Imation ( IMN), a maker of disks and tapes for computer data storage, said its second-quarter profit fell 33.8%, hurt by restructuring charges associated with the acquisition of Memorex.

The company earned $14.1 million, or 40 cents a share, in the quarter, compared with $21.3 million, or 62 cents a share, a year ago. Adjusted for restructuring charges, stock option expenses and a tax benefit, earnings from continuing operations were 54 cents a share. On that basis, analysts surveyed by Thomson First Call were expecting earnings of 50 cents a share in the most recent quarter.

Second-quarter revenue rose 21.3% to $365.8 million as against analysts' expectation of $384.30 million.

The company reaffirmed its 2006 outlook of earnings of $1.70 to $1.80 a share on a revenue of $1.54 billion to $1.59 billion. Excluding restructuring charges, acquisition costs and stock option expenses, earnings are expected to be $2.20 and $2.29 a share. Analysts were forecasting earnings of $2.30 a share on a revenue of $1.59 billion.

The company's stock was trading at $41.50, up 60 cents.

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