Imation reports loss in first quarter

Imation Corp. on Tuesday reported a 69 percent plunge in earnings for the first quarter.

The Oakdale-based storage and data security company said the net loss for the quarter ended March 31 was $12.2 million, or 33 cents a share, compared with a net loss of $7.2 million, or 19 cents a share, for the same period last year.

The company said excluding restructuring and other charges, the first-quarter loss would have been $7.6 million, or 29 cents a share.

Wall Street analysts were expecting a loss of 14 cents a share.

Revenue in the quarter decreased 11 percent to $281.7 million.

Imation CEO Mark Lucas said in a statement that despite declines in traditional storage revenue, including optical and magnetic tape media, several products showed strong growth, including mobile security products. He said the company is in the middle of a "strategic transformation" that is designed to build long-term growth.