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Strong sales drive Iomega gains

Iomega announced financial gains based on strong sales of its storage drives.

Iomega today announced its second-quarter financial results, and not surprisingly the numbers were up on strong sales gains of its line of backup storage drives.

Iomega reported net income of $14.1 million on $283.6 million of revenue for the second quarter. So far this year, Iomega has racked up $505.6 million in sales on the successful marketing of its Zip, Jaz, and Ditto drives, which together make up 97 percent of its revenues, according to the company.

It seems as if the only problem Iomega has really had this year is keeping products on the shelves.

To rectify that situation, the company announced earlier today that it was purchasing a hard-drive manufacturing facility in Malaysia from Quantum. The $28 million deal will be financed over three years, the company said.

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