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
For the fiscal year ended December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from ____________ to ____________
1-12333
(Commission file number)
IOMEGA CORPORATION
(Exact name of issuer as specified in its charter)
Delaware 86-0385884
(State of Incorporation) (IRS employer identification number)
1821 West Iomega Way, Roy, UT 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, 1996 AND 1995
TOGETHER WITH REPORT OF INDEPENDENT
PUBLIC ACCOUNTANTS
<PAGE>
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, 1996 and 1995, and the related statement of changes in
net assets available for benefits for the year ended December 31, 1996.
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 Plan as
of December 31, 1996 and 1995, and the changes in its net assets available
for benefits for the year ended December 31, 1996 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 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 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
ARTHUR ANDERSEN LLP
Salt Lake City, Utah
June 5, 1997
<PAGE>
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
Statement of Net Assets Available for
Benefits as of December 31, 1996 1
Statement of Net Assets Available for
Benefits as of December 31, 1995 2
Statement of Changes in Net Assets
Available for Benefits for the Year Ended
December 31, 1996 3-4
Notes to Financial Statements 5-9
Item 27a - Schedule of Assets Held for Investment
Purposes as of December 31, 1996 10
Item 27d - Schedule of Reportable Transactions for
the Year Ended December 31, 1996 11-12
<PAGE>
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1996
<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 $1,229,533 $8,124,455 $2,359,975 $2,243,107 $669,011
RECEIVABLES:
Employee
contributions 8,363 30,031 7,646 6,773 2,914
Employer
contributions 59,992 265,898 78,816 61,499 20,547
---------- ---------- ---------- ---------- -------
NET ASSETS $1,297,888 $8,420,384 $2,446,437 $2,311,379 $692,472
</TABLE>
<TABLE>
FUND INFORMATION
-------------------------------------------------------------------
FIDELITY FUNDS
-------------------------------
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 $2,514,918 $912,007 $822,046 $8,551,735 $990,265 $28,417,052
RECEIVABLES:
Employee
contributions 12,462 7,030 6,287 26,638 - 108,144
Employer
contributions 87,967 57,685 44,650 221,470 - 898,524
---------- -------- -------- ---------- -------- -----------
NET ASSETS $2,615,347 $976,722 $872,983 $8,799,843 $990,265 $29,423,720
========== ======== ======== ========== ======== ===========
</TABLE>
The accompanying notes to financial statements are an integral part of these
statements.
<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>
<TABLE>
FUND INFORMATION
--------------------------------------------------------------------
FIDELITY FUNDS
-------------------------------
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>
Page 1 of 2
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
FUND INFORMATION
--------------------------------------------------------------
FIDELITY FUNDS
--------------------------------------------------------------
Short
Managed Retirement Term
Magellan Contrafund Income Money Market Bond
---------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET
ASSETS ATTRIBUTABLE
TO:
Contributions-
Employee $ 163,479 $ 629,605 $ 187,776 $ 151,980 $ 59,291
Employer 59,992 265,898 78,816 61,498 20,547
Rollover 462,692 401,685 75,624 245,054 39,220
---------- ---------- ---------- ---------- --------
686,163 1,297,188 342,216 458,532 119,058
Investment Income-
Interest and
dividends 172,781 642,569 128,583 77,926 33,504
Realized gain
(loss) (60,005) 266,501 - - (4,103)
Net unrealized
appreciation
(depreciation)
in fair value
of investments 42,920 521,930 - - (5,721)
---------- ---------- ---------- ---------- --------
Total additions 841,859 2,728,188 470,799 536,458 142,738
REDUCTIONS IN NET ASSETS
ATTRIBUTABLE TO DISTRIBU-
TIONS TO PARTICIPANTS (43,788) (363,826) (63,060) (17,106) (26,468)
TRANSFERS BETWEEN FUNDS (783,362) 108,789 (260,451) 784,779 58,479
---------- ---------- ---------- ---------- --------
Net additions
(reductions) 14,709 2,473,151 147,288 1,304,131 174,749
NET ASSETS:
Beginning of year 1,283,179 5,947,233 2,299,149 1,007,248 517,723
---------- ---------- ---------- ---------- --------
End of year $1,297,888 $8,420,384 $2,446,437 $2,311,379 $692,472
========== ========== ========== ========== ========
</TABLE>
The accompanying notes to financial statements are an integral part of these
statements.
