imation corp (IMN) Key Developments
Imation Announces Board Changes
May 20 15
Imation announced that, based on the preliminary vote count provided by its proxy solicitor following the Company's 2015 Annual Meeting, shareholders have voted to elect to the Board of Directors the three nominees proposed by Clinton Group Inc.: Joseph A. De Perio, Robert B. Fernander and Barry L. Kasoff. These three individuals will replace outgoing Directors Mark E. Lucas, L. White Matthews, III and David B. Stevens.
Imation Seeks Strategic Alternatives
May 20 15
Imation Corp. (NYSE:IMN) is considering strategic alternatives. Imation's Chief Executive Officer, Mark Lucas, commented, "We thank all of our shareholders for their participation throughout this process. We look forward to working collaboratively with our new and existing directors to maximize shareholder value for all shareholders, including completing the fulsome review of strategic alternatives."
Imation Introduces Secure Data Discovery to Identify and Safeguard High-Value Data
May 14 15
Imation announced the introduction of Imation Secure Data Discovery an interactive software tool that helps organizations identify their high-value data and determine the most efficient way to store and protect that data. By implementing and using Secure Data Discovery, organizations can assess the value of their file data based on the ages and types of files they have the factors that Imation found in recent IT user surveys to be most directly related to data value and their IT system preferences. Secure Data Discovery quickly provides a report, analyzing how many of the organization's files are considered high-value data, how much disk space those files use and how much primary storage capacity can be saved by offloading less frequently accessed high-value data to an Imation Nexsan Assureon secure archive solution for long term protection. Secure Data Discovery users can download and save their analysis reports, and Imation and its channel partners will be able to offer consultative assessments to discuss their results and alternative best practices for protecting high-value data and driving storage efficiencies.
Imation Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015
May 6 15
Imation Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the first quarter of 2015, the company reported net revenue of $155.4 million against $178.9 million a year ago. Operating loss from continuing operations was $13.0 million against $16.1 million a year ago. Loss from continuing operations before income taxes was $14.3 million against $16.8 million a year ago. Loss from continuing operations was $14.4 million or $0.35 per diluted share against $16.8 million or $0.41 per diluted share a year ago. Net loss was $14.4 million or $0.35 per diluted share against $17.5 million or $0.43 per diluted share a year ago. Adjusted operating loss from continuing operations was $11.8 million against $14.0 million a year ago. Adjusted loss from continuing operations was $13.2 million or $0.32 per diluted share against $14.7 million or $0.36 per diluted share a year ago. LBITDA was $7.6 million against $10.6 million a year ago. Adjusted LBITDA was $6.4 million against $8.5 million a year ago. Book value per share as of March 31, 2015 was $5.38. The decline in revenue is attributed to a decline of $23.5 million in the legacy Consumer Storage Media business and foreign currency exchange rates, which negatively impacted first quarter 2015 revenues by 6.5%, or $11.7 million, compared to first quarter 2014.
Imation Corp Launches Secure Data Movement Architecture
May 6 15
Imation Corp. has launched its Secure Data Movement Architecture, or SDMA. Secure Data Movement Architecture, or SDMA gives organizations a holistic approach to actively manage their high-value data files and protect them from tampering, destruction, loss or leakage through their entire lifecycle. Imation's SDMA gives organizations a holistic approach to actively manage their high-value data files and protect them from tampering, destruction, loss or leakage through their entire lifecycle. SDMA empowers end users to manage their own policy for protecting their high-value data in addition to enabling organizational control and management policies. It also addresses the need to safeguard data files throughout the data lifecycle.