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News & Events

Imation Names Dr. Geoff Barrall to Board of Directors

OAKDALE, Minn.--(BUSINESS WIRE)--Dec. 11, 2014-- Imation (NYSE:IMN), a global data storage and information security company, today announced that Dr. Geoff Barrall has been appointed to its board of directors, effective December 17, 2014. Dr. Barrall is the chief executive officer of Connected Data, creator of the world’s first peer to peer private storage devices.

“We are very pleased to welcome Geoff, a proven industry executive, to our board,” said L. White Matthews III, chairman of the board. “With more than 20 years of relevant experience working with high growth technology companies, Geoff will play a key role in helping to oversee Imation’s continued evolution into a global leader in high security data storage and solutions. His understanding of the storage landscape, deep operational experience and previous success with results-driven businesses will prove invaluable for the company moving forwards.”

Dr. Barrall, who founded two leading storage companies, has served in his current role since November 2011. Previously, Dr. Barrall held senior executive and board positions with Overland Storage, Data Robotics Inc. and BlueArc. Dr. Barrall was the Chief Technology Officer and Vice President of Engineering of Overland Storage, Inc., a global provider of unified data management and was the Chief Executive Officer and Board member of Drobo, Inc., a maker of data storage products. In these roles, Dr. Barrall contributed to product management, marketing strategies and I.T. initiatives that drove business objectives.

He currently serves as Chairman of the Board of Gridstore, Inc. and he has previously served on the boards of Nevex Virtual Technologies, Inc., Nexsan Corporation (prior to its acquisition by Imation) and Tacit Networks, Inc.

Dr. Barrall holds a BSc and Ph.D. in Cybernetics, both from the University of Reading, UK.

About Imation Corp.
Imation (NYSE: IMN) is a global data storage and data security company. Our products and solutions help organizations and individuals store, manage and protect their digital content. Imation’s storage and security portfolio includes Nexsan high-density, archive and solid-state optimized unified hybrid storage solutions; IronKey mobile security solutions that address the needs of professionals for secure data transport and mobile workspaces; and consumer storage solutions, audio products and accessories sold under the Imation, Memorex and TDK Life on Record brands. Imation reaches customers in more than 100 countries through a powerful global distribution network. For more information, visit www.imation.com.

Source: Imation Corp.

Imation Corp.
Scott Robinson, 651-704-4311
srobinson@imation.com

BVE London

February 24-26, 2015: ExCeL London

IronKey™ Workspace W700 Wins Gold in Best in Biz Awards 2014

Most Secure PC on a Stick™ Solution Receives Top Honor for Enterprise Product of the Year

OAKDALE, Minn.--(BUSINESS WIRE)--Dec. 10, 2014-- Imation Corp. (NYSE:IMN), a global data storage and information security company, today announced that IronKey Workspace W700 has been named a Gold winner in the Enterprise Product of the Year in the hardware category in Best in Biz Awards 2014, the only independent business award program judged by members of the press and industry analysts.

IronKey Workspace W700 with Windows To Go equips employees and contractors with a portable Windows 8.1 desktop—complete with their applications, security controls and access policies—all stored on a ruggedized, fully manageable USB flash drive that can run on any compatible PC, tablet or Mac. This Microsoft Certified solution secures data while letting IT centrally control access, even providing the ability to remotely wipe or disable lost or stolen drives. The W700 represents an affordable laptop or VDI alternative for organizations and provides a secure, high-performance solution to enable Bring Your Own Device (BYOD) or outfit a mobile workforce.

Best in Biz Awards’ fourth annual North American program was its most competitive yet. As in previous years, the fourth annual program in North America featured a large and distinguished judging panel comprised of members of the media who reviewed and scored the hundreds of award nominations. More than 550 award nominations were received this year in a variety of company, executive, team, and product focused categories. Nominations were fielded from public and private companies of all sizes, from virtually every major industry and region in the U.S. and Canada.

Best in Biz Awards 2014 honors were presented in 60 categories, including Company of the Year, Fastest-Growing Company of the Year, Most Innovative Company of the Year, Best Place to Work, Technology Department of the Year, Executive of the Year, Most Innovative Product of the Year, Best New Product of the Year, PR Campaign of the Year and Website of the Year.

“Organizations are looking for secure and cost-effective ways to serve the needs of a quickly evolving, highly mobile workforce,” said Barbara Nelson, general manager and vice president for Imation Mobile Security. “Having IronKey Workspace W700 receive top honors for Enterprise Product of the Year is a great achievement. It not only showcases Windows To Go as an innovative, clear-cut alternative to help organizations securely enable their employees and contractors, but it does so while providing as much as 90 percent cost savings over traditional computing approaches.”

Winners of Best in Biz Awards 2014 were determined based on scoring from an independent panel of 53 judges from highly recognized newspapers, business, consumer and technology publications, radio outlets, and analyst firms. In addition to the numerous judges returning from previous panels, this year’s 53-person judging panel included several worthy additions to this high-profile group. The panel included contributors to AdWeek, American Banker, Android Central, Atlanta Tribune, Boston.com, Buffalo News, Business News Daily, Chip Design Magazine, Computerworld, Connecting Women Radio, Consumer Affairs, Crain’s New York Business, CRN, Detroit Free Press, Digital Trends, ECT News Network, Entrepreneur, eWeek Channel Insider, Fierce Online Video, IDB Ventures, IEEE Institute, Inc. Magazine, InfoRisk Today, Information Week, Journal Times, King Features Syndicate, L.A. Biz, Lab Reviews, Law Technology News, Marketing Profs, MediaPost, Miami Herald, Motley Fool, New York Observer, NorthBay Biz, PC Magazine, peHUB, Phoenix Business Journal, Quad-City Times, San Jose Mercury News, Silicon Valley Business Journal, Small Business Digest, Tech Cocktail, Tech-Gaming, TheDeal.com, Upstart Business Journal, Venture Capital Journal, Wired, Xconomy and ZDNet.

For a full list of gold, silver and bronze winners in Best in Biz Awards 2014, visit: http://www.bestinbizawards.com/2014-winners.

About Imation Corp.
Imation is a global data storage and information security company. Our products and solutions help organizations and individuals store, manage and protect their digital content. Imation’s storage and security portfolio includes Nexsan™ high-density, archive and solid-state optimized unified hybrid storage solutions; IronKey mobile security solutions that address the needs of professionals for secure data transport and mobile workspaces; and consumer storage solutions, audio products and accessories sold under the Imation™, Memorex™ and TDK Life on Record™ brands. Imation reaches customers in more than 100 countries through a powerful global distribution network. For more information, visit www.imation.com.

About Best in Biz Awards
Best in Biz Awards recognizes top companies, teams, executives and products for their business success as judged by established members of the press and industry analysts. Best in Biz Awards honors are conferred in two separate programs annually: North America, and International. Entries will begin to be accepted in the Best in Biz Awards 2015 International program in January 2015. Any organization worldwide may participate in the International program in any of the more than 60 company, department or team, executive and product categories. For more information about the entry process and categories in the International program, please visit: http://intl.bestinbizawards.com.

Imation, the Imation logo, IronKey, the IronKey logo, PC on a Stick, Nexsan, and Memorex are trademarks of Imation Corp. and its subsidiaries. TDK Life on Record is used under a trademark license from TDK Corporation. All other trademarks are property of their respective owners.

Source: Imation Corp.

TRAINER COMMUNICATIONS for Imation
Justin Gillespie, 925-271-8215
ironkey@trainercomm.com

NAB Show

Saturday, April 11, 2015: Las Vegas Convention Center, Las Vegas, NV

IronKey™ W700 Mobile Workspace Achieves Editor's Choice Award from SSD Review for Most Secure, Highest-Performing Windows To Go Drive

OAKDALE, Minn.--(BUSINESS WIRE)--Nov. 5, 2014-- Imation Corp. (NYSE:IMN), a global data storage and information security company, today announced that its IronKey Workspace W700 Windows To Go Drive has received the Editor’s Choice Award from SSD Review, a leading online information resource for the SSD industry. IronKey Workspace with Windows To Go provides a Windows 8.1 corporate image on a ruggedized, fully manageable USB 3.0 flash drive that enables mobile employees, teleworkers and contractors to work on any compatible computer. The editors noted it is the fastest-performing Windows To Go drive on the market and is the only one to receive full device FIPS 140-2 Level 3 certification, making it secure enough for storing the most sensitive information for government and other highly regulated industries such as health care and finance.

In the report, Sean Webster, SSD editor at the SSD Review, stated, “Workspace Windows To Go flash drives can definitely increase productivity by speeding up older systems, as well as saving companies thousands of dollars on IT resources. The use of bring your own device (BYOD) programs and common contractor and new employee acquisitions create opportunities for companies to use these devices to get them up and running quick. Companies can quickly hand out these secure Windows To Go USBs to mobile workers rather than expensive laptops and keep them secure on a fully managed environment.”

Windows To Go is a feature of Windows 8.1 Enterprise, which is available to customers with Software Assurance to help them address a wide range of mobility requirements. An organization’s corporate image, operating system, applications and data are all contained on the Microsoft-certified IronKey Workspace USB drive. The host PC hardware boots completely off the Windows To Go drive and can use local resources such as monitors, CPUs and network connections. The device can be centrally managed via the cloud or on-premises and offers remote wipe and disable features to protect against loss and theft. The Windows To Go solution is ideal for mobile workers, teleworkers and contractors, fueling secure BYOD strategies that allow employees to use their personal PCs or Mac computers for work.

Additional key findings from the review:

  • “The fast and rugged IronKey Workspace W700 offers end users a responsive and military grade secure work environment on almost any PC.”
  • “Windows To Go is the main reason to purchase these drives. It enables employees to continue working on projects through a mobile and secure full featured Windows 8/8.1 platform even when away from the office…The W700 allows for full host computer isolation. The IronKey Workspace W700 doesn’t just boot off PCs certified to run Microsoft Windows 7 or higher operating systems, it is also able to boot from Intel based Apple computers..."

Supporting Resources:

About Imation Corp.
Imation is a global data storage and information security company. Our products and solutions help organizations and individuals store, manage and protect their digital content. Imation’s storage and security portfolio includes Nexsan™ high-density, archive and solid-state optimized unified hybrid storage solutions; IronKey mobile security solutions that address the needs of professionals for secure data transport and mobile workspaces; and consumer storage solutions, audio products and accessories sold under the Imation™, Memorex™ and TDK Life on Record™ brands. Imation reaches customers in more than 100 countries through a powerful global distribution network. For more information, visit www.imation.com.

Imation, the Imation logo, IronKey, the IronKey logo, PC on a Stick, Nexsan, and Memorex are trademarks of Imation Corp. and its subsidiaries. TDK Life on Record is used under a trademark license from TDK Corporation. All other trademarks are property of their respective owners.

Source: Imation Corp.

TRAINER COMMUNICATIONS for Imation
Justin Gillespie, 925-271-8215
ironkey@trainercomm.com

Imation Reports Third Quarter 2014 Financial Results

OAKDALE, Minn.--(BUSINESS WIRE)--Nov. 4, 2014-- Imation Corp. (NYSE: IMN) today released financial results for the third quarter ended September 30, 2014, which were generally in line with expectations, excluding a one-time, non-cash goodwill impairment charge.

Q3 Overview

For Q3 2014, Imation reported net revenue of $175.0 million, down 8.8 percent from Q3 2013. Operating loss from continuing operations totaled $55.8 million, or $1.49 per share, in Q3 2014, including special charges of $44.2 million, or $1.07 per diluted share. This compares to an operating loss from continuing operations of $26.5 million, or $0.65 per share, in Q3 2013, including special charges of $11.7 million or $0.23 per share. Excluding these charges, operating loss from continuing operations in Q3 2014 totaled $11.6 million, or $0.42 per share, compared to $14.8 million, or $0.42 per diluted share, in Q3 2013. The Company had a cash balance of $110.7 million as of September 30, 2014, and generated positive operating cash flows during the third quarter.

Imation’s CEO Mark Lucas commented, “We continue to make progress in our evolution; however, we recognize we have much more to do as we position the business for consistent and sustainable growth. Strategically in the quarter, we continued to introduce new data storage products, initiate corporate and government trials for IronKey™ PC on a Stick™, lower our operating expenses and maximize cash flow.”

Declines in Imation’s legacy businesses of magnetic tape and optical media moderated in the quarter. The Consumer Storage and Accessories (CSA) segment revenue declined 15.1 percent, but gross margins improved by 3.0 percent from Q3 2013. Imation’s Tiered Storage and Security Solutions (TSS) revenue and gross margins were essentially flat compared to the prior year.

Business Segment Overview

Lucas said, “Our Nexsan™ data storage portfolio posted another sequential quarter of growth, as did gross margins in TSS, which serve as further indication that our ongoing efforts to generate accelerated momentum are working. We remain optimistic about the growth potential of our mobile security business – we have completed more than 100 proof of concepts for IronKey PC on a Stick and are beginning to see customers launch deployments as organizations pursue secure and easy to use ‘Windows to Go’ solutions.”

Lucas added, “In our legacy businesses, we saw solid margin and cash flows. In our Audio and Accessories category, we experienced strong demand with revenue growth of nearly 15 percent for the third quarter.

“Looking ahead, we remain focused on building a platform based on Imation’s data storage roots for profitable growth over the long term. We are confident that the momentum in our Storage and Security solutions portfolio will deliver sustained revenue and operating earnings growth. We are especially excited with the introduction of a number of new products including our latest addition to the Nexsan NST™ family of storage solutions, the ultra-efficient hybrid storage appliance NST4000 and the expanded industry adoption of our IronKey products,” concluded Lucas.

Detailed Q3 2014 Analysis

The following financial results are for continuing operations for the current and prior periods unless otherwise indicated. See Tables Five and Six for a description of non-GAAP financial measures.

Net revenue for Q3 2014 was $175.0 million, down 8.8 percent from Q3 2013. Foreign currency exchange rates did not significantly impact Q3 2014 revenue compared to Q3 2013.