<PAGE>
Page 2 of 2
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
FUND INFORMATION
---------------------------------------------------------------------
FIDELITY FUNDS
--------------------------------
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 $ 241,502 $ 149,200 $ 94,175 $ 601,049 $ - $ 2,278,057
Employer 87,967 57,685 44,650 221,470 - 898,523
Rollover 262,828 109,065 159,983 1,063,938 - 2,820,089
---------- --------- -------- ---------- -------- -----------
592,297 315,950 298,808 1,886,457 - 5,996,669
Investment Income-
Interest and
dividends 162,245 74,160 16,727 - 63,187 1,371,682
Realized gain
(loss) 105,722 31,422 36,456 5,100,419 - 5,476,412
Net unrealized
appreciation
(depreciation)
in fair value
of investments 97,998 11,931 68,797 (1,253,848) - (515,993)
---------- ---------- -------- ---------- -------- -----------
Total additions 958,262 433,463 420,788 5,733,028 63,187 12,328,770
REDUCTIONS IN NET ASSETS
ATTRIBUTABLE TO DISTRI-
BUTIONS TO PARTICIPANTS (211,639) (30,554) (4,136) (90,253) (30,539) (881,369)
TRANSFERS BETWEEN FUNDS 73,180 (461,126) 156,416 (24,370) 347,666 -
---------- ---------- -------- ---------- -------- -----------
Net additions
(reductions) 819,803 (58,217) 573,068 5,618,405 380,314 11,447,401
NET ASSETS:
Beginning of year 1,795,544 1,034,939 299,915 3,181,438 609,951 17,976,319
---------- ---------- -------- ---------- -------- -----------
End of year $2,615,347 $ 976,722 $872,983 $8,799,843 $990,265 $29,423,720
========== ========== ======== ========== ======== ===========
</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.
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 contribution
percentages can range from 2 percent to 15 percent of qualifying gross
compensation on a before-tax basis, subject to IRS limitations.
Effective January 1, 1997, Iomega amended the Plan to change the eligibility
requirements from six months to thirty days of service.
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
1996, totaling $476,421. Participants immediately vest in these
contributions.
Effective January 1, 1995, Iomega amended its plan to allow additional
performance matching contributions which are based upon Iomega meeting or
exceeding annual budgeted profits. This performance matching contribution
matches 50 percent of each dollar of an employee's contributions that exceed
the employee's 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 1996 totaled $422,103. 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. Vested benefit
distributions payable to terminated employees at December 31, 1996 was
$229,840.
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, 192 participants; the Contrafund, 574 participants; the
Managed Income Portfolio, 309 participants; the Retirement Money Market
Portfolio, 209 participants; the U.S. Equity Income II Fund, 300 participants;
the Asset Manager, 193 participants; the Short Term Bond Portfolio, 117
participants; the U.S. Equity Index Portfolio, 131 participants; Iomega
Stock Fund, 543 participants; and the Participant Loan Fund, 172 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 on the open market 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 Iomega 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, 1996, the loans
bear interest at rates ranging from 7.82 to 10.0 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.
Distributions to Terminated Participants and Forfeitures
- --------------------------------------------------------
During the year ended December 31, 1996, some participants terminated from
the Plan. The Plan provides for the distribution of vested benefits to
terminated participants no later than April 1 following the calendar year in
which the participant attained age 70 1/2. During the year ended December
31, 1996, vested benefits distributed to terminated participants were
$881,369. Nonvested benefits which are forfeited are utilized to reduce the
Company contributions to the Plan and have been reallocated to continuing
participants.
Expenses
- --------
Iomega pays all administrative expenses relating to investment and management
of Plan funds, including legal and accounting fees, except operating expenses
of the investment funds which are deducted directly from investment returns by
Fidelity (as noted in "Investment Options").
