I/OMagic successfully transitions from CD/RW to DVD/RW solutions

Wednesday, November 5, 2003

I/OMagic successfully transitions from CD/RW to DVD/RW solutions

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I/OMagic Corporation announced today that it has successfully transitioned its product lines from CD/RW to DVD/RW technology.

The Company also announced today that it expects to report marginally profitable results for the third quarter 2003 as compared to a loss for the third quarter 2002.

"The Company expects a decrease in net sales for the fourth quarter 2003 as compared to the fourth quarter 2002. However, the Company anticipates a significant improvement in its bottom line financials for the fourth quarter 2003, compared to the loss in the fourth quarter 2002. Based on current demand trends, the Company anticipates a strong 2003 holiday selling season," Steve said Gillings, Chief Financial Officer of I/OMagic Corporation.

I/OMagic introduced its internal 4X DVD+/-RW/+/-R Dual Format drive in stores in July 2003. By October 2003, I/OMagic was one of the first to bring the next-generation internal 8X DVD+/-RW/+/-R Dual Format drive to market.