Gross margin for Q3 2014 was 17.8 percent, down 1.0 percentage point from 18.8 percent in Q3 2013 and included a $4.6 million inventory write-off related to magnetic tape outsourcing changes. Excluding the impact of the write-off, gross margin was 20.5 percent. CSA gross margin was 21.5 percent, up from 18.5 percent in Q3 2013, and TSS gross margin was flat in Q3 2014 compared to the prior year (See Tables Five and Six for non-GAAP measures).

Selling, general and administrative (SG&A) expenses in Q3 2014 were $42.5 million, down $3.8 million compared with Q3 2013 levels of $46.3 million. The Company continued to actively rationalize its legacy business SG&A expense, which has decreased more than 35 percent from Q3 2012. During the quarter the Company continued to strategically invest in Imation Storage Solutions to accelerate growth.

Research and development (R&D) expenses in Q3 2014 were $4.9 million, up slightly from $4.6 million in Q3 2013, which reflects the Company’s increased investment in higher-margin projects in TSS. The Company continued to invest in new product development in its priority businesses and has aggressively reduced R&D expense associated with legacy media products.

Special charges in Q3 2014 consisted of a one-time, non-cash goodwill impairment charge of $35.4 million associated with the Nexsan acquisition and other charges of $8.8 million primarily from previously announced restructuring programs. The Company conducted an impairment test and determined that the valuation of goodwill related to the Nexsan acquisition required an adjustment. The impairment is principally the result of Nexsan not yet achieving its anticipated growth rate, therefore requiring a corresponding increase in the discount rate applied in the valuation. This non-cash charge will have no impact on the Company’s business. Special charges were $11.7 million in Q3 2013 and included a $10.6 million non-cash loss associated with the settlement of a UK pension plan (See Tables Five and Six for non-GAAP measures).

Operating loss from continuing operations was $55.8 million in Q3 2014 compared with an operating loss of $26.5 million in Q3 2013. Excluding the impact of the special charges described above, adjusted operating loss from continuing operations would have been $11.6 million in Q3 2014 compared with an adjusted operating loss from continuing operations of $14.8 million in Q3 2013 (See Tables Five and Six for non-GAAP measures).

Income tax expense was $3.4 million in Q3 2014 compared with an income tax benefit of $2.0 million in Q3 2013. The expense in Q3 2014 is primarily due to the mix of taxable income by country. The Company maintains a valuation allowance related to its U.S. deferred tax assets and, therefore, no tax provision or benefit was recorded related to its U.S. results in either period.

Discontinued operations in Q3 2014 were breakeven compared with a loss of $8.7 million in Q3 2013. Discontinued operations include both the results of the XtremeMac™ and Memorex™ consumer electronics businesses which were sold.

Loss per diluted share from continuing operations was $1.49 in Q3 2014 compared with a loss per diluted share of $0.65 in Q3 2013. Excluding the impact of the special charges described above, loss per diluted share from continuing operations would have been $0.42 in Q3 2014 compared with a loss per diluted share from continuing operations of $0.42 in Q3 2013 (See Tables Five and Six for non-GAAP measures).

Cash and cash equivalents balance was $110.7 million as of September 30, 2014, down $4.0 million during the quarter. The Company had positive operating cash flows and also repurchased 500,000 shares of common stock for $1.6 million during Q3. As of September 30, 2014, Imation had remaining authorization to repurchase up to 2.4 million additional shares.

Year-To-Date Summary

For the nine months ended September 30, 2014, Imation reported net revenue of $532.5 million, down 15.2 percent compared with the same period last year. Operating loss from continuing operations totaled $92.0 million, or $2.39 per share, in Q3 2014, including special charges of $51.5 million, or $1.26 per diluted share. For the nine months ended September 30, 2013, Imation reported net revenue of $628.0 million, an operating loss from continuing operations of $41.2 million, including special charges of $21.0 million, and a diluted loss per share from continuing operations of $1.08 (See Tables Five and Six for non-GAAP measures).

Operating results for the nine months ended September 30, 2013 include the second quarter reversal of an accrual of $13.6 million for copyright levies as a result of an Italian Court ruling.

Webcast and Replay Information

A teleconference is scheduled for 9:00 AM Central Time today, November 4, 2014, and will be available on the Internet on a listen-only basis at ir.Imation.com or www.streetevents.com. The Company's quarterly financial results will be discussed.

A taped replay of the teleconference will be available beginning at 12:30 PM Central Time on November 4, 2014, until 11:59 PM Central Time on November 11, 2014, by dialing 855-859-2056 or 404-537-3406 (conference ID 7534510). All remarks made during the teleconference will be current at the time of the teleconference and the replay will not be updated to reflect any subsequent developments.

Description of Tables

Table One - Consolidated Statements of Operations
Table Two - Consolidated Balance Sheets
Table Three - Supplemental Segment and Product Information
Table Four - Additional Information
Table Five - Non-GAAP Financial Measures
Table Six - Non-GAAP Financial Measures

Non-GAAP Financial Measures

The non-GAAP financial measurements (adjusted gross margin, adjusted operating income (loss), adjusted earnings (loss) per diluted share, EBITDA and adjusted EBITDA) are provided as a supplement and should not be construed an alternative to any GAAP measure of performance or liquidity (see Tables Five and Six). Management believes this will assist investors in making an evaluation of Imation's performance and to assist in understanding the impact of certain items on Imation’s actual results of operations when compared to prior periods. Management understands that there are material limitations on the use of non-GAAP measures. Non-GAAP measures are not substitutes for GAAP measures for the purpose of analyzing financial performance. These non-GAAP measures are not in accordance with, or an alternative for measures prepared in accordance with, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. This information should not be construed as an alternative to the reported results, which have been determined in accordance with accounting principles generally accepted in the United States of America.

About Imation Corp.

Imation (NYSE: IMN) is a global data storage and data security company. Our products and solutions help organizations and individuals store, manage and protect their digital content. Imation’s storage and security portfolio includes Nexsan high-density, archive and solid-state optimized unified hybrid storage solutions; IronKey mobile security solutions that address the needs of professionals for secure data transport and mobile workspaces; and consumer storage solutions, audio products and accessories sold under the Imation, Memorex and TDK Life on Record brands. Imation reaches customers in more than 100 countries through a powerful global distribution network. For more information, visit www.imation.com.

