is expected to close
in February 2002.

                                       15
<PAGE>

INTERMAGNETICS GENERAL CORPORATION

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
           RESULTS OF OPERATIONS
           ---------------------------------------------------------------

           The statements contained in this report which are not historical fact
are "forward-looking statements" that involve various important assumptions,
risks, uncertainties and other factors which could cause the Company's actual
results for fiscal year 2002 and beyond to differ materially from those
expressed in such forward-looking statements. These important factors include,
without limitation, the assumptions, risks, and uncertainties set forth herein,
as well as other assumptions, risks, uncertainties and factors disclosed
elsewhere in this report and in the Company's press releases, shareholders'
reports and filings with the Securities and Exchange Commission.

Company Overview
----------------

         The Company operates in three reportable operating segments: Magnetic
Resonance Imaging ("MRI"), Instrumentation, and Energy Technology. The MRI
segment consists primarily of the manufacture and sale of magnets (by the
IGC-Magnet Business Group) and radio frequency coils (by IGC-Medical Advances
Inc.), which are used principally in the medical diagnostic imaging market.
Until October 25, 2001 this segment also included the manufacture and sale of
low-temperature superconducting wire (by IGC-Advanced Superconductors, also
known as IGC-AS). The Company sold substantially all of the assets of IGC-AS on
October 25, 2001. The Instrumentation segment consists of refrigeration
equipment produced by two subsidiaries, IGC-APD Cryogenics Inc. (IGC-APD) and
IGC-Polycold Systems Inc. (IGC-Polycold), used primarily in ultra-high vacuum
applications, industrial coatings, analytical instrumentation, medical
diagnostics and semiconductor processing and testing. The Energy Technology
segment, operated through IGC SuperPower LLC, a wholly owned entity, is
developing second generation, high-temperature superconducting materials that we
expect to use in devices designed to enhance capacity, reliability and quality
of transmission and distribution of electrical power.

         Through February 25, 2001, the Company reported its operations in four
segments: Electromagnetics, Low-Temperature Superconductors, Refrigeration, and
Energy Technology. The change to these segments reflects our continued focus on
commercial market applications of core technology. The resulting reporting
segments are intended to relate to the primary markets which each serve, rather
than the technologies that give rise to individual products. Prior year segment
data has been reclassified to conform with current year presentation.

         Intersegment sales and transfers are accounted for as if the sales or
transfers were to third parties, that is, at current market prices. The Company
evaluates the performance of its reportable segments based on operating income
(loss). The Company operates on a 52/53 week fiscal year ending the last Sunday
during the month of May.

                                       16
<PAGE>

Results Of Operations
---------------------

         For the three months ended November 25, 2001, sales increased
approximately 20% to $38.9 million, from $32.4 million for the same period last
year. Sales for the first half of the current fiscal year were up about 23% to
$79.1 million from $64.1 million last year.

         Magnetic Resonance Imaging segment sales were up 42% or $9.2 million
for the quarter and 34% or $15.3 million for six months. Magnet system sales
were up 62% from last year's second quarter and 55% year-to-date due largely to
an increase in customer demand. Sales of RF coils had a nominal increase for the
quarter and six months over the same period last year. Sales of superconducting
wire were down about 54% for the quarter and 60% for the year. In addition to
reduced demand from the division's largest external customer, the division was
sold on October 25, 2001, and was therefore included in operations for five
weeks less in both the quarter and six months than in the same periods last
year.

         Instrumentation sales declined 28% or about $3.0 million for the
quarter due to a decrease in product demand resulting from a slow down in the
markets in which this segment's products are used as well as reduced shipments
to accommodate our move to a new facility and a discontinuation of the
refrigerant gas business. Sales for the current six month period ended decreased
approximately 7% or $1.3 million due primarily to our decision to exit the
refrigerant business, along with relatively flat sales for the remainder of this
segment due to weakness in the Instrumentation markets.

         Sales of the Energy Technology segment increased by 113% or $346,000
and 175% or $990,000 for the quarter and year-to-date, respectively, as a result
of increased efforts being applied to funded programs. These programs relate
principally to second generation HTS materials and first generation devices. We
are actively seeking additional strategic partners to assist in the development
and marketing of second-generation materials and related devices.

