Imation reports deeper loss in first-quarter - Bring Me The News

Imation reports deeper loss in first-quarter


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.

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