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Iomega Reports First Quarter Financial Results

Files Form 10-Q with the SEC

SAN DIEGO, May 9 /PRNewswire-FirstCall/ -- Iomega Corporation (NYSE: IOM) today reported net revenue of $95.9 million and net income of $1.9 million, or $0.04 per diluted share, for the quarter ended March 30, 2008. In comparison, first quarter 2007 net revenue was $76.0 million with net income of $1.1 million, or $0.02 per diluted share. Additional information about Iomega's first quarter financial results is contained in our first quarter 10-Q, filed today with the SEC.

Cash, cash equivalents, long term cash and temporary investments decreased $16.9 million from the end of December 2007 due primarily to timing of working capital requirements during the quarter. During April, we generated approximately $7 million of cash excluding the previously announced $7.5 million termination fee paid to the ExcelStor Group.

About Iomega

Iomega Corporation, headquartered in San Diego, is a worldwide leader in innovative storage and network security solutions for small- and mid-sized businesses, consumers and others. The Company has sold more than 400 million digital storage drives and disks since its inception in 1980. Today, Iomega's product portfolio includes industry leading network attached storage products, external hard drives, and the own award-winning removable storage technology, the REV(R) Backup Drive. OfficeScreen(R), Iomega's managed security services, which are available in the U.S. and select markets in Europe, provide enterprise quality perimeter security and secure remote network access for SMBs, which help protect small enterprises from data theft and liability. To learn about all of Iomega's digital storage products and managed services solutions, please go to the Web at http://www.iomega.com. Resellers can visit Iomega at http://www.iomega.com/ipartner.

Copyright(C) 2008 Iomega Corporation. All rights reserved. Iomega, Zip, REV, and OfficeScreen are either registered trademarks or trademarks of Iomega Corporation in the United States and/or other countries. Certain other product names, brand names and company names may be trademarks or designations of their respective owners.

Legal Statements

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SECURITIES. THE SOLICITATION AND THE OFFER TO BUY SHARES OF IOMEGA'S COMMON STOCK IS ONLY BEING MADE PURSUANT TO THE TENDER OFFER STATEMENT ON SCHEDULE TO, INCLUDING THE OFFER TO PURCHASE, THE RELATED LETTER OF TRANSMITTAL AND OTHER TENDER OFFER MATERIALS THAT EMERGE MERGER CORPORATION, A WHOLLY OWNED SUBSIDIARY OF EMC CORPORATION, FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 24, 2008, AS AMENDED. IOMEGA HAS ALSO FILED A SOLICITATION/RECOMMENDATION STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH THE TENDER OFFER. IOMEGA STOCKHOLDERS SHOULD READ THESE MATERIALS CAREFULLY PRIOR TO MAKING ANY DECISIONS WITH RESPECT TO THE OFFER BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. IOMEGA STOCKHOLDERS WILL BE ABLE TO OBTAIN THE TENDER OFFER STATEMENT ON SCHEDULE TO, THE OFFER TO PURCHASE, THE RELATED LETTER OF TRANSMITTAL , THE SOLICITATION/RECOMMENDATION STATEMENT AND OTHER RELATED MATERIALS WITH RESPECT TO THE OFFER, FREE OF CHARGE AT THE WEBSITE OF THE SECURITIES AND EXCHANGE COMMISSION AT HTTP://WWW.SEC.GOV. IN ADDITION, A COPY OF THESE MATERIALS MAY BE OBTAINED AT NO CHARGE BY DIRECTING A REQUEST BY MAIL TO MORROW & CO., INC., 470 WEST AVENUE, STAMFORD, CONNECTICUT 06902 OR BY CALLING TOLL-FREE (800) 607-9400.

SOURCE Iomega Corporation