Home | Business News | Browse by Publication | M | M2 Presswire

Company reaffirms full year revenue growth outlook and increases earnings outlook.

Article Excerpt
M2 PRESSWIRE-30 April 2003-IMATION: Company reaffirms full year revenue growth outlook and increases earnings outlook(C)1994-2003 M2 COMMUNICATIONS LTD

RDATE:04302003

Bracknell -- Imation, a leading supplier of removable data storage media, on April 22nd reported a net income of $21.5 million, or diluted earnings per share of $0.59, on $273.3 million in revenue. This compares with income from continuing operations of $15.7 million, or diluted earnings per share of $0.45, on total company revenues of $270.6 million for the first quarter of 2002. "Imation's core data storage business produced record revenue and operating income, even in a difficult economy," said Imation Chairman and CEO Bill Monahan. "Profit margins continued to improve as a result of Imation's efficient business model coupled with a solid performance in our international operations which enables us to generate solid earnings growth through leveraging a weaker dollar. We saw continued strong results in the business-to-business sector worldwide, while the U.S.

was relatively soft, particularly in the personal storage media sector." "We also continue to make progress on our strategic initiatives to build on the core data storage business. We recently announced the

launch of Global Data Media, a joint venture with Moser Baer India, which positions us to meet the growth...

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!