Although Imation’s stock fell 2.02% to $3.40 on June 12 and is down since the beginning of the year, the CEO is expecting a turnaround soon.
“Performance in our Consumer Storage and Accessories segment came in stronger than anticipated, with our Tiered Storage and Security Solutions segment a bit soft,” CEO Mark Lucas said in the company’s most recent earnings report. “As our growth investments in sales and channel resources and new products take root, and as the sluggish IT environment improves, we expect our revenues in this segment to increase.”
IMN has a 52 week trading range of $3.25 to $6.60 a share, reports Small Cap Network, for a market cap of $142.79 million plus the stock is down 26.2% since the start of the year, down 20.9% over the past year and down 62.4% over the past five years.
Imation Corp did report a 20.3% decline in net revenue to $178.9 million and a loss per diluted share from continuing operations of $0.41 verses $0.39.
“In 2011, we embarked on a strategic transformation to leverage Imation’s roots in data storage to become a major player in higher-growth, higher-margin industry segments,” Lucas said in the report. “Since then, we have exited two low-margin consumer electronics businesses, acquired NexsanTM and built a mobile security portfolio. We have done this with urgency, since approximately 65% of our volume is in declining businesses.”