Imation's quarterly loss is much deeper than expected

  • Article by: STEVE ALEXANDER , Star Tribune
  • Updated: May 1, 2013 - 8:43 PM
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Mark Lucas, president and CEO of Imation.

Photo: Jerry Holt, Star Tribune

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Imation Corp. lost $21.1 million, or 52 cents a share, in the first quarter, a substantially bigger loss than Wall Street had been expecting.

Imation has, through acquisitions, divestitures and new products, been trying to transform itself into a data storage and data security firm.

“Though we are making good progress, we are not yet where we need to be long-term, and more work remains,” said Imation CEO Mark Lucas in a statement.

Lucas told analysts in a conference call: “Our cost-reduction program is working and further reductions are expected to be realized in the quarters ahead.”

The adjusted loss was 39 cents a share, while Wall Street had been expecting a loss of only 22 cents a share.

Imation’s first-quarter revenue of $224.4 million was well below Wall Street analysts’ estimate of $264 million.

The company’s loss deepened and its revenue declined from a year ago, when Imation lost $12.2 million, or 33 cents a share, on revenue of $263.3 million.

Imation shares closed down 2.45 percent, or 9 cents, to $3.59.

 

Steve Alexander • 612-673-4553

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