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Imation Reports Q3

OAKDALE, Minn. -- Imation Corp. (NYSE:IMN) today released financial results for the quarter ended September 30, 2007.

Highlights for Q3 2007 include the following:

  • Revenue of $525.5 million was up 23.7 percent compared with Q3 2006
    revenue of $424.7 million. The TDK Recording Media and Memcorp
    acquisitions contributed $140.6 million to our 3rd quarter revenue.
  • Operating Income for the quarter was $12.5 million including
    $3.1 million of restructuring charges and $6.7 million in losses and
    inventory write-downs related to USB Flash products. This is compared
    with operating income of $28.3 million in Q3 2006, which had no
    restructuring charges.
  • Diluted earnings per share was $0.18 for Q3 2007, including a $0.05
    impact from restructuring. This compares with diluted earnings per
    share of $0.53 for Q3 2006, which had no impact from restructuring
  • Total cash was $133.1 million as of September 30, 2007 and we
    repurchased approximately 2,075,000 shares during the quarter for
    $61.8 million.
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