IOMEGA REPORTS FIRST QUARTER RESULTS
IOMEGA REPORTS FIRST QUARTER RESULTS ROY, Utah, April 10 /PRNewswire/ -- IOMEGA Corp.
(NASDAQ/NMS: IOMG) announced today the results for its first quarter ended March 29, 1992. The company reported sales of $33.1 million and net income of $1.8 million or 11 cents per share. In the corresponding quarter of 1991 sales were $31.5 million and net income was $2.7 million or 16 cents per share.
The increased sales in 1992, as compared to the like period in 1991, are the result of the continued strong performance in the distribution channels of the company's 90 Megabyte 5-1/4 inch products which were announced in July 1991. Offsetting the company's strong distribution sales was a $2.6 million decline in sales to the federal government channel due to a general slowness in that segment of the market. Pre-tax earnings for the first quarter of 1992 were $2.6 million, compared to $3.8 million in the first quarter of 1991. The lower earnings in 1992 compared to 1991 are the result of slightly lower gross margins and increased operating expenses. The company's operating expenses increased by $1.5 million or 13 percent in the first quarter of 1992 compared to the first quarter of 1991. The increased operating expenses are the result of increased expenses related to the company's expanded European operations, and higher spending incurred in domestic sales and marketing to expand the company's sales force and product marketing organization. The company's balance sheet remains strong as cash and temporary investments at March 29, 1992 were $30.1 million, compared to $31.6 million at Dec. 31, 1991. The decline in cash was a result of an increase in inventory, a decrease in accrued liabilities, and the purchase of capital equipment. IOMEGA Corp., Roy, Utah, develops, manufactures and sells high- performance removable mass storage products for desktop computers. IOMEGA's patented Bernoulli Technology provides unlimited data storage capability by combining the removability of floppy drives with the high capacity and performance of rigid drives. IOMEGA's common stock is listed on the NASDAQ National Market System under the symbol IOMG. IOMEGA CORP. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) For The Three Months Ended March 29, March 31, 1992 1991 Sales $33,084 $31,534 Cost of sales 16,883 15,815 Gross margin 16,201 15,719 Operating expenses: Selling, general and administrative 8,985 7,692 Research and development 4,838 4,588 Total operating expenses 13,823 12,280 Operating income 2,378 3,439 Interest and other income and expense, net 234 372 Income before income taxes 2,612 3,811 Provision for income taxes (810) (1,151) Net income $1,802 $2,660 Net income per common share $0.11 $0.16 Weighted average shares outstanding 16,865,192 16,434,933 Condensed Consolidated Balance Sheets (In thousands) March 29, Dec. 31, 1992 1991 Assets: Cash and temporary investments $30,091 $31,611 Trade receivables 16,630 19,168 Inventories 13,100 12,019 Other current assets 2,151 1,679 Total current assets 61,972 64,477 Fixed assets (net) 18,255 15,634 Other assets 6,897 6,935 $87,124 $87,046 Liabilities and stockholders' equity: Current liabilities $19,198 $21,312 Long-term liabilities 887 889 Stockholders' equity 67,039 64,845 $87,124 $87,046 -0- 4/10/92 /CONTACT: Paul D. Slack of IOMEGA Corp., 801-778-1000/ (IOMG) CO: IOMEGA Corp. ST: Utah IN: CPR SU: ERN
MC -- DV006 -- 7159 04/10/92 10:55 EDT
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|Date:||Apr 10, 1992|
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