<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 February 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 - 15,433,804 as of March 30, 2001.



<PAGE>
                       INTERMAGNETICS GENERAL CORPORATION

                                    CONTENTS


PART I - FINANCIAL INFORMATION
<TABLE>
<CAPTION>


Item 1:  Financial Statements:
<S>                                                                                                   <C>
         Consolidated Balance Sheets - February 25, 2001 and  May 28, 2000...............................3

         Consolidated Statements of Income - Three Months Ended and Nine months ended
           February 25, 2001 and February 27, 2000.......................................................5

         Consolidated Statements of Cash Flows -  Nine months ended February 25, 2001 and
          February 27, 2000..............................................................................6

         Consolidated Statements of Changes in Shareholders' Equity and Comprehensive Income -
          Nine months ended February 25, 2001 ...........................................................7

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

Item 2:  Management's Discussion and Analysis of Financial Condition
           and Results of Operations....................................................................15

Item 3:  Quantitative and Qualitative Disclosures About Market Risk.....................................18


PART II - OTHER INFORMATION.............................................................................19


SIGNATURES..............................................................................................20
</TABLE>

                                       2



<PAGE>



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

                                                                                            February 25,        May 28,
                                                                                                2001             2000
                                                                                            ------------       --------
ASSETS                                                                                      (unaudited)
<S>                                                                                           <C>              <C>
CURRENT ASSETS
  Cash and cash equivalents                                                                  $ 26,234         $ 12,527
  Trade accounts receivable, less allowance
    (February 25, 2001 - $540; May 28, 2000 - $478)                                            19,024           21,319
  Costs and estimated earnings in excess of
    billings on uncompleted contracts                                                           1,403            1,525
  Inventories:
    Consigned products                                                                          5,229            1,076
    Finished products                                                                             951              524
    Work in process                                                                            13,820           10,174
    Materials and supplies                                                                      9,194            9,436
                                                                                             --------         --------
                                                                                               29,194           21,210

  Deferred income taxes                                                                         6,187            6,187
  Prepaid expenses and other                                                                      982            1,442
                                                                                             --------         --------
    TOTAL CURRENT ASSETS                                                                       83,024           64,210

PROPERTY, PLANT AND EQUIPMENT
  Land and improvements                                                                         1,479            1,479
  Buildings and improvements                                                                   18,274           16,639
  Machinery and equipment                                                                      42,050           39,470
  Leasehold improvements                                                                          924              910
                                                                                             --------         --------
                                                                                               62,727           58,498
  Less allowances for depreciation and amortization                                            37,682           35,342
                                                                                             --------         --------
                                                                                               25,045           23,156
  Equipment in process of construction                                                          1,563            3,110
                                                                                             --------         --------
                                                                                               26,608           26,266

INTANGIBLE AND OTHER ASSETS
  Available for sale securities                                                                 5,211            6,806
  Other investments                                                                             4,544            4,544
  Excess of cost over net assets acquired, less accumulated
    amortization (February 25, 2001 - $5,028; May 28, 2000 - $4,017)                           15,255           16,270
  Other intangibles, less accumulated amortization
     (February 25, 2001 - $1,960; May 28, 2000 - $663)                                          9,888            8,087
  Other assets                                                                                  1,510            1,794
                                                                                             --------         --------

    TOTAL ASSETS                                                                             $146,040         $127,977
                                                                                             ========         ========
</TABLE>
                                       3

<PAGE>
<TABLE>
<CAPTION>

                                                                                            February 25,        May 28,
                                                                                                2001             2000
                                                                                            ------------       --------
LIABILITIES AND SHAREHOLDERS' EQUITY                                                        (unaudited)
<S>                                                                                          <C>              <C>
CURRENT LIABILITIES
  Current portion of long-term debt                                                          $  2,438         $  1,428
  Accounts payable                                                                              9,582            5,255
  Salaries, wages and related items                                                             3,593            2,988
  Accrual for compensated absences                                                                585            1,014
  Customer advances and deposits                                                                2,793            1,753
  Product warranty reserve                                                                      1,960            2,059
  Accrued income taxes                                                                          3,376            1,220
  Other liabilities and accrued expenses                                                        2,778            3,677
                                                                                             --------         --------
    TOTAL CURRENT  LIABILITIES                                                                 27,105           19,394

LONG-TERM DEBT, less current portion                                                            6,253           26,524
DEFERRED INCOME TAXES                                                                           3,022            3,596

