Iomega posts another stinker in third quarter

More of the same for IomegaStruggling disk-drive maker Iomega Corp.posted a wider-than-expected loss in its third quarter Thursday, dropping $78.3m, or 29 cents a share, on sales of $356.6m.

Earlier this quarter, Iomega fired off the latest in a long line of profit warnings, telling analysts that it would lose around $5m in the quarter.

It turned out to be much worse.

The $356.6m in sales represents a 9 percent decline from the year-ago quarter when it lost $14.8m, or 6 cents a share, on sales of $391.7m.

Company officials blamed this latest disappointment on lower-than-expected revenue from its Jaz and Ditto product lines.

Newsletters

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
See All
See All