Risk and Uncertainties

Certain information contained in this press release which does not relate to historical financial information may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause our actual results in the future to differ materially from our historical results and those presently anticipated or projected. We wish to caution investors not to place undue reliance on any such forward-looking statements. Any forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update such statements to reflect events or circumstances arising after such date. Risk factors include various factors set forth from time to time in our filings with the Securities and Exchange Commission including the following: Our ability to successfully implement our strategy; our ability to grow our business in new products with profitable margins and the rate of revenue decline for certain existing products; our ability to meet future revenue growth, gross margins and earnings targets; the ability to quickly develop, source, introduce and deliver differentiated and innovative products; our potential dependence on third parties for new product introductions or technologies in order to introduce our own new products; our ability to successfully implement restructuring plans; foreign currency fluctuations; the ready availability and price of energy and key raw materials or critical components including the effects of natural disasters and our ability to pass along raw materials price increases to our customers; continuing uncertainty in global and regional economic conditions; our ability to identify, value, integrate and realize the expected benefits from any acquisition which has occurred or may occur in connection with our strategy; the possibility that our goodwill and intangible assets or any goodwill or intangible assets that we acquire may become impaired; the ability of our security products to withstand cyber-attacks; changes in European law or practice related to the imposition or collectability of optical levies; the seasonality and volatility of the markets in which we operate; significant changes in discount rates and other assumptions used in the valuation of our pension plans; changes in tax laws, regulations and results of inspections by various tax authorities; our ability to successfully defend our intellectual property rights and the ability or willingness of our suppliers to provide adequate protection against third party intellectual property or product liability claims; the outcome of any pending or future litigation and patent disputes; ability to access financing to achieve strategic objectives and growth due to changes in the capital and credit markets; limitations in our operations that could arise from compliance with the debt covenants in our credit facilities; our ability to retain key employees; increased compliance with changing laws and regulations potentially affecting our operating results; failure to adequately protect our information systems from cyber-attacks; and the volatility of our stock price due to our results or market trends.

The results presented herein are preliminary, unaudited and subject to revision until the Company files its third quarter results with the United States Securities and Exchange Commission on Form 10-Q.

Nexsan, Memorex, PC on a Stick and IronKey are trademarks of Imation Corp. TDK Life on Record is used under a trademark license from TDK Corporation. All other trademarks are the property of their respective owners.

Table One
       
IMATION CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except for per share amounts)
(Unaudited)
 
Three Months Ended Nine Months Ended
September 30 September 30
2014 2013 2014 2013
Net revenue $ 175.0 $ 191.9 $ 532.5 $ 628.0
Cost of goods sold   143.8     155.8     433.7     494.6  
Gross profit 31.2 36.1 98.8 133.4
 
Operating expense:
Selling, general and administrative 42.5 46.3 130.2 142.1
Research and development 4.9 4.6 13.7 14.3
Goodwill impairment 35.4 - 35.4 -
Restructuring and other   4.2     11.7     11.5     18.2  
Total 87.0 62.6 190.8 174.6
 
Operating loss from continuing operations (55.8 ) (26.5 ) (92.0 ) (41.2 )
 
Other (income) expense:
Interest income (0.1 ) (0.1 ) (0.3 ) (0.1 )
Interest expense 0.7 0.7 1.9 2.0
Other, net expense   1.6     1.1     2.6     1.0  
Total 2.2 1.7 4.2 2.9
 
Loss from continuing operations before income taxes (58.0 ) (28.2 ) (96.2 ) (44.1 )
 
Income tax provision (benefit)   3.4     (2.0 )   1.8     (0.5 )
 
Loss from continuing operations (61.4 ) (26.2 ) (98.0 ) (43.6 )
 
Discontinued operations:
Loss on sale of discontinued businesses, net of income taxes - (5.5 ) (1.7 ) (5.5 )
Loss from operations of discontinued businesses, net of income taxes   -   (3.2 ) (0.6 ) (12.0 )
Loss from discontinued operations   -   (8.7 )   (2.3 )   (17.5 )
 
Net Loss $ (61.4 ) $ (34.9 ) $ (100.3 ) $ (61.1 )
 
Loss per common share - basic:
Continuing operations $ (1.49 ) $ (0.65 ) $ (2.39 ) $ (1.08 )
Discontinued operations - (0.21 ) (0.06 ) (0.43 )
Net Loss (1.49 ) (0.86 ) (2.45 ) (1.51 )
 
Loss per common share - diluted:
Continuing operations $ (1.49 ) $ (0.65 ) $ (2.39 ) $ (1.08 )
Discontinued operations - (0.21 ) (0.06 ) (0.43 )
Net Loss (1.49 ) (0.86 ) (2.45 ) (1.51 )
 
Weighted average shares outstanding
Basic 41.2 40.5 41.0 40.5
Diluted 41.2 40.5 41.0 40.5
 

Table Two
   
IMATION CORP.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
 
September 30, December 31,
2014 2013
ASSETS
Current assets
Cash and cash equivalents $ 110.7 $ 132.6
Accounts receivable, net 115.2 163.3
Inventories 74.2 84.3
Other current assets   34.5   48.8
 
Total current assets 334.6 429.0
 
Property, plant and equipment, net 47.2 51.6
Intangible assets, net 61.2 68.6
Goodwill 36.1 72.1
Other assets   20.1   20.5
 
Total assets $ 499.2 $ 641.8
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 84.5 $ 94.7
Short-term debt 19.3 20.0

Other current liabilities

  91.6   116.4
 
Total current liabilities 195.4 231.1
 
Other liabilities 38.0 37.5
       
Total liabilities   233.4   268.6
Commitments and contingencies        
Shareholders' equity   265.8   373.2
 
Total liabilities and shareholders' equity $ 499.2 $ 641.8
 

Table Three
 
IMATION CORP.
SUPPLEMENTAL SEGMENT AND PRODUCT INFORMATION
(Dollars in millions)
(Unaudited)
     
 
Three months ended

September 30,

Three months ended

September 30,

2014 2013 % Change
Revenue % Total Revenue % Total
Consumer Storage and Accessories
Consumer storage media $ 79.4 45.4 % $ 97.3 50.7 % -18.4 %
Audio and accessories   12.6   7.2 %   11.0   5.7 % 14.5 %
Total Consumer Storage and Accessories   92.0   52.6 %   108.3   56.4 % -15.1 %
Tiered Storage and Security Solutions
Commercial storage media 54.3 31.0 % 54.3 28.3 % 0.0 %
Storage and security solutions   28.7   16.4 %   29.3   15.3 % -2.0 %
Total Tiered Storage and Security Solutions   83.0   47.4 %   83.6   43.6 % -0.7 %
Total $ 175.0   100.0 % $ 191.9   100.0 %
 
 
Operating Income (Loss)   OI % Operating Income (Loss) OI %
Consumer Storage and Accessories $ 5.4 5.9 % $ 3.3 3.0 % 63.6 %
Tiered Storage and Security Solutions (8.1 ) -9.8 % (8.2 ) -9.8 % -1.2 %
Corp/Unallocated (1)   (53.1 ) NM     (21.6 ) NM   145.8 %
Total operating loss from continuing operations $ (55.8 ) -31.9 % $ (26.5 ) -13.8 %
 
Gross Margin Gross Margin
 
Consumer Storage and Accessories 21.5 % 18.5 %
Tiered Storage and Security Solutions   19.3     19.3  
20.5 18.8
Inventory write-offs related to restructuring programs   (2.7 )   0.0  
Total   17.8   %   18.8   %
 
Nine months ended

September 30,

Nine months ended

September 30,

2014 2013 % Change
Revenue % Total Revenue % Total
Consumer Storage and Accessories
Consumer storage media $ 253.4 47.6 % $ 318.8 50.8 % -20.5 %
Audio and accessories   33.7   6.3 %   28.2   4.5 % 19.5 %
Total Consumer Storage and Accessories 287.1   53.9 %   347.0   55.3 % -17.3 %
Tiered Storage and Security Solutions
Commercial storage media 159.7 30.0 % 183.0 29.1 % -12.7 %
Storage and security solutions   85.7   16.1 %   98.0   15.6 % -12.6 %
Total Tiered Storage and Security Solutions 245.4   46.1 %   281.0   44.7 % -12.7 %
Total $ 532.5   100.0 % $ 628.0   100.0 %
 