SHAREHOLDERS' EQUITY
  Preferred Stock, par value $.10 per share: Authorized - 2,000,000 shares
    Issued and outstanding:
      February 25, 2001 -  None;
      May 28, 2000 -  None
  Common Stock, par value $.10 per share:
    Authorized - 40,000,000 shares
    Issued and outstanding (including shares in treasury):
      February 25, 2001 - 16,083,822 shares;
      May 28, 2000 - 14,403,857 shares                                                          1,608            1,440
  Additional paid-in capital                                                                  114,603           90,633
  Notes receivable for executive stock purchases                                               (1,666)          (1,666)
  Retained earnings (deficit)                                                                   2,297           (6,159)
  Accumulated other comprehensive (loss)                                                       (1,361)            (276)
                                                                                             --------         --------
                                                                                              115,481           84,284
  Less cost of Common Stock in treasury
    February 25, 2001 - 661,282 shares;
    May 28, 2000 - 661,282 shares;                                                             (5,821)          (5,821)
                                                                                             --------         --------
                                                                                              109,660           78,463
                                                                                             --------         --------

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                               $146,040         $127,977
                                                                                             ========         ========
</TABLE>

See notes to consolidated financial statements.

                                       4
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME
INTERMAGNETICS GENERAL CORPORATION
(Dollars in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>


                                                                    Three Months Ended                    Nine Months Ended
                                                           --------------------------------- ------------------------------------
                                                              February 25,       February 27,      February 25,      February 27,
                                                                  2001               2000              2001              2000
                                                              ------------       ------------      -------------     ------------
<S>                                                              <C>               <C>               <C>                <C>
Net sales                                                        $34,297           $28,081           $98,433            $83,409

Cost of products sold                                             20,196            16,938            57,706             52,264
Inventory written off (recovery) in restructurings                   (13)            1,543            (1,361)             1,543
                                                                 -------           -------           -------            -------
                                                                  20,183            18,481            56,345             53,807
                                                                 -------           -------           -------            -------

Gross margin                                                      14,114             9,600            42,088             29,602

Product research and development                                   2,684             1,485             5,931              4,690
Marketing, general and administrative                              6,156             6,484            19,273             17,066
Amortization of intangible assets                                    773               602             2,308              1,276
Restructuring Charges                                                                  100                                  100
                                                                 -------           -------           -------            -------
                                                                   9,613             8,671            27,512             23,132
                                                                 -------           -------           -------            -------

Operating income                                                   4,501               929            14,576              6,470
Interest and other income                                            381               626               961              1,179
Interest and other expense                                          (175)             (492)           (1,765)            (1,524)
Recovery of write off of investment of unconsolidated
  Affiliate                                                                          1,620                                1,620
Equity in net loss of unconsolidated affiliates                                                                            (236)
                                                                 -------           -------           -------            -------
  Income  before income taxes                                      4,707             2,683            13,772              7,509
Provision for income taxes                                         1,817             1,007             5,316              3,131
                                                                 -------           -------           -------            -------

NET INCOME                                                       $ 2,890           $ 1,676           $ 8,456            $ 4,378
                                                                 =======           =======           =======            =======

Earnings per Common Share:
  Basic                                                          $  0.19           $  0.13           $  0.57            $  0.34
                                                                 =======           =======           =======            =======
  Diluted                                                        $  0.17           $  0.12           $  0.52            $  0.32
                                                                 =======           =======           =======            =======
</TABLE>

See notes to consolidated financial statements.


                                       5
<PAGE>

CONSOLIDATED STATEMENTS OF CASH FLOWS
INTERMAGNETICS GENERAL CORPORATION
(Dollars in Thousands)
<TABLE>
<CAPTION>
                                                                                                   Nine Months Ended
                                                                                         -----------------------------------
                                                                                           February 25,        February 27,
                                                                                               2001                2000
                                                                                         ------------------ ----------------
<S>                                                                                        <C>                 <C>
OPERATING ACTIVITIES
Net income                                                                                   $ 8,456              $ 4,378
Adjustments to reconcile net income to net cash provided by
  operating activities:
    Depreciation and amortization                                                              4,954                4,316
    Non-cash compensation                                                                        367                   29
    Equity in net loss of unconsolidated affiliates                                                                   236
    Recovery of write-off of unconsolidated affiliate                                                              (1,620)
    Proceeds from the sale of assets                                                           1,812
    Restructuring charge                                                                                            2,000
    (Gain) loss on disposal of assets                                                            (14)                 277
    Premium on debt conversion                                                                 1,037
    Gain on sale of available for sale securities                                                                    (392)
    Change in operating assets and liabilities:
      Decrease in accounts receivable and costs and estimated
         earnings in excess of billings on uncompleted contracts                               2,417                3,865
      (Increase) decrease in inventories and prepaid expenses and other                       (9,122)               3,755
      Increase in accounts payable and accrued expenses                                        7,182                1,297
                                                                                             -------              -------
   NET CASH PROVIDED BY OPERATING ACTIVITIES                                                  17,089               18,141

