Settlement Eats Up Imation Profit
Imation Corp. Thursday reported a $57.6 million loss for the most recent quarter, which was largely due to a $49 million settlement due to the company's settlement with Philips.
The company posted revenue of $427.9 million, a drop 21.8 percent from the same time the year before.
“We are pleased that Imation returned to operating profitability in the second quarter, excluding special charges," Imation CEO Frank Russomanno said as part of the announcement. "While the ongoing economic crisis has continued to impact our revenues in both our commercial and consumer channels, our aggressive cost-containment and restructuring actions have been effective, resulting in a SG&A reduction of more than 17 percent, helping to offset the revenue challenges.”