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OAKDALE, Minn. - Removable data storage manufacturer Imation Corp. said Tuesday it expects lower profits during the rest of 2008 largely because of charges from the closing of a California plant.
| IMN | 11.16 |  0.69 |
The company now expects to earn $1.26 to $1.43 per share, mostly reflecting a drop of 33 cents per share from restructuring and related charges. Previously, Imation targeted earnings of $1.51 to $1.68 per share, which included estimated charges of 8 cents per share.
Imation announced Tuesday it would close its Camarillo, Calif., plant and consolidate its tape coating operations in Weatherford, Okla. The company said it was trying to boost efficiency as it expects continued softness in its magnetic tape businesses.
The company said it would take future charges of up to $20 million related to the closure. Imation said it was revising its outlook based on anticipated charges of $13 million to $16 million in the current year, on top of previously expected restructuring and other charges in the range of $4 million to $6 million.
Shares of Imation fell 25 cents to $21.93 in morning trading.
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