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Iomega predicts huge Q2 loss

So much for the turnaround...

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Just a week after insisting to members of the UK IT press that it has turned the corner and is well on its way to rude health, Iomega today warned that it will post a loss for its second quarter. It also said it was shutting two US manufacturing plants. Job losses there and at other US locations would total 450 redundancies, Iomega said. The cuts will lead to a $18 million restructuring charge, but other charges will take the final figure to $45 million. And Iomega expects to post a loss of five to ten cents a share on top of that charge. The company blamed the loss on poor sales of its Jaz removable hard drive system and Jaz media, and its ongoing problems getting the new Clik drive out of the door. ®

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