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Monday, October 07, 1996 Iomega was down $1/2 Friday, closing at $21 5/8 (-2.26%). TODAY'S RECAP: Iomega watchers spent another active weekend sorting through the known information on cyberspace's favorite removable drive manufacturer. Participants in our forum are beginning to focus more intently on the third quarter report, due October 17th, and to the promise of a very active fourth quarter. No bombshells exploded, nor did any startling revelations come to light in the last three days. Despite the dearth of news, the conversation in The Motley Fool's Iomega Folder showed no sign of abating . . . INDEX: (Use the Search or Find feature of your word processor to locate the article number [Find: 1++, 3++, etc.]--or use AOL's Edit>>Find in Top Window Feature. If Find in Top Window is dimmed, just click on some text, anything, in the IOMG Today window and try again.)
1++Holloway3 confirms that Iomega's rebate program has been extended through
the end of the year. And now, the Best of the Board...Started 3 a.m. 10/4/96.
1+++++++++++++++++++++++++++++++++++++++++++++++++++++++ Subj: Rebate Program Date: 96-10-04 19:04:59 EDT From: Holloway3
I just now called Iomega and they told me that the rebate program has been extended until the end of the year. They are not very good at getting the word out though, their web page still lists an ending date of September 15th. I sent the Vice-President of marketing a note suggesting that they should keep their web page updated. If anyone from Iomega is reading this, they could also offer a bit more information about the Ditto on their web page. I know there must be some software available to download for the Ditto but it is not on their web page. It would seem like a simple matter to update their web page since it is one of the few good ways to reach them. Retailers in general have not been aggressive about using the rebate to sell Zips. 2+++++++++++++++++++++++++++++++++++++++++++++++++++++++ Subj: Wars, Feuds, and other... Date: 96-10-04 20:52:00 EDT From: MF Ben
No, I don't advocate a short-run only approach to this stock because I'm a long term holder. However, I see posters applying long-term goals to short-term impacts and I don't think I understand the purpose. Do we mean to say that this stock is NOT a good investment UNLESS the Zip becomes the standard? Is it truly a winner take all prospect? I don't see it that way at all. There are points in between, gray areas to force the binary vision to the side of the road, stuck in the mud where it belongs.
Do you believe that this stock trades on a daily basis, rising when people believe the Zip WILL become the standard, falling when they don't? I guess today people doubted, took the wrong side in the war.
The "standard" will appear gradually, by gaining market share slowly and leaving the competition with little more than a small niche. Market share is not, usually, achieved over night. Iomega still has a tiny penetration rate. It will grow, I believe, slowly and surely.
Therefore, if you ARE interested in the short-run, as many investors seem to be -- somewhat weakly or incorrectly, including me at times -- why make it a binary company? A win/lose of everything at the flip of the coin when the short-run just isn't like that?
Would I WANT to bet it all on the Zip becoming the standard? Big wins if it does, lose everything if it doesn't, nothing in between?
Nope. Not me. Not because I don't believe that the Zip doesn't have a damn good chance of succeeding. I do. I think it has the right attributes, the right management and a great head start. However, I don't own only one stock, I don't bet everything on a spin of the wheel. I don't gamble. I invest.
Can this company now leverage all that market share, all those sales, all that PR, into revenue and profits? Can they can grow market share to the critical mass point without succumbing to the dreaded inertia?
Standard, smandard. We've been debating that one endlessly well over a year waiting for that morning paper to arrive with the magic words. Until that paper actually arrives, I'm going to start looking at some useful short and long term benchmarks.
My Q3 watch list:
1) if revenue declined or not. If yes, I want a reason from management. A growth company is supposed to GROW. DOH!
2) if gross margins rose or fell. Effect of rebate? Marketing must have some metrics on that one. Tell us if it was effective. Make an educated guess.
3) inventory -- whether management got back to work and started watching their company carefully . Face it, they had to play with the bankers and while doing so had less time to spend on IO business. They ain't the first. They won't be the last.
4) whether they took any more advantage of their power position and stretched out AP and AL further. Let's face it, these guys AREN'T the penny ante company they were three years ago. They have some muscle to throw around, though that muscle might be harder to throw around with Intel and MOT than with suppliers such as IMP. However, Iomega is playing in the big leagues, they better act it. If AP starts dropping like a rock I'm going to be wondering who can't play in the major leagues over in Roy.
