This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Imation Reports First Quarter 2014 Financial Results

Stocks in this article: IMN

Imation Corp. (NYSE:IMN) today released financial results for the first quarter ended March 31, 2014. The Company also announced that it has closed on the sale of its XtremeMac business and continues to execute on its strategic transformation.

Q1 Overview

For the first quarter of 2014, Imation reported net revenue of $178.9 million, down 20.3 percent from Q1 2013, an operating loss from continuing operations of $16.1 million, including special charges of $2.1 million, diluted loss per share from continuing operations of $0.41 and a cash balance of $126.2 million.

Imation’s CEO Mark Lucas commented, “In 2011, we embarked on a strategic transformation to leverage Imation’s roots in data storage to become a major player in higher-growth, higher-margin industry segments. Since then, we have exited two low-margin consumer electronics businesses, acquired Nexsan TM and built a mobile security portfolio. We have done this with urgency, since approximately 65 percent of our volume is in declining businesses.”

“During the first quarter of 2014, we continued to build for the future, and our results were in line with our overall expectations. Performance in our Consumer Storage and Accessories segment came in stronger than anticipated, with our Tiered Storage and Security Solutions segment a bit soft. As our growth investments in sales and channel resources and new products take root, and as the sluggish IT environment improves, we expect our revenues in this segment to increase. Nexsan participates in a very attractive market; hybrid storage has a 21 percent growth rate and is on a trajectory to become 45 percent of the external storage market by 2017. We are confident we are on the right course for long-term growth.”

Lucas continued, “From an operations perspective, we are pleased with both our working capital and cash management efforts. Our effective cost controls led to a drop of almost $6 million in SG&A expenses, and we will continue to rigorously monitor our cost structure going forward.”

1 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs