Printer Friendly

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
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 10, 1992
Words:592
Previous Article:CORRECTION TO FLORAFAX INTERNATIONAL REPORTS RESULTS.
Next Article:MTA ANNOUNCES BUS ROUTE CHANGES FOR APRIL 12-18


Related Articles
IOMEGA REPORTS FIRST QUARTER RESULTS
IOMEGA REPORTS FIRST QUARTER RESULTS
IOMEGA REPORTS SECOND QUARTER RESULTS
IOMEGA REPORTS THIRD QUARTER RESULTS
IOMEGA REPORTS FIRST QUARTER IMPROVEMENT
Iomega Warns of Further Job Cuts, Q3 Loss.
Iomega Expects to Report Lower Fourth Quarter Results.
Iomega Earnings Conference Call to be Webcast April 19, 2001.
Iomega Reports First Quarter 2005 Financial Results.
Iomega Reports First Quarter Results and Restructuring Actions.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters