Friday, June 22, 2018
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Chatting With Google Assistant Gets More Natural
Intel CEO Brian Krzanich Resigns After Found to Have Relationship With Employee
Xbox Won't Support VR
AT&T to Launch Wireless Plans Bundled With Video
NVIDIA CEO Springs Special Titan V GPUs on Elite AI Researchers
Samsung Details its 7nm EUV Technology
HDR10+ Technologies Unveil Licensing and Logo Certification Program
Samsung SDI Unveils New Residential ESS Module
Active Discussions
Which of these DVD media are the best, most durable?
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
Help make DVDInfoPro better with dvdinfomantis!!!
menu making
Optiarc AD-7260S review
cdrw trouble
 Home > News > Optical Storage > Iomega ...
Last 7 Days News : SU MO TU WE TH FR SA All News

Friday, January 18, 2002
Iomega profits dip, demand weak for Zip, Jaz drives

Iomega Corp. , amid a campaign to redefine itself as a maker of integrated data storage products, on Thursday said fourth-quarter profits tumbled as demand slackened for its flagship Zip and Jaz drives, and CD-RW devices.

However, the company defied expectations of a loss as it pressed ahead with a restructuring that led to the recent layoff of about 80 employees -- or 10 percent of its North American work force -- and the replacement of its chief financial officer.

``We are focused on building upon our profitable core Zip product line and expanding our position in external CD-RW solutions in order to reverse the revenue decline,'' Chief Executive Werner Heid said in a statement.

``We are also putting in place initiatives to broaden Iomega's product line to expand on our position as a leading global provider of solutions for the storage, sharing and protection of digital valuables.''

Iomega is working on transforming itself from simply a maker of external hard drives to a maker of integrated data storage products that can be used for archiving and backup purposes as well as simpler data storage.

Iomega, which recently moved its headquarters to San Diego from Roy, Utah, said profits, including a $4.6 million restructuring charge, tumbled to $3.9 million or 7 cents per share, from $22 million or 41 cents per share, a year ago.

The single analyst polled by Thomson Financial/First Call had forecast a fourth-quarter loss of 7 cents per share.

Revenues plunged to $189.9 million from $331 million.

Excluding restructuring charges, Iomega's operating income fell to $9.4 million from $10.4 million in the 2000 fourth quarter.

``We have made significant progress, but we still have a long way to go to get this business in the shape it needs to be in,'' Heid said during a conference call. He stressed that there is no ``quick fix'' to the company's problems.

The company is also moving to outsource more functions, and centralize research and development in its former Utah headquarters city, Heid said.

He declined to give out future outlook for the company's performance. ``We are living in a real uncertain economy.'' Heid said. ``We have done a lot of restructuring and we are still in the middle of seeing the final fruit of all these restructuring activities.''

Nero puts "Speed" back into burning        All News        Nero puts "Speed" back into burning
Nero puts "Speed" back into burning     Optical Storage News      Nero puts "Speed" back into burning

Get RSS feed Easy Print E-Mail this Message

Related News
Iomega StorCenter px12-450r Network Storage Array Relased
Iomega New Flagship NAS Comes With McAfee Security on Storage
Iomega Releases The eGo Mac Edition Portable Hard Drive
Iomega Brings External USB 3.0 SSD Flash Drives To the Market
Iomega And Sonic Solutions To Deliver New High Definition Media Player Products
New Iomega DVR Expander Drive Adds Incremental Storage for Digital Video Recorders
Iomega ScreenPlay HD Multimedia Drive Brings High-Definition Content From the PC to the Home Theater System
EMC to Buy Iomega
Iomega Announces New Power Pro Desktop Hard Drive
Iomega Announces New Data Recovery Services in Europe
Iomega Announces Availability of New Iomega REV Loader 560
Iomega Announces Managed Services Marketing Agreement With C I Host

Most Popular News
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2018 - All rights reserved -
Privacy policy - Contact Us .