INVESTING ACTIVITIES
Purchases of property, plant and equipment                                                    (3,034)              (3,554)
Proceeds from the sale of property, plant and equipment                                           42                  995
Purchases of patent rights                                                                    (1,000)
                                                                                             -------              -------
    NET CASH USED IN INVESTING ACTIVITIES                                                     (3,992)              (2,559)

FINANCING ACTIVITIES
Net repayments of short term borrowings                                                                            (4,850)
Purchases of Treasury Stock                                                                                          (642)
Proceeds from the sales of Common Stock                                                        2,041                1,788
Loans to employees                                                                                                 (1,666)
Redemption of Preferred Stock                                                                                        (682)
Principal payments on long-term debt                                                          (1,367)                (261)
                                                                                             -------              -------
    NET CASH USED IN FINANCING ACTIVITIES                                                        674               (6,313)
                                                                                             -------              -------

EFFECT OF EXCHANGE RATE CHANGES ON CASH                                                          (64)                (111)

INCREASE IN CASH AND CASH EQUIVALENTS                                                         13,707                9,158

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                              12,527                2,283
                                                                                             -------              -------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                   $26,234              $11,441
                                                                                             =======              =======
</TABLE>

                                       6
<PAGE>


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY AND COMPREHENSIVE
INCOME
INTERMAGNETIC GENRAL CORPORATION
Nine months ended February 25, 2001
(Unaudited)
<TABLE>
<CAPTION>
                                                                              Accumulated                  Notes
                                                   Additional   Retained         Other                   Receivable
                                          Common    Paid-in     Earnings     Comprehensive  Treasury   for Executive   Comprehensive
                                          Stock     Capital     (Deficit)    Income (Loss)    Stock    Stock Purchase  Income (Loss)
<S>                                       <C>       <C>          <C>           <C>           <C>          <C>             <C>
Balances at May 28, 2000                  $1,440    $90,633      ($6,159)      ($  276)      ($5,821)     ($1,666)
Comprehensive income:
  Net income                                                       2,427                                                   $2,427
  Unrealized gain on available for
   sale securities, net                                                          2,178                                      2,178
  Unrealized loss on foreign currency
   translation                                                                    (185)                                      (185)
                                                                                                                           ------
    Total comprehensive income                                                                                             $4,420
                                                                                                                           ======
Issuance of 44,618 shares of Common
  Stock, upon exercise of stock
  options and sale of 769 shares to
  IGC Savings Trust                            5        426
Issuance of warrants to acquire 103,000
  shares of Common Stock                              1,097
Issuance of 759,602 shares of Common
  Stock upon conversion of debentures         76     10,800
                                          ------------------------------------------------------------------------
Balances at August 27, 2000               $1,521   $102,956     ($3,732)       $1,717        ($5,821)     ($1,666)
                                          ========================================================================
Comprehensive income:
  Net income                                                      3,139                                                    $3,139
  Unrealized loss on available for
   sale securities, net                                                        (2,110)                                     (2,110)
  Unrealized gain on foreign currency
   translation                                                                     87                                          87
                                                                                                                           ------
    Total comprehensive income                                                                                             $1,116
                                                                                                                           ======
Issuance of 125,434 shares of Common
  Stock, upon exercise of stock options
  and sale of 292 shares to IGC Savings
  Trust                                       13      1,036
Issuance of 684,292 shares of Common
  Stock upon conversion of
  debentures                                  68      9,639
Stock based compensation                                293
Stock Dividend, including payment
   in lieu of fractional shares                         (11)
                                          ------------------------------------------------------------------------
Balances at November 26, 2000             $1,602   $113,913       ($593)        ($306)       ($5,821)     ($1,666)
                                          ========================================================================
Comprehensive income:
  Net Income                                                      2,890                                                    $2,890
  Unrealized loss on available for
   sale securities, net                                                        (1,089)                                     (1,089)
  Unrealized gain on foreign currency
   translation                                                                     34                                          34
                                                                                                                           ------
    Total comprehensive income                                                                                             $1,835
                                                                                                                           ======
Issuance of 46,174 shares of
  Common Stock, upon exercise
  of stock options and sale
  of 3,855 shares to IGC
  Savings Trust                                4        445

