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BUSINESS
October 5, 1999
Iomega Corp. said it will fire about 140 workers, mostly outside the U.S., and take a $25-million to $30-million charge to cut costs and become profitable. The maker of the Zip storage drive for personal computers said it expects to report a third-quarter pretax loss of $5 million, excluding about $20 million of the charge. The remainder of the charge will be taken in the fourth quarter. News of the firings was released after the close of U.S. markets. Iomega shares closed up 38 cents at $3.
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BUSINESS
April 9, 2008 | From Bloomberg News
EMC Corp., the world's largest maker of storage computers, said Tuesday that it had reached an agreement to buy Iomega Corp. for about $213 million in cash after raising its original bid by almost 20%. The deal values Iomega at $3.85 a share. Last month, EMC offered $3.25 a share for San Diego-based Iomega, a maker of data-storage products. Iomega rebuffed that proposal March 10, saying it wasn't better than a pending purchase agreement with Great Wall Technology Co.
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BUSINESS
June 19, 2001 | Associated Press
Troubled computer equipment maker Iomega Corp. tapped a member of its board of directors as its new chief executive and president. Werner T. Heid replaces Bruce Albertson, who resigned last month over differences with the board regarding the company's direction. Heid's appointment comes on the same day Iomega said its second-quarter revenue would be down sharply from the same period last year.
BUSINESS
March 11, 2008 | From Times Staff and Wire Reports
Iomega Corp., a San Diego maker of data-storage devices, rejected an unsolicited $178.1-million takeover offer by EMC Corp., saying it wasn't better than a pending deal with Great Wall Technology Co.
BUSINESS
June 30, 1998 | From Reuters
Iomega Corp. said Monday it will buy out rival Nomai of France for about $44 million, eliminating a potential threat to Iomega's profitable computer disk business. Nomai makes a line of high-capacity computer storage disks that rival Iomega's two main products. For nearly a year, Iomega fought a pitched battle in Europe and the United States, accusing Nomai of infringing Iomega patents.
BUSINESS
November 6, 1998 | Bloomberg News
Iomega Corp.'s long-depressed stock has jumped 69% since new Chief Executive Jodie Glore bought 15,000 shares a week ago, as investors bet that the disk drive maker will benefit as its main rival faces serious struggles. Glore, hired Oct. 22, bought the shares a week later at $5.31 each, for a total of $79,650, according to Washington Service, which tracks insider trading. Shares in Roy, Utah-based Iomega rose $1 to close at $9 on Thursday on the New York Stock Exchange.
BUSINESS
March 26, 1998 | From Bloomberg News
Iomega Corp. said Wednesday that Chief Executive and President Kim Edwards has resigned, raising another hurdle for the struggling maker of high-capacity computer disk drives. Edwards' departure came less than two weeks after the once-high-flying company said it expected a loss of $10 million to $25 million in the first quarter because of weak sales and high marketing costs.
BUSINESS
December 10, 1998
* Iomega Corp., the world's largest maker of removable data storage products for computers, agreed to pay $900,000 to settle charges that it didn't fulfill rebates and merchandise requests for its products in a timely manner, as required by the Federal Trade Commission.
BUSINESS
March 11, 2008 | From Times Staff and Wire Reports
Iomega Corp., a San Diego maker of data-storage devices, rejected an unsolicited $178.1-million takeover offer by EMC Corp., saying it wasn't better than a pending deal with Great Wall Technology Co.
BUSINESS
July 27, 2005 | From Bloomberg News
Iomega Corp., a maker of data-storage products for computers and networks, said it would cut 120 jobs, or about 30% of its workforce. The San Diego-based company is cutting jobs and consolidating facilities as part of a restructuring plan to reduce expenses. The job cuts and other steps will save Iomega as much as $42 million a year, the company said.
BUSINESS
July 27, 2005 | From Bloomberg News
Iomega Corp., a maker of data-storage products for computers and networks, said it would cut 120 jobs, or about 30% of its workforce. The San Diego-based company is cutting jobs and consolidating facilities as part of a restructuring plan to reduce expenses. The job cuts and other steps will save Iomega as much as $42 million a year, the company said.
BUSINESS
August 10, 2001
* Exide Technologies, the largest automotive-battery maker, will cut 1,300 more jobs, or 6.5% of its work force, and said its second-quarter and fiscal-year earnings will be lower than expected as orders from telecommunications customers decline. * * WebMD Corp. posted a second-quarter operating loss of $23.8 million, or 7 cents a share, compared with a loss of $55.5 million, or 28 cents, a year ago, meeting Wall Street's expectations. Revenue jumped 77% to $178.7 million.
BUSINESS
June 19, 2001 | Associated Press
Troubled computer equipment maker Iomega Corp. tapped a member of its board of directors as its new chief executive and president. Werner T. Heid replaces Bruce Albertson, who resigned last month over differences with the board regarding the company's direction. Heid's appointment comes on the same day Iomega said its second-quarter revenue would be down sharply from the same period last year.
BUSINESS
May 22, 2001 | Reuters
Iomega Corp. President and Chief Executive Bruce Albertson has resigned amid differences with the computer storage company's board over strategic direction, the company said. The company also said several cost-cutting moves could soon be implemented, possibly resulting in restructuring charges and write-offs.
BUSINESS
October 5, 1999
Iomega Corp. said it will fire about 140 workers, mostly outside the U.S., and take a $25-million to $30-million charge to cut costs and become profitable. The maker of the Zip storage drive for personal computers said it expects to report a third-quarter pretax loss of $5 million, excluding about $20 million of the charge. The remainder of the charge will be taken in the fourth quarter. News of the firings was released after the close of U.S. markets. Iomega shares closed up 38 cents at $3.
BUSINESS
August 21, 1999 | Reuters
* Iomega Corp., maker of Zip and Jaz computer data storage systems, named its longtime chairman, David Dunn, interim chief executive after Thursday's sudden resignation of Jodie Glore. Glore, who had been with the company 10 months, had replaced James Sierk, an Iomega board member, who had served as interim chief executive after Kim Edwards was forced to resign 18 months ago. In June, the Roy, Utah-based company announced plans to cut nearly 10% of its work force.
BUSINESS
August 18, 1992
Archive Corp., a maker of computer storage backup systems, said Monday it has filed a patent-infringement lawsuit against a competitor in San Diego. Archive filed the suit in federal court against Iomega Corp. and its subsidiary, Iotape Archive alleges that Iomega violated a patent on technology that enables a tape drive to use a floppy disk controller in a personal computer. Iomega officials could not be reached Monday for comment.
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