Yesterday's news, but I'll post it anyway.
Iomega surprises Wall St.
Pockets earnings of $14.1 million
July 18, 1996: 10:17 p.m. ET
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ROY, Utah, (Reuter) - Iomega Corp. reported slightly
higher-than-expected earnings Thursday as sales multiplied for its
popular removable PC data storage products.
The company said its second-quarter earnings of $14.1 million,
or 11 cents per share, were aided by swelling profit margins.
The profit compared with a year-ago loss of $1.9 million, or 2
cents a share, and beat Wall Street expectations by 1 cent.
Revenues rose to $284 million from $52.6 million.
Gross margins for the quarter amounted to 27 percent of
revenue against 22 percent in 1995's second quarter.
In a statement, Kim Edwards, Iomega's president and chief
executive, said the sequential growth of second quarter earnings
from the first quarter of 1996 was a more meaningful measure for
the fast growing company.
"Since our new products have created essentially a new
business, comparisons with last year's revenues and earnings are
relatively meaningless," he said.
In the first quarter, Iomega earned a profit of $10.1 million, or
16 cents a share. |
