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Non-Tech : Any info about Iomega (IOM)?
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To: Joe Rizzo who wrote (4612)7/19/1996 9:49:00 AM
From: Mary Cluney   of 58324
 
NO EXCUSES, BUT…….

How could so many us of be so wrong. We were all expecting sales to be over $300M this quarter at a minimum. For us longs, EPS is not all that crucial. It could have easily been .14 rather than .11 if Kim Edwards decided not to take a $4M reserve for 3Q rebates. This is purely an arbitrary number.

For longs, the $283M sales was the real big disappointment. How could so many of us be so wrong. With our projections and channel checks. Actually we were not wrong (try to explain that to the market manipulators). How could there be a $40M in finished goods inventory when there was a $160M backlog. Most of the finished goods should have been shipped before June 30th and should have appeared in the sales figures as well as eps.

There are two possibilities, 1) KE is taking advantage of logistics problems in Europe to save some sales for the traditionally challenging 3rd Q, remember he has to deal with H&Q and JPM expectations and not us the small investors or 2) Iomega is growing so fast that they are still beset with enormous operational problems where the left hand doesn’t know what the right hand is doing.

Wall Street is not going to buy any excuses and forget about the market manipulators. They are going to have a field day.

Regards,

Mary

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