SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 4, 2003
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I/OMAGIC CORPORATION
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(Exact name of registrant as specified in its charter)
NEVADA 000-27267 88-0290623
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
4 MARCONI, IRVINE, CA 92618
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (949) 707-4800
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
The information contained in this Item 12 is being "furnished to" the SEC
in accordance with SEC Release Nos. 33-8216 and 34-47226 and shall not be deemed
"filed with" the SEC for purposes of Section 18 of the Securities Exchange of
1934, as amended, or otherwise subject to the liabilities of that section. The
information contained in this Item 12 shall not be deemed incorporated by
reference into any registration statement, proxy statement or other report
except as shall be expressly set forth by specific reference in such filing and
regardless of any general incorporation language in such filing.
On November 4, 2003, I/OMagic Corporation issued a press release describing
selected financial results of the Company for the third quarter 2003. A copy of
the press release is set forth below in its entirety:
Contact: Nancy Andrews, Communications Mgr. Crocker Coulson, Partner
I/OMagic Corporation CCG Investor Relations
(949)707-4800 (818)789-0100
I/OMAGIC TO REPORT PROFIT FOR THIRD QUARTER 2003
- THE COMPANY SUCCESSFULLY TRANSITIONS FROM CD/RW TO DVD/RW SOLUTIONS -
IRVINE, CALIF. (NOVEMBER 4, 2003) -- I/OMagic Corporation (OTCBB: IOMG), a
leading developer and marketer of optical data storage solutions and digital
entertainment devices, announced today that it has successfully transitioned its
product lines from CD/RW to DVD/RW technology.
The Company also announced today that it expects to report marginally profitable
results for the third quarter 2003 as compared to a loss for the third quarter
2002.
"The Company achieved profitability while net sales declined significantly in
the third quarter 2003 compared to the third quarter 2002, by restructuring its
business model to emphasize higher margin products and discontinuing the sales
of lower margin products," said Steve Gillings, Chief Financial Officer of
I/OMagic Corporation.
"The Company expects a decrease in net sales for the fourth quarter 2003 as
compared to the fourth quarter 2002. However, the Company anticipates a
significant improvement in its bottom line financials for the fourth quarter
2003, compared to the loss in the fourth quarter 2002. Based on current demand
trends, the Company anticipates a strong 2003 holiday selling season," continued
Gillings.
I/OMagic introduced its internal 4X DVD+/-RW/+/-R Dual Format drive in stores in
July 2003. By October 2003, I/OMagic was one of the first to bring the
next-generation internal 8X DVD+/-RW/+/-R Dual Format drive to market. The 8X
is currently the fastest speed DVD Rewritable Dual Format drive available in the
marketplace today.
The Company plans to file its Quarterly Report on November 14, 2003.
About I/OMagic
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I/OMagic develops and markets optical data storage solutions (CD-ROM, CD-RW
drives & media, DVD-ROM, DVD RW/ R drives, MediaStation & DataStation solutions
& the Digital Photo Library) and digital entertainment devices (MP3 players).
The Company sells its many products, under three brand names -- I/OMagic, Hi-Val
& Digital Research Technologies -- through nationally and internationally
recognized retail outlets, such as Best Buy, Circuit City, CompUSA, Office
Depot, OfficeMax, Radio Shack, Staples and Target stores. For more information,
visit the I/OMagic Web site at www.iomagic.com.
Forward-looking statements in this release with respect to anticipated demand
for new products, the transition in optical storage technologies, anticipated
market reception to DVD/RW products, associated unit prices and margins, strong
seasonal sales, and the Company's future financial performance are made pursuant
to the safe harbor provisions of the Private Securities Litigation Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties including, but not limited to, dependence on the PC and consumer
electronics industries and on product lines based on new technologies; the
Company's ability to develop new products based on new or evolving technology
and the market's acceptance of those products; foundry capacity, availability
and reliability; competition and pricing pressures in the technology industry;
general economic and business conditions; and other risks detailed from time to
time in the Company's periodic reports filed with the Securities and Exchange
Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: November 4, 2003
I/OMAGIC CORPORATION
By: /s/ Steve Gillings
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Steve Gillings,
Chief Financial Officer