Imation Corp. announced financial results for its first quarter ended March 31, 2013.
Imation trades on the NASDAQ under the symbol IMN.
For more information visit: www.imation.com
Unedited press release follows:
Imation Reports First Quarter 2013 Financial Results
OAKDALE, Minn. — Imation Corp. (NYSE:IMN) today released financial results for the quarter ended March 31, 2013. The Company reported Q1 2013 net revenue of $224.4 million, down 14.8 percent from Q1 2012, an operating loss of $14.7 million including special charges of $4.2 million, and a diluted loss per share from continuing operations of $0.39. Excluding special charges, Q1 2013 operating loss would have been $10.5 million and diluted loss per share from continuing operations would have been $0.31 (See Tables Five and Six for non-GAAP measures).
Imation President and Chief Executive Officer Mark Lucas commented: “Imation’s strategic transformation continues to center on leveraging our roots in data storage to build a platform for long-term growth and profitability. In the first quarter, our storage and security solutions business delivered strong results, led by our recently acquired NexsanTM portfolio of products. Additionally, we made good strides in reducing our operating costs and implemented our reorganization into two business units to streamline decision making.” Lucas continued, “Though we are making good progress, we are not yet where we need to be long-term and more work remains.”
Business Update
The Company announced in February that a process would be run to divest both the Memorex and XtremeMac consumer electronic businesses. That process is moving forward and progress has been made in identifying interested parties. The consumer storage business under the MemorexTM and TDK Life on RecordTM brands will be retained.
Starting January 1, 2013, the Company reorganized into two new business segments: Consumer Storage and Accessories (CSA) and Tiered Storage and Security Solutions (TSS). With these two business segments, Imation is becoming a more customer-centric and nimble organization.
Imation’s CSA business unit generates solid cash flows for the Company. This segment includes consumer storage media, primarily optical and flash, as well as storage and electronic accessories. With the planned consumer electronics divestitures, Imation will be able to refocus on storage at the retail level. For example, the Company recently introduced a 3.0 External Solid State Drive with ultra-quick data transfer in a portable form under the TDK Life on Record brand. The CSA business unit plans to launch several other new products in the upcoming quarters.
The TSS business unit provides strategic opportunities for revenue growth and margin expansion. TSS includes both Imation and Nexsan branded tiered and scalable storage solutions, IronKeyTM branded mobile security solutions and commercial storage media. During the quarter, gross margins in the TSS segment increased to 22 percent compared to 19.4 percent in the prior-year period.
Imation’s Nexsan products have strong momentum and posted double-digit growth. The mobile security platform gained a significant win with the Japanese government by landing a contract for Imation’s portable workspace PC on a StickTM product IronKey Workspace 300, which is Microsoft – Certified for Windows to Go. Additionally, Imation launched several other new IronKey flash drives. These storage and security solutions categories delivered gross margins well in excess of 40 percent. Commercial storage media declined 22.4 percent, as expected, driven by magnetic tape.
Lucas concluded, “In the first quarter, our businesses performed as we expected across all major geographies and product categories. Going forward we are continuing to work on introducing differentiated products, building gross margins, improving our cost structure and supporting our two business units. We are committed to achieving growth and profitability, and becoming a key player in data storage and security worldwide.”
Detailed Q1 2013 Analysis
As a result of the planned consumer electronics divestitures, the financial results for those operations are now presented as discontinued operations. The following financial results are presented for continuing operations for the current and prior periods unless otherwise indicated.
Net revenue for Q1 2013 was $224.4 million, down 14.8 percent from Q1 2012. From a segment perspective, TSS grew 1.4 percent and CSA declined 24.9 percent. Foreign currency exchange negatively impacted total Q1 2013 revenues by 2.5 percent.
Gross margin for Q1 2013 was 18.8 percent, down from 20.4 percent in Q1 2012. Gross margin in Q1 2013 was 19.7 percent excluding inventory write offs of $2.1 million, which were part of the Company’s restructuring program, compared to 20.4 percent on the same basis in 2012. TSS gross margin for Q1 2013 was 22.0 percent up from 19.4 percent in Q1 2012. CSA gross margin was 17.7 percent down from 21.0 percent in Q1 2012 (See Table Five for non-GAAP measures).
Selling, general and administrative (SG&A) expenses in Q1 2013 were $49.3 million, down $3.0 million compared with Q1 2012 expenses of $52.3 million. The reduction of 5.7 percent was driven by our cost reduction efforts and prior intangible write-offs, which reduced these costs by approximately 18 percent, partially offset by the Nexsan operating expenses added as a result of the acquisition.
