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SECURITY: IMN (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
Imation Corp. is a leading
developer, manufacturer and supplier of magnetic and optical removable
data storage media. With one of the broadest product lines in the industry
-- spanning from a few megabytes to hundreds of gigabytes of capacity in
each piece of media, Imation serves customers in more than 60 countries,
in both business and consumer markets. With more than 300 technology scientists
and over 300 patents in the U.S. alone, Imation continues to pioneer today's
proven magnetic and optical media technologies.
Imation
Reports Q1 Revenue of $335.2 Million, up 6.4 Percent Diluted E.P.S.
of $0.55 on Operating Income of $29.3 Million
OAKDALE, Minn., April
18 /PRNewswire-FirstCall/ -- Imation Corp (NYSE: IMN) today released financial
results for the quarter ending March 31, 2006.
Highlights for the quarter
include the following:
Q1 2006 revenue of $335.2
million is up 6.4 percent compared with Q1 2005 revenue of $315.0 million.
Gross profit margin of
23.6 percent is compared with gross profit margin of 26.1 percent for Q1
2005 and 21.6 percent for Q4 2005.
Operating Income of $29.3
million, 8.7 percent of revenue, included $1.8 million in restructuring
charges and $1.8 million of expense for stock-based compensation required
due to the adoption of FAS 123R. This is compared with $31.3 million of
operating income in the first quarter of 2005, which had no restructuring
or similar stock-based compensation expenses.
Diluted EPS from continuing
operations was $0.55 for Q1 2006 and included restructuring and stock-based
compensation expense of $0.06 per share. This compares with diluted EPS
from continuing operations of $0.90 in Q1 2005, which included a $0.35
per share benefit due to the favorable resolution of a U.S. tax matter
and had no restructuring or similar stock-based compensation expense.
Cash flow from operations
totaled $23.1 million in the quarter. Total cash and liquid investments
were $531.8 million as of March 31, 2006, compared with $507.6 million
at year-end 2005.
We repurchased approximately
340,000 shares during the quarter for approximately $15.0 million.
A teleconference is scheduled
for 9:00 a.m. CDT today, April 18, 2006. The call-in number is 866-227-1582.
(See webcast and replay information at the bottom of this release.) |
