Imation Corp reported strong first-quarter results, as the Oakdale, Minnesota-based maker of imaging and data storage products booked net income of $6.1m on revenue down 22.6% at $402m. Net income in the year-ago quarter was $2.0m, or $0.05 per share. Earnings per share for the latest quarter came in at $0.16, soundly beating the First Call consensus of $0.06.
The drop in revenues is mostly attributable to results from the company’s medical imaging and CD ROM businesses, which have since been divested. Excluding those results from the year-ago period, Imation says comparable revenues grew 2.5% year-over-year.
The results were boosted by a strong showing from data storage products, with sales up roughly 24% led by network and data center offerings. Overall data storage and information management revenue rose to $219.9m, from $177.7m a year ago. For the full year, Imation says it hopes to see 3% to 5% revenue growth on a comparable basis.
