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Non-Tech : The New Iomega '2000' Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (1701)	7/15/1999 5:55:00 PM
From: Pacing The Cage	Respond to of 5023

News cbs.marketwatch.com Iomega, based in Roy, Utah, said its net loss before a restructuring charge was $19.8 million, or 7 cents per share, in-line with analysts' estimates. This compares with a net loss of $39.9 million, or 15 cents a share in the year-ago second quarter. The charge was related to the company exiting of "facilities, headcount reductions and other cost reduction activities." The after tax loss was $47.1 million, or a loss of 17 cents per share. See press release. Iomega (IOM: news, msgs) shares lost 1/16 to 4 11/16, ahead of the earnings release. "We anticipate that the steps we have taken, when fully implemented over the remainder of the year, will result in annual cost savings of approximately $40 million beginning in the year 2000," said Iomega President and CEO Jodie Glore. Revenue for the second quarter was $348.8 million, compared with $393.8 million reported in the year-earlier period. Iomega said it shipped 2.5 million Zip drives in the second quarter, a jump of 27 percent over the second quarter of 1998. It also shipped 17.2 million Zip disks, an increase of 24 percent over the year-ago quarter. Looking forward, Iomega said it anticipates an after-tax return on sales in the mid-single digits in the second half of the year. Yet, financial results in the second half of the year will depend on the success of new product offerings, the company added.

To: pater tenebrarum who wrote (1701)	7/15/1999 5:59:00 PM
From: Pacing The Cage	Read Replies (1) \| Respond to of 5023

Figures to go with the news: biz.yahoo.com ROY, Utah, July 15 (Reuters) - (In thousands, except per share data) For the Three Months Ended June 27, June 28, 1999 1998 SALES $ 348,781 $ 393,831 COST OF SALES 273,020 299,607 Gross margin 75,761 94,224 OPERATING EXPENSES: Selling, general and administrative 82,828 124,399(a) Research and development 23,085 30,303 Restructuring charge 41,909 0 Total operating expenses 147,822 154,702 OPERATING LOSS (72,061) (60,478) Interest and other income and expense, net (328) (918) LOSS BEFORE INCOME TAXES (72,389) (61,396) BENEFIT FOR INCOME TAXES 25,336 21,486 NET LOSS ($ 47,053) ($ 39,910) BASIC LOSS PER SHARE ($ 0.17) ($ 0.15) DILUTED LOSS PER SHARE ($ 0.17) ($ 0.15) COMMON SHARES OUTSTANDING 269,115 265,464 COMMON SHARES ASSUMING DILUTION 269,115 265,464 For the Six Months Ended June 27, June 28, 1999 1998 SALES $ 734,993 $ 801,331 COST OF SALES 565,496 604,971 Gross margin 169,497 196,360 OPERATING EXPENSES: Selling, general and administrative 152,769 232,341(a) Research and development 43,798 53,436 Restructuring charge 41,909 0 Total operating expenses 238,476 285,777 OPERATING LOSS (68,979) (89,417) Interest and other income and expense, net (2,533) (481) LOSS BEFORE INCOME TAXES (71,512) (89,898) BENEFIT FOR INCOME TAXES 25,028 31,412 NET LOSS ($ 46,484) ($ 58,486) BASIC LOSS PER SHARE ($ 0.17) ($ 0.22) DILUTED LOSS PER SHARE ($ 0.17) ($ 0.22) COMMON SHARES OUTSTANDING 268,753 263,878 COMMON SHARES ASSUMING DILUTION 268,753 263,878 NOTE: (a) SG&A includes a $9.4 million second quarter special charge relating to the company's staff reduction and other cost-cutting measures. Full name is Iomega Corp.