Let the excuses for a weak Q3 begin. I'm going to look carefully at Q3 numbers. Expectations here were high initially among a select few (till H&Q and J.P. woke the dreamers up with their downgrades) and I expect that those posters will be the first to downplay Q3's importance.
Funny thing is, I kind of agree. Q3 as raw numbers isn't as important as the TREND it shows going into that very important Q4. However, we cannot dismiss Q3, no matter WHAT, completely. It IS 25% of the year.
I'd be curious to see how my list of 4 compares to others. Anyone else want to share their watch list for Q3 and why they chose those?
Cheers,
Benjamin 3+++++++++++++++++++++++++++++++++++++++++++++++++++++++ Subj: Four to Look For Date: 96-10-05 00:13:35 EDT From: PKeeler
Here are my four. This could be a very educational exercise. In no particular order:
1. Revenues. I'd like them to beat $313 ($283 + Europe miscue) to show sequential growth of some kind. If they subtract the rebate from Gross Sales than just the statement that before rebate it exceeded prior quarter. This isn't a major hangup for me as revenues will be up 100% year over year. On a related note, if rebate is applied to the top line than I'd like to see net income as a percentage of sales increase or remain even.
2. Jaz gross margins. They improved 2Q but were still below Zip and Ditto 30%. I'd like to here that gross margins on Jaz are near 30%. Jaz will become more important as Zip revenues growth stops exploding.
3. Earnings per share. I'd like them to come in at more than $0.06/share and not see share growth jump higher than 132-135 million. Revenues will become less important as licensing kicks in on Zip. When investors are looking to buy this stock next June it will be 3Q96 EPS that will be factored not revenue.
4. I'd like to hear that one of the following is ahead of schedule (or at least on the schedule) and likely will ship by end of 4Q: Laptop Zip, IDE Jaz, or 2 GB Jaz.
I know that that last one is a reach but two statements pulled from recent posts has me wondering:
From Syquest PR: >>> However, using removable cartridge hard drives of over a gigabyte in capacity for less data-intensive applications can be wasteful of expensive, critical space. <<<
from the rumor mill: >>> someone states that they have a friend that works for Iomega R&D in Milpitas, CA. The friend at Iomega R&D supposedly says that she does not have 3q numbers, that a 2.5 gig Jaz is being worked on <<<
Its a stretch but why, if the SyJet has more than 1 GB capacity, does Syquest go hyping the fact that over 1 GB can be wasteful?
PKeeler Patrick Keeler
P.S. If I could do five I would go with improvement in inventory turns, but I sticking to Ben's format. 4+++++++++++++++++++++++++++++++++++++++++++++++++++++++ Subj: OEMs, Why they matter Date: 96-10-05 01:49:56 EDT From: Ken1Marcus
Why do they matter? They have only accounted for a small percentage of zip sales so far, and, they don't sell zips in all of their lines (usually only one or two).
To regurgitate what most of us already know:
1. Each OEM that has included zip in the box will be very reluctant to also include the competition. They will not want to confuse customers with more than one choice. Also, they won't want to make previous buyers feel burned by switching standards on them. 2. It's very easy to expand internal zips to other lines once you have zips in one line, momentum. 3. Undecided OEMs: why buck the trend. Same as any corporate bureaucrat, if you go with the obvious you won't get in trouble if it doesn't turn out. In superfloppies, zip is obvious; the slow LS120 child of Compaq, is not. Intel / TI / MOT / MCI / Epson / Iomega is obvious, no show LS120 of the Compaq (competitor), Imation, MKE is not. 4. OEMs handle their own tech support. They can afford it when selling a ~$2500 machine. Zip pricing to them I'm sure reflects the fact that there won't be tech support costs incurred on these drives. 5. Iomega makes the real money on the disks. 6. They help get volume up. I believe we will begin to see this even more in Q4. Higher volume makes it easier to attract million pound gorillas like ..... Intel, Motorola, and Texas instruments, who like volume. Higher volume allows economies of scale, and integration of chips. If I recall, the rule of thumb is that with each doubling of production, costs of production decrease 15%. And, if I recall correctly, TI estimates that costs drop by 30% with each doubling of production. So, OEMs are important because they get volume up and costs down.
