19 April 2006 – Oakdale (MN): Imation has reported a Q1 earnings drop of 37.4 per cent due to restructuring costs and other charges.
First-quarter earnings dropped to $19.4 million, or EPS of $0.55, compared to $30.8 million, or EPS of $0.92 for the same period in 2005. The company had $1.8 million in restructuring and other charges during the quarter related to staff cuts. Imation also recorded a stock-based compensation charge of $1.8 million.
Revenue for the quarter rose 6.4 per cent to $335.2 million from $315 million the year earlier.
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