Iomega Revenues Still Have Zip
Iomega (Roy, UT) reports Q4 '97 revenue of $547 million, a 38% increase over Q4 '96. Net income of $36 million compares with Q4 '96 net income of $20 million. For the year, Iomega reports revenue of $1.7 billion and a net income of $115, compared with YE '96 figures of $1.2 billion and $57 million respectively. Selling, general and administrative expenses increased nearly 2% over Q4 '96, mainly due to international expansion, additional headcount, and increased legal and advertising expenses. R&D expenses nearly doubled to $24 million. "Our combined Zip and Jaz businesses grew 48% over the fourth quarter last year and 54% on a full-year basis," said president and CEO Kim Edwards. "Our fourth quarter performance, however, was affected by a slowdown in demand in Asia and the fact that we postponed shipment of some of our new products into the first quarter of 1998." Edwards also said that the volume production ramp of other new products was slower than planned.