Imation Corp. (NYSE: IMN) today released financial results for its 2013 fourth quarter and year ended December 31, 2013. The Company also announced that it has divested its XtremeMac business and benefited from certain special items as it continues to execute on its strategic transformation.
Q4 Overview, Including Special Items
For the fourth quarter of 2013, Imation reported net revenue of $232.8 million, down 12.7 percent from Q4 2012, income from continuing operations of $21.1 million, diluted earnings per share from continuing operations of $0.47 and a cash balance of $132.6 million. The quarterly results were favorably impacted by $9.5 million of net benefit from special items, primarily a $9.8 million gain on the sale of land at a previously closed facility for which the Company received proceeds of approximately $10.0 million. Excluding these items, Q4 2013 income from continuing operations would have been $11.6 million, and diluted earnings per share from continuing operations would have been $0.25. EBITDA for the fourth quarter totaled $26.5 million (See Tables Five and Six for non-GAAP measures). In addition, Q4 operating results benefited from an accrual reversal of $9.5 million associated with European copyright levies as a result of a favorable court ruling in France.
For the full year 2013, revenue was $860.8 million, down 14.5 percent from 2012, and loss from continuing operations was $20.1 million, or $0.60 diluted loss per share. Special charges for the full year were $11.5 million. Excluding these special charges, 2013 loss from continuing operations would have been $8.6 million, and diluted loss per share from continuing operations would have been $0.37. EBITDA for the year totaled $3.6 million (See Tables Five and Six for non-GAAP measures). In addition, operating results for the year benefited from accrual reversals of $23.1 million associated with European copyright levies as a result of favorable court rulings in France in Q4 and Italy in Q2.