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Non-Tech : Iomega Thread without Iomega -- Ignore unavailable to you. Want to Upgrade?

To: sheila rothstein who wrote (3214)	11/4/1998 9:40:00 PM
From: Fred J. Ledo	Respond to of 10072

Imation News: biz.yahoo.com IOM is such a fun stock to trade ! Company Press Release Imation Corp. Reports Third Quarter Results Corrected Financial Tables Operation Margin Improved to 3.8%; U.S. Volume Grew 10% Data Storage Business Led Improved Profitability Over Q2 Europe Weak; Outlook For Fourth Quarter Remains Cautious OAKDALE, Minn.--(BUSINESS WIRE)--Nov. 4, 1998-- Imation Corp. (NYSE:IMN - news), today reported net earnings of $13.4 million, or $.34 per share on revenues of $520.8 million for the third quarter ended September 30, 1998, compared with a reported net loss of $38.7 million, or $1.00 per share on revenue of $529.5 million for the comparable period a year ago. Reported results for both the current periods and comparable periods a year ago include one-time items. Without these one time impacts, and, for 1998, assuming the same tax rate applied to reported results for 1998, per share earnings for the quarters ending September 30, 1998 and 1997 would be equal to $.18 and $.08 respectively. Operating income of $32.8 million reported for the third quarter of 1998 benefited from a $13.2 million pre-tax net adjustment of restructuring reserves. The net adjustment primarily reflects higher than expected proceeds from the sale of various assets, partially offset by additional restructuring actions initiated by the company during the third quarter. The loss reported in the third quarter a year ago included a $41.9 million non-deductible charge for in-process R&D due to an acquisition. ''Our third quarter shows improved operating performance quarter-on-quarter and year over year,'' said Bill Monahan, chairman and chief executive officer. ''Over much of the past two years we have been creating a company. Now we are focused on building a business and it is beginning to pay off. Due to improving product mix, continued cost reductions, and a weaker dollar, our gross margin of 37.9% in the quarter stayed solidly within our target range. Our ability to maintain stable gross margins in the tough competitive environment demonstrates the strength of our core businesses, our solid market position, and our world class manufacturing capabilities.'' ''The U.S. operations delivered substantial improvement in operating results both year over year and as compared with the second quarter. The operating earnings improvement from the second quarter in particular was led by a substantial improvement in the data storage business. We achieved strong growth in network storage products, led by our Travan NS(tm) cartridges. SuperDisk (tm) diskette technology continues to win in the mobile and desktop market, as demonstrated by the adoption of SuperDisk technology by virtually all leading computer OEMs. Our color proofing business remains solid, with excellent performance in conventional proofing and growing acceptance of both the MatchPrint Laser(tm) and Rainbow 4700(tm) digital proofing systems,'' Monahan added. ''While we are pleased with much of the progress to date, we still face significant challenges and have more work to do. We experienced softness in much of Europe and anticipate a slower European environment heading into the fourth quarter. As a result, we remain cautious for the fourth quarter which could show a similar operating result to the third quarter,'' Monahan said.

To: sheila rothstein who wrote (3214)	11/4/1998 9:40:00 PM
From: s. bateh	Respond to of 10072

Shelia, he is one of the ones i was talking about....anything we gain is a plus from syqt even if it is 1 dollar....he also claims the market is not as big, then goes on to say about all the competition jumping in......whatever market is there, IOM OWNS IT!!!

To: sheila rothstein who wrote (3214)	11/4/1998 9:53:00 PM
From: Dale Stempson	Read Replies (1) \| Respond to of 10072

Sheila, Thanks for the link. I did notice a couple errors in the piece: >>> "They (Iomega) are the only ones in the removable hard drive market," said Bob Amatruda of IDC. <<< SuperDisk is still out there. >>> Howard Rosencrans, an analyst at HD Brous: "I don't think it's that big a deal, and I think the market is overreacting. SyQuest is a $40-50 million company. <<< SyQuest is/was significantly larger than that ($150 million in the last 12 months). $45 million was for last quarter alone and it was almost all SparQ and SyJet product sales. Regards - Dale