Issuance of 15,000 shares of Common
  Stock as compensation                        2        245
                                          ------------------------------------------------------------------------
Balances at February 25, 2001             $1,608   $114,603      $2,297       ($1,361)       ($5,821)     ($1,666)
                                          ========================================================================
Comprehensive income nine months
  ended February 25, 2001
  Net Income                                                                                                               $8,456
  Unrealized loss on available
   for sale securities, net                                                                                                (1,021)
  Unrealized gain on foreign
   currency translation                                                                                                       (64)
                                                                                                                           ------
    Total comprehensive income                                                                                             $7,371
                                                                                                                           ======
</TABLE>
                                       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 February
25, 2001 and the results of its operations, cash flows and changes in
shareholders' equity for the periods presented. The results for the three and
nine months ended February 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 28, 2000, filed on Form
10-K on August 28, 2000.

         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
                                                                 --------------------------------------------------
                                                                   February 25, 2001              February 27, 2000
                                                                 --------------------------------------------------
<S>                                                                <C>                                <C>
  Income available to common stockholders                              $ 2,890                             $ 1,676

  Weighted average shares                                           15,381,736                          13,310,328

  Dilutive potential Common Shares:
          Convertible preferred stock                                                                       18,724
          Warrants                                                       7,050
          Stock options                                              1,265,568                             460,462
                                                                   -----------                        ------------

  Adjusted weighted average shares                                  16,654,354                          13,789,514
                                                                   ===========                        ============

  Net income per common share:
          Basic                                                         $ 0.19                              $ 0.13
                                                                   ===========                        ============
          Diluted                                                       $ 0.17                              $ 0.12
                                                                   ===========                        ============
</TABLE>




                                       8
<PAGE>

(Dollars in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>

                                                                                  Nine Months Ended
                                                                 --------------------------------------------------
                                                                   February 25, 2001              February 27, 2000
                                                                 --------------------------------------------------
<S>                                                                <C>                                <C>

  Income available to common stockholders                              $ 8,456                             $ 4,378

  Weighted average shares                                           14,922,134                          12,919,878

  Dilutive potential Common Shares:
          Convertible preferred stock                                                                      711,119
          Warrants                                                       4,013
          Stock options                                              1,239,681                             211,993
                                                                   -----------                        ------------

  Adjusted weighted average shares                                  16,165,828                          13,842,990
                                                                   ===========                        ============

  Net income per common share:
          Basic                                                         $ 0.57                              $ 0.34
                                                                   ===========                        ============
          Diluted                                                       $ 0.52                              $ 0.32
                                                                   ===========                        ============
</TABLE>

         Diluted shares include the potential dilutive effect of outstanding
convertible preferred stock, warrants and stock options. Shares issuable upon
conversion of convertible subordinated debentures for the periods such
debentures were outstanding have been excluded from the calculation as their
effect would not be material.

Note C - New Accounting Pronouncements

         In June 1998, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities," which establishes accounting and reporting
standards for derivative instruments, including certain derivative instruments
embedded in other contracts, and for hedging activities. SFAS No. 133 has
subsequently been amended by SFAS No. 137, issued in June 1999, which delays the
effective date for implementation of SFAS No. 133 until fiscal quarters of
fiscal years beginning after June 15, 2000. Management is currently evaluating
the impact of SFAS No. 133 on the Company's consolidated financial statements.

         In December 1999, the SEC issued Staff Accounting Bulletin No. 101 (SAB
101), "Revenue Recognition in Financial Statements." SAB 101 summarizes certain
of the SEC's views in applying generally accepted accounting principles to
revenue recognition in financial statements. The Company is required to adopt
SAB 101 in the quarter ended May 27, 2001. Management does not expect the
adoption of SAB 101 to have a material effect on the Company's financial
condition or results of operations.

