SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
(Mark One)
[ x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _____________ to _________________
0-11963
(Commission file number)
IOMEGA CORPORATION
(Exact name of issuer as specified in its charter)
Delaware 86-0385884
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
1821 West Iomega Way, Roy, Utah 84067
(Address of Principal Executive Offices) (Zip Code)
Iomega Retirement and Investment Savings Plan
(Full title of the Plan)
<PAGE>
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
FINANCIAL STATEMENTS AS OF
DECEMBER 31, 1995 AND 1994
TOGETHER WITH REPORT OF INDEPENDENT
PUBLIC ACCOUNTANTS
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Steering Committee and Participants of the
Iomega Retirement and Investment Savings Plan:
We have audited the accompanying statements of net assets available for benefits
of the Iomega Retirement and Investment Savings Plan (the "Plan") as of
December 31, 1995 and 1994, and the related statement of changes in net
assets available for benefits for the year ended December 31, 1995. These
financial statements and the schedules referred to below are the responsibility
of the Plan's management. Our responsibility is to express an opinion on
these financial statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Iomega
Retirement and Investment Savings Plan as of December 31, 1995 and 1994, and
the changes in its net assets available for benefits for the year ended
December 31, 1995 in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes and reportable transactions are presented for
purposes of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The fund information in
the statements of net assets available for benefits and the statement of
changes in net assets available for benefits is presented for purposes of
additional analysis rather than to present the net assets available for
benefits and changes in net assets available for benefits of each fund. The
supplemental schedules and fund information have been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, are fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
/s/ Arthur Andersen LLP
Salt Lake City, Utah
March 25, 1996
<PAGE>
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
Statement of Net Assets Available for
Benefits as of December 31, 1995 1
Statement of Net Assets Available for
Benefits as of December 31, 1994 2
Statement of Changes in Net Assets
Available for Benefits for the Year Ended
December 31, 1995 3-4
Notes to Financial Statements 5-8
Schedule of Assets Held for Investment
Purposes as of December 31, 1995 9
Schedule of Reportable Transactions for
the Year Ended December 31, 1995 10
<PAGE>
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1995
<TABLE>
FUND INFORMATION
FIDELITY FUNDS
Short
Managed Retirement Term
Magellan Contrafund Income Money Market Bond
<S> <C> <C> <C> <C> <C>
INVESTMENTS, at fair
value $1,235,532 $5,709,915 $2,206,285 $ 946,222 $494,854
RECEIVABLES:
Employee
contributions 7,182 25,398 7,383 6,430 1,766
Employer
contributions 40,465 211,920 85,481 54,596 21,103
---------- ---------- ---------- ---------- --------
NET ASSETS $1,283,179 $5,947,233 $2,299,149 $1,007,248 $517,723
========== ========== ========== ========== ========
</TABLE>
FUND INFORMATION
FIDELITY FUNDS
<TABLE>
U.S. U.S.
Equity Asset Equity Iomega Participant
Income II Manager Index Stock Fund Loans Total
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS, at fair
value $1,727,713 $ 980,902 $ 280,312 $3,069,205 $609,951 $17,260,891
RECEIVABLES:
Employee
contributions 7,336 5,525 2,517 14,673 - 78,210
Employer
contributions 60,495 48,512 17,086 97,560 - 637,218
---------- ---------- --------- ---------- -------- -----------
NET ASSETS $1,795,544 $1,034,939 $ 299,915 $3,181,438 $609,951 $17,976,319
========== ========== ========= ========== ======== =========
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
<PAGE>
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1994
FUND INFORMATION
FIDELITY FUNDS
<TABLE>
Short
Managed Retirement Term
Magellan Contrafund Income Money Market Bond
<S> <C> <C> <C> <C> <C>
INVESTMENTS, at fair
value $404,965 $4,454,635 $2,144,444 $1,128,308 $514,129
RECEIVABLES:
Employee
contributions - 23,810 7,926 5,932 2,379
Employer
contributions - 118,964 75,764 37,379 13,144
-------- ---------- ---------- ---------- --------
NET ASSETS $404,965 $4,597,409 $2,228,134 $1,171,619 $529,652
======== ========== ========== ========== ========
</TABLE>
FUND INFORMATION
FIDELITY FUNDS
<TABLE>
U.S. U.S.