Research and development (R&D) expenses in Q1 2013 were $5.4 million, down $0.2 million compared with Q1 2012 expenses of $5.6 million.
Special charges were $4.2 million in Q1 2013 compared with Q1 2012 charges of $1.3 million.
Operating loss was $14.7 million in Q1 2013 compared with an operating loss of $5.6 million in Q1 2012. Excluding the impact of special charges described above, adjusted operating loss would have been $10.5 million in Q1 2013 compared with adjusted operating loss on the same basis of $4.3 million in Q1 2012 (See Tables Five and Six for non-GAAP measures).
Income tax provision was $0.4 million in Q1 2013 compared with income tax provision of $1.3 million in Q1 2012. The Company maintains a valuation allowance related to its U.S. deferred tax assets and, therefore, no tax provision or benefit was recorded related to its U.S. results in either period.
Discontinued operations was an after tax loss of $5.5 million in Q1 2013 compared with a $3.0 million loss in Q1 2012. Discontinued operations represent the direct results of the XtremeMac and Memorex consumer electronics businesses and included $1.1 million of restructuring charges in Q1 2013.
Loss per diluted share from continuing operations was $0.39 in Q1 2013 compared with $0.25 in Q1 2012. Excluding the impact of special charges described above, adjusted loss per diluted share would have been $0.31 in Q1 2013 compared with $0.21 in Q1 2012 (See Table Five for non-GAAP measures).
Cash and cash equivalents balance was $98.2 million as of March 31, 2013, down $10.5 million during the quarter, driven primarily by anticipated changes in working capital and payments for restructuring.
Webcast and Replay Information
A teleconference is scheduled for 9:00 AM Central Time today, May 1, 2013, and will be available on the Internet on a listen-only basis at www.ir.Imation.com or www.streetevents.com. The Company’s quarterly financial results will be discussed.
A taped replay of the teleconference will be available beginning at 1:30 PM Central Time on May 1, 2013, until 11:30 PM Central Time on May 10, 2013, by dialing 855-859-2056 (conference ID 26505626). All remarks made during the teleconference will be current at the time of the teleconference and the replay will not be updated to reflect any subsequent developments.
Description of Tables
Table One – Consolidated Statements of Operations
Table Two – Consolidated Balance Sheets
Table Three – Supplemental Segment and Product Information
Table Four – Additional Information
Table Five – Non-GAAP Financial Measures
Table Six – Non-GAAP Financial Measures
Table Seven – 2012 Financial Information – Discontinued Operations
Table Eight – 2012 Financial Information – Revised Segments
Non-GAAP Financial Measures
The Non-GAAP financial measurements (adjusted gross margin, adjusted operating income (loss), adjusted earnings (loss) per diluted share) are provided to assist in understanding the impact of certain items on Imation’s actual results of operations when compared with prior periods (see Tables Five and Six). Management believes this will assist investors in making an evaluation of Imation’s performance against prior periods on a comparable basis by adjusting for these items. Management understands that there are material limitations on the use of Non-GAAP measures. Non-GAAP measures are not substitutes for GAAP measures for the purpose of analyzing financial performance. These Non-GAAP measures are not in accordance with, or an alternative for measures prepared in accordance with, generally accepted accounting principles and may be different from Non-GAAP measures used by other companies. In addition, these Non-GAAP measures are not based on any comprehensive set of accounting rules or principles. This information should not be construed as an alternative to the reported results, which have been determined in accordance with accounting principles generally accepted in the United States of America.
About Imation Corp.
Imation (NYSE: IMN) is a global scalable storage and data security company. The Company’s portfolio includes tiered storage and security offerings for business and products designed to manage audio and video information in the home. Imation reaches customers in more than 100 countries through a powerful global distribution network and well recognized brands. Additional information about Imation is available at www.imation.com.
