Iomega Thread without Iomega Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Iomega Thread without Iomega

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: David Colvin who wrote (9368)	4/23/1999 12:13:00 PM
From: Mel Boreham	of 10072

David, Michael and all, here is the post from Yahoo board via TMF board... Interesting observations! Overall, it looks like we could have a very good year if things work out as planned. Mel Repost follows: Subject: Re: Annual Meeting Date: 4/20/99 9:38 PM Author: LA340 Number: of 20900 This is Annette's convention report taken from Yahoo IOM: ShowMeTheMoney_Annette_ (39/F/Irvine, CA) <<<Shareholders Meeting Apr 20 1999 4:04PM EDT Just got back from the meeting. I wish that I had some real warm fuzzies but quite frankly I was very disappointed in the manner in which the meeting was conducted as well as what I could read between the lines. Let's get the bad out of the way first. All 3 initiatives were passed by a 91% or better margin. Granted, it would be difficult to overide Dave Dunn and cronies due to their large number of shares but I don't believe that the average shareholder realizes that our stock shares will be diluted when they issue additional shares. The Iomega gang acted like they were the cool dudes at a high school reunion. They made no effort to be personable. They could all use some lessons in personal relations. It's obvioius why they sold the Ditto line as it resulted in a $14.3 million dollar loss for 1998. The question I have is why'd they keep making them if they were losing that much money on them? For Q1'99, Jaz sales resulted in a $3 million dollar loss, Clik sales resulted in a $15 million dollar loss and Zip sales provided $51 million dollars in profit. On page 19 of the annual report, there was a printing error with regard to Mr Glore's stock options. His options are valued at $13 million not $3 million. Just a slight difference. Dan Strong's favorite phrase is "significant improvement". I got him to acknowledge that without the $1 million that they booked for the Ditto sale in Q1'99, they'd have been in the red for that quarter. I also got him to acknowledge that if Q2'99 is going to be in line with Q1'99 as they stated that with any special charges, it'll be difficult to keep that quarter in the black. It was good to see him squirm a little. Now the good stuff. The manufacturing supply constraints have been resolved and adequate inventory levels have been attained world wide. A gentleman behind me asked why Comp USA down the street didn't have any Clik drives if this was the case. They brushed that under the rug as quick as they could. The Agfa camera with the built in Clik drive will debut shortly and they indicated that other camera manufacturers were working with them but they couldn't say who they were at this point. Jodie made several references to Iomega entering the CDw-r and DVD market but wouldn't elaborate any. It did indicate that they see the potential in these markets. My opinion is that the second half of the year should be good if they can keep the store shelves stocked and they market effectively. It was noted that their advertising wasn't as good as it could be and they said that they'd review it. FWIW. This is obviously my opinion of what transpired and I readily admit that someone else might have viewed it differently. I've tried to be as objective as I can and hope that this is useful. Best of luck to you all. LA340

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next