Imation Corp. (IMN) Misses Q3 EPS by 49c

Imation Corp. (NYSE: IMN) reported Q3 EPS of ($0.93), $0.49 worse than the analyst estimate of ($0.44). Revenue for the quarter came in at $129.2 million versus the consensus estimate of $151.8 million.

Special charges were $113.9 million in Q3 2015 compared to special charges of $39.6 million in Q3 2014. Special charges in Q3 2015 related to restructuring and other of $40.2 million, intangible impairments of $37.6 million and goodwill impairments of $36.1 million. The restructuring and other relates to $17.7 million of severance and other costs and $22.5 million of other charges which are mainly related to a write-down of the carrying value of our corporate headquarters. The goodwill and intangible asset impairments were the result of the Company revising its strategy by adjusting its product portfolio, as well as changing its ongoing investment philosophy such that the investments in operating expenses will be significantly reduced.

For earnings history and earnings-related data on Imation Corp. (IMN) click here.

You May Also Be Interested In

• Gilead Sciences (GILD) Misses Q1 EPS by 288c
• Edwards Lifesciences (EW) Tops Q1 EPS by 2c; offers guidance
• PTC Therapeutics (PTCT) Tops Q1 EPS by 9c, provides guidance