Table One | ||||||||
IMATION CORP. | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(In millions, except for per share amounts) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31 | ||||||||
2013 | 2012 | |||||||
Net revenue | $ | 224.4 | $ | 263.3 | ||||
Cost of goods sold | 182.3 | 209.7 | ||||||
Gross profit | 42.1 | 53.6 | ||||||
Operating expense: | ||||||||
Selling, general and administrative | 49.3 | 52.3 | ||||||
Research and development | 5.4 | 5.6 | ||||||
Restructuring and other |
2.1 | 1.3 | ||||||
Total | 56.8 | 59.2 | ||||||
Operating loss from continuing operations | (14.7) | (5.6) | ||||||
Other expense (income): | ||||||||
Interest income | – | (0.1) | ||||||
Interest expense | 0.7 | 0.9 | ||||||
Other, net | (0.2) | 1.5 | ||||||
Total | 0.5 | 2.3 | ||||||
Loss from continuing operations before income taxes | (15.2) | (7.9) | ||||||
Income tax provision | 0.4 | 1.3 | ||||||
Loss from continuing operations | (15.6) | (9.2) | ||||||
Discontinued operations: | ||||||||
Loss from operations of discontinued businesses, net of income |
(5.5) | (3.0) | ||||||
Net loss |
$ | (21.1) | $ | (12.2) | ||||
Loss per common share – basic: | ||||||||
Continuing operations | $ | (0.39) | $ | (0.25) | ||||
Discontinued operations | (0.14) | (0.08) | ||||||
Net loss | (0.52) | (0.33) | ||||||
Loss per common share – diluted: | ||||||||
Continuing operations | $ | (0.39) | $ | (0.25) | ||||
Discontinued operations | (0.14) | (0.08) | ||||||
Net loss | (0.52) | (0.33) | ||||||
Weighted average shares outstanding | ||||||||
Basic | 40.4 | 37.5 | ||||||
Diluted | 40.4 | 37.5 | ||||||
Table Two |
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IMATION CORP. |
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CONSOLIDATED BALANCE SHEETS |
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(In millions) |
||||||
(Unaudited) |
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March 31, | December 31, | |||||
2013 | 2012 | |||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 98.2 | $ | 108.7 | ||
Accounts receivable, net | 176.2 | 220.8 | ||||
Inventories | 133.6 | 166.0 | ||||
Other current assets | 92.2 | 61.6 | ||||
Total current assets |
500.2 | 557.1 | ||||
Property, plant and equipment, net | 55.8 | 58.9 | ||||
Intangible assets, net | 75.8 | 81.9 | ||||
Goodwill | 70.6 | 73.5 | ||||
Other assets | 22.7 | 22.1 | ||||
Total assets | $ | 725.1 | $ | 793.5 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Current liabilities | ||||||
Accounts payable | $ | 136.5 | $ | 162.7 | ||
Other current liabilities | 138.4 | 158.4 | ||||
Short-term debt | 20.0 | 20.0 | ||||
Total current liabilities | 294.9 | 341.1 | ||||
Other liabilities | 50.6 | 52.0 | ||||
Total liabilities | 345.5 | 393.1 | ||||
Commitments and contingencies | ||||||
Shareholders’ equity | 379.6 | 400.4 | ||||
Total liabilities and shareholders’ equity | $ | 725.1 | $ | 793.5 | ||
Table Three | |||||||||||||||||
IMATION CORP. | |||||||||||||||||
SUPPLEMENTAL SEGMENT AND PRODUCT INFORMATION | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2013 | 2012 | % Change | |||||||||||||||
Revenue | % Total | Revenue | % Total | ||||||||||||||
Consumer Storage and Accessories | |||||||||||||||||
Consumer storage media | $ | 114.2 | 50.9 | % | $ | 152.7 | 58.0 | % | -25.2 | % | |||||||
Audio and accessories | 7.6 | 3.4 | % | 9.4 | 3.6 | % | -19.1 | % | |||||||||
Total Consumer Storage and Accessories | 121.8 | 54.3 | % | 162.1 | 61.6 | % | -24.9 | % | |||||||||
Tiered Storage and Security Solutions | |||||||||||||||||
Commercial storage media | 66.9 | 29.8 | % | 86.2 | 32.7 | % | -22.4 | % | |||||||||
Storage and security solutions | 35.7 | 15.9 | % | 15.0 | 5.7 | % | 138.0 | % | |||||||||
