Oakdale, Minn. — Imation released financial results for the second quarter, ended June 30.
Second-quarter revenue of $547 million was up 32.5 percent, compared with $412.8 million in the second quarter of 2007. The company said growth was driven by optical and consumer electronic products primarily due to the TDK and Memcorp acquisitions that closed in the third quarter of 2007.
Gross margin was 17.3 percent for the quarter, relatively unchanged from last year's second quarter, said Imation.
Operating income in the second quarter was $12.2 million, compared with $2.6 million of operating loss in Q2 2007. Operating income in Q2 2008 included restructuring and other charges of $4 million, compared with charges of $20.8 million in Q2 2007.
Cash generated from operations for the quarter was $45.5 million, compared with $9.3 million in Q2 2007. Approximately 269,000 shares were repurchased during the quarter for $7 million, said Imation in a statement.
it would be closing its Camarillo, Calif., plant by the end of the year.