 
Operating Income (Loss) OI % Operating Income (Loss) OI %
Consumer Storage and Accessories $ 12.7 4.4 % $ 30.0 8.6 % -57.7 %
Tiered Storage and Security Solutions (25.4 ) -10.4 % (14.1 ) -5.0 % 80.1 %
Corp/Unallocated (1)   (79.3 ) NM     (57.1 ) NM   38.9 %
Total operating loss from continuing operations $ (92.0 ) -17.3 % $ (41.2 ) -6.6 %
 
Gross Margin Gross Margin
 
Consumer Storage and Accessories 19.9 % 22.2 %
Tiered Storage and Security Solutions   18.8     21.1  
19.4 21.7
Inventory write-offs related to restructuring programs   (0.8 )   (0.4 )
Total   18.6   %   21.2   %
 
NM - Not Meaningful
 
(1) Corporate and unallocated amounts include depreciation and amortization expense, litigation settlement expense, goodwill impairment, intangible impairments, intangible asset abandonment, corporate expense, contingent consideration adjustments, inventory write-offs related to our restructuring programs and restructuring and other expenses which are not allocated to the segments. We believe the presentation of these items in Corporate and unallocated avoids distorting the operating income for our segments.
 

Table Four
         
IMATION CORP.
ADDITIONAL INFORMATION
(Dollars in millions)
(Unaudited)
 
Three Months Ended Nine Months Ended
September 30 September 30
Cash and Cash Flow Information 2014 2013 2014 2013
 
Cash and cash equivalents - end of period $ 110.7 $ 108.4 $ 110.7 $ 108.4
Capital Spending $ 3.0 $ 1.7 $ 5.3 $ 5.2
Depreciation $ 2.3 $ 2.5 $ 6.8 $ 8.0
Amortization $ 3.2 $ 3.4 $ 9.6 $ 10.3
 
 
Asset Utilization Information *
September 30 December 31
2014 2013
 
Days Sales Outstanding (DSO) 55 56
Days of Inventory Supply 47 61
Debt to Total Capital 6.8 % 5.1 %
 
 
Other Information
 
Approximate employee count as of September 30, 2014: 930
Approximate employee count as of December 31, 2013: 940
Book value per share as of September 30, 2014: $ 6.50
Shares used to calculate book value per share (millions): 40.9
Imation repurchased approximately 500,000 shares of its stock during the third quarter of 2014 for $1.6 million.
 
 
*

These operational measures, which we regularly use, are provided to assist in the investor's further understanding of our operations.

 

Days Sales Outstanding is calculated using the count-back method, which calculates the number of days of most recent revenue that are reflected in the net accounts receivable balance.

 

Days of Inventory Supply is calculated using the current period inventory balance divided by an estimate of the inventoriable portion of cost of goods sold expressed in days.

 

Debt to Total Capital is calculated by dividing total debt (long term plus short term) by total shareholders' equity and total debt.

 

Table Five
           
IMATION CORP.
Non-GAAP Financial Measures
(In millions, except for per share amounts)
(Unaudited)
 
Three Months Ended Three Months Ended
September 30, 2014 September 30, 2013
GAAP Adj * Non-GAAP   GAAP Adj * Non-GAAP
Net revenue $ 175.0 $ - $ 175.0 $ 191.9 $ - $ 191.9
Cost of goods sold   143.8     (4.6 )   139.2     155.8     -     155.8  
Adjusted gross profit $ 31.2   $ 4.6   $ 35.8   $ 36.1   $ -   $ 36.1  
 
Adjusted gross margin 17.8 % 20.5 % 18.8 % 18.8 %
 
Adjusted operating loss from continuing operations $ (55.8 ) $ 44.2 $ (11.6 ) $ (26.5 ) $ 11.7 $ (14.8 )
 
Adjusted income tax provision (benefit) $ 3.4 $ - $ 3.4 $ (2.0 ) $ 2.4 $ 0.4
 
Adjusted loss from continuing operations $ (61.4 ) $ 44.2 $ (17.2 ) $ (26.2 ) $ 9.3 $ (16.9 )
 
Adjusted loss per common share from continuing
operations - Diluted $ (1.49 ) $ (0.42 ) $ (0.65 ) $ (0.42 )
 
Adjusted weighted average shares outstanding - Diluted 41.2 41.2 40.5 40.5
 
Nine Months Ended Nine Months Ended
September 30, 2014 September 30, 2013
GAAP Adj * Non-GAAP   GAAP Adj * Non-GAAP
Net revenue $ 532.5 $ - $ 532.5 $ 628.0 $ - $ 628.0
Cost of goods sold   433.7     (4.6 )   429.1     494.6     (2.8 )   491.8  
Adjusted gross profit $ 98.8   $ 4.6   $ 103.4   $ 133.4   $ 2.8   $ 136.2  
 
Adjusted gross margin 18.6 % 19.4 % 21.2 % 21.7 %
 
Adjusted operating loss from continuing operations $ (92.0 ) $ 51.5 $ (40.5 ) $ (41.2 ) $ 21.0 $ (20.2 )
 
Adjusted income tax provision (benefit) $ 1.8 $ - $ 1.8 $ (0.5 ) $ 2.4 $ 1.9
 
Adjusted loss from continuing operations $ (98.0 ) $ 51.5 $ (46.5 ) $ (43.6 ) $ 18.6 $ (25.0 )
 
Adjusted loss per common share from continuing
operations - Diluted $ (2.39 ) $ (1.13 ) $ (1.08 ) $ (0.62 )
 
Adjusted weighted average shares outstanding - Diluted 41.0 41.0 40.5 40.5
 
* See Table Six
 

Table Six
       
IMATION CORP.
Non-GAAP Financial Measures
(In millions, except for per share amounts)
(Unaudited)
 
Operating income (loss) / Adjusted operating income (loss)
 
Three Months Ended Nine Months Ended
September 30 September 30
2014 2013 2014 2013
Operating loss: $ (55.8 ) $ (26.5 ) $ (92.0 ) $ (41.2 )
Restructuring and other
Restructuring 1.3 0.5 5.1 3.6
Loss on settlement of UK pension plan 0.5 10.6 0.5 10.6
Goodwill impairment 35.4 - 35.4 -
Other 2.4 0.6 5.9 4.0
Inventory write-downs related to restructuring programs included in cost of goods sold   4.6     -     4.6     2.8  
Total adjustments   44.2     11.7     51.5     21.0  
Adjusted operating (loss) income - Non-GAAP $ (11.6 ) $ (14.8 ) $ (40.5 ) $ (20.2 )
 