Equity Asset Equity Participant
Income II Manager Index Loans Total
<S> <C> <C> <C> <C> <C>
INVESTMENTS, at fair
value $1,410,501 $1,160,550 $195,295 $ 67,271 $11,480,098
RECEIVABLES:
Employee
contributions 6,371 5,674 1,349 - 53,441
Employer
contributions 36,745 32,006 4,785 - 318,787
---------- ---------- --------- ---------- -----------
NET ASSETS $1,453,617 $1,198,230 $ 201,429 $ 67,271 $11,852,326
========== ========== ========== ========== ===========
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
<PAGE>
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1995
FUND INFORMATION
FIDELITY FUNDS
<TABLE>
Short
Managed Retirement Term
Magellan Contrafund Income Money Market Bond
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTABLE TO:
Contributions-
Employee $ 50,766 $ 578,047 $ 229,578 $ 142,914 $ 63,461
Employer 40,465 211,595 85,481 54,272 21,103
Rollover 133,526 98,417 43,476 27,958 9,823
---------- ---------- ---------- ---------- ---------
224,757 888,059 358,535 225,144 94,387
---------- ---------- ---------- ---------- ---------
Investment Income-
Interest and
dividends 69,290 447,231 134,374 60,394 33,201
Realized gain 72,697 311,081 - - 4,193
Net unrealized
appreciation
in fair value
of investments 20,795 868,602 - - 12,896
-------- ---------- ---------- ---------- ----------
162,782 1,626,914 134,374 60,394 50,290
-------- ---------- ---------- ---------- ----------
Total additions 387,539 2,514,973 492,909 285,538 144,677
REDUCTIONS IN NET ASSETS
ATTRIBUTABLE TO
Distributions to
participants (33,061) (287,077) (119,815) (143,117) (1,180)
Transfers between
funds 523,736 (878,073) (302,079) (306,791) (155,426)
---------- ------------ ---------- ----------- -----------
Net additions
(reductions) 878,214 1,349,823 71,015 (164,370) (11,929)
NET ASSETS:
Beginning of year 404,965 4,597,409 2,228,134 1,171,619 529,652
---------- ----------- ----------- ---------- ---------
End of year $1,283,179 $5,947,232 $2,299,149 $1,007,249 $ 517,723
========== ========== ========== ========== ========
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
<PAGE>
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1995
FUND INFORMATION
FIDELITY FUNDS
<TABLE>
U.S. U.S.
Equity Asset Equity Iomega Participant
Income II Manager Index Stock Fund Loans Total
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTABLE TO:
Contributions-
Employee $ 180,593 $ 145,728 $ 41,287 $ 53,654 $ - $ 1,486,028
Employer 60,496 48,512 17,086 97,560 - 636,570
Rollover 63,426 6,229 20,258 56,409 - 459,522
----------- ---------- -------- ---------- ----------- -----------
304,515 200,469 78,631 207,623 - 2,582,120
----------- ----------- --------- ---------- ----------- -----------
Investment Income-
Interest and
dividends 73,847 32,320 7,136 - 28,222 886,015
Realized gain 85,122 43,274 27,087 230,839 - 774,293
Net unrealized
appreciation
in fair value
of investments 228,064 105,020 43,470 1,478,243 - 2,757,090
--------- ---------- -------- ---------- --------- ----------
387,033 180,614 77,693 1,709,082 28,222 4,417,398
--------- ---------- -------- ---------- --------- -----------
Total additions 691,548 381,083 156,324 1,916,705 28,222 6,999,518
REDUCTIONS IN NET ASSETS
ATTRIBUTABLE TO
Distributions to
participants (70,096) (166,930) (48,444) (217) (5,588) (875,525)
Transfers between
funds (279,525) (377,444) (9,394) 1,264,950 520,046 -
---------- ---------- --------- ----------- -------- ----------
Net additions
(reductions) 341,927 (163,291) 98,486 3,181,438 542,680 6,123,993
NET ASSETS:
Beginning of year 1,453,617 1,198,230 201,429 - 67,271 11,852,326
----------- ----------- --------- ----------- -------- -----------
End of year $1,795,544 $1,034,939 $299,915 $3,181,438 $609,951 $17,976,319
=========== =========== ======== =========== ======== ===========
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
<PAGE>
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(1) PLAN DESCRIPTION
Participation
- ------------------
Iomega Corporation ("Iomega") adopted the Iomega Retirement and Investment
Savings Plan (the "Plan") effective July 1, 1985. The Plan was established to
provide employees an opportunity to accumulate funds for retirement or
disability and to provide death benefits for employees' dependents and
beneficiaries.
