Iomega: Fiscal 1Q08 Financial Results
EMC to be happy
This is a Press Release edited by StorageNewsletter.com on May 10, 2008 at 2:36 pm| (in US$ millions) | 1Q07 | 1Q08 |
| Revenues | 76.0 | 95.9 |
| Growth | 26% | |
| Net income (loss) | 1.1 | 1.9 |
| Revenue by products | 1Q07 | 1Q08 | Growth |
| Consumer Products | |||
| Consumer Storage Solutions | 52.5 | 75.0 | 43% |
| Zip | 5.5 | 2.8 | -49% |
| Business Products | |
||
|---|---|---|---|
| REV | 11.2 | 6.8 | -39% |
| Network Storage Systems | 4.7 | 9.1 |
94% |
| Services | 1.9 | 2.0 | 5% |
| Other products | 0.1 | 0.2 | 100% |
| Total revenue | 76.0 | 95.9 | 26% |
Iomega Corporation reported net revenue of $95.9 million and net income of $1.9 million, or $0.04 per diluted share, for the quarter ended March 30, 2008. In comparison, first quarter 2007 net revenue was $76.0 million with net income of $1.1 million, or $0.02 per diluted share.
Cash, cash equivalents, long term cash and temporary investments decreased $16.9 million from the end of December 2007 due primarily to timing of working capital requirements during the quarter. During April, we generated approximately $7 million of cash excluding the previously announced $7.5 million termination fee paid to the ExcelStor Group.
Form 10-Q
Comments
Looking at these financial results, we will be surprised to see EMC, in the way to acquire Iomega, pursuing Zip and REV.
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