Effect on diluted EPS:
Loss from continuing operations $ (1.49 ) $ (0.65 ) $ (2.39 ) $ (1.08 )
Restructuring and other
Restructuring 0.03 0.01 0.13 0.09
Loss on settlement of UK pension plan 0.01 0.20 0.01 0.20
Goodwill impairment 0.86 - 0.86 -
Other 0.06 0.02 0.15 0.10
Inventory write-downs related to restructuring programs included in cost of goods sold   0.11     -     0.11     0.07  
Adjusted diluted EPS - Non-GAAP $ (0.42 ) $ (0.42 ) $ (1.13 ) $ (0.62 )
 
 
EBITDA:
Operating loss from continuing operations (55.8 ) $ (26.5 ) $ (92.0 ) $ (41.2 )
Depreciation 2.3 2.5 6.8 8.0
Amortization   3.2     3.4     9.6     10.3  
EBITDA $ (50.3 ) $ (20.6 ) $ (75.6 ) $ (22.9 )
Restructuring and other 39.6 11.7 46.9 18.2
Inventory write-downs related to restructuring programs included in cost of goods sold   4.6     -     4.6     2.8  
Total adjustments   44.2     11.7     51.5     21.0  
Adjusted EBITDA $ (6.1 ) $ (8.9 ) $ (24.1 ) $ (1.9 )
 
 
EBITDA is defined as operating income (loss) less depreciation and amortization. Adjusted EBITDA is defined as EBITDA before restructuring and other, and inventory write-downs related to restructuring programs included in cost of goods sold.
 
The Non-GAAP financial measurements (adjusted operating income (loss), adjusted income (loss), adjusted diluted EPS, EBITDA and adjusted EBITDA) are provided to assist in understanding the impact of certain items on Imation's actual results of operations when compared with prior periods. Management believes this will assist investors in making an evaluation of Imation's performance against prior periods on a comparable basis by adjusting for these items. Management understands that there are material limitations on the use of Non-GAAP measures. Non-GAAP measures are not substitutes for GAAP measures for the purpose of analyzing financial performance. These Non-GAAP measures are not in accordance with, or an alternative for measures prepared in accordance with, generally accepted accounting principles and may be different from Non-GAAP measures used by other companies. In addition, these Non-GAAP measures are not based on any comprehensive set of accounting rules or principles. This information should not be construed as an alternative to the reported results, which have been determined in accordance with accounting principles generally accepted in the United States of America.

Source: Imation Corp.

Imation Corp.
Scott Robinson, 651-704-4311
srobinson@imation.com

Imation Announces General Availability of NST4000 Hybrid Storage Solution

Purpose-built for media and entertainment and data protection workloads, the Nexsan NST4000 delivers higher levels of data storage efficiency, capacity and performance previously unavailable to mid-range enterprises

BARCELONA, Spain--(BUSINESS WIRE)--Oct. 13, 2014-- Imation (NYSE:IMN), a global data storage and information security company, today at VMworld® Europe 2014 announced that its Nexsan™ NST4000 – the new ultra-efficient hybrid storage appliance purpose-built for media and entertainment and data protection workloads – is generally available for sale. Imation sales representatives will start taking orders later this month, and NST4000 appliances will start shipping in November.

The NST4000, the latest addition to Imation’s Nexsan NST™ family of storage solutions, will be available for demonstrations at Imation’s VMworld Europe 2014 booth, #B107, through the end of the show. Meanwhile, end users and resellers working in mid-sized data centers, the media and entertainment industry and beyond are already benefitting from the NST4000’s high levels of efficiency, capacity and performance through an Imation beta program.

“As a business operating in media and entertainment, performance is huge for us – and the NST4000 has been outstanding in our environment,” said Jon Mauldin, VP of technology at Fotokem Non-Linear. “The NST4000 delivers efficient hybrid storage with tremendous processing power and remarkable flexibility, which is important given the Mac and other clients we have within our infrastructure.”

“Imation’s Nexsan NST4000 adds a significant capability for mid-market storage,” said Jim Bagley, senior analyst at SSG-Now. “Its well-developed hybrid algorithms, in-line compression and underlying object storage capabilities create an efficient storage system that can scale easily.”

The NST4000 delivers genuine, efficient hybrid storage with tremendous efficiency and processing power using the latest high-performance technologies as well as the flexibility to meet the needs of organizations that continue to rapidly add new applications to their environments. With an intelligent hybrid caching layer, the choice of Fibre Channel or iSCSI connectivity and new levels of capacity and performance, NST4000 is especially well-suited for mid-sized data centers, mixed application workloads, data protection strategies and media and entertainment industry workflows.

Specifically, NST4000 offers significant new user benefits, including:

  • Fibre Channel Support – NST4000 expands the Nexsan NST family’s unified block and file sharing capabilities by adding Fibre Channel connectivity for those mid-range enterprises that prefer it for their applications. This gives organizations the ability to take advantage of the benefits of NST’s hybrid storage using a full range of unified storage protocols, including iSCSI, NFS, CIFS, FTP and now Fibre Channel.
  • Higher Capacity Scalability – A single NST4000 array can non-disruptively scale to 2.1PB. This represents 50 percent more storage capacity scale and 45 percent more FASTier™ cache scale than preceding NST arrays could offer, delivering much more flexibility to IT administrators.
  • Increased Performance – The NST4000 can deliver three times as many IOPs as preceding NST storage solutions. This is accomplished by combining optimizations in NestOS 3.1 with Imation’s fault-tolerant FASTier™ DRAM caching technology, solid-state disks (SSDs) and the latest processor technology.
  • Enhanced Data Reduction – The NST4000 delivers faster and smarter inline compression. Compressible data can be processed 50 percent faster than with preceding NST arrays, and intelligence removes the penalty of trying to act upon noncompressible data.

Imation’s Nexsan NST™ is a set of flexible hybrid storage appliances that scale to meet mid-sized organization application and storage needs with unified NAS and SAN access capabilities in a single solution. NST combines high performance, high capacity and Imation’s innovative FASTier™ caching technology to provide scaling performance for backup, virtualized environments and mixed application workloads. FASTier is NST’s hybrid caching layer that combines intelligent algorithms with high-performance DRAM and SSD technologies to grow performance cost-effectively when it is required. NST enables businesses to right size their initial acquisition and increase performance as their applications demand it. Also, NST’s data compression capabilities reduce storage system footprint in the data center and improve write efficiencies and performance to SSDs and HDDs.

The NST family is just one part of Imation’s deep Nexsan portfolio of purpose-built storage solutions, enabling users to deploy the right storage products for the right application. The other Nexsan product lines are:

  • Imation’s Nexsan E-Series™ is a family of high-density, high-performance and highly reliable storage solutions that can be directly attached or networked to workstations and servers.
  • Imation’s Nexsan Assureon™ is a set of secure storage solutions that reduce storage cost by offloading and deduplicating data from primary storage that is infrequently used or has aged by policy.

For more information on Imation’s Nexsan storage solutions, visit www.imation.com/nexsan.

About Imation

Imation (NYSE: IMN) is a global data storage and information security company. Our products and solutions help organizations and individuals store, manage and protect their digital content. Imation’s storage and security portfolio includes Nexsan high-density, archive and solid-state optimized unified hybrid storage solutions; IronKey™ mobile security solutions that address the needs of professionals for secure data transport and mobile workspaces; and consumer storage solutions, audio products and accessories sold under the Imation, Memorex and TDK Life on Record brands. Imation reaches customers in more than 100 countries through a powerful global distribution network. For more information, visit www.imation.com.