Effective January 1, 1995, Fidelity Management Trust Company was appointed as
trustee of the Plan. Iomega administers the Plan with the assistance of an
external administrative consultant. Prior to January 1, 1995, certain
members of management of Iomega served as trustees of the trust which holds
the Plan assets.
The following description of the Plan provides only general information.
Participants should refer to the Plan agreement for a more complete
description of the Plan's provisions.
Eligibility, Contributions and Benefits
- ---------------------------------------------------
Employees who have completed six months of service and who have attained 21
years of age are eligible to participate in the Plan. Each eligible employee
is required to make an election to participate in the Plan. At that time,
each participant elects both the contribution amount and its distribution to
the various investment funds within the Plan. Elected percentages can range
from 2 percent to 15 percent of qualifying gross compensation on a
before-tax basis, subject to IRS limitations.
Iomega may make additional contributions and the Board of Directors of Iomega
determines each year the amount and manner of the matching contribution
allocation to be made to the accounts of eligible participants. Iomega
matched employee contributions in amounts up to $650 per participant for 1995,
totaling $355,187. Participants immediately vest in all contributions.
Effective January 1, 1995, Iomega amended its plan to allow additional
performance matching Company contributions which are based upon the Company
meeting or exceeding annual budgeted profits. This performance matching
contribution will match 50 percent of each dollar of an employee's
contributions that exceed the employees initial annual $600 contribution up to a
maximum of three percent of the employee's compensation or $4,500, whichever is
less. The performance matching contribution for 1995 totaled $281,382.
Participants vest in all performance matching contributions at a rate of 20
percent for each year of service. After five years of service, employees
become immediately vested in all performance matching contributions.
Benefits are normally paid upon retirement, death, disability or other
termination. Upon termination of service, participants may elect to receive
payment from their accounts in a lump sum, periodic installments, an annuity
or a combination of these methods. Actively employed participants may only
withdraw funds from the Plan pursuant to specific restrictions set forth in
the Plan agreement.
Investment Options
- -----------------------------
The Plan provides for ten investment options. These options, as well as the
number of participants investing in each option, are as follows: the
Magellan Fund, 111 participants; the Contrafund, 485 participants; the
Managed Income Portfolio, 313 participants; the Retirement Money Market
Portfolio, 162 participants; the U.S. Equity Income II Fund, 217 participants;
the Asset Manager, 161 participants; the Short Term Bond Portfolio, 97
participants; the U.S. Equity Index Portfolio, 55 participants; Iomega Stock
Fund, 151 participants; and the Participant Loan Fund, 134 participants (the
"Funds"). The Participant Loan Fund is managed by Iomega and the remaining
nine funds are managed by the Fidelity Management & Research Company
("Fidelity"), an affiliate of Fidelity Management Trust Company. No sales
charge is levied on the funds managed by Fidelity, however, an annual fee is
charged by Fidelity to cover the operating expenses of each fund, including
the investment advisory fee. This fee is deducted from the investment return
of each fund.
The Magellan Fund seeks capital appreciation by maintaining a portfolio
primarily invested in common stocks and securities convertible into common
stocks. Up to 20 percent of this fund may also be invested in debt
securities of all types and quality levels issued by domestic and foreign
issuers. The fund is relatively aggressive in pursuing growth. Dividends
are declared and posted to the participant's account in May and December of
each calendar year. The undistributed semi-annual dividends are reinvested
to purchase additional shares in the fund.
The Contrafund seeks capital appreciation by investing in companies that are
believed to be undervalued or out of favor. When market conditions warrant,
the fund may also invest temporarily in investment-grade debt securities.
The fund is relatively aggressive in pursuing growth.
The Managed Income Portfolio seeks preservation of capital and a competitive
level of income over time. The portfolio purchases high-quality, short and
long-term investment contracts issued by insurance companies, banks and other
approved financial institutions that provide competitive interest rates. The
Managed Income Portfolio's goal is to maintain a stable $1.00 share price.
The Retirement Money Market Portfolio invests in high-quality money market
instruments of domestic and foreign issuers which are denominated in U.S.
dollars. Such instruments are short-term obligations and range from U.S.
Government securities to prime commercial paper issued by private borrowers.
