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News Breaks
February 7, 2014
07:10 EDTIMNImation reports Q4 ex-items EPS 25c vs 16c last year
Reports Q4 revenue $232.8M, consensus $224.05M.
News For IMN From The Last 14 Days
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September 29, 2015
10:00 EDTIMNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: ARM Holdings (ARMH) downgraded to Neutral from Buy at Natixis... Arthur J. Gallagher (AJG) downgraded to Hold from Buy at Sandler ONeill... CareDx (CDNA) downgraded to Market Perform from Outperform at Raymond James... Carlisle (CSL) downgraded to Sector Weight from Overweight at KeyBanc... Imation (IMN) downgraded to Hold from Buy at Lake Street... Mediaset Espana (GETVF) downgraded to Underweight from Equal Weight at Barclays... New Source Energy (NSLP) downgraded to Sell from Hold at Wunderlich... Peugeot (PUGOY) downgraded to Buy from Conviction Buy at Goldman... RTL Group (RGXLY) downgraded to Equal Weight from Overweight at Barclays... Regal-Beloit (RBC) downgraded to Neutral from Buy at Buckingham... Sequenom (SQNM) downgraded to Market Perform from Outperform at William Blair... Southern Copper (SCCO) downgraded to Sector Perform at Scotia Howard Weil... TerraForm Global (GLBL) downgraded to Neutral from Overweight at JPMorgan... Verastem (VSTM) downgraded to Hold from Buy at Jefferies... Vital Therapies (VTL) downgraded to Neutral from Buy at SunTrust... Williams (WMB) downgraded to Sector Perform from Outperform at Scotia Howard Weil.
09:03 EDTIMNImation downgraded to Hold from Buy at Lake Street
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September 28, 2015
17:55 EDTIMNImation announces steps to accelerate strategic transformation
Imation announced a series of actions designed to accelerate its strategic transformation. The Board of Directors has authorized plans to wind down the non-European operations of the company's legacy tape media business and Consumer Storage and Accessories segment, and to end the long-term license agreement with TDK Corporation. Imation will leverage cash from the wind down to reinvest in its Tiered Storage and Security Solutions segment. The streamlined Imation will focus on the significant market opportunity for secure data-storage solutions, helping organizations worldwide safeguard high-value data while addressing scale, availability and performance requirements. The Company is also capitalizing on the strong demand for comprehensive solutions for securing the mobile workforce. The Company will also evaluate ways to invest its capital to create equity value for shareholders. As part of its efforts to become a pure-play data-storage and security company, Imation reached a definitive agreement with TDK under which TDK will relinquish substantially all of its investor rights (including its board nomination rights), Imation's license rights to the TDK Life on Record trademark will terminate, and TDK will transfer to Imation approximately 6.7M shares of Imation common stock that TDK currently owns. The transaction is expected to close in the fourth quarter of 2015. To facilitate these transitions, the Company plans to execute Transition Service Agreements with customers to provide for an orderly transition and inventory replenishment through the end of 2015. Imation also announced that current Board member Robert B. Fernander has been appointed Interim Group President, Tiered Storage and Security Solutions and will oversee the operations of the TSS business segment. Fernander is a seasoned technology professional with an established track record of enhancing technology-based companies. He currently serves as a strategic advisor for I/O Switch Technologies, Inc., a developer of data center technologies, Storage Strategies NOW, an industry analyst firm that offers written publications and analysis for IT users, business and technology leaders and venture capitalists, and FLM.TV, a company focused on delivering, distributing, and marketing independent films. Fernander served as the CEO and a member of the board of directors of Gnodal Limited, a storage and computer networking company, from 2012 until 2013 when it was acquired by Cray Inc. The Company anticipates pre-tax restructuring and other charges ranging from $140M-$160M, including a non-cash charge of $110M-$120M, primarily related to the goodwill and intangible write-off. The majority of these restructuring charges will be incurred in fiscal year 2015 and are primarily for severance as well as the write-down of certain intangible assets, goodwill and fixed assets. The wind downs are expected to be completed by first quarter of fiscal 2016. The Company expects that once the wind downs are complete, the streamlined business will operate at break-even on a run-rate basis in 2016. Imation's Board and management team continue to work closely with its advisors to explore all potential strategic alternatives designed to maximize shareholder value.

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