In this age of video, audio, large software, and the internet, we need a larger floppy. At present there are no credible contenders (the last company that seriously tried to compete is about to be de-listed). It may take 5 years, but, IMHO the next standard is obvious.
If we look beyond Q3 with it's pimples, braces, and seasonality, we see a great investment and "a plan coming together".
Ken 5+++++++++++++++++++++++++++++++++++++++++++++++++++++++ Subj: Revenues Date: 96-10-05 07:25:00 EDT From: Bigfootmm
Holloway3 >>>I just now called Iomega and they told me that the rebate program has been extended until the end of the year. They are not very good at getting the word out though, their web page still lists an ending date of September 15th. I sent the Vice-President of marketing a note suggesting that they should keep their web page updated. If anyone from Iomega is reading this, they could also offer a bit more information about the Ditto on their web page. I know there must be some software available to download for the Ditto but it is not on their web page. It would seem like a simple matter to update their web page since it is one of the few good ways to reach them. Retailers in general have not been aggressive about using the rebate to sell Zips.<<<
Doesn't this make you wonder about the reason IO has offered rebates? Perhaps, rebates are just to signal the OEMs and competitors that Zip drives are going to get awfully cheap in the future? The extension is just more of the same. The rebate program had to have put nails in Syquest's coffin. Who is going to believe enough in that company to finance it when it can't make any money on its more expensive lower margin products?
I get the feeling that IO doesn't care that much about getting everyone and his brother to participate in the rebates. IO usually does stuff with a lot of flair and energy. Not to be seen with this rebate program.
I think Jeanie is correct in saying that IO didn't put much behind marketing in the 3Q because for one reason that Q is dull compared to the rest. Certainly it is appropriate to advertise when things are slow, as many successful companies never fail to do; however, IO, I am speculating, went to the rebate program to give off messages and to get some breathing room for what is to follow while still doing okay revenue wise. The company has hired many people who just are learning their way around. With growth comes the need for infrastructure and that takes time to put in place. KE and others have been busy putting together manufacturing agreements that as promised will take care of supply to everyone's satisfaction. Perhaps Q3 gave the company time to prepare for huge sales increases while keeping the competition at bay and increasing the number of bays holding Zips in OEM computers
The Zip is a mass market item in my opinion. IO has barely touched this market at this point, so I cannot get too worried about Q3 revenues. IO has not yet gone to market with a major campaign, one which we will likely see this quarter and next at the very least.
If such a campaign does not have an impressive run up in sales, then is the time to worry. Everything we know at this juncture, however, tells us that consumers will buy Zips when they discover their availability and see a way to satisfy their needs at a reasonable cost. Most people still don't back up regularly, nor do they know the ease with which they can save and use files off of a hard drive. IO will reach these folks and get them in the stores. That is the company's genius or I'll eat a burrito made by a drunken New Yorker.
Bigfoot 6+++++++++++++++++++++++++++++++++++++++++++++++++++++++ Subj: Re:Relax Longs Charles Date: 96-10-05 13:07:26 EDT From: MCCONATHY
<<<Charles, there are times when you really surprise me. You are correct about the small margins but the margins most likely will be reasonable for Epson, MKE and Sentinel would not be committing substantial resources if the margins were not interesting.>>>
I simply asked a question. In my book of business you cannot live on cartridge sales alone. It takes resources to support disk drive (be it Zip, Bernoulli, SyQuest, Jaz, MO or what have you). People often refer to Razor/Razor blade marketing. One thing about Razors is the heads didn't crash, return of merchandise due to defects was very small, tech support was not an issue.
Computer Mail Order companies on the most part take products back from end users for most any reason (especially if purchased on a credit card) and they don't even bother to test them they just bundle them up with missing parts and send them back for immediate credit. You should see the cluster mess they return for credit. They have you by the nose since they take credit on the next check. This is costly and digs into profits made from cartridge sales. Cartridge pricing could get to be a shoot out with the various makers thus margin should be left in the drive to handle the support and exposure.
FWIW
Charles F. McConathy ProMax 7+++++++++++++++++++++++++++++++++++++++++++++++++++++++ Subj: Q4 Sales Patterns Date: 96-10-05 17:04:34 EDT From: Hal Rubel
As an Iomega share holder, I am looking forward to a great Q4. What I expect from the next Quarter will depend upon the extent of Christmas sales. For those of you who have never worked in Computer Retail, please let me share some of my perspective on Q4 in retail.
