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    Legal charges erase Imation's return to profitability

    By Dan Haugen | Published Wed, Jul 22 2009 11:54 am

    All the SpongeBob alarm clocks in the world weren't going to make Imation's $53 million patent settlement with Phillips go away.

    The Oakdale company didn't hit snooze before writing off a big chunk of the legal charge, subtracting $49 million from its second-quarter balance sheet. The result: A loss of almost $58 million for the three months ending June 30.

    The legal settlement wasn't the company's only problem in the quarter. Sales were lower than they were a year ago, too, with revenue down almost 22 percent to $428 million.

    CEO Frank Russomanno acknowledged the lower sales, but said cost-cutting and other measures would have returned the company to profitability in the quarter if not for the legal and other one-time charges.

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