Follow @Nexsan on Twitter.

Imation, the Imation logo, Nexsan, the Nexsan by Imation logo, IronKey, NST, FASTier, E-Series, Assureon and Memorex are trademarks of Imation Corp. TDK Life on Record is a trademark of TDK Corporation and is used under license. All other trademarks are property of their respective owners.

Source: Imation

For Imation Corp.
Jason Sprenger, 612-327-1886
jsprenger@gamechangercommunications.com

Imation to Feature New NST4000 at VMworld Europe

Nexsan™ NST™ hybrid storage appliances combine high performance, high capacity and innovative caching technology to meet mid-sized enterprise application and storage needs

OAKDALE, Minn.--(BUSINESS WIRE)--Oct. 10, 2014-- Imation (NYSE:IMN), a global data storage and information security company, today announced that it will feature its innovative Nexsan™ storage appliances – including the new NST4000 – at next week’s VMworld® 2014 Europe conference in Barcelona. VMworld Europe is a perfect venue for exhibiting Imation’s flexible portfolio of Nexsan storage solutions, because supporting mixed application workloads, data protection and virtualized environments with the right balance of capacity, performance, cache and scale remains a critical challenge for IT administrators everywhere.

Be sure to visit our booth and attend our events at VMworld to see Imation’s genuine hybrid storage for yourself:

  • Booth – #B107
  • Demonstrations – The NST4000 will be demonstrated in the booth during showcase hours along with the rest of Imation’s Nexsan family of purpose-built data storage solutions. Sign up today for a free demonstration online at http://resources.imation.com/VMWorldBarcelona2014.

Imation’s Nexsan NST is a set of flexible hybrid storage appliances that scale to meet mid-sized organization application and storage needs with unified NAS and SAN access capabilities in a single solution. NST combines high performance, high capacity and Imation’s innovative FASTier™ caching technology to provide scaling performance for backup, virtualized environments and mixed application workloads. FASTier is NST’s hybrid caching layer that uses intelligent algorithms over DRAM and SSD cache tiers to grow performance cost-effectively when it is required. NST enables businesses to right size their initial acquisition and increase performance as their applications demand it. Also, NST’s data compression capabilities reduce storage system footprint in the data center and improve write efficiency and performance to SSDs and HDDs.

The NST family is just one part of Imation’s Nexsan portfolio of purpose-built storage solutions, enabling users to deploy the right storage products for the right application. Imation’s Nexsan portfolio includes:

  • Imation’s Nexsan E-Series™ is a family of high-density, high-performance and highly reliable storage solutions that can be directly attached or networked to workstations and servers. E-Series delivers the density and efficiency that mid-sized organizations need to scale their capacity while lowering their overall space requirements and operating costs.
  • Imation’s Nexsan Assureon™ is a set of secure storage solutions that reduce storage cost by offloading and deduplicating data from primary storage that is infrequently used or has aged by policy. Assureon, through policy automation, can eliminate or greatly reduce the size, cost and complexity of backups for primary and infrequently accessed data.

VMworld 2014 Europe, hosted by VMware, offers thousands of attendees training, sessions and access to a wealth of technology partners on topics such as virtualization best practices, building a private cloud, leveraging the public cloud, managing desktops as a service, virtualizing enterprise applications and more. For more information, visit www.vmworld.com.

For more information on Imation’s Nexsan storage solutions, visit www.imation.com/nexsan.

About Imation
Imation (NYSE: IMN) is a global data storage and information security company. Our products and solutions help organizations and individuals store, manage and protect their digital content. Imation’s storage and security portfolio includes Nexsan high-density, archive and solid-state optimized unified hybrid storage solutions; IronKey™ mobile security solutions that address the needs of professionals for secure data transport and mobile workspaces; and consumer storage solutions, audio products and accessories sold under the Imation, Memorex and TDK Life on Record brands. Imation reaches customers in more than 100 countries through a powerful global distribution network. For more information, visit www.imation.com.

Follow @Nexsan on Twitter.

Imation, the Imation logo, Nexsan, the Nexsan by Imation logo, IronKey, NST, FASTier, E-Series, Assureon and Memorex are trademarks of Imation Corp. TDK Life on Record is a trademark of TDK Corporation and is used under license. All other trademarks are property of their respective owners.

Source: Imation

For Imation Corp.
Jason Sprenger, 612-327-1886
jsprenger@gamechangercommunications.com

Imation Unveils Fortified Data Security for Archive Storage

New Nexsan Assureon 8 secure archive solution introduces features that bolster data protection

OAKDALE, Minn.--(BUSINESS WIRE)--Oct. 9, 2014-- Imation (NYSE:IMN), a global data storage and information security company, today announced that it has introduced a way for IT administrators to better ensure data security in their archive storage. The new Nexsan Assureon™ 8.0 secure archive storage system, which is now generally available to the market, contains features and functionality that significantly boost system simplicity and take users’ data protection strategies to new heights.

In detail, the enhancements in Assureon 8.0 are:

  • Faster access to data – Enhanced search options significantly speed file and data recall making recovery near instantaneous.
  • Call home functionality – New automated system reports are directly sent to Assureon Customer Support so users can proactively troubleshoot and protect their Assureon systems.
  • Concurrent synchronizations – Multiple synchronizations can now be executed at the same time, providing better archiving strategies to ensure data is being protected in a timely manner.
  • Virtual shortcuts and failover using TCP on Infiniband – Support for Assureon over TCP adds failover to a second site using Infiniband™, thus protecting data even further.
  • New user interface – Assureon’s new management interface introduces a new level of simplicity by bringing all the benefits together under one management console. Users can do even more from one simple interface.

“IT administrators must have absolute confidence that their files will be kept secure and contain the exact same data over time as they did when they were created,” said Mike Stolz, vice president of marketing and technical support for Imation’s Nexsan solutions. “With the Assureon 8, we provide our growing customer base with an even simpler platform to securely preserve and access their high value data. At the same time, new functionality provides our customers and partners even more data protection and ROI.”

Optimizing data storage requires moving infrequently accessed data from expensive, high-performance primary storage to lower-cost secondary storage. This secondary tier of storage functions as an archive, so IT administrators must ensure that their storage optimization strategy provides the same level of data protection (if not more) that they would expect from their primary storage. One fundamental problem with conventional archive or backup solutions has been that administrators discover there’s a problem with data loss only when they go to access a file and it doesn’t open, or it isn’t there at all. If a backup was done after the corruption or data loss, it does nothing to repair or restore a file to its undamaged, original state. In addition, conventional solutions do not have the capability to monitor the availability and health of each file, and manually verifying the existence and integrity of all of the potentially millions of files by opening each of them is a practical impossibility. Administrators are busy enough managing their primary storage and hardly have the time or resources to manage another.

