Last $3.85 USD
Change Today +0.08 / 2.12%
Volume 8.9K
IMN On Other Exchanges
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As of 9:51 AM 01/26/15 All times are local (Market data is delayed by at least 15 minutes).

imation corp (IMN) Key Developments

Imation Corp. Adds to Link Portfolio and Highlights New Products at the 2015 Consumer Electronics Show

Imation Corp. announced the new LINK Mobile Express for Android devices and availability for the LINK Power Drive for iOS devices. LINK Mobile Express, a dual micro USB and USB 3.0 flash drive, is the perfect solution for saving and protecting this valuable content. The custom Imation LINK app works seamlessly with the LINK Mobile Express for transferring and streaming photos, videos and files, as well as sharing content on social media sites. It also connects to personal cloud storage accounts for convenient mobile content management across multiple data storage platforms. The Imation LINK Mobile Express will be available in Q1’15 in the U.S. in 16GB, 32GB and 64GB capacities for the manufacturer’s suggested retail price of $24.95, $34.95 and $64.95. LINK Mobile Express Key Features: Sliding design protects micro USB connector; USB 3.0 SuperSpeed; Internet required for transferring data; Works with free Imation LINK app to manage content; Compatible with devices operating Android 4.1 or higher with USB OTG support. In addition, the company also announced availability of the LINK Power Drive, a combination flash storage drive and power bank for iOS devices. The LINK Power Drive offers the convenience even while charging an iPhone to stream content to and from an iPhone and the LINK Power Drive. With a 3,000 mAh battery, it refreshes iPhone, iPod touch and iPad devices, saving consumers the hassle of locating power outlets when out and about. LINK Power Drive Key Features: Lightweight, compact and highly portable: 2.5 inches x 2.75 inches x 0.75 inches and weighing 3.9 ounces; Mobile data storage and power bank for iOS devices; Connects to a mobile device and allows users to Free up space on their mobile device, Add content from their computer and transfer to their mobile device, Upload, download or stream photos and videos to and from iPhone, while charging, Works with free Imation LINK app to manage content, Compatible with devices running iOS 7.0 and above with Lightning connector, MFi certified for iPhone 6 Plus, iPhone 6, iPhone 5, iPhone 5c, and iPhone 5s and iPod touch Built-in stand for iPhone USB 2.0. The Imation LINK Power Drive is available in the U.S. in 16GB, 32GB and 64GB capacities for the manufacturer’s suggested retail price of $129.95, $149.95 and $179.95.

Imation Appoints Geoff Barrall to its Board of Directors

Imation announced that Dr. Geoff Barrall has been appointed to its board of directors, effective December 17, 2014. Barrall is the chief executive officer of Connected Data, creator of the peer to peer private storage devices. He currently serves as Chairman of the Board of Gridstore Inc. and he has previously served on the boards of Nevex Virtual Technologies Inc.

Imation Launches LINK Power Drive, a Combination Flash Drive and Power Bank for iPhone

Imation Corp. announced the Imation LINK Power Drive. The new device brings flash storage and battery-charging capabilities together in a single unit for the iPhone and other iOS devices. The Imation LINK Power Drive offers a reliable charging source for someone on the go. Its 3,000 mAh-rechargeable battery refreshes the iPhone and iPod touch, saving users the hassle of locating power outlets. In addition, it provides the added convenience--even while recharging--of streaming photos, videos and endless hours of music to and from an iPhone and the Imation LINK Power Drive. With its light weight and compact size, the drive fits easily in a bag or purse. Key features: Light weight, compact and highly portable: 2.5 inches x 2.75 inches x 0.75 inches and weighing 3.9 ounces - Mobile data storage and power bank for iPhone 5, 5c, and 5s and iPod touch (5th gen) - Connects to user mobile device (iOS) and allows users to - Free up space on their mobile device - Add content from your computer and transfer to user mobile device - Upload, download or stream photos and videos to and from iPhone, while charging - Works with free Imation LINK app to manage content - Compatible with devices running iOS 7.0 and above with Lightning connector - MFi certified - Built-in stand for iPhone - USB 2.0. The Imation LINK Power Drive will be available in the U.S. in November 2014 in 16GB, 32GB and 64GB capacities for the anticipated retail price of $99.99 (16GB), $119.99 (32GB) and $149.99(64GB).

Spear Point Demanded Divestiture in Letter to Board

Spear Point which owns more than 2% of Imation's stock and group of dissident shareholders have demanded the ouster of Chief Executive Officer Mark Lucas and the sale of certain assets to bolster shareholder value. Spear Point asked the Board to "immediately hire an investment bank" to look for buyers for various Imation assets and to sell Imation’s corporate headquarters as has been previously stated as an objective of Imation. In the absence of a divestiture of assets, Spear Point said, the Board should consider selling the entire company. Imation's Chief Financial Officer Scott Robinson said in a statement that the company "welcomes constructive input toward our shared goal of maximizing long-term value for all stockholders." "The Company has engaged in a constructive dialogue with Spear Point and expects to continue to do so," Robinson said.

Imation Corp. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Goodwill Impairment Charges for the Third Quarter Ended September 30, 2014

Imation Corp. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported operating loss from continuing operations of USD 55.8 million, loss from continuing operations before income taxes of USD 58.0 million, loss from continuing operations of USD 61.4 million or USD 1.49 per basic and diluted share and net loss of USD 61.4 million or USD 1.49 per basic and diluted share on net revenue of USD 175.0 million against operating loss from continuing operations of USD 26.5 million, loss from continuing operations before income taxes of USD 28.2 million, loss from continuing operations of USD 26.2 million or USD 0.65 per basic and diluted share and net loss of USD 34.9 million or USD 0.86 per basic and diluted share on net revenue of USD 191.9 million reported in the same period last year. Adjusted operating loss from continuing operations was USD 11.6 million against USD 14.8 million reported last year. Adjusted loss from continuing operations was USD 17.2 million or USD 0.42 per diluted share against USD 16.9 million or USD 0.42 per diluted share a year ago. LBITDA was USD 50.3 million compared to USD 20.6 million a year ago. Adjusted LBITDA was USD 6.1 million compared to USD 8.9 million a year ago. Capital spending was USD 3.0 million compared to USD 1.7 million a year ago. For the nine months, the company has reported operating loss from continuing operations of USD 92.0 million, loss from continuing operations before income taxes of USD 96.2 million, loss from continuing operations of USD 98.0 million or USD 2.39 per basic and diluted share and net loss of USD 100.3 million or USD 2.45 per basic and diluted share on net revenue of USD 532.5 million compared to operating loss from continuing operations of USD 41.2 million, loss from continuing operations before income taxes of USD 44.1 million, loss from continuing operations of USD 43.6 million or USD 1.08 per basic and diluted share and net loss of USD 61.1 million or USD 1.51 per basic and diluted share on net revenue of USD 628.0 million reported in the same period last year. Adjusted operating loss from continuing operations was USD 40.5 million against USD 20.2 million reported last year. Adjusted loss from continuing operations was USD 46.5 million or USD 1.13 per diluted share against USD 25.0 million or USD 0.62 per diluted share a year ago. LBITDA was USD 75.6 million compared to USD 22.9 million a year ago. Adjusted LBITDA was USD 24.1 million compared to USD 1.9 million a year ago. Capital spending was USD 5.3 million compared to USD 5.2 million a year ago. Book value per share was USD 6.50 as on September 30, 2014. For the quarter, the company reported goodwill impairment charges of USD 35.4 million.

 

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