(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, 1996
<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 15,245 $ 1,123,647 $ 1,229,533
* Contrafund 192,751 5,875,823 8,124,455
* Managed Income 2,359,975 2,359,975 2,359,975
* Retirement Money Market 2,243,107 2,243,107 2,243,107
* Short Term Bond 76,721 712,379 669,011
* U.S. Equity Income II 105,891 1,936,535 2,514,918
* Asset Manager 55,374 715,265 912,007
* U.S. Equity Index 30,503 622,574 822,046
* Iomega Stock Fund 483,700 2,986,184 8,551,735
* Participant Loans Interest rates 990,265 990,265
ranging from
7.82% to 10.0%
----------- -----------
$19,565,754 $28,417,052
=========== ===========
</TABLE>
*Denotes party-in-interest
<PAGE>
Page 1 of 2
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
Number (c) (d) (e)
(a) Identity of (b) Description of Trans- Purchase Selling Lease
Party Involved of Asset actions Price Price Rental
- -------------------- ------------------ ---------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C>
Fidelity Investments 191,516 shares 208 $ 7,555,574 $ - N/A
Institutional of Contrafund
Services Co.*
Fidelity Investments 148,947 shares 168 - 5,929,464 N/A
Institutional of Contrafund
Services Co.*
Fidelity Investments 51,147 shares 128 833,078 - N/A
Institutional of Asset Manager
Services Co.*
Fidelity Investments 57,660 shares 92 - 945,326 N/A
Institutional of Asset Manager
Services Co.*
Fidelity Investments 88,260 shares 166 2,039,078 - N/A
Institutional of U.S. Equity
Services Co.* Income II
Fidelity Investments 62,990 shares 118 - 1,455,593 N/A
Institutional of U.S. Equity
Services Co.* Income II
Fidelity Investments 21,082 shares 159 1,640,890 - N/A
Institutional of Magellan
Services Co.*
Fidelity Investments 20,207 shares 104 - 1,629,804 N/A
Institutional of Magellan
Services Co.*
Fidelity Investments 228,822 shares 228 12,861,588 - N/A
Institutional of Iomega Stock
Services Co.* Fund
Fidelity Investments 190,414 shares 159 - 11,225,629 N/A
Institutional of Iomega Stock
Services Co.* Fund
Fidelity Investments 3,683,754 units 138 3,683,754 - N/A
Institutional of Retirement
Services Co.* Money Market
Fidelity Investments 2,386,869 units 100 - 2,386,869 N/A
Institutional of Retirement
Services Co.* Money Market
Fidelity Investments 1,113,596 units 110 1,113,596 - N/A
Institutional of Managed Income
Services Co.*
Fidelity Investments 959,906 units of 86 - 959,906 N/A
Institutional Managed Income
Services Co.*
*Denotes party-in-interest
</TABLE>
<PAGE>
Page 2 of 2
IOMEGA RETIREMENT AND INVESTMENT SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
(f) Expense (h) Current
Incurred Value at
(a) Identity of (b) Description with (g) Cost Transaction (i) Net
Party Involved of Asset Transaction of Asset Date Gain
- -------------------- ------------------ ---------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C>
Fidelity Investments 191,516 shares N/A $7,555,574 $7,555,574 $ N/A
Institutional of Contrafund
Services Co.*
Fidelity Investments 148,947 shares N/A 5,533,004 5,929,464 396,460
Institutional of Contrafund
Services Co.*
Fidelity Investments 51,147 shares N/A 833,078 833,078 N/A
Institutional of Asset Manager
Services Co.*
Fidelity Investments 57,660 shares N/A 861,391 945,326 83,935
Institutional of Asset Manager
Services Co.*
Fidelity Investments 88,260 shares N/A 2,039,078 2,039,078 N/A
Institutional of U.S. Equity
Services Co.* Income II
Fidelity Investments 62,990 shares N/A 1,321,284 1,455,593 134,309
Institutional of U.S. Equity
Services Co.* Income II
Fidelity Investments 21,082 shares N/A 1,640,890 1,640,890 N/A
Institutional of Magellan
Services Co.*
Fidelity Investments 20,207 shares N/A 1,619,134 1,629,804 10,670
Institutional of Magellan
Services Co.*
Fidelity Investments 228,822 shares N/A 12,861,588 12,861,588 N/A
Institutional of Iomega Stock
Services Co.* Fund
Fidelity Investments 190,414 shares N/A 7,030,762 11,225,629 4,194,867
Institutional of Iomega Stock
Services Co.* Fund
Fidelity Investments 3,683,754 units N/A 3,683,754 3,683,754 N/A
Institutional of Retirement
Services Co.* Money Market
Fidelity Investments 2,386,869 units N/A 2,386,869 2,386,869 N/A
Institutional of Retirement
Services Co.* Money Market
Fidelity Investments 1,113,596 units N/A 1,113,596 1,113,596 N/A
Institutional of Managed Income
Services Co.*
Fidelity Investments 959,906 units of N/A 959,906 959,906 N/A
Institutional Managed Income
Services Co.*
*Denotes party-in-interest
</TABLE>
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 27th day of June 1997.
IOMEGA RETIREMENT AND
INVESTMENT SAVINGS PLAN
By:
---------------------
Kevin O'Connor
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 filed
Registration Statement on Form S-8 File No. 33-62029.
/S/ ARTHUR ANDERSEN LLP
ARTHUR ANDERSEN LLP
Salt Lake City, Utah
June 26, 1996
