After shutting down most of its legacy media storage businesses, the troubled Imation Corp. reported a fourth-quarter loss of $10 million and posted overall results that showed the Oakdale firm to be a fraction of its former self.
Fourth-quarter revenue fell 52 percent to $94 million from the same period a year ago. Operating profits from continuing operations for the former 3M spinoff included a $5 million charge to total $300,000. Including discontinued operations, losses were $9.9 million, or 27 cents a share.
Without restructuring costs, Imation's adjusted loss for the quarter was 13 cents a share. That beat analysts' expectations of a 29-cent loss and revenue of $87 million.
Imation stock closed Tuesday at $1.27, down 5 cents.
In the past 10 months, Imation has undergone a complete management change; sold its headquarters to Slumberland Furniture and said it plans to move to California; shuttered its TDK and Memorex data storage businesses, and was notified last month that it no longer qualifies to be listed on the New York Stock Exchange.
The company said Tuesday it is continuing its data-security and cloud-based businesses. In October, Imation acquired Connected Data Inc., an emerging enterprise-class private cloud sync and share company.
In a statement, Imation's interim Chief Executive Robert Fernander said he was "very pleased with our Q4 results. We have nearly completed the restructuring and wind-down of our legacy business operations and have sold a number of non-core assets." Among other things, he also noted that Imation had "integrated Connected Data into our Nexsan business."
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