Imation announces Q1 earnings

Imation (Oakdale, MN, http://www.imation.com

, NYSE: IMN) announces Q1 '97 revenue of $547.7 million, which compares with revenue of $576.1 million in the first quarter of 1996. Approximately half the revenue decline is attributable to Imation's decision to exit certain under-performing businesses. Net income grew to $12 million from $6.1 million in Q1 '96.