Published: 17 July 1998 11:20 GMT
Iomega has posted a drop in revenue for its second quarter 1998. Total sales for the period amounted to $394m (£241m), a drop of 2 per cent from the same period last year.
James Sierk, CEO of Iomega, claimed: "It was a tough retail quarter, which hit our Jaz business particularly hard."
Today Iomega signed an amended $150m (£91.6m) senior secured credit facility with a syndicate of 12 banks, which Sierk hopes will "provide the liquidity we need to capitalise on our market opportunities".
Worse hit has been Iomega's European division, which suffered a 13 per cent drop in sales to $93m (£57m).
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