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Record $30 million earnings for Iomega in 3rd quarter

Iomega Corp. reported record third-quarter earnings of $30 million or 22 cents per share, up 135 percent from $13 million and nine cents per share the same time last year.

The computer data-storage device maker, based in Roy, also reported on Thursday it had realized record revenues of $432 million, up 39 percent from 1996's third quarter mark of $310 million."Demand for our products continued to accelerate in the third quarter," said Iomega president Kim Edwards. "Worldwide Zip drive shipments increased 26 percent last quarter, driven by continued strong orders."

He said the northern Utah-based company's combined Zip and Jaz data storage drive business grew to $406 million, up 51 percent over 1996's third quarter. However, Iomega's Ditto tape-drive business dipped 20 percent, down from $33 million to $26 million.

The company also announced Thursday that James E. Sierk, senior vice president of quality and productivity at AlliedSignal Inc., had been elected to Iomega's board of directors.

The appointment brings to 10 the number of board members.