UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-Q/A
                                 AMENDMENT NO. 1

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED MARCH 29, 1998


                         COMMISSION FILE NUMBER 1-12333




                               Iomega Corporation
             (Exact name of registrant as specified in its charter)

                Delaware                             86-0385884
        (State or other jurisdiction        (IRS employer identification number)
         of incorporation or organization)

                       1821 West Iomega Way, Roy, UT 84067 (Address of principal
                    executive offices)

                                 (801) 778-1000
              (Registrant's telephone number, including area code)

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                                  Yes |X| No _______

     Indicate the number of shares  outstanding of each of the issuer's  classes
of common stock, as of March 29, 1998.

Common Stock, par value $.03 1/3                                263,253,504
      (Title of each class)                                  (Number of shares)
<PAGE>

     PART I,  Item  1.,  of the  Company's  Quarterly  Report  on  Form  10-Q as
originally  filed on May 12, 1998 is being  amended in its entirety to correct a
typographical error caused by transmission complications.  The amendment changes
Additional  paid-in  capital from $75,814 as  originally  filed to $275,814.  No
other  changes are being made by this  amendment.  The  Financial  Data Schedule
(Exhibit 27) is correct as originally filed.


<PAGE>

<TABLE>

                               IOMEGA CORPORATION

                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                     ASSETS

                                 (In thousands)

                                               March 29,          December 31,
                                                    1998                  1997
                                                         (Unaudited)
<S>                                           <C>                 <C>

CURRENT ASSETS:
     Cash and cash equivalents                $   80,491             $ 159,922
     Temporary investments                             -                36,319
     Trade receivables, net                      249,270               280,182
     Inventories                                 313,632               246,383
     Deferred tax assets                          56,939                47,996
     Other current assets                         13,792                11,982
                                              ----------             ---------

         Total current assets                    714,124               782,784
                                              ----------             ---------

PROPERTY, PLANT AND EQUIPMENT, at cost           295,361               272,219
     Less:  Accumulated depreciation and
               amortization                     (107,943)              (96,550)
                                              ----------             ---------

     Net property, plant and equipment           187,418               175,669
                                              ----------             ---------

OTHER ASSETS                                       3,176                 3,186
                                              ----------             ---------

                                              $  904,718             $  961,639
                                              ==========             ==========

</TABLE>


                       The accompanying notes to condensed
             consolidated financial statements are an integral part
                            of these balance sheets.


<PAGE>

                               IOMEGA CORPORATION

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                      LIABILITIES AND STOCKHOLDERS' EQUITY
                        (In thousands, except share data)
<TABLE>
                                               March 29,          December 31,
                                                    1998                  1997
                                                        (Unaudited)
<S>                                            <C>                <C>
CURRENT LIABILITIES:
     Accounts payable                          $ 219,650             $ 257,281
     Accrued payroll, vacation and bonus          16,461                31,728
     Deferred revenue                             35,235                42,423
     Income taxes payable                         13,545                22,440
     Accrued advertising                          37,776                32,628
     Other accrued liabilities                    54,872                52,613
     Current portion of capitalized lease
        obligations                                5,259                 5,505
                                               ---------             ---------
         Total current liabilities               382,798               444,618
                                               ---------             ---------

CAPITALIZED LEASE OBLIGATIONS,
     net of current portion                        2,884                 2,939
                                               ---------            ----------
NOTES PAYABLE                                     30,000                     -
                                               ---------            ----------
DEFERRED INCOME TAXES                              1,702                10,334
                                               ---------            ----------
CONVERTIBLE SUBORDINATED NOTES,
     6.75%, due 2001                              45,683                45,683
                                               ---------            ----------

STOCKHOLDERS' EQUITY:
     Preferred Stock, $.01 par value;
        authorized 4,750,000 shares,
        none issued                                    -                     -
     Series C, Junior Participating
        Preferred Stock, authorized
        250,000 shares, none issued                    -                     -
     Common Stock, $.03 1/3 par value;
        authorized  400,000,000  shares,
        issued 264,060,257 and
        262,264,830 shares at March 29, 1998
        and December 31, 1997, respectively        8,801                 8,741
     Additional paid-in capital                  275,814               273,826
     Less:  806,753 and 829,210 Common
        Stock treasury shares
        at March 29, 1998 and
        December 31, 1997, respectively,
        at cost                                   (6,070)               (6,099)
     Deferred compensation                          (251)                 (336)
     Retained earnings                           163,357               181,933
                                               ---------            ----------

         Total stockholders' equity              441,651               458,065
                                               ---------            ----------

                                               $ 904,718            $  961,639
                                               =========            ==========

</TABLE>
                       The accompanying notes to condensed
             consolidated financial statements are an integral part
                            of these balance sheets.
<PAGE>