The fund seeks to obtain as high a level of current income as possible, given
its principal objective of preserving capital and maintaining a share value of
$1.00. Interest income is earned daily and posted to the participant's account
at the end of each calendar month or at the time of total distribution of the
account. The monthly income is applied to purchase additional shares in the
fund.
The U.S. Equity Income II Fund seeks income by investing primarily in income-
producing equity securities, considering the potential for capital
appreciation. The fund seeks a yield exceeding the Standard & Poor's Daily
Stock Price Index 500 ("S&P 500"). The fund is considered to be relatively
conservative among growth and income funds.
Asset Manager seeks high total return with reduced risk over the long term by
using a balanced mix of stocks, bonds and short-term instruments. The fund
earns dividends daily, and the dividends are posted to the participant's
account in the last month of each calendar quarter or at the time of total
distribution of the account. The undistributed dividends are reinvested to
purchase more shares in the fund.
The Short Term Bond Portfolio invests in a broad range of fixed-income
securities. Securities in the portfolio are primarily investment grade or
better with maturities typically less than three years. The portfolio seeks
high current income consistent with preservation of capital.
The U.S. Equity Index Portfolio has the goal of replicating the total return
provided by the stocks included in the S&P 500. The fund buys and holds
virtually all of the 500 stocks contained in the S&P 500 weighted in the same
manner. The fund earns dividends daily, and the dividends are posted to the
participant's account in the last month of each calendar quarter or at the
time of total distribution of the account. The undistributed dividends are
reinvested to purchase more shares in the fund.
The Iomega Stock Fund invests only in Iomega common stock. A small amount of
the Iomega Stock Fund (approximately 1 to 2 percent) is held in cash to meet
the Plan's liquidity needs for making distributions and transfers. Shares of
Iomega stock are bought and sold over-the-counter each pay period based on
participants' elections. Voting rights for the common stock held in the
Iomega Stock Fund are passed through to participants. The market value of the
Iomega Stock Fund is determined based on unitized stock accounting.
The Participant Loan Fund is invested solely in promissory notes executed by
participants. With the Plan's consent, a participant may borrow from his or
her account up to the lesser of $50,000 or 50 percent of the participant's
vested interest. The outstanding balance of all prior loans under the Plan
or any other plan maintained by the Company or its affiliates reduces the amount
available for future loans. Moreover, the $50,000 limit is reduced by the
amount of any loan repayments made during the most recent 12 months. The
minimum amount for any loan is $1,000. As of December 31, 1995, the loans
bear interest at rates ranging from 8.34 to 10.00 percent. Loans must be
repaid within five years, except for loans used to acquire a principal
residence which must be repaid over a reasonable period of time. All loans,
regardless of term, become due and payable when the participant's employment
terminates.
Termination of the Plan
- ------------------------------------
Iomega may terminate the Plan at any time subject to the provisions of the
Employee Retirement Income Security Act of 1974, as amended.
(2) SUMMARY OF ACCOUNTING POLICIES
Basis of Accounting
- -----------------------------
The accounting records of the Plan are maintained on the accrual basis in
accordance with generally accepted accounting principles. Distributions to
participants are recorded when paid.
Investments
- -------------------------
Contributions are invested in various securities. Participants direct the
trustee as to the investment of all contributions. Investments are carried
at fair value based on quoted market prices. Unrealized appreciation or
depreciation caused by fluctuations in the fair value of investments is
recognized currently. Interest and dividends are reinvested as earned.
Expenses
- -----------------
Iomega pays all administrative expenses relating to investment and management of
Plan funds, including legal and accounting fees.
(3) NET UNREALIZED APPRECIATION (DEPRECIATION)
IN FAIR MARKET VALUE OF INVESTMENTS
The Plan provides that the fair value of all investments shall be determined at
the end of each Plan year. Net unrealized appreciation or depreciation in
the fair value of investments is determined by computing the difference
between the fair value of each investment at the beginning of the Plan year
(or at the date of purchase for investments acquired during the Plan year)
with the fair market value at the end of the Plan year.
(4) TAX STATUS
The Plan is subject to the Employee Retirement Income Security Act of 1974
("ERISA") and certain provisions of the Internal Revenue Code ("IRC"). The
Plan is intended to qualify under Section 401(a) of the IRC. The Internal
Revenue Service issued a favorable determination letter dated October 26,
1994 ruling that the Plan was designed in accordance with applicable IRC
requirements as of that date. The Plan's steering committee and legal counsel
believe that the Plan continues to be designed and operated in accordance
with applicable IRC requirements. The Plan does not provide for federal
income taxes as the qualified plan trust is exempt from income taxes.
