Skip to main content

Imation reports deeper loss in first-quarter

  • Author:
  • Updated:
    Original:

Imation Corp., a struggling data storage and security company based in Oakdale, reported a net loss of $21.1 million in the first quarter, compared to a loss of $12.2 million during the same period in 2012, Twin Cities Business reports. Revenue totaled $224.4 million, down 14.8 percent from $263.3 million.

The Star Tribune says both losses were substantially greater than Wall Street expectations.

“Though we are making good progress, we are not yet where we need to be long-term, and more work remains,” CEO Mark Lucas said in a news release.

Imation announced earlier this year plans to sell its Memorex and XtremeMac consumer electronics businesses to focus on its data storage and security business.

Last October, Imation said it was cutting 20 percent of its global workforce in the first half of 2013.

Click here, to follow Imation's stock performance.

Next Up

Screen Shot 2022-01-27 at 9.15.45 PM

Buckeyes crash the glass, fend off Gophers

E.J. Liddell dominated in the paint to help No. 16 Ohio State.

nicolas blouin flickr fire hose

Fire departments decry drivers running over hoses, endangering crews

It happened in two separate Northland cities this week.

All Energy Solar - Bringing Panels to Roof

All Energy Solar reaches growth milestones with higher goals yet for 2022

Minnesota solar company continues to thrive through building a strong workforce

Royal Canadian Mounted Police maintoba crossing crop

Authorities ID family found frozen to death at MN-Canada border

They're still trying to unravel how they got there and who might have helped them.

covid

Mayo Clinic specialist: 'The omicron surge is not over'

Experts expect a rapid decline over the next month followed a period of calm.

police lights

Charges: Man in stolen Jeep leads police on 110 mph chase

He crashed into a light post near the Capitol and then fled on foot, the complaint says.

kua dog go fund me

Puppy in back of stolen Audi found, reunited with owner

The 4 1/2-month-old bullmastiff had been missing more than a week.

Fuzzy Gerdes Flickr Franks Diner Kenosha

WI's best 'hole-in-the-wall' diner is Guy Fieri-approved

Come for the "garbage pile," stay for ... even more breakfast food.

FKISmwPWUAYZJW6

Minnesota's pre-pro women's soccer team unveils name, logo

The new name and look was unveiled after community owners voted on a winner.

fentanyl DEA

21 people charged in connection to drug trafficking in northern MN

Police say the organization sold more than 10 pounds of heroin and fentanyl in northern Minnesota.

Band Box Diner Courtney Mault Flickr

MN's 'best hole-in-the-wall diner' is, sadly, currently closed

MSN recently published its pick for best diner in each state.

Related