Imation’s Nexsan Assureon is a family of secure storage solutions that solve these problems and reduce storage cost by offloading and deduplicating data from primary storage that is infrequently used or has aged by policy. Assureon, through policy automation, can eliminate or greatly reduce the size, cost and complexity of backups for primary and infrequently accessed data. Data integrity features like file-fingerprinting and automated self-healing integrity checks ensure that high-value data is protected throughout its lifecycle. Assureon’s security features also comply with corporate and governmental regulatory requirements, making it the ideal solution for medical, financial and government organizations. Architected to be automated and hands-off, the Assureon experience allows administrators to focus resources and spending on primary storage.

Assureon is just one part of Imation’s deep Nexsan portfolio of purpose-built storage solutions, enabling users to deploy the right storage products for the right application. The other Nexsan product lines are:

  • Imation’s Nexsan NST™ is a set of flexible hybrid storage appliances that scale to meet mid-sized organization application and storage needs with unified NAS and SAN access capabilities in a single solution.
  • Imation’s Nexsan E-Series™ is a family of high-density, high-performance and highly reliable storage solutions that can be directly attached or networked to workstations and servers.

For more information on Imation’s Nexsan storage solutions, visit www.imation.com/nexsan.

About Imation

Imation (NYSE:IMN) is a global data storage and information security company. Our products and solutions help organizations and individuals store, manage and protect their digital content. Imation’s storage and security portfolio includes Nexsan high-density, archive and solid-state optimized unified hybrid storage solutions; IronKey™ mobile security solutions that address the needs of professionals for secure data transport and mobile workspaces; and consumer storage solutions, audio products and accessories sold under the Imation, Memorex and TDK Life on Record brands. Imation reaches customers in more than 100 countries through a powerful global distribution network. For more information, visit www.imation.com.

Follow @Nexsan on Twitter.

Imation, the Imation logo, Nexsan, the Nexsan by Imation logo, IronKey, NST, E-Series, Assureon and Memorex are trademarks of Imation Corp. TDK Life on Record is a trademark of TDK Corporation and is used under license. All other trademarks are property of their respective owners.

Source: Imation Corp.

For Imation Corp.
Jason Sprenger, 612-327-1886
jsprenger@gamechangercommunications.com

Imation Unveils First High-Security, High-Performance External Hard Drives for Enterprise and Government That Can Be Managed in the Cloud

IronKey™ Enterprise H300 USB 3.0 Hard Drive Employs Same Management Console as IronKey Enterprise Flash Drives and Secure Workspace Devices for Windows To Go

OAKDALE, Minn.--(BUSINESS WIRE)--Oct. 8, 2014-- Imation Corp. (NYSE:IMN), a global data storage and information security company, today announced the first high-security, high-performance external USB 3.0 SuperSpeed hard drive capable of being managed in the cloud. Using a single centralized, cloud-based management console, enterprise and public sector IT administrators have visibility into IronKey Enterprise H300 hard drives as well as their IronKey Enterprise flash drives and IronKey secure workspace devices for Windows To Go. This console lets users customize security policies and deploy and manage protected portable devices across the enterprise. The IronKey Enterprise H300 features AES 256-bit hardware encryption with USB 3.0 SuperSpeed and a Section 508 compliant control panel that is available in eight languages, enabling the most demanding organizations and agencies to safeguard and secure up to 1TB of data. In addition, the IronKey Enterprise H300 uses the same technology as the company’s FIPS-certified flash drives and leverages the brand’s reputation for ruggedness and dependability with a five-year limited warranty.

"Our customers equate IronKey with security and now with IronKey’s Enterprise H300, they can continue to use the brand they trust to confidently store their most sensitive data,” said Ted Murphy, president, Matrix Mobile Security Solutions. “IronKey’s commitment to offering the latest in secure, military-grade hard drive technology at a competitive price point turns up the heat in the market. The ability to manage all IronKey devices from a single console in the cloud or on-premise provides our customers with added convenience and flexibility.”

IronKey Enterprise Management Service allows customers to easily establish a secure storage command center for administering and policing the use of IronKey encrypted drives. With Imation’s exclusive IronKey Silver Bullet Service and Active Malware Defense, IT professionals can centrally administer policies, re-commission devices that are no longer in use, and remotely wipe or disable lost or stolen drives. The IronKey Enterprise H300 is the only drive to offer secure password reset when a password is forgotten without erasing all the content on the drive. In addition, customers can manage the IronKey Enterprise H300 hard drives on-premise by using the IronKey Enterprise Management Server, which offers the same management features and benefits as the cloud-based version in an in-house solution.

"Our products use the exclusive IronKey Cryptochip to store user credentials and the encryption keys to avert even the most persistent hackers from getting access to the encrypted content on the drive,” said Mats Nahlinder, director of product management for IronKey by Imation. "Imation’s family of secure storage products provides our customers the best value in the market enabling them to enjoy the high-performance benefits of USB 3.0 technology, with the most secure solution that only IronKey can provide."

Imation is also offering the IronKey Basic H300 USB 3.0 hard drive, which includes all the features of the enterprise version but without management. The IronKey Enterprise and IronKey Basic H300 are USB 2.0 compatible and provide support for complex and custom password policies, including length, special characters, expiration and more. The H300 hard drives are built to survive years of wear and tear.

Availability and Pricing
The IronKey Enterprise and IronKey Basic H300 are immediately available through Imation Mobile Security channel partners. Pricing starts at $199 for 500GB and $249 for 1TB. Enterprise management licensing fees are additional for IronKey Enterprise H300 and start at $24 per year for management in the cloud. To learn more, visit www.ironkey.com.

About Imation Corp.
Imation is a global data storage and information security company. Our products and solutions help organizations and individuals store, manage and protect their digital content. Imation’s storage and security portfolio includes Nexsan™ high-density, archive and solid-state optimized unified hybrid storage solutions; IronKey mobile security solutions that address the needs of professionals for secure data transport and mobile workspaces; and consumer storage solutions, audio products and accessories sold under the Imation™, Memorex™ and TDK Life on Record™ brands. Imation reaches customers in more than 100 countries through a powerful global distribution network. For more information, visit www.imation.com.

Imation, the Imation logo, IronKey, the IronKey logo, Nexsan and Memorex are trademarks of Imation Corp. and its subsidiaries. TDK Life on Record is used under a trademark license from TDK Corporation. All other trademarks are property of their respective owners.

Source: Imation Corp.

TRAINER COMMUNICATION for Imation
Justin Gillespie, 925-271-8215
ironkey@trainercomm.com

CUSTOMER SUCCESS STORIES

People and organizations around the world use Imation products to improve productivity, secure and protect their most important digital assets. 

Nexsan by Imation

Case Study: UCLA

High-Performance Computing

UCLA recently needed a storage solution with enough flexibility, capacity and scalability to serve its varied user base.

IronKey by Imation

Microsoft and Imation Experts

The Scoop on Windows to Go

Microsoft and Imation Experts discuss Windows to Go and its role in enabling enterprise mobility.

Imation

Barnickel Design

Small Business Backed By Big Storage

Early in his career, graphic designer Rob Barnickel lost a year’s worth of work when a hard drive failed and he hadn’t made a backup copy. With Imation’s RDX Removable Hard Disk Storage System, he’s confident he won’t have to repeat that experience.