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Monday, July 23, 2001
Iomega takes drubbing, slashes jobs…

"...A product transition has hit computer drive maker Iomega Corp., which Thursday announced a net loss of $35.9 million -- or $0.13 per diluted share -- for its second fiscal quarter ended July 1, compared to profits of $40.4 million and $0.15 per diluted share for the same quarter last year. The company announced plans to reduce its workforce by 800 to 1,100 employees and to make a five-for-one reverse stock split.

A slower economy took its toll, along with the PC industry's technology transition from Iomega's Zip and Jaz drives -- the company's bread and butter for revenue -- to CD-RW drives with comparatively less expensive prices for recording data. Iomega's revenue of $184.1 million for its second quarter is $119.5 million less than the $303.6 million in revenue the company drew in during the same quarter last year -- a revenue decrease of about 40 percent. Iomega took charges of $46 million against earnings, mostly to write off the value of inventory in its HipZip digital audio players, FotoShow digital image centers, and CD-RW drives and discs, along with loss accruals for related supplier purchase commitments..."

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