                                       9
<PAGE>



Note D - Segment and Related Information

         The Company's individual business units have been aggregated into four
reportable segments: (1) Electromagnetics; (2) LTS Superconducting Materials;
(3) Refrigeration; and (4) Energy Technology on the basis of similar products,
processes and economic circumstances, among other things. The Electromagnetics
Segment designs, manufactures and sells magnet systems and radio frequency
("RF") coils used in MRI for medical diagnostics. The LTS Superconducting
Materials Segment manufactures and sells superconducting wire principally for
the construction of superconducting MRI magnet systems. The Refrigeration
Segment designs, develops, manufactures and sells refrigeration equipment. The
Energy Technology segment consists primarily of the design and manufacture of
High Temperature Superconductor ("HTS") material and the development of devices
used to transmit and distribute electric power such as HTS transmission cables
and power transformers. Through February 27, 2000, the activities of the Energy
Technology Segment were included in the Electromagnetics Segment. Segment data
for prior periods have been reclassified to conform with current period
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).

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

(Dollars in Thousands)
                                                                   Three Months Ended
                                     ------------------------------------------------------------------------------
                                                                    February 25, 2001
                                     ------------------------------------------------------------------------------
                                                      LTS Super-
                                     Electro-        conducting                          Energy
                                     magnetics        Materials        Refrigeration    Technology         Total
                                     ---------        ---------        -------------    ----------         -----
<S>                                     <C>           <C>               <C>             <C>                <C>
Net sales to external customers:
   Magnet systems                       $ 19,397                                                           $ 19,397
   RF Coils                                3,204                                                              3,204
   Superconductive wire                                   $1,220                                              1,220
   Refrigeration equipment                                                $10,096                            10,096
   Other                                                                                     $ 380              380
                                        --------        --------         --------           ------         --------
      Total                               22,601           1,220           10,096              380           34,297
Intersegment net sales                                     4,218            1,129                             5,347
Segment operating profit (loss)            5,084             406              582           (1,314)           4,758
Total assets                            $106,997        $ 15,576         $ 18,535           $4,932         $146,040
</TABLE>
                                       10
<PAGE>
<TABLE>
<CAPTION>
                                                                    February 27, 2000
                                     ------------------------------------------------------------------------------
                                                      LTS Super-
                                     Electro-        conducting                          Energy
                                     magnetics        Materials        Refrigeration    Technology         Total
                                     ---------        ---------        -------------    ----------         -----
<S>                                     <C>           <C>               <C>             <C>                <C>
Net sales to external customers:
   Magnet systems                       $ 14,778                                                           $ 14,778
   RF Coils                                2,188                                                              2,188
   Superconductive wire                                   $2,589                                              2,589
   Refrigeration equipment                                                 $7,082                             7,082
   Refrigerants                                                               850                               850
   Other                                                                                     $ 594              594
                                        --------        --------         --------           ------         --------
      Total                               16,966           2,589            7,932              594           28,081
Intersegment net sales                                     2,340              719                             3,059
Segment operating profit (loss)            3,112             420           (2,285)            (318)             929
Total assets                            $ 86,770        $ 14,130         $ 26,333           $1,543         $128,776
</TABLE>

<TABLE>
<CAPTION>

(Dollars in Thousands)
                                                                    Nine Months Ended
                                     ------------------------------------------------------------------------------
                                                                    February 25, 2001
                                     ------------------------------------------------------------------------------
                                                      LTS Super-
                                     Electro-        conducting                          Energy
                                     magnetics        Materials        Refrigeration    Technology         Total
                                     ---------        ---------        -------------    ----------         -----
<S>                                     <C>           <C>               <C>             <C>                <C>

Net sales to external customers:
   Magnet systems                       $ 52,056                                                           $ 52,056
   RF Coils                                9,690                                                              9,690
   Superconductive wire                                   $6,406                                              6,406
   Refrigeration equipment                                               $ 28,085                            28,085
   Refrigerants                                                             1,253                             1,253
   Other                                                                                     $ 943              943
                                        --------        --------         --------           ------         --------
      Total                               61,746           6,406           29,338              943           98,433

Intersegment net sales                                    10,883            2,765                            13,648
Segment operating profit (loss)           12,008           1,772            4,035           (2,720)          15,095
Total assets                            $106,997        $ 15,576         $ 18,535           $4,932         $146,040
</TABLE>
                                       11
<PAGE>