<PAGE>
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
<TABLE>
(c) Number
of (e) Current
(a) (b) Issuer/Investment Type Units Held (d) Cost Value
<S> <C> <C> <C> <C>
Fidelity Investments
Institutional Services Co.:
Magellan 14,370 $ 1,112,561 $ 1,235,532
Contrafund 150,182 4,249,713 5,709,915
Managed Income 2,206,285 2,206,284 2,206,285
Retirement Money Market 946,222 946,222 946,222
Short Term Bond 55,727 528,398 494,854
U.S. Equity Income II 80,621 1,353,050 1,727,713
Asset Manager 61,887 827,513 980,902
U.S. Equity Index 12,420 186,093 280,312
* Iomega Stock Fund 136,046 1,360,122 3,069,205
* Participant Loans
Interest
rates ranging
from 8.34%
to 10.00% 609,951 609,951
----------- -----------
$13,379,907 $17,260,891
=========== ===========
</TABLE>
*denotes party-in-interest
<PAGE>
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
(h)
Current
(b) Number of (c) (d) (g) Value at
(a) Identity of Description Trans- Purchase Selling Cost of Transaction (I) Net
Party Involved of Asset actions Price Price Asset Date Gain
- -------------------- -------------- ---------- ---------- -------- ------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Fidelity Investments 46,582 shares of 142 $1,704,295 $ - $1,704,295 $1,704,295 N/A
Institutional Contrafund
Services Co.*
Fidelity Investments 43,514 shares of 110 - 1,628,699 1,293,093 1,628,699 335,606
Institutional Contrafund
Services Co.*
Fidelity Investments 19,597 shares of 92 291,015 - 291,015 291,015 N/A
Institutional Asset
Services Co.* Manager
Fidelity Investments 41,625 shares of 65 - 618,957 579,479 618,957 39,478
Institutional Asset
Services Co.* Manager
Fidelity Investments 35,322 shares of 117 696,950 - 696,950 696,950 N/A
Institutional U.S. Equity
Services Co.* Income II
Fidelity Investments 34,300 shares of 80 - 692,294 614,880 692,294 77,414
Institutional U.S. Equity
Services Co.* Income II
Fidelity Investments 11,758 shares of 83 1,040,228 - 1,040,228 1,040,228 N/A
Institutional Magellan
Services Co.*
Fidelity Investments 3,450 shares of 26 - 303,153 258,934 303,153 44,219
Institutional Magellan
Services Co.*
Fidelity Investments 167,255 shares of 56 1,955,790 - 1,955,790 1,955,790 N/A
Institutional Iomega
Services Co.* Stock Fund
Fidelity Investments 31,209 shares of 17 - 595,668 343,421 595,668 252,247
Institutional Iomega
Services Co.* Stock Fund
Fidelity Investments 378,773 units of 82 378,773 - 378,773 378,773 N/A
Institutional Retirement
Services Co.* Money Market
Fidelity Investments 560,859 units of 74 - 560,859 560,859 560,859 -
Institutional Retirement
Services Co.* Money Market
Fidelity Investments 558,703 units of 70 558,703 - 558,703 558,703 N/A
Institutional Managed
Services Co.* Income
Fidelity Investments 496,862 units of 65 - 496,862 496,862 496,862 -
Institutional Managed
Services Co.* Income
</TABLE>
*denotes party-in-interest
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons that administer the employee benefit plan)
have duly caused this annual report to be signed on behalf of the undersigned
hereunto duly authorized, in the City of Roy, Utah on the 26th day of June,
1996.
IOMEGA RETIREMENT AND
INVESTMENT SAVINGS PLAN
By:/s/ Daniel W. Henrie
Daniel W. Henrie
Plan Administrator
<PAGE>
EXHIBIT INDEX
The following exhibits are filed as part of this Annual Report on Form 11-K.
Exhibit
Number Description
- ------------ -------------------------------------
23.1 Consent of Arthur Andersen LLP
Exhibit 23.1
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of
our report included in this Form 11-K, into the Company's previously file
Registration Statement on Form S-8 No. 33-62029.
/s/Arthur Andersen LLP
Salt Lake City, Utah
June 26, 1996
