Imation 1Q loss exceeds Wall Street expectations

  • Article by: STEVE ALEXANDER , Star Tribune
  • Updated: April 30, 2014 - 6:02 PM

In the midst of turnaround efforts, revenue dropped 20.3 percent in the quarter.

Imation Corp. reported a first-quarter adjusted loss that was 64 percent larger than Wall Street had expected, on sharply lower revenue.

Oakdale-based Imation reported an adjusted loss of 41 cents a share, compared to the 25 cent per share loss analysts had been expecting.

Revenue was $178.9 million, down 20.3 percent from a year ago and below the $184.5 million analysts had expected.

Its stock fell 6.7 percent, or 31 cents, to $4.32 Wednesday.

Imation has been trying since 2011 to remake itself into a data storage company and has divested its less profitable consumer electronics operations.

“We continued to build for the future, and our results were in line with our overall expectations,” CEO Mark Lucas in a statement. “From an operations perspective, we are pleased with both our working capital and cash management efforts.”

Steve Alexander • 612-673-4553

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