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October 27, 2010

Imation Q3 revenue down 14.7%

Posts operating loss of $2.3m

By CBR Staff Writer

Imation has reported revenue of $343.3m for the third quarter of 2010, a decrease of 14.7% as compared to $401.3m of the same quarter prior year.

The company posted gross margin of 16.2% as compared to 16.1% of Q3 FY09.

For the quarter, operating loss was $2.3m as compared to operating income of $1.7m in the third quarter of 2009.

Net loss for the third quarter of 2010 was $0.06m, as compared to net loss of $0.01 in the third quarter of 2009.

Imation chief executive officer Mark Lucas said they made solid progress on several important parts of their transformation including continued strong double digit revenue growth in emerging storage products, and improved gross margins in both their emerging storage and their electronics and accessories categories.

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