         Gross margins increased to $16.0 million or 41% of sales for the
quarter, from $13.9 million or 43% before restructuring charges for the same
quarter last year. Gross margins for the current six months increased to $33.3
million or 42% of sales, from $26.7 million or 42% of sales. These increases are
due mainly to increased sales.

         Marketing, general and administrative expenses decreased by $538,000
from the same quarter last year and increased by $485,000 for the six months
compared to the same period last year. The decrease in the quarter is primarily
related to the fact that last year included one time costs of $881,000.
Additionally, the current quarter had reduced expenses from the sale of the LTS
wire division, partially offset by increased compensation costs due to improved
performance, primarily in the MRI segment.

                                       17
<PAGE>

         Amortization of intangibles decreased by $288,000 in the three month
period and $522,000 for the six month period due to adoption of SFAS 142 (see
Note E).

         Product research and development increased 118% to $3.7 million from
$1.7 million for the three months and 133% to $7.7 million from $3.3 million for
the six months. The increase in the quarter and six months is due primarily to
programs to develop new magnet systems, application of refrigeration technology
for the Instrumentation markets and a substantial increase in the Company's HTS
activities.

         As a result of the foregoing, operating income increased by
approximately $1.0 million or about 23% and by $2.2 million or about 25% for the
quarter and for the current six months, respectively, before last year's
recovery of restructuring charges.

         Interest income for the quarter and year-to-date increased due to
additional cash on hand. Interest expense for the quarter and the six months
ended was reduced substantially compared with last year due to the conversion of
all of our outstanding convertible debentures. During the quarter, the Company
evaluated the probability of realizing the value of our investments in
Ultralife Batteries and Kryotech. As a result the Company determined these
investments were impaired and accordingly wrote down the Ultralife Batteries to
current market value and Kryotech to zero (see Note I).

     On October 25, 2001, the Company sold its low-temperature superconducting
(LTS) materials business, IGC-AS of Waterbury, Connecticut, for approximately
$33.5 million. The purchase price consisted of a $4 million note payable in two
years, which was recorded at its present value of $3.8 million, and the balance
in cash. The agreement between Intermagnetics and Outokumpu Copper Products Oy,
a subsidiary of the Outokumpu Group of Finland, also includes a six-year
strategic supply arrangement that will expand Outokumpu's existing
superconducting materials business. Intermagnetics will purchase from Outokumpu
a substantial portion of the LTS wire it requires internally, primarily for
manufacturing superconducting magnet systems for magnetic resonance imaging
systems. Intermagnetics will receive up to an additional $4 million if it
attains specified levels of LTS wire purchases over the first two years of the
agreement. Excluding that payment, the sale resulted in a one-time pre-tax gain
of approximately $15.4 million.

         On January 8, 2002, the Company announced that it had signed a
definitive agreement to sell the helium-related portion of the subsidiary
IGC-APD Cryogenics' (APD) business for about $10 million. The sale to Sumitomo
Heavy Industries (SHI) of Japan includes all helium-related assets and
liabilities. The mixed-gas portion of the refrigeration systems business,
currently conducted at APD's Allentown, Pennsylvania facility, will be
integrated into IGC-Polycold Systems' new facility in Petaluma, California. The
company also announced a strategic six-year supply agreement with SHI, under
which the Company will purchase shield coolers used in production of its
magnetic resonance imaging (MRI) magnet systems. The Company currently purchases
all of its shield coolers from either SHI or APD. The sale is expected to close
in February 2002.

         We expect higher sales for the balance of the year in the MRI segment,
particularly in magnet systems. Sales in the Instrumentation segment will be
lower due to the previously mentioned slow down in order rates and the expected
sale of the helium-related portion of APD. In total, we expect sales to increase
by 12 to 15% over last year, even after the sale of the LTS business. As
previously noted, gross margins have improved so far this year as a result of
higher sales. We expect to expand our product development activities in both the
MRI and Instrumentation segments, as well as increase our investment in the
Energy Technology segment. We believe the net effect of these factors will be
continued earnings per share growth of between 17 and 20% over last year, even
with this increased level of investment. These expectations are based on a
number of assumptions, including:

                                       18
<PAGE>


        o  The market for MRI systems continues to grow;
        o  Current order trends for MRI magnets continue;
        o  Reductions in production costs in all business segments continue; and
        o  We are able to attract and train the necessary personnel to enable us
           to increase our production rates and conduct additional product
           development activities.