<TABLE>
<CAPTION>
                                                                    February 27, 2000
                                     ------------------------------------------------------------------------------
                                                      LTS Super-
                                     Electro-        conducting                          Energy
                                     magnetics        Materials        Refrigeration    Technology         Total
                                     ---------        ---------        -------------    ----------         -----
<S>                                     <C>           <C>               <C>             <C>                <C>
Net sales to external customers:
   Magnet systems                       $ 42,820                                                           $ 42,820
   RF Coils                                7,872                                                              7,872
   Superconductive wire                                  $ 7,758                                              7,758
   Refrigeration equipment                                               $ 20,560                            20,560
   Refrigerants                                                             3,109                             3,109
   Other                                                                                     1,290            1,290
                                        --------        --------         --------           ------         --------

      Total                               50,692           7,758           23,669            1,290           83,409

Intersegment net sales                                     7,665             1746                             9,411
Segment operating profit (loss)            9,642           1,340           (3,830)          (1,182)           5,970
Total assets                            $ 86,770        $ 14,130         $ 26,333           $1,543         $128,776
</TABLE>


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

(Dollars in Thousands)
                                                                      Three Months Ended
                                                         --------------------------------------------
                                                         February 25, 2001           February 27,2000
                                                         -----------------           ----------------
<S>                                                      <C>                         <C>
Reconciliation of income before income taxes:
   Total profit from reportable segments                        $ 4,758                      $ 929
   Intercompany profit in ending inventory                         (257)
                                                                -------                      -----
Net operating profit                                              4,501                        929

   Unallocated amounts:
      Interest and other income                                     381                        626
      Interest and other expense                                   (175)                      (492)
      Equity in net loss of unconsolidated affiliates
      Recovery of write off of investment in
      unconsolidated affiliates                                                              1,620
                                                                -------                      -----
 Income before income taxes                                     $ 4,707                    $ 2,683
                                                                =======                    =======
</TABLE>

                                       12




<PAGE>
<TABLE>
<CAPTION>

                                                                       Nine Months Ended
                                                         --------------------------------------------
                                                         February 25, 2001           February 27,2000
                                                         -----------------           ----------------
<S>                                                      <C>                         <C>

Reconciliation of income before income taxes:
  Total profit from reportable segments                        $ 15,095                    $ 5,970
   Intercompany profit in ending inventory                         (519)                       500
                                                               --------                    -------
   Net operating profit                                          14,576                      6,470

   Unallocated amounts:
      Interest and other income                                     961                      1,179
      Interest and other expense                                 (1,765)                    (1,524)
      Equity in net loss of unconsolidated affiliates                                         (236)
      Recovery of write off of investment in
      unconsolidated affiliates                                                              1,620
                                                               --------                    -------
 Income before income taxes                                    $ 13,772                    $ 7,509
                                                               ========                    =======
</TABLE>


Note E - Restructuring

         In February 2000, the Company decided to exit its refrigerant business,
a part of the Refrigeration Segment, over a 15 month period. As a result, the
Company recorded a restructuring charge of $2,000,000, including liabilities of
$191,000, comprised of the following:

(Dollars in Thousands)

Inventory write-down                        $1,770
Write-down of equipment                         39
Severance costs                                191
                                            ------
                                            $2,000
                                            ======

         Under the exit plan, the Company terminated all but two of its
employees. The plan involved continuing operations through a master distributor
while attempting to find a buyer for the business, and contemplated sales of
product through May 2001, at which time operations would cease. The Company paid
a total of $99,000 in payments of the severance costs during fiscal 2000, and an
additional $73,000 during the nine months ended February 25, 2001. The remaining
balance of the accrued severance liability at February 25, 2001 was
approximately $19,000.

         In October 2000, the Company sold the remaining assets for
approximately $1,800,000. These assets consisted primarily of inventory. As a
result, the Company recorded a recovery of the restructuring charge of
approximately $1,300,000.



                                       13
<PAGE>


Note F - Convertible Subordinated Debentures

         On July 12, 2000, $10,090,000 of the Company's 5.75% Convertible
Subordinated Debentures were converted into 728,187 shares of the Company's
Common Stock at $13.856 per share. The Company issued an additional 31,415
shares of the Company's Common Stock valued at approximately $614,000, or
$19.539 per share which was included in interest expense for the three months
ended August 27, 2000 to induce early conversion and in lieu of all accrued
interest.