From November 1986 thru Jan 1994 I worked in computer retail, at first as a rookie salesman, then as a senior salesman, then as a store manager in the chain, then as technical manager for a mail order retailer, and then as a private consultant/broker for the last three years. (I mention this to help you evaluate my opinion about Q4 retail sales.) I got the job because I had just bought my first computer earlier in the week and to test the impact printer, I printed a resume. On a lark, I sent it off to a computer store. They hired me on the spot because the resume's dot matrix print out proved beyond a doubt that I was a computer savvy kind of guy. I too was impressed. One resume : one job. Computers are great. I are a salesman!
November and December were a blur. The salesmen looked down on me and avoided talking to me because they were afraid I would beg for help. Customers were nicer to me but only because they were a little bit desperate as Christmas approached. Then in January, everything changed. I became a very inexperienced senior salesman in mid-January 1987 with only 2 1/2 months selling under my belt because all the other salesmen mysteriously drifted off from this seemingly lucrative sales position. It seemed that they knew something that I did not. What they knew was that Christmas sales were 40% of annual sales followed by months of humiliating starvation.
Since all the other salesmen left, I actually did OK commission wise because all the sales were mine for the next couple months. Customers were not too happy with me as I was just one step above a totally inexperienced sales idiot. I was an experienced sales idiot. But, thanks to patient customers, I was learning and training the occasional new salesman we added to staff as sales improved. I actually got pretty good and was best salesman in the chain by the end of September due to some corporate accounts.
I remember to this day what I said to myself at 9:00 am October 1st, 1987 as I was tucking my September pay check into my pocket: "Well, its October 1st. The first Day of the fabled Christmas selling Season. Here come the sales!" These were famous last words. October was the worst month I ever had. Virtually no retail customers and no corporate purchases. I could not call November a good month, just average. The first week in December began to shake my faith in Christmas, still nothing! We were running intense ads and had boxes stacked everywhere, still nothing! Then December 11th it began, an avalanche of sales. At its peak, we had as many as 8 people lined up at the check out counter, most spending more than $1000. Heavy sales didn't abate in the days after Christmas, or even after New Years. It ran heavy through most of January to taper off during the last week of the month.
We did it. We did in fact sell 40+% of our annual sales during the Christmas rush, but it was not at all like I expected. This pattern proved typical in all the succeeding years giving me the following subjective expectations for the Q4 selling pattern:
1. Forty percent of annual sales can be sold during the Christmas retail season. ( Question: So, year to date Q1, Q2, & Q3 shipments of 2.5 million units are 60% of what? Answer: (2.5/6)x10 = 4.2 million units to ship in 1996, or 1.2 million units shipped in Q4)
2. The first two months of Q4 should not, repeat NOT, be used to project sales for the quarter. One need not have a strong October and November to have a great Q4. However, a firm sales trend in October and November is both added sales and an indicator of strong demand for the product during the rush.
3. The 40% Christmas rush sales period actually extends well into mid-January. This gives a boost to Q1 of next year. It also detracts from Q4 totals. In my experience, October and November sales usually made up for that portion of the 40% Christmas rush that was lost to January, so 40% of annual sales is possible in Q4.
What if there is not enough inventory in the stores the last three weeks of January? Not to worry. The Zip becomes this year's Cabbage Patch drive. Shoppers go out and buy the stock in place of the product. We have a great Q1. Everybody is happy.
If this is my subjective expectation of Q4 sales patterns, then many other people with my background may have similar subjective expectations. Respectfully submitted.
Hal (Long 300 IOMG at 25/shr) 8+++++++++++++++++++++++++++++++++++++++++++++++++++++++ Subj: My Homework Results Date: 96-10-05 18:03:09 EDT From: CyberVster
Fellow Fools,
Well, I'm Back. Lurking for the last weeks as I try to catch up on the summers events. I spent the last 2 months in Australia (traveled the Queensland coast from Sidney to Cairns) Baking in the sun and diving the Great Barrier Reef. (Highly recommended.)
So here's what I've learned about Iomega. July was challenging, as was the first weeks of August but August ended up sharply and September was better then even the CEO could have believed. The folks in Roy are walking around with a spring in their step that was noticeably absent early in the quarter.
