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Imation Reports Q3
Company reinforces commitment to strategic plan
October 25, 2007
1 Min Read
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 charges.
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.
Frank Russomanno, President and Chief Executive Officer of Imation, said:"As we announced last week, our results for the quarter were negatively impacted by USB Flash products. We are making significant changes in our approach to retail USB Flash in the U.S., as we continue to work collaboratively and deliberately with our channel partners. We will focus on those regions, channels and accounts where we can achieve an acceptable margin. We continue to make solid progress on our strategic transformation to a brand and product management company. For example, we closed on the TDK Recording Media and Memcorp acquisitions in July which contributed positively to revenue and operating income in the quarter. In addition, our manufacturing and R&D restructuring plans are proceeding ahead of schedule."
Imation Corp.
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