                               IOMEGA CORPORATION

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                      (In thousands, except per share data)

<TABLE>
                                                For the Three Months Ended
                                               March 29,             March 30,
                                                    1998                  1997
                                                         (Unaudited)
<S>                                            <C>                   <C>
SALES                                          $ 407,500             $ 361,344

COST OF SALES                                    305,364               254,065
                                               ---------             ---------
     Gross margin                                102,136               107,279
                                               ---------             ---------

OPERATING EXPENSES:
     Selling, general and administrative         107,942                54,360
     Research and development                     23,133                14,717
                                               ---------             ---------
         Total operating expenses                131,075                69,077
                                               ---------             ---------

OPERATING INCOME (LOSS)                          (28,939)               38,202
     Interest and other income (expense), net        437                (2,872)
                                               ---------             ---------

INCOME (LOSS) BEFORE INCOME TAXES                (28,502)               35,330
     Benefit (provision) for income taxes          9,926               (12,316)
                                               ---------             ---------

NET INCOME (LOSS)                              $ (18,576)            $  23,014
                                               =========             =========

NET INCOME (LOSS) PER COMMON SHARE
     Basic                                     $   (0.07)            $    0.09
                                               =========             =========
     Diluted                                   $   (0.07)            $    0.08
                                               =========             =========

WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING (Notes 1 and 2)               262,238               257,286
                                               =========             =========

WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - Assuming Dilution (Notes 1 and 2)  262,238               280,668
                                               =========             =========
</TABLE>



                       The accompanying notes to condensed
             consolidated financial statements are an integral part
                              of these statements.


<PAGE>

                               IOMEGA CORPORATION
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)
<TABLE>

                                                   For the Three Months Ended
                                                  March 29,          March 30,
                                                      1998                1997
                                                           (Unaudited)
<S>                                               <C>                <C>
Cash Flows from Operating Activities:
     Net Income (Loss)                              $  (18,576)      $  23,014
     Non-Cash Revenue and Expense Adjustments:
         Depreciation and amortization expense          12,885           7,964
         Deferred income tax provision (benefit)       (17,575)            257
         Tax benefit from dispositions of employee
            stock                                          696           1,056
         Other                                             741             197
     Changes in Assets and Liabilities:
         Trade receivables, net                         30,912              59
         Inventories                                   (67,249)         16,594
         Other current assets                           (1,423)         (1,592)
         Accounts payable                              (37,631)        (16,922)
         Accrued liabilities                           (15,048)         (6,934)
         Income taxes                                   (8,895)          7,716
                                                    ----------       ---------
         Net cash provided by (used in) operating
             activities                               (121,163)         31,409
                                                    ----------       ---------

Cash Flows from Investing Activities:
     Purchase of property, plant and equipment         (24,068)        (14,489)
     Sale of temporary investments                      36,319               -
     Net decrease in other assets                           10             360
                                                    ----------       ---------
         Net cash provided by (used in)
             investing activities                       12,261         (14,129)
                                                    ----------       ----------

Cash Flows from Financing Activities:
     Proceeds from sales of Common Stock                 1,353           1,168
     Proceeds from issuance of notes payable            30,000          86,725
     Payments on notes payable and capitalized
         lease obligations                              (1,524)        (94,982)
     Purchase of Common Stock                             (358)         (1,736)
                                                    ----------       ---------
         Net cash provided by (used in) financing
             activities                                 29,471          (8,825)
                                                    ----------       ---------

Net Increase (Decrease)  in Cash and Cash
    Equivalents                                        (79,431)          8,455
Cash and Cash Equivalents at Beginning of Period       159,922         108,312
                                                    ----------       ---------
Cash and Cash Equivalents at End of Period          $   80,491       $ 116,767
                                                    ==========       =========
</TABLE>


                       The accompanying notes to condensed
             consolidated financial statements are an integral part
                              of these statements.


<PAGE>


                               IOMEGA CORPORATION
            CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Cont'd.)
                                 (In thousands)

<TABLE>
                                                   For the Three Months Ended
                                                  March 29,          March 30,
                                                      1998                1997
                                                           (Unaudited)
<S>                                               <C>                <C>

Supplemental Schedule of Non-Cash
Investing and Financing Activities:

     Property, plant and equipment financed under
         capitalized lease obligations            $    1,223         $   1,321
                                                  ==========         =========

     Issuance of Common Stock in lieu of
         compensation                             $      360         $      -
                                                  ==========         =========

</TABLE>












                       The accompanying notes to condensed
             consolidated financial statements are an integral part
                              of these statements.


