Q3 earnings plunge for Imation


21 October 2004 – Oakdale (MN): Imation has announced a 42 per cent drop in its Q3 profits.

The company revealed net earnings of $9.6 million, or EPS of $0.27, compared to $16.4 million, or EPS of $0.45, registered a year earlier.

Sales fell from $287.8 million to $269.7 million. At the same time as announcing the disappointing results, Imation said it plans to implement an aggressive restructuring programme that will include the loss of 250 jobs.

On a slightly more positive note, the company said it expects a better Q4, but anticipates that it will still be down on the year ago period.