         On September 7, 2000, $8,765,000 of the Company's 5.75% Convertible
Subordinated Debentures were converted into 632,578 shares of the Company's
Common Stock at $13.856 per share. The Company issued an additional 48,900
shares of the Company's Common Stock valued at approximately $941,000, or $19.25
per share, which is included in interest expense for the three months ended
November 26, 2000 to induce early conversion and in lieu of all accrued
interest.

         On November 1, 2000 the remaining $39,000 of the Company's 5.75%
Convertible Subordinated Debentures were converted into 2,814 shares of the
Company's Common Stock at $13.856 per share.

Note G - Patents

         On June 30, 2000, the Company entered into a non-exclusive,
royalty-free agreement to license certain US and international patents and
pending patents related to superconducting materials and devices. In connection
with the agreement, the Company agreed to pay a lump sum fee payable in two
installments. Additionally, the Company granted the licensor warrants to
purchase 103,000 shares of the Company's Common Stock at a price of $19.36 per
share.

Note H - Retirement Plans

         The Company had a non-contributory, defined benefit plan covering all
eligible employees. Benefits under the plan were based on years of service and
employees' career average compensation. The Company's funding policy was to
contribute annually an amount sufficient to meet or exceed the minimum funding
standard contained in the Internal Revenue Code. Contributions were intended to
provide not only for benefits attributable to service to date, but also for
those expected to be earned in the future. As of December 31, 1998, the Company
froze all pension benefits except for approximately 50 bargaining unit employees
at a subsidiary. In September 2000 the Company received approval from the
Internal Revenue Service to terminate the plan. In November 2000, the Company
terminated the plan and settled nearly all its obligations by purchasing annuity
contracts or making lump-sum distributions in an amount determined by the plan's
actuary. The remaining plan assets will be distributed to the plan participants
on a pro-rata basis. Such distributions are expected to be completed by May 27,
2001. The Company recorded termination and settlement costs of approximately
$588,000 which was included in marketing, general and administrative expense
during the quarter ended November 26, 2000.



                                       14
<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 2001 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
----------------

         Intermagnetics General Corporation ("we" or the "Company") operates in
four reportable operating segments: Electromagnetics, LTS Superconducting
Materials, Refrigeration and Energy Technology. The Electromagnetics 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), and
the LTS Superconducting Materials segment consists primarily of the manufacture
and sale of low-temperature superconducting wire and cable (by IGC-AS), all of
which are used mainly in Magnetic Resonance Imaging ("MRI") for medical
diagnostics. The majority of the Company's sales in these two segments are to US
and European customers. The Refrigeration segment consists of refrigeration
equipment produced by two subsidiaries, IGC-APD Cryogenics Inc. (IGC-APD) and
IGC-Polycold Systems Inc. (IGC-Polycold). Refrigeration equipment is used in the
vacuum deposition industry, the semiconductor manufacturing process, MRI, and in
a variety of research applications. Sales of this segment are primarily to US,
Asian and European customers. The Energy Technology segment consists primarily
of the design and manufacture of High Temperature Superconductor ("HTS")
material and the development of devices used to transmit and distribute electric
power such as HTS transmission cables and power transformers. Through the third
quarter of fiscal 2000, the activities of the Energy Technology segment were
included in the Electromagnetics segment. Segment data for prior years has been
adjusted to conform with current year presentation. The Company operates on a
52/53 week fiscal year ending the last Sunday during the month of May.


                                       15
<PAGE>


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

         For the quarter ended February 25, 2001, sales increased approximately
22%, to $34.3 million, from $28.1 million for the same period last year. Sales
for the first nine months of the current fiscal year were up about 18% to $98.4
million from $83.4 million last year.

         Electromagnetic segment sales were up 33% for the quarter and 22% for
nine months. Magnet system sales were up 31% from last year's third quarter and
22% for the first nine months. The increases are due largely to an increase in
customer demand. Sales of RF coils increased 46% in the current quarter and 23%
for nine months, continuing the recovery begun this year.

         Sales of LTS superconducting materials were down about 53% for the
quarter and 17% for the nine months, due to reduced demand from the segment's
largest external customer. Overall segment activity increased substantially, due
to a 80% quarterly (42% for nine months) increase in intersegment sales of wire
for use by the Electromagnetic segment.

         Refrigeration equipment sales were up 27% for the quarter and 24% for
nine months due to increases in demand for products of both IGC-APD Cryogenics
and, particularly, IGC-Polycold. These increases more than offset the reduction
in refrigerant sales resulting from our decision to exit that business.

