Show BUSINESS Business Editor 625-424- 4 www standard net 6C Standard Examiner Utah ranked 31 st as market looks to improve siles devices measuring equipment medical instruments and supplies as well as services is that we think tells “I us it what By DAVID TROESTER cannot be complacent about growing staff sector of our economy” the a national trend dollars said Luanne Williams executive diFollowing exrector of the Mountain States Council generated from Utah fell last double of AEA a technology trade associayear ports digits tion with more than 3500 members exThe value of Utah ports declined 18 percent to $598 mil- It formerly was known as the Amerilion in 2001 compared to a 15 percent can Electronics Association AEA recently released its analysis drop nationwide to $189 billion sector detailing exHigh-tecexports include comput- of the ers and office equipment semicon- - ports by state Standard-Examine- motor-vehicl- e computer-programmin- g r high-tec- h high-tec- h high-tec- h high-tec- h h Nasdaq S&P Friday April 1 9 2002 mt ftMlhi ductors electronic components pharmaceuticals communications equipment aircraft and parts guided mis- In Utah high-tec- h exports last year accounted for 17 percent of all export dollars That ranked the state ex31st in the nation for high-tec- h ports The three highest were California $58 billion in high-tec- h exports Texas $28 billion and Florida $9 billion ally hit on hard times” said Jan Crispin-Little senior economist with the Bureau of Economic and Business Research at the University of Utah in Salt Lake City Companies such as Autoliv and Iomega that cut jobs last year contributed to the overall drop “It’s just becoming more difficult for companies to compete and they’re shipping a lot more of their manufacturing jobs offshore” Crispin-Littl- e said Comparatively nearby Colorado ranked 13th with $36 billion in exports That accounts for 59 percent of all exports in that Rocky Mountain state However economic analysts exDespite Gbv Michael Leavitt’s pect a turnaround in the next 60 to 90 investdays campaign to attract ment jobs in Utah’s sector “It does look like there’s some light are down from about 65000 in 2000 to at the end of the tunnel” said Ron 63000 in 2001 Kusina executive director of Weber “The technology sector has just re Economic Development Corp high-tec- h In this file photo cars sit in the parking lot just as cutbacks were announced just over nine months ago Iomega reports earnings have improved as a result Since the initial layoffs staff headquarters moved to San Diego er continue to slide ALAN MURRAY Standard-Examin- summer cutting jobs at its Roy plant and other sites Headquarters were moved from Roy to San Diego About 450 employees remain at the Roy facility re“The encouraging sults are a further indication that our restructuring and other cost reduction efforts are yielding positive and measurable results” Heid said in a first-quart- er prepared release He said Iomega would continue to Iomega president and CEO Werner Heid said operating ex- seek “operational efficiencies but our penses were cut 38 percent from last focus will now shift to a more chalyear The company restructured last lenging goal which is to reverse the first-quart- some production has been relocate to Malaysia and the By GARY HINDS first-quart- er decline in revenue most notably in our profitable core Zip product line by the end of the year and to lay the foundation for revenue growth in 2003 and subsequent years” Revenue from the Zip line was $1431 million in the first quarter down $607 million from the same quarter of 2001 Zip drive shipments were off 25 percent in th quarter compared with a year ago while Zip disk shipments dropped 22 percent Heid said the company has initiated several programs aimed at halting the slip in Zip revenue including increasing international sales penetration increasing sales of installed drives accelerating product development and software packages that promote continuous data backup The quarterly results were released after markets closed Thursday Shares of Iomega closed up 20 cents to $1130 on the New York Stock Exchange can reach reporter Gary You Hinds at 625-424- or 5 at more than $10 billion chief ish cash-flopositive in the executive Joe Nacchio said second quarter DENVER - Qwest Com- Qwest could also sell other Qwest said it planned to munications International assets including access lines reduce its work force lowered its revenue forecast and wireless towers through attrition and layoffs for 2002 on Thursday and For 2002 Qwest estimated putting the total employee said it planned to eliminate its