Seems that world wide there is only one soft spot, southern California (Any Fools from that part of the country want to try and confirm that?) It is suspected that the $99 Epson Zip going to $129 in that market is the main reason for the softness.
Europe has picked up nicely, and I can personally confirm that the Asian market is strong and Iomega even has a nice presence in Australia (every printing service bureau I checked would except copy on a Zip disk. Every computer store knew what they were and commented "no worries" [meaning they sell well].)
My impression is that the 2 big analysts were mostly lucky last quarter, and are not really doing their homework on this company, but lowering the bar won't hurt. Neither invested any real effort in discovering how the quarter was panning out for Iomega.
Epson is a contract manufacturer (read not a Licensee) of Zip and is counted in the 3 Million Zips shipped that was recently announced. Tie ratios are holding fairly well although I could not get any numbers for them. And I suspect no one else can either.
It seems to me that two very important developments over the summer are not getting the attention they are due. First, The BIOS announcement, Second, the Zip on a chip by Intel. We all want to see Zip replace the floppy, well these two developments go further then anything else to secure that goal. I expect that as this information sinks into the OEM's and others plans - press releases will be issued.
Inventory, Finished Goods, were just over $30 million coming into Q3 because of the Europe diabolical, Expect them to remain high this time around also as Iomega will be stockpiling for an unprecedented Q4.
As for the stock, IOMG is getting very hard to borrow again. There are a lot of shares that will need to be bought in a short period of time. Thanks to folks like M Berman and others, I suggest you fasten your seat belts going into numbers and hold on for an elevator ride of memorable speed.
I expect Iomega will obtain its goal of a $99 retail zip during the first quarter '97 after the Intel Zip chip is designed into the drive. This chip will bring Iomega's cost to about $50 per drive.
All you computer types keep your eyes peeled for that Zip enabled BIOS and new zip drives sporting the Intel chip. These developments will signal the next big wave of market share as well as the expected $50 price cut we are awaiting.
Jaz Drives? They are not just icing on the cake anymore. Look for some nice increases in the numbers coming to a BBS near you in just 2 weeks.
Bottom line, and I reserve the right to update this in the coming weeks, At worst Iomega should report sequentially flat revenue and EPS.
Feed back, Flames, other thoughts and comments are welcome.
Mark
PS: MF Ben, you have my ear. PSS: Folks with an agenda need not reply
I too se[ns]e: The Plan Coming Together. 9+++++++++++++++++++++++++++++++++++++++++++++++++++++++ Subj: Re:My Homework Results Date: 96-10-06 17:02:09 EDT From: Ned Flandr
<<<Thanks to folks like M Berman and others, I suggest you fasten your seat belts going into numbers and hold on for an elevator ride of memorable speed>>>
Hididly Ho there Neighborinos
Well now gosh darn it, I sure as heck want my little piece of this just wonderful little company to reach the heavens.
But haven't we all learned valuable lessons about saying things like this? Optimism and realism have to go hand in hand. Greed without a firm foot in reality is the Devils handywork!
Sorry for the harsh language.
Ned 10++++++++++++++++++++++++++++++++++++++++++++++++++++++ Subj: Re:Intel, TI, etc. Part 1 Date: 96-10-06 19:13:34 EDT From: RB61
Over the past few days I have tried talking to engineers, analysts and industry sources as to the significance of the *dream team* announcement made earlier. Seems this announcement is vastly underestimated according to those I have talked with. Following, is what these people (in summary) feel how this announcement fits in with IOMG's plans.
As an overview, IOMG announced last Spring their intentions to eventually lower the price of the Zip to $99. With the current cost structure of the Zip at present, there was no way IOMG could make a profit on the drive at that cost. However, IOMG had to have the price down in order to really be an accepted part of major OEM's boxes. With a retail price of $99, I would assume that the price to OEM's would be less than $99, maybe $60 to $70. This is certainly the price range that would make Zip an easy and indispensable choice for OEM's, and would establish the Zip as the defacto standard.
Again, with the current cost structure of the Zip drive, this price reduction to $99 was not feasible. The need was to develop a chip that would do many of the functions chips/circuits/etc in the current drive were doing now, but at a greatly reduced cost. The dream team was put together for just that purpose. It has also been announced that this *dream team* will start shipping in the 1st qtr of 1997.
