Printer Friendly

IOMEGA REDUCES WORK FORCE BY 4 PERCENT

 ROY, Utah, Oct. 11 -- IOMEGA Corporation (NASDAQ: IOMG) stated today that it has completed a previously announced reduction in its work force totaling 44 people, which represents 4 percent of the company's total employment. The majority of these reductions were made under a voluntary resignation program offered to certain employees.
 "These changes are not due to lack of sales," said Fred Wenninger, chief executive officer of IOMEGA. "In fact, our unit volumes continue to climb as a result of the recent pricing and other actions we have taken. These steps are necessary to allow us to continue to grow our business by keeping our costs down and keeping our prices competitive," he said.
 Last month IOMEGA lowered prices by 25 percent on certain products. This reduction in force is part of the overhead reduction program needed to operate the company's business with lower gross margin. The company expects these and other actions will lower expenses in the fourth quarter of 1993 by more than $2 million.
 Since the beginning of 1993, IOMEGA has reduced total employment by 210 people, or 17 percent. Overhead related employment has been reduced by 19 percent in 1993.
 IOMEGA Corporation, 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.
 -0- 10/11/93
 /CONTACT: Kristy Pregill of IOMEGA Corp., 801-778-1000/
 (IOMG)


CO: IOMEGA Corp. ST: Utah IN: CPR SU: PER

NY-JB -- LA032 -- 0848 10/11/93 18:59 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 11, 1993
Words:264
Previous Article:'ENTERTAINMENT TONIGHT' AND TV GUIDESPONSOR JOINT TELEVISION OPINION POLLS
Next Article:HEMDALE COMMUNICATIONS INC. ANNOUNCES ADDITIONAL CAPITAL INFUSION OF $1,266,817
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters