Imation Corp. (IMN, Financial) filed Quarterly Report for the period ended 2009-03-31.
Imation Corp. develops manufactures and markets worldwide a widevariety of products and services for color management imaging and data storage applications. Their product and service offerings are used to capture process store enhance manipulate reproduce and distribute information and images in a wide range of commercial and consumer markets including enterprise data center computing network computing desktop and mobile computing commercial printing marketing communications and graphic arts and consumer photography. Imation Corp. has a market cap of $393.2 million; its shares were traded at around $10.42 with and P/S ratio of 0.2.
Our operating loss for the three months ended March 31, 2009 was driven by lower revenues and lower gross margins discussed above as well as higher restructuring and other charges. Total operating loss for the three months ended March 31, 2009 included restructuring and other expense of $5.5 million. Total operating income for the three months ended March 31, 2008 included restructuring and other expense of $0.7 million.
Our cash and cash equivalents balance as of March 31, 2009 was $103.0 million, an increase of $6.4 million from $96.6 million as of December 31, 2008. The increase was primarily due to operating cash inflows of $15.7 million, partially offset by cash paid for capital expenditures of $5.4 million.
Our accounts payable balance as of March 31, 2009 was $230.0 million, a decrease of $66.1 million from $296.1 million as of December 31, 2008. The decrease in accounts payable was due to lower purchasing levels.
Our other current liabilities balance as of March 31, 2009 was $165.7 million, a decrease of $29.3 million from $195.0 million as of December 31, 2008. The decrease was mainly due to a $19.4 million payment to TDK for a post-closing purchase price adjustment related to previously unfiled European value added tax returns, and payments made under our restructuring programs.
Cash flows from operating activities can fluctuate significantly from period to period as many items can significantly impact cash flows. Cash provided by operating activities of $15.7 million for the three months ended March 31, 2009, included a cash payment for $19.4 million to TDK for a post-closing purchase price adjustment for previously unfiled European value added tax returns, payments of $9.3 million under our restructuring programs and $0.4 million of pension funding partially offset by an income tax refund of $6.4 million. Cash provided by operating activities of $32.8 million for the three months ended March 31, 2008, included $6.5 million of cash paid for a TDK acquisition related liability, $11.5 million of payments under our restructuring programs and $0.6 million of pension funding.
Read the The complete ReportIMN is in the portfolios of Arnold Van Den Berg of Century Management, Bruce Sherman of Private Capital Management, Third Avenue Management.
Imation Corp. develops manufactures and markets worldwide a widevariety of products and services for color management imaging and data storage applications. Their product and service offerings are used to capture process store enhance manipulate reproduce and distribute information and images in a wide range of commercial and consumer markets including enterprise data center computing network computing desktop and mobile computing commercial printing marketing communications and graphic arts and consumer photography. Imation Corp. has a market cap of $393.2 million; its shares were traded at around $10.42 with and P/S ratio of 0.2.
Highlight of Business Operations:
Restructuring and other expense was $0.7 million for the three months ended March 31, 2008, primarily related to restructuring charges of $2.7 million offset by income of $2.3 million associated with the TDK post-closing purchase price adjustment. Restructuring charges for the three months ended March 31, 2008 were related to lease termination costs of $1.6 million associated with the full settlement of a leased office space no longer utilized and severance and severance-related costs of $1.1 million. The TDK post-closing purchase price adjustment was associated with the finalization of certain acquisition-related working capital amounts as negotiated with TDK.Our operating loss for the three months ended March 31, 2009 was driven by lower revenues and lower gross margins discussed above as well as higher restructuring and other charges. Total operating loss for the three months ended March 31, 2009 included restructuring and other expense of $5.5 million. Total operating income for the three months ended March 31, 2008 included restructuring and other expense of $0.7 million.
Our cash and cash equivalents balance as of March 31, 2009 was $103.0 million, an increase of $6.4 million from $96.6 million as of December 31, 2008. The increase was primarily due to operating cash inflows of $15.7 million, partially offset by cash paid for capital expenditures of $5.4 million.
Our accounts payable balance as of March 31, 2009 was $230.0 million, a decrease of $66.1 million from $296.1 million as of December 31, 2008. The decrease in accounts payable was due to lower purchasing levels.
Our other current liabilities balance as of March 31, 2009 was $165.7 million, a decrease of $29.3 million from $195.0 million as of December 31, 2008. The decrease was mainly due to a $19.4 million payment to TDK for a post-closing purchase price adjustment related to previously unfiled European value added tax returns, and payments made under our restructuring programs.
Cash flows from operating activities can fluctuate significantly from period to period as many items can significantly impact cash flows. Cash provided by operating activities of $15.7 million for the three months ended March 31, 2009, included a cash payment for $19.4 million to TDK for a post-closing purchase price adjustment for previously unfiled European value added tax returns, payments of $9.3 million under our restructuring programs and $0.4 million of pension funding partially offset by an income tax refund of $6.4 million. Cash provided by operating activities of $32.8 million for the three months ended March 31, 2008, included $6.5 million of cash paid for a TDK acquisition related liability, $11.5 million of payments under our restructuring programs and $0.6 million of pension funding.
Read the The complete ReportIMN is in the portfolios of Arnold Van Den Berg of Century Management, Bruce Sherman of Private Capital Management, Third Avenue Management.