<PAGE>


                               IOMEGA CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



(1)      SIGNIFICANT ACCOUNTING POLICIES

         In the opinion of the Company's management,  the accompanying condensed
         consolidated  financial statements reflect all adjustments  (consisting
         only of normal  recurring  adjustments)  which are necessary to present
         fairly the  financial  position of the Company as of March 29, 1998 and
         December  31,  1997,  the  results of  operations  for the  three-month
         periods ended March 29, 1998 and March 30, 1997, and cash flows for the
         three-month periods ended March 29, 1998 and March 30, 1997.

         The results of operations  for the  three-month  period ended March 29,
         1998 are not  necessarily  indicative of the results to be expected for
         the entire year or for any future period.

         These unaudited condensed  consolidated  financial statements should be
         read in  conjunction  with the  consolidated  financial  statements and
         notes  included in or  incorporated  into the  Company's  latest Annual
         Report on Form 10-K.

         Pervasiveness of Estimates - The preparation of financial statements in
         conformity  with  generally  accepted  accounting  principles  requires
         management to make estimates and  assumptions  that affect the reported
         amounts of assets and liabilities and disclosures of contingent  assets
         and  liabilities  at the  date  of the  financial  statements  and  the
         reported amounts of revenues and expenses during the reporting  period.
         Actual results could differ from these estimates.

         Principles  of  Consolidation  - The condensed  consolidated  financial
         statements  include the accounts of Iomega  Corporation  and its wholly
         owned  subsidiaries  after  elimination  of all  material  intercompany
         accounts and transactions.

         Revenue   Recognition  -  The  Company's   customers  include  original
         equipment manufacturers,  end users, retailers,  distributors and value
         added manufacturers.  Revenue,  less reserves for returns, is generally
         recognized upon shipment to the customer.

         In addition to reserves for returns,  the Company defers recognition of
         revenue on estimated  excess  inventory in the  distribution and retail
         channels. For this purpose, excess inventory is the amount of inventory
         which  exceeds  the  channels'  30 day  requirements  as  estimated  by
         management.  The gross margin  associated  with deferral of revenue for
         returns and estimated  excess channel  inventory  totaled $35.2 million
         and  $42.4   million  at  March  29,  1998  and   December   31,  1997,
         respectively,  and is included in deferred  revenue in the accompanying
         condensed consolidated balance sheets.






<PAGE>


                               IOMEGA CORPORATION

        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


         Price  Protection and Volume Rebates - The Company has agreements  with
         certain of its customers which, in the event of a price decrease, allow
         those customers  (subject to certain  limitations)  credit equal to the
         difference  between the price  originally paid and the reduced price on
         units in the customers'  inventories at the date of the price decrease.
         When a price decrease is anticipated,  the Company establishes reserves
         against  gross  accounts   receivable  for  amounts   estimated  to  be
         reimbursed to the qualifying customers.

         In addition,  the Company records  reserves at the time of shipment for
         estimated  volume rebates.  These reserves for volume rebates and price
         protection credits totaled $32.5 million and $28.5 million at March 29,
         1998 and  December  31,  1997,  respectively,  and are  netted  against
         accounts receivable in the accompanying  condensed consolidated balance
         sheets.

         Foreign Currency  Translation - For purposes of  consolidating  foreign
         operations,  the Company has determined the functional currency for its
         foreign operations to be the U.S. dollar. Therefore,  translation gains
         and losses are included in the determination of income.

         Cash  Equivalents  and  Temporary  Investments  - For  purposes  of the
         statements of cash flows, the Company  considers all highly liquid debt
         instruments  purchased  with  maturities of three or fewer months to be
         cash equivalents.  Cash equivalents primarily consist of investments in
         money market  mutual funds,  commercial  paper,  option rate  preferred
         stock and taxable  municipal  bonds and notes and are recorded at cost,
         which  approximates  market.  Instruments  with maturities in excess of
         three months are classified as temporary  investments.  The Company has
         classified  its entire  portfolio of temporary  investments at December
         31, 1997, as  held-to-maturity.  These  temporary  investments  consist
         primarily of  commercial  paper and  municipal  bonds.  At December 31,
         1997, all temporary investments had maturities of less than six months.
         There were no temporary investments at March 29, 1998.

         Inventories - Inventories  include direct  materials,  direct labor and
         manufacturing  overhead  costs  and are  recorded  at the lower of cost
         (first-in,  first-out)  or market  and  consist  of the  following  (in
         thousands):
<TABLE>

                                      March 29,              December 31,
<S>                                 <C>                     <C>
                                           1998                      1997

              Raw materials         $   186,170             $   130,049
              Work-in-process            20,194                  18,714
              Finished goods            107,268                  97,620
                                    -----------              ----------

                                    $   313,632              $  246,383
                                    ===========              ==========

</TABLE>


<PAGE>


                               IOMEGA CORPORATION

        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


         Reclassifications  - Certain  reclassifications  were made to the prior
         periods' condensed  consolidated  financial  statements to conform with