Imation Q3 boosted by Memorex acquisition



24 October 2006 — Oakdale (MN): Imation’s Q3 revenue, including revenue of $109.9 million from the Memorex acquisition, has increased by 42.2 percent to $424.7 million from $298.6 million a year earlier.


Excluding Memorex, Q3 revenue was up 5.4 percent compared to Q3 2005.


Q3 operating income of $28.3, or diluted EPS of $0.53 million, included $2.7 million of incremental stock-based compensation expense. Operating in Q3 2005 was $23.6 million or diluted EPS of $0.48.


Driven by the Memorex acquisition, revenue increased by 73 percent in the Americas. Revenue grew by 27 percent in Europe. In Asia Pacific, revenue declined by 9 percent, attributed to an aggressive pricing environment and a greater focus on higher gross margin business.