Total Tiered Storage and Security Solutions | 102.6 | 45.7 | % | 101.2 | 38.4 | % | 1.4 | % | |||||||||
Total | $ | 224.4 | 100.0 | % | $ | 263.3 | 100.0 | % | |||||||||
Operating |
OI % |
Operating |
OI % |
||||||||||||||
Consumer Storage and Accessories | $ | 5.9 | 4.8 | % | $ | 16.6 | 10.2 | % | -64.5 | % | |||||||
Tiered Storage and Security Solutions | (3.0 | ) | -2.9 | % | (6.5 | ) | -6.4 | % | -53.8 | % | |||||||
Corp/Unallocated (1) | (17.6 | ) | NM | (15.7 | ) | NM | 12.1 | % | |||||||||
Total operating loss from continuing operations | $ | (14.7 | ) | -6.6 | % | $ | (5.6 | ) | -2.1 | % | |||||||
Gross Margin |
Gross Margin |
||||||||||||||||
Consumer Storage and Accessories | 17.7 |
% |
21.0 |
% |
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Tiered Storage and Security Solutions | 22.0 | 19.4 | |||||||||||||||
19.7 | 20.4 | ||||||||||||||||
Inventory write-offs related to restructuring programs |
(0.9 | ) | 0.0 | ||||||||||||||
Total | 18.8 |
% |
20.4 |
% |
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NM – Not Meaningful | |||||||||||||||||
(1) Corporate and unallocated amounts include depreciation and |
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Table Four | ||||||||
IMATION CORP. | ||||||||
ADDITIONAL INFORMATION | ||||||||
(Dollars in millions) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31 | ||||||||
Cash and Cash Flow Information | 2013 | 2012 | ||||||
Cash and cash equivalents – end of period | $ | 98.2 | $ | 216.2 | ||||
Capital Spending | $ | 1.4 | $ | 2.0 | ||||
Depreciation | $ | 2.8 | $ | 2.1 | ||||
Amortization | $ | 3.6 | $ | 7.2 | ||||
Asset Utilization Information * | ||||||||
March 31 |
December 31 |
|||||||
2013 |
2012 |
|||||||
Days Sales Outstanding (DSO) | 63 | 59 | ||||||
Days of Inventory Supply | 76 | 89 | ||||||
Debt to Total Capital | 5.0 | % | 4.8 | % | ||||
Other Information | ||||||||
Approximate employee count as of March 31, 2013: | 1,100 | |||||||
Approximate employee count as of December 31, 2012: | 1,230 | |||||||
Book value per share as of March 31, 2013: |
$9.37 |
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Shares used to calculate book value per share (millions): | 40.5 | |||||||
Imation did not repurchase shares of its stock in the first quarter of 2013. |
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*These operational measures, which we regularly use, are provided |
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Days Sales Outstanding is calculated using the count-back method, |
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Days of Inventory Supply is calculated using the current period |
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Debt to Total Capital is calculated by dividing total debt (long |
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Table Five | |||||||||||||||||||||||
IMATION CORP. | |||||||||||||||||||||||
Non-GAAP Financial Measures | |||||||||||||||||||||||
(In millions, except for per share amounts) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
March 31, 2013 | March 31, 2012 | ||||||||||||||||||||||
GAAP | Adj * | Non-GAAP | GAAP | Adj * | Non-GAAP | ||||||||||||||||||
Net revenue | $ | 224.4 | $ | – | $ | 224.4 | $ | 263.3 | $ | – | $ | 263.3 | |||||||||||
Cost of goods sold | 182.3 | (2.1 | ) | 180.2 | 209.7 | – | 209.7 | ||||||||||||||||
Adjusted gross profit |
$ | 42.1 | $ | 2.1 | $ | 44.2 | $ | 53.6 | $ | – | $ | 53.6 | |||||||||||
Adjusted gross margin | 18.8 | % | 19.7 | % | 20.4 | % | 20.4 | % | |||||||||||||||
Operating (loss) income from continuing operations | $ | (14.7 | ) | $ | 4.2 | $ | (10.5 | ) | $ | (5.6 | ) | $ | 1.3 | $ | (4.3 | ) | |||||||
