bull, heres the one I wanted you to see. Sorry 'bout that other mess I left, I forgot to put it in the Fixed Font (good for tables) form.
Anyway look at the stuff written about DEBT (convertibles, short term debt vs long etc.) Looks like they owe some bucks, and lots of em SOON.
Iomega Third Quarter Revenues
PR Newswire, Thursday, October 17, 1996 at 18:32
ROY, Utah, Oct. 17 /PRNewswire/ -- Iomega Corporation (Nasdaq: IOMG) today reported revenues of $310.1 million for the third quarter of 1996 versus 1995 third quarter revenues of $84.7 million. Net income was $12.8 million, or $0.09 per share, for the third quarter of 1996 versus net income of $2.0 million, or $0.02 per share, for the same period in 1995.
For the first nine months of 1996, revenues totaled $815.7 million versus $177.4 million for the first nine months of 1995. Net income for the first nine months of 1996 totaled $37.0 million, or $0.28 per share, versus a loss of $1.4 million, or ($0.01) per share, for the same period in 1995.
Gross margins for the third quarter of 1996 totaled $81.7 million, or 26% of revenue, versus $21.5 million, or 25% of revenue in the same period of 1995.
Operating expenses were 20% of revenue in the third quarter of 1996, a reduction from 22% in the third quarter of 1995.
The Company's balance sheet at September 29, 1996 reflected cash and cash equivalents of $102 million, short-term debt of $35 million and long-term debt of $66 million, including $46 million in 6.75% convertible subordinated notes due 2001.
IOMEGA CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
For the Three Months Ended
September 29, June 30, March 31,
1996 1996 1996
(Unaudited)
SALES $310,085 $283,638 $221,988
COST OF SALES 228,424 207,443 162,088
Gross margin 81,661 76,195 59,900
OPERATING EXPENSES:
Selling, general
and administrative 50,323 39,126 33,156
Research and development 10,475 11,542 6,991
Total operating expenses 60,798 50,668 40,147
OPERATING INCOME 20,863 25,527 19,753
Interest and other
income and expense, net 71 (2,239) (3,161)
INCOME BEFORE INCOME TAXES 20,934 23,288 16,592
PROVISION FOR INCOME TAXES (8,168) (9,206) (6,471)
NET INCOME $12,766 $14,082 $10,121
NET INCOME PER COMMON SHARE $0.9 $0.11 $0.08*
WEIGHTED AVERAGE SHARES
OUTSTANDING 137,027 132,405 128,838*
For the Three Months Ended
September 29, October 1,
1996 1995
(Unaudited)
SALES $310,085 $84,721
COST OF SALES 228,424 63,225
Gross margin 81,661 21,496
OPERATING EXPENSES:
Selling, general and administrative 50,323 13,878
Research and development 10,475 4,691
Total operating expenses 60,798 18,569
OPERATING INCOME 20,863 2,927
Interest and other
income and expense, net 71 (230)
INCOME BEFORE INCOME TAXES 20,934 2,697
PROVISION FOR INCOME TAXES (8,168) (672)
NET INCOME $12,766 $2,025
NET INCOME PER COMMON SHARE $0.09 $0.02*
WEIGHTED AVERAGE SHARES OUTSTANDING137,027 127,236*
For the Nine Months Ended
September 29, October 1,
1996 1995
(Unaudited)
SALES $815,711 $177,427
COST OF SALES $597,955 132,527
Gross margin 217,756 44,900
OPERATING EXPENSES:
Selling, general and
administrative 122,605 33,389
Research and development 29,008 12,793
Total operating expenses 151,613 46,182
OPERATING INCOME (LOSS) 66,143 (1,282)
Interest and other income
and expense, net (5,329) (305)
INCOME (LOSS) BEFORE
INCOME TAXES 60,814 (1,587)
BENEFIT (PROVISION) FOR
INCOME TAXES (23,845) 167
NET INCOME (LOSS) $36,969 ($1,420)
NET INCOME (LOSS)
PER COMMON SHARE $0.28 ($0.01)*
WEIGHTED AVERAGE
SHARES OUTSTANDING 132,089 114,264
* The weighted average shares and EPS have been restated for the
January 1996 3 for 1 and/or the May 1996 2 for 1 Stock Splits
IOMEGA CORPORATION
CONDENSED BALANCE SHEETS
(In thousands)
September 29, December 31,
1996 1995
(Unaudited)
ASSETS:
Cash and cash equivalents $102,452 $1,023
Trade receivables, net 197,706 105,955
Inventories 178,035 98,703
Other current assets 41,659 6,451
Total current assets 519,852 212,132
Fixed assets (net) 127,564 53,370
Other assets 2,803 725
$650,219 $266,227
LIABILITIES AND STOCKHOLDERS' EQUITY:
Notes payable $30,452 $47,640
Current lease obligation 4,035 782
Accounts payable 143,061 94,782
Other current liabilities 110,848 56,305
Total current liabilities 288,396 199,509
Long-term liabilities 20,530 4,032
Convertible notes 45,733 --
Stockholders' equity 295,560 62,686
$650,219 $266,227
SOURCE Iomega Corporation
-0- 10/17/96
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