Liquidity and Capital Commitments
---------------------------------

         For the first six months of the current fiscal year, we generated
approximately $6.8 million of cash from operating activities and approximately
$30 million from the sale the LTS division. We used approximately $5.4 million
of cash for capital expenditures to increase capacity at IGC-MBG and
IGC-SuperPower, and $2.2 million for repayment of notes payable. Our net cash
position reached nearly $60 million. See the consolidated statement of cash
flows, located elsewhere in this report, for further details on the sources and
uses of cash.

         Our capital and resource commitments as of November 25, 2001 consisted
of capital equipment commitments of approximately $3.3 million.

         At August 26, 2001, we had a $27 million unsecured line of credit with
two banks. During September 2001, the line was increased to $50 million and a
third bank was added to the group. Borrowings under the line bear interest at
the London Interbank Offered Rate (LIBOR) plus 0.5% or prime less 0.5% at our
option. The line was not in use during the quarter or year. It expires in
October 2004.

         We believe we have adequate resources to meet our needs for the
short-term from our existing cash balances, our expected cash generation in the
current fiscal year, and our line of credit. Longer-term, with substantial
increases in sales volume and/or large research and development or capital
expenditure requirements to pursue new opportunities in the Energy Technology
segment, we could need to raise additional funds. We would expect to be able to
do so through additional lines of credit, public offerings or private
placements. However, in the event funds were not available from these sources,
or on acceptable terms, we would expect to manage our growth within the
financing available.

         Inflation has not had a material impact on our financial statements.


                                       19
<PAGE>

ITEM 3:           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
                  ----------------------------------------------------------

         The Company's exposure to market risk through derivative financial
instruments and other financial instruments, such as investments in short-term
marketable securities and long-term debt, is not material. The financial
instruments of the Company that are interest rate dependent are revenue bonds
issued in connection with the acquisition of certain land, building and
equipment, an unsecured line of credit and a mortgage payable. The Company
manages interest rates through various methods within contracts. For the revenue
bonds, the Company negotiated variable rates with the option to set fixed rates.
On its mortgage payable, the Company negotiated an "interest rate swap"
agreement that, in effect, fixes the rate at 6.88%. With respect to its
unsecured line of credit, the Company may elect to apply interest rates to
borrowings under the line which relate to either the London Interbank Offered
Rate or prime, whichever is most favorable. The Company's objective in managing
its exposure to changes in interest rates is to limit the impact of changing
rates on earnings and cash flow and to lower its borrowing costs.

         The Company does not believe that its exposure to commodity and foreign
exchange risk is material.







                                       20
<PAGE>

PART II:  OTHER INFORMATION


Item 4.  Submission of Matters to a Vote of Security Holders


(a) The 2001 Annual Meeting of Shareholders of the Company was held on November
14, 2001.


(b)( i ) At the Annual Meeting, the Shareholders of the Company elected to the
Board of Directors all three nominees for director with the following vote:


--------------------------------------------------------------------------------
                                                                        BROKER
   DIRECTOR                 FOR           WITHHELD       ABSTAIN      NON-VOTES
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Michael E. Hoffman       14,413,735       141,345          --             --
--------------------------------------------------------------------------------
Thomas L. Kempner        14,414,859       140,221          --             --
--------------------------------------------------------------------------------
Sheldon Weinig           14,413,735       141,345          --             --
--------------------------------------------------------------------------------


Item 6.  Exhibits and Reports on Form 8-K

(a)      Exhibits
              None


(b)      Reports on Form 8-K
              On November 8, 2001, the Company filed an 8-K with respect to the
disposition of substantially all of the assets and liabilities of IGC-Advanced
Superconductors.



                                       21
<PAGE>



Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                       INTERMAGNETICS GENERAL CORPORATION



Dated: January 9, 2002            By: /s/ Glenn H. Epstein
                                      -----------------------------------------
                                          Glenn H. Epstein
                                          President and Chief Executive Officer



Dated: January 9, 2002            By: /s/ Michael K. Burke
                                      -----------------------------------------
                                          Michael K. Burke
                                          Executive Vice President and
                                          Chief Financial Officer