OAKDALE, Minn. -- Imation Corp. (NYSE:IMN) today released financial results for the fourth quarter and full year ended December 31, 2008.
Key points for Q4 2008 and fiscal year 2008 include the following:
Revenue of $549.2 million for the fourth quarter of 2008 was down 21.7 percent compared with revenue of $701.8 million for the fourth quarter of 2007. Net revenue for the year ended December 31, 2008 was $2,154.6 million, up 4.5 percent from revenue of $2,062.0 million for the year ended December 31, 2007.
Operating loss for the fourth quarter of 2008 was $50.8 million, including a goodwill impairment charge of $34.7 million and $9.9 million of restructuring and other charges. This is compared with an operating loss of $70.3 million in the fourth quarter of 2007, which included goodwill impairment charges of $94.1 million and $12.6 million of restructuring and other charges. Excluding these charges, the operating loss for the fourth quarter of 2008 was $6.2 million compared with operating income of $36.4 million on the same basis in the fourth quarter of 2007 (see table entitled Reconciliation of GAAP to Adjusted Non-GAAP Results below).
The Company posted a loss of $1.22 per diluted share for the fourth quarter of 2008, including a $0.86 per share negative impact from goodwill impairment and restructuring and other charges. This compares with a diluted loss per share of $1.91 for the fourth quarter of 2007. Excluding goodwill impairment and restructuring and other charges, the Non-GAAP diluted loss per share for the fourth quarter of 2008 would have been $0.36 compared with diluted earnings per share of $0.64 on the same basis in the fourth quarter of 2007 (see table entitled Reconciliation of GAAP to Adjusted Non-GAAP Results below).
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