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Imation posts 4Q profit, helped by tax gain

Thu, 01/21/2010 - 9:01am
The Associated Press

Imation Corp., a maker of digital storage products such as hard disk drives, on Thursday posted a profit for the fourth quarter as a tax gain and lower costs offset a 12 percent revenue drop.

The company earned $6.7 million, or 18 cents per share, in the quarter compared to a loss of $45.6 million, or $1.22, in the same quarter a year earlier.

The just-concluded quarter's profit included a tax benefit of 14 cents per share and restructuring and other charges that amount to 4 cents per share, the company said. Last year's included 80 cents in asset impairment, restructuring and other charges.

Excluding the charges, Imation would have earned 22 cents per share, including the tax gain, compared with 42 cents per share a year ago.

Revenue fell to $451.7 million from $513.9 million.

Shares of Imation, based in Oakdale, Minn., were down 8 cents to $9 in afternoon trading.

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