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April 18, 1997updated 05 Sep 2016 1:00pm

IOMEGA BEATS ESTIMATES WITH STRONG Q1

By CBR Staff Writer

Iomega Corp reported first-quarter numbers that solidly beat expectations, with net income up 127% at $23m on revenue up 63% at $361m. Earnings per share for the quarter rose 113% to $0.17, while the First Call consensus was $0.13. Combined sales of the company’s Zip drives, which passed the 5 million mark during the quarter (CI No 3,122), and Jaz drives increased 74% over the same period last year and accounted for $323m in revenue. Gross margin increased to $107m, or 30% of sales, up from $60m (27%). The company also announced Thursday that it is dropping the price of Jaz drives by $100 on May 1.

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