TECHNOLOGY - April 17, 1999
Iomega Corp., maker of the Zip storage drive for personal computers, said it will cut an undisclosed number of jobs and consolidate some plants as it further trims costs after losing money for most of last year. The company also reported a slight first-quarter profit of $569,000, or break-even on a per-share basis, compared with a loss of $18.6 million, or 7 cents, a year ago.
*
Adobe Systems Inc., the top maker of graphics-design software, said its board authorized the buyback of up to 5 million common shares, or about 8% of its stock outstanding, over the next two years to boost shareholder returns.
*
Tyco International denied that it has finalized plans to cut 4,000 jobs at AMP Inc., the electronic component maker it acquired two weeks ago. Tyco, which makes fire protection systems, electronic security services and flow control valves, said AMP would undergo a restructuring with layoffs, but refused to confirm or deny the 4,000-job reduction tally reported by Barron’s last weekend in an article quoting Tyco CEO Dennis Kozlowski.
Business on Radio: Times reporters provide perspective on markets, entertainment and other news weekdays on KFWB-AM 980’s Noon Business Hour.
Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section’s staff can be found at: http://161.35.110.226/HOME/BUSINESS/staff.htm.
