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Investor Relations |
1997 First Quarter Earnings |
IMATION CORP.
Statement Of Operations As % of Revenues
First Quarter, 1997
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March 31, 1997
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AdjustedMarch 31, 1997
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Net revenues
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100.0%
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100.0%
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Cost of goods sold
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63.7%
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64.9%
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Gross profit
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36.3%
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35.1%
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Operating expenses:
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Selling general and
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administrative
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24.3%
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22.7%
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Research and development
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6.9%
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8.3%
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Restructuring charge
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-
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-
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Total
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31.2%
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31.0%
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Operating income
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5.1%
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4.1%
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Non-operating expense
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1.1%
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0.5%
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Income before tax
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and minority interest
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4.0%
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3.6%
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Income tax provision
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1.8%
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1.5%
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Minority interest
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-
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-
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Net Income
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2.2%
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2.1%
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IMATION CORP.
Statement Of Operations
First Quarter, 1997
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Reported
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Adjusted
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Adjusted
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March 31, 1997
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March 31, 1997
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Special Charges
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March 31, 1997
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Percent Change
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Net revenues
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$547.7
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$576.1
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$-
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$576.1
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-4.9%
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Cost of goods sold
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348.7
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373.8
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-
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373.8
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-6.7%
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Gross profit
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199.0
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202.3
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-
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202.3
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-1.6%
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Operating expenses:
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Selling general and
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administrative
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133.0
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130.7
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-
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130.7
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1.8%
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Research and development
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37.8
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47.9
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-
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47.9
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-21.1%
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Restructuring charge
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-
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10.4
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(10.4)
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-
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-
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Total
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170.8
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189.0
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(10.4)
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178.6
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-4.4%
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Operating income
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28.2
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13.3
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10.4
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23.7
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19.0%
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Non-operating expense
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6.4
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3.2
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-
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3.2
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100.0%
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Income before tax
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and minority interest
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21.8
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10.1
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10.4
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20.5
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6.3%
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Income tax provision
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9.8
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4.1
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4.3
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8.4
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16.7%
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Minority interest
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-
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(0.1)
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-
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(0.1)
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-
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Net income
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$12.0
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$6.1
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$6.1
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$12.2
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-1.6%
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Earnings per Common Share
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$ 0.30
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$ 0.14
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$ 0.15
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$ 0.29
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Wtd Avg Common Shares O/S
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40.697
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41.930
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41.930
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41.930
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Certain portions of this news release which do not relate to historical financial information may be deemed to constitute forward looking statements which are subject to various factors that could cause actual results in the future to differ materially from these statements. Among these factors are the Company's ability to meet its cost reduction, revenue growth and profitability targets, its ability to establish itself as an independent public company, competitive industry conditions including historical price erosion in certain product categories, foreign currency fluctuations, and the market acceptance of newly introduced products as well as various factors set forth in the Company's filings with the Securities and Exchange Commission, including its 1996 Annual Report on Form 10-K.
Copyright 1996 Imation. All rights reserved.
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