revenue would range from count at 53000 by Sept 30 an additional 2000 jobs $18 billion to $184 billion The job cuts were in addiThe Denver-base- d compadown from a previous estition to 7000 positions that ny cited increased competi- mate of $194 billion tion the weakened telecomQwest said it would eliminate 2 Revised earnings were es- by munications industry and the billion to to timated be $64 telein its economy Union spokesman Lew phone service area as reasons $66 billion down from $71 said he had not been billion Capital spending was for the revised forecast lowered to $31 billion to $33 told which jobs would be lost Qwest also is in talks on of- billion from earlier estimates He said job cuts a Securities fers for its Qwest Dex phone of $37 billion and Exchange Commission directory and wireless busiinquiry into Qwest’s accountnesses which Qwest values Qwest still expected to fin ing practices and concerns The Associated Press mid-200- 14-sta- te WMM n mfcns r 2001 2000 Taxahe e3tr"a increased 2 art 3t 2000to2ndJi Sotf'V Utah t 7 2i Sues : jtr 2001 t SMe t2 Qynnrafrw Standard Examiner Zions earnings continue to climb SALT LAKE CITY - Zions Bancorporation saw net income increase 23 percent for the first quarter to $796 million Earnings rose 19 percent or 86" cents per share Zions Bancorporation is the parent of Zions Bank Shares of Zions Thursday closed up 31 cents to $5940 on the Nasdaq Southwest ekes out small profit Southwest Dallas-base- d king of the discount carriers scratched out a meager $214 million quarterly profit equal to a sparse 3 cents per share of stock But that’s still far better than the $171 million and $269 million losses reported Thursday by Northwest Airlines and US Airways Group respectively Indeed Southwest which extended its streak of quarterly profits to 44 - its last loss was $82 million in the first quarter of 1991 - is all but certain to be the only carrier to report a first-quart- profit Earlier this week Continental Delta and the parent of American Airlines first-quart- reported combined losses of $114 billion With the Northwest and US Airways losses that loss reached $1 58 billion first-quart- nsRAinr piticEsm Qwest plans job cut of 2000 more as earnings revised I ' Cache County sides high-tec- h However first quarter Zip sales slide Iomega Corp Tuesday reported net income of $312 million or 61 cents per share compared with a profit of $98 million or 18 cents per share in the same period a year ago However the company attributed $158 million or 31 cents per share to a decrease in the company’s valuation allowance for net deferred tax assets Iomega’s sales of $1789 million in the first three months of 2002 were down 36 percent compared with sales of $2782 million in first quarter 2001 as sales of Zip drives and disks Eating and Drinking high-tec- h Iomega’s earnings fare well Standard-Examin- 1550 at 1020528 824 at 180243 - 160 at 112447 Dow about its liquidity have created anxiety among workers “There’s a lot of frustration a lot of concern a lot of anger” said Ellingson District 7 spokesman for the Communications Workers of America “Every day there’s something new coming out and unfortunately it seems like it’s always negative” Chief financial officer Robin Szeliga said Qwest would still be able to meet its bank covenants despite the revised forecast The revisions included estimates for growth from the data wireless and phone busi nesses that fell by roughly half or more Delays in into the Qwest’s market in its re-ent- long-distanc- e region prompted 14-sta- te Qwest to lower its estimate for revenue growth due to reentry to $50 million from $100 million to $150 million “I think we now are bouncing along the bottom and the worst is behind us in the industry” Nacchio said Shares of Qwest were down 33 cents to close at $757 in trading Thursday on the New York Stock Exchange Shares fell another 37 cents in extended trading For Thursday POCATELLO - White wheat 250 (steady) ordinary winter 285 (down 5) 14 percent spring 318 (down 4) barley 430 (steady) OGDEN - White wheat 285 (steady) 11 percent winter 299 (down 4) 14 percent spring 299 (down 4) barley 430 (steady) PORTLAND - White wheat 329 (up 2) 11 percent winter 363-36- 8 (down 7 to down 6) 14 percent spring 399 (down 2) barley 9100 (steady) NAMPA - White wheat cwt 427 (steady) barley 450 (steady) - Standard-Examine- r staff and wire services I Listings of mutual funds ftawrae can be found in the Sunday Standard Examiner Dilbert By Scott Adams CAN YOU GET THIS DONE IN THIRTY DAYS7 I YES ! I JUST TRAVEL FASTER THAN LIGHT TO A BLACK HOLE AND DISCOVER A UJE'LL DOORUJAY IN TINE i |