Imation Corp. today released financial results for the fourth quarter and full year of 2006.
Highlights for Q4:
- Revenue of $459.0 million for Q4 2006 is up 34 percent compared with Q4 2005 revenue of $343.0 million. Growth was driven by the Memorex acquisition which closed in Q2 2006 and flash media products.
- Operating income for Q4 2006 of $32.0 million was up 30 percent compared with $24.6 million of operating income in Q4 2005.
- Diluted earnings per share from continuing operations was $0.69 in Q4 2006, up 33 percent compared with diluted EPS of $0.52 in Q4 2005.
Frank Russomanno, Acting Chief Executive Officer, President, and Chief Operating Officer for Imation, said: "I am very pleased to share these solid financial results. Our fourth quarter was a strong finish to a successful year, arguably one of the most successful in Imation's ten year history.
Our operating expense ratio set a record low in the quarter, exhibiting the strength of our leverageable business model and we saw gross margin improvement across our major product categories of magnetic, optical and flash products. We demonstrated our ability to grow profitably through a strategic acquisition -- Memorex - building on our portfolio of brands. Our successful integration of the acquisition builds on our project management skills and sets a solid platform for future growth initiatives.
My thanks to our global team who remained focused on meeting our full year plan as we integrated Memorex. Our 2007 outlook is for continued revenue and earnings growth. We are confident in our business plans and strategic direction and this management team remains committed to building shareholder value" - Imation.
Posted January 26th, 2007 by Nymphadora
