Imation Corp. (IMN), a manufacturer of removable data storage media products and accessories, Thursday, reported a profit for the fourth quarter, compared to a loss last year, reflecting mainly lower restructuring costs as well as the absence of impairment charges incurred last year.
For the quarter, net income was $6.7 million or $0.18 per share compared to a loss of $45.6 million or $1.22 per share last year.
The fourth quarter had restructuring and other charges of $3.8 million or $0.04 per share, much lower than $9.9 million or $0.16 per share in the prior-year period. In addition, last year's fourth quarter had goodwill impairment charges of $32.4 million, or $0.64 per share.
Excluding items, net earnings per share would have been $0.22, including a $0.14 per share one-time tax benefit, compared with total loss per share of $0.42 in the prior-year period.
Net revenue declined 12.1% to $451.7 million from $513.9 million last year, hurt by volume declines of approximately 7%, price reduction by about 9.6%, partially offset by favorable currency impact of 4.5%.
By geography, revenues from Americas, representing 37.9% of net revenue, declined 4.4% to $171.2 million from $179.1 million last year. Revenues from Europe, which represented 22.2% of net revenue, were $100.3 million, down 21.5% from $127.7 million last year. Asia-Pacific, which represents 27.9% of total revenue, reported a 17.5% increase in revenue to $126.2 million from $107.4 million last year. Electronics products revenues, representing 12% of total revenue, were $54.0 million, down 45.8% compared to $99.7 million last year.
Product wise, revenues from optical products declined 7.1% to $194.1 million from $208.9 million last year. Revenues for magnetic products were $127.8 million, down 12.3% compared to $145.7 million last year. Flash media products had a 30.2% increase in revenue to $29.3 million from $22.5 million last year. Electronics products, accessories and other revenues were $100.5 million, down 26.5% compared to $136.8 million last year.
Gross margins improved 1.2 percentage points to 15.3% from 14.1%, primarily driven by higher margins on electronic and optical products, offset by continued revenue declines in higher margin tape products.
Operating income was $4.5 million compared with loss of $50.0 million last year. Adjusting for the impact of restructuring and other charges and a prior-year goodwill impairment charge, operating income was $8.3 million compared to a operating loss of $7.7 million.
For the full year, the company reported a wider net loss of $42.2 million or $1.13 per share compared to a loss of $33.3 million or $0.89 per share. Revenue for the year declined 16.7% to $1.65 billion from $1.98 billion last year.
IMN is currently trading at $9.15, up 0.77% on the NYSE.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.