Imation Board Authorizes Repurchase

Imation announced that its Board of Directors has authorized the repurchase of 5 million shares of common stock

April 19, 2007

1 Min Read
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OAKDALE, Minn. -- Imation Corp. (NYSE:IMN) today announced that its Board of Directors has authorized the repurchase of5 million shares of common stock. The Company had previous outstanding authorization for the repurchase of 2.4 million shares which was cancelled with the new authorization.

"This announcement underscores our confidence in Imation's future. Our strong cash position and solid financial performance provide us with the ability to deliver shareholder value through this increased share repurchase authorization as well as our regular quarterly cash dividend," said Frank Russomanno Imation CEO. "At the same time we will continue to invest in profitable growth for the business, which is a critical priority and necessary to build long term value."

Purchases under the Imation share repurchase program may be made from time-to-time, in the open market, through block trades or otherwise, and in privately negotiated transactions for cash. Depending on market conditions and other factors, the repurchase program may be commenced or suspended at any time, without prior notice. As of March 31, 2007, Imation had approximately 34.9 million shares outstanding and $259.4 million in cash.There is no expiration date on the repurchase authorization.

Imation Corp.

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