         During fiscal 2000, the Company increased its emphasis on developing
HTS materials for application to devices expected to improve electronic power
transmission and distribution. These devices are expected to include HTS power
transmission cables, transformers, and fault current controllers. In view of the
expected increased importance of these activities, the Company began reporting
them as a separate segment, Energy Technology. In prior years, this segment's
activities had been aggregated in the Electromagnetics segment. Prior year
segment data presented in Note E of Notes to Financial Statements has been
reclassified to conform with current year presentation. Sales of this segment
declined by 36% for the quarter and 27% for the nine months, due to the
Company's decision to de-emphasize first generation conductors as well as a
current year focus on readying the facility to produce second generation
conductors. The Company believes, in general, that first generation conductors
(consisting of ceramic components in a silver matrix) will be unable to achieve
cost and performance targets necessary to make devices produced with this
material economically feasible. Accordingly, we refocused our efforts on
conductors in which the superconducting components are deposited on a nickel
substrate. We believe the new focus will lead to an increase in sales in the
coming year. We are actively seeking additional strategic partners to assist in
the development and marketing of these products

         Gross margins increased to $14.1 million, or 41% of sales for the
quarter, from $11.1 million, or 39.7% before restructuring charges, for the same
period last year. For the first nine months of the year, gross margins before
restructuring charges or recoveries were $40.7 million, or 41.4% of sales,
compared with $31.1 million, or 37.3% last year. These increases are due mainly
to lower costs of magnet systems, increased sales and an improved mix of sales
of RF coils, and much higher volumes and operational improvements in the
Refrigeration segment.

                                       16
<PAGE>


         Marketing, general and administrative expenses declined by $0.4 million
for the quarter, due mainly to the termination last year of the refrigerant
business. Year to date, this expense category increased by about $2.2 million
due to stock based compensation and pension plan termination costs, as well as a
higher overall level of activity, including increases in the Energy Technology
segment and higher consulting expenses, mainly in the first quarter.

         Amortization of intangibles increased in both the three and nine month
periods due to amortization of intangibles acquired in connection with the
termination of our former European joint venture.

         Operating income for the quarter increased by $1.9 million, or about
75% before restructuring charges. Year-to-date operating income increased by 63%
to $13.2 million before restructuring charges and recoveries.

         Interest expense for the quarter was reduced substantially compared
with last year due to the conversion of all of our outstanding convertible
debentures in the first and second quarters. Year-to-date interest expense is up
by $0.2 million due to premiums paid to effect such conversions.

         Based on recent order trends, we expect higher sales for the balance of
the year, particularly in magnet systems and refrigeration. As previously noted,
gross margins have improved so far this year as a result of higher sales and
lower costs. We expect to be able to sustain the lower cost levels, particularly
in the Refrigeration segment where operational improvements have brought about a
return to profitability. We expect to expand our product development activities
in both the Electromagnetic and Refrigeration segments, as well as increase our
investment in the Energy Technology segment. We expect the increased sales level
to result in earnings per share growth of at least 40% over last year, even with
this increased level of investment. These expectations are based on a number of
assumptions, including:

         o The market for MRI systems continues to grow;

         o We are able to continue to expand the recovery in RF coil sales;

         o Current order trends for MRI magnets and refrigeration equipment
           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 nine months of the current fiscal year, we generated
approximately $17 million of cash from operations and more than doubled our cash
position to $26.2 million. See the consolidated statement of cash flows, located
elsewhere in this report, for further details on the sources and uses of cash.

                                       17
<PAGE>

         Our capital and resource commitments as of February 25, 2001 consisted
of capital equipment commitments of approximately $650,000.

         We have a $27 million unsecured line of credit with two banks.
Borrowings under the line bear interest at the London Interbank Official Rate
(LIBOR) plus 0.5% or prime less 0.5% at our option. The line was not in use
during the quarter. It expires in October 2002.

         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 unusually 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.

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.



                                       18
<PAGE>



PART II:  OTHER INFORMATION


ITEM 6:. Exhibits and Reports on Form 8K.

(a)      Exhibits

              None

(b)      Reports on Form 8K

              None




                                       19
<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: April 10, 2001                  By: /s/ Glenn H. Epstein
                                           -------------------------------------
                                           Glenn H. Epstein
                                           President and Chief Executive Officer



Dated: April 10, 2001                  By: /s/ Michael C. Zeigler
                                           -------------------------------------
                                           Michael C. Zeigler
                                           Senior Vice President, Finance



                                       20