Imation takes fourth quarter hit

  • Article by: JENNIFER BJORHUS , Star Tribune
  • Updated: February 13, 2013 - 10:21 PM

Fourth quarter profits plummet as the company takes special charges of $305.2 million.

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elpam05Feb. 13, 13 3:19 PM

The past 16 years have been a cash cow for the various executive teams that have attempted to right this sinking ship while showing the door to thousands of workers who got nothing or a few months separation package. Bad business decisions rolled off the corporate assembly line like candy chocolates in an “I Love Lucy” episode. And now there is going to be something different, unique and novel that will mark a new profitable direction? When this race horse left the gate in 96 many suspected there might be a fractured leg. Unfortunately management simply wrapped it all up in pretty packaging for investors to drool at while its contents rotted from within. We can only hope for the best to those who had to endure the years of incompetent management, misguided technical decisions and eventual job loss for all of that precious human capital. “2 Billion Dollar ?” You choose the adjective.

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