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.