Adjusted income tax provision | $ | 0.4 | $ | 1.1 | $ | 1.5 | $ | 1.3 | $ | – | $ | 1.3 | |||||||||||
Adjusted (loss) from continuing operations | $ | (15.6 | ) | $ | 3.1 | $ | (12.5 | ) | $ | (9.2 | ) | $ | 1.3 | $ | (7.9 | ) | |||||||
Adjusted (loss) earnings per common share from continuing |
$ | (0.39 | ) | $ | (0.31 | ) | $ | (0.25 | ) | $ | (0.21 | ) | |||||||||||
Adjusted weighted average shares outstanding – Diluted | 40.4 | 40.4 | 37.5 | 37.5 | |||||||||||||||||||
*See Table Six | |||||||||||||||||||||||
Table Six | ||||||||||
IMATION CORP. | ||||||||||
Non-GAAP Financial Measures | ||||||||||
(In millions, except for per share amounts) | ||||||||||
(Unaudited) | ||||||||||
Operating (loss) income / Adjusted operating (loss) income | ||||||||||
Three Months Ended | ||||||||||
March 31 | ||||||||||
2013 | 2012 | |||||||||
Operating loss: | $ | (14.7 | ) | $ | (5.6 | ) | ||||
Restructuring and other | ||||||||||
Restructuring | 1.5 | 0.6 | ||||||||
Other |
0.6 | 0.7 | ||||||||
Inventory write-downs related to restructuring programs included in cost of goods sold |
2.1 | – | ||||||||
Total adjustments | 4.2 | 1.3 | ||||||||
Adjusted operating (loss) income – Non-GAAP | $ | (10.5 | ) | $ | (4.3 | ) | ||||
Effect on diluted EPS: | ||||||||||
(Loss) income from operations | $ | (0.39 | ) | $ | (0.25 | ) | ||||
Restructuring and other | ||||||||||
Restructuring | 0.03 | 0.02 | ||||||||
Other | 0.01 | 0.02 | ||||||||
Inventory write-downs | 0.04 | – | ||||||||
Adjusted diluted EPS – Non-GAAP | $ | (0.31 | ) | $ | (0.21 | ) | ||||
EBITDA: | ||||||||||
Operating loss | $ | (14.7 | ) | $ | (5.6 | ) | ||||
Depreciation | 2.8 | 2.1 | ||||||||
Amortization | 3.6 | 7.2 | ||||||||
EBITDA | $ | (8.3 | ) | $ | 3.7 | |||||
Restructuring and other | 2.1 | 1.3 | ||||||||
Inventory write-downs related to restructuring programs included in cost of goods sold |
2.1 | – | ||||||||
Total adjustments | 4.2 | 1.3 | ||||||||
Adjusted EBITDA | $ | (4.1 | ) | $ | 5.0 | |||||
EBITDA is defined as operating income less depreciation and amortization. Adjusted EBITDA is defined as EBITDA before goodwill, restructuring and other, and inventory write-downs related to restructuring programs included in cost of goods sold. |
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The Non-GAAP financial measurements (adjusted operating income |
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Table Seven | ||||||||||||||||||||||
IMATION CORP. | ||||||||||||||||||||||
2012 FINANCIAL INFORMATION – DISCONTINUED OPERATIONS | ||||||||||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||||||||
(In millions, except for per share amounts) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||
Net revenue | $ | 263.3 | $ | 249.2 | $ | 227.4 | $ | 266.8 | $ | 1,006.7 | ||||||||||||
Cost of goods sold | 209.7 | 199.6 | 184.3 | 223.8 | 817.4 | |||||||||||||||||
Gross profit | 53.6 | 49.6 | 43.1 | 43.0 | 189.3 | |||||||||||||||||
Operating expense: | ||||||||||||||||||||||
Selling, general and administrative | 52.3 | 47.3 | 45.8 | 45.7 | 191.1 | |||||||||||||||||
Research and development | 5.6 | 5.5 | 4.6 | 4.7 | 20.4 | |||||||||||||||||
Intangible impairments | – |
– |
– | 251.8 | 251.8 | |||||||||||||||||
Goodwill impairment | – | – | – | 23.3 | 23.3 | |||||||||||||||||
Restructuring and other | 1.3 | 4.3 | (3.6 | ) | 19.1 | 21.1 | ||||||||||||||||
Total | 59.2 | 57.1 | 46.8 | 344.6 | 507.7 | |||||||||||||||||
Operating loss | (5.6 | ) | (7.5 | ) | (3.7 | ) | (301.6 | ) | (318.4 | ) | ||||||||||||
Other expense (income): | ||||||||||||||||||||||
Interest income | (0.1 | ) | (0.2 | ) | (0.1 | ) | (0.1 | ) | (0.5 | ) | ||||||||||||
Interest expense | 0.9 | 0.9 | 0.6 | 0.5 | 2.9 | |||||||||||||||||
Other, net | 1.5 | 1.1 | (0.4 | ) | 0.4 | 2.6 | ||||||||||||||||
Total | 2.3 | 1.8 | 0.1 | 0.8 | 5.0 | |||||||||||||||||
Loss before income taxes | (7.9 | ) | (9.3 | ) | (3.8 | ) | (302.4 | ) | (323.4 | ) | ||||||||||||
Income tax (benefit) provision | 1.3 | 0.2 | – | (0.1 | ) | 1.4 | ||||||||||||||||
Loss from continuing operations | (9.2 | ) | (9.5 | ) | (3.8 | ) | (302.3 | ) | (324.8 | ) | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from operations of discontinued businesses, net of |
(3.0 | ) | (2.5 | ) | (2.5 | ) | (7.9 | ) | (15.9 | ) | ||||||||||||
Net (loss) income | $ | (12.2 | ) | $ | (12.0 | ) | $ | (6.3 | ) | $ | (310.2 | ) | $ | (340.7 | ) | |||||||
(Loss) earnings per common share – basic:* | ||||||||||||||||||||||
Continuing operations | $ | (0.25 | ) | $ | (0.25 | ) | $ | (0.10 | ) | $ | (8.13 | ) | $ | (8.67 | ) | |||||||
Discontinued operations | (0.08 | ) | (0.07 | ) | (0.07 | ) | (0.21 | ) | (0.42 | ) | ||||||||||||
Net income | (0.33 | ) | (0.32 | ) | (0.17 | ) | (8.34 | ) | (9.09 | ) | ||||||||||||
(Loss) earnings per common share – diluted:* | ||||||||||||||||||||||
Continuing operations | $ | (0.25 | ) | $ | (0.25 | ) | $ | (0.10 | ) | $ | (8.13 | ) | $ | (8.67 | ) | |||||||
Discontinued operations | (0.08 | ) | (0.07 | ) | (0.07 | ) | (0.21 | ) | (0.42 | ) | ||||||||||||
Net income | (0.33 | ) | (0.32 | ) | (0.17 | ) | (8.34 | ) | (9.09 | ) | ||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||
Basic | 37.5 | 37.7 | 37.4 | 37.2 | 37.5 | |||||||||||||||||
Diluted | 37.5 | 37.7 | 37.4 | 37.2 | 37.5 | |||||||||||||||||
As of March 31, 2013, we are presenting discontinued operations for two businesses which we plan to divest. The Consolidated Statement of Operations for the Year Ended December 31, 2012 presented above has been prepared including discontinued operations for each quarter and in total for comparative purposes. |
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*The sum of the quarterly loss per share may not equal the annual loss per share as quarterly calculations are performed on a discrete basis. |
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Table Eight | |||||||||||||||||||||
IMATION CORP. | |||||||||||||||||||||
2012 FINANCIAL INFORMATION – REVISED SEGMENTS | |||||||||||||||||||||
SEGMENT AND PRODUCT INFORMATION | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||||
Revenue: | |||||||||||||||||||||
Consumer Storage and Accessories | |||||||||||||||||||||
Consumer storage media | $ | 152.7 | $ | 151.1 | $ | 133.5 | $ | 157.0 | $ | 594.3 | |||||||||||
Audio and accessories | 9.4 | 9.4 | 8.7 | 13.5 | 41.0 | ||||||||||||||||
Total Consumer Storage and Accessories | 162.1 | 160.5 | 142.2 | 170.5 | 635.3 | ||||||||||||||||
Tiered Storage and Security Solutions | |||||||||||||||||||||
Commercial storage media | 86.2 | 75.1 | 72.9 | 77.4 | 311.6 | ||||||||||||||||
Storage and security solutions | 15.0 | 13.6 | 12.3 | 18.9 | 59.8 | ||||||||||||||||
Total Tiered Storage and Security Solutions | 101.2 | 88.7 | 85.2 | 96.3 | 371.4 | ||||||||||||||||
Total | $ | 263.3 | $ | 249.2 | $ | 227.4 | $ | 266.8 | $ | 1,006.7 | |||||||||||
Operating income (loss): | |||||||||||||||||||||
Consumer Storage and Accessories | $ | 16.6 | $ | 16.0 | $ | 12.9 | $ | 16.0 | $ | 61.5 | |||||||||||
Tiered Storage and Security Solutions | (6.5 | ) | (6.0 | ) | (6.6 | ) | (7.6 | ) | (26.7 | ) | |||||||||||
Corp/Unallocated (1) | (15.7 | ) | (17.5 | ) | (10.0 | ) | (310.0 | ) | (353.2 | ) | |||||||||||
Total operating loss | $ | (5.6 | ) | $ | (7.5 | ) | $ | (3.7 | ) | $ | (301.6 | ) | $ | (318.4 | ) | ||||||
As of January 1, 2013, we revised our segment reporting to reflect |
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