"Given our soft results it is now not likely that we will return to total company revenue growth in the near term," added Lucas.
During the quarter, Imation reported revenue declines of about 17% in Americas, 22% in Europe and 17.7% in North Asia, while the highest losses were reported in South Asia, where revenue was off almost 30%.
The firm also revealed that it would reduce its operating expenses by about 25%. Imation is also planning on restructuring into two business units, as it progresses on data storage and security products.
"First, we are reorganizing into two channel-focused business units; second, we are implementing an aggressive cost reduction program; and finally we will explore strategic options for our consumer electronic brands and businesses," Lucas said.
"These actions will further focus the Company on Secure and Scalable Storage with large, growing markets and higher margins."
This article is from the CBROnline archive: some formatting and images may not be present.
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