I stated to several of the people I talked to that if the *dream team* was going to be shipping in the 1st qtr., that they more than likely had already designed this Super Chip (Zip Chip) and probably had a working model in the lab at present. My reasoning being that they would not have announced a shipping date so soon (as little as three months, as long as six) unless they were certain that the design was workable and was doing everything it was supposed to. Their response? "You're right, they wouldn't have made an announcement on shipping dates unless they had a chip very close to production."
One other response I received (more than once), was that, in their opinions, this was the biggest announcement IOMG had made in the last year. This was the key to bringing the price of the Zip down to the point where the drive now becomes a commodity item in the minds of both consumers, and more importantly, the OEM's.
Now what significance does this Zip chip have to IOMG in the short term? Well, picture any potential competitors out there (L-120, Swan, Syqt). If IOMG as soon as the 1st qtr 1997 announces that the Zip is now $99, what does that do to their competitor's plans? What a barrier IOMG has created. If demand increases exponentially with a decrease in price, and with the name recognition, installed base, OEM's already lined up, etc, how does a potential competitor respond?
How can a new competitor come out with a product with a cost structure similar to or lower than the Zip in order to compete? How does a competitor ramp up with its associated high production costs in its early stage, early marketing costs to win name recognition over the Zip, etc and take away enough market share from IOMG in order to become profitable, and in fact, survive? How does a competitor take away OEM's from IOMG who are already putting the Zip drives in their boxes? These questions to me, pose a significant barrier to entry against IOMG's competitors. With a PROFITABLE $99 Zip drive, possibly in as early as 3-6 months, that is a major, major barrier to entry to potential competitors.
IOMG has aligned a significant group of production partners that could combine to produce cost efficiencies and a scale of production not imagined by those outside this forum or a few analysts. It is clear that this announcement was and is not fully understood. However, by the time this announcement is fully understood, the barrier to entry by competitors will be fully in place. That is the significance of this announcement.
Fool On,
Robert 11++++++++++++++++++++++++++++++++++++++++++++++++++++++ Subj: Guaranteed Excuses Date: 96-10-07 00:10:34 EDT From: EBLUESTONE
Guaranteed Excuses, or things I dont want to hear at the Oct. 17th quarterly conference:
Item No. 1 : When I said 3rd Qtr sales were going to be challenging, I didnt know how challenging it was really going.
Comment 1: Stop right there, let us off now, we dont want to hear anymore..
Item No. 2 : Consumers have responded to our rebate program in much higher numbers than our most optimistic dreams. However, the bad news is that this has severely impacted margins and cash flow. Therefore,
Comment 2: Therefore, we have to be less arrogant and reevaluate our own strengths and weaknesses and improve our ability to manage the growth of our company.
Item No. 3 : Our actions to replace old Iomega personnel in Europe with new Iomega personnel will see dramatic results AFTER the third quarter
Comment 3 : Is this the last time you can blame the OLD Iomega for when stuff hits the fan?
Item No. 4 : As everyone knows, Europe goes on vacation in August and everything shuts down and combine this with an overall slow down in business in Europe.
Comment 4 : I wonder how Intel did it. This reminds me of our dear bartender Uncle who after binging the rent money complained that the strength of the dollar has effected tips. Sometimes the weakness of the dollar also has negative impact on spending (and tipping). Believe it or not even when the dollar is stable, tips can be reduced.
Item No. 5 : We were led to believe that Malaysian work ethic and therefore expenses in
Comment 5: Sheesh, I didnt know that, but then again Ive never been there.
Item No. 6 : Our tremendous strategic alliances with superstar vendors (Intel, TI, Motorola, et al) were not in place to help with Jaz startup and therefore our Jaz production continues to be plagued by.
Comment 6: If its not one thing, its another. But, isnt strategic planning supposed to
Item No. 6 : I have this terrifically creative new excuse that none of you anticipated to blame third quarter difficulties.
Comment 6: Got us there. Never thought about that.
Item No. 7 : Going forward, we at the NEW Iomega are extremely excited about the future
Comment 7: Yea, Yea. Every two bit CEO in every failing company is excited about going forward. In fact, there is an inverse proportion at work here, the more the company is failing, the more the CEO is excited about going forward.
As a committed investor in Iomega and shareholder
Hoping for the best, but preparing for the worst
Regards,
Mary
End Report. Posts covered through 3 a.m. 10/7/96 _______________________________
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