Iomega To Cut 450 Jobs - InformationWeek

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Iomega To Cut 450 Jobs

Iomega Corp. today said it will cut 450 jobs, or 10% of its workforce, as the company combats weak sales of its storage products.

The vendor says it will lose 5 cents to 10 cents per share in its second quarter ending June 27, excluding a restructuring charge. Analysts expected the company to break even for the quarter.

Iomega plans to take a charge in the quarter of about $45 million, which includes facility shutdowns in San Diego and San Jose, Calif. The cost reduction is expected to save about $40 million a year.

Iomega's revenue and earnings have declined as sales of its specialized Jaz drives and media have declined, while core Zip sales have slowed due to component shortages. In addition, the company encountered delays in shipping its recently delivered Click! PC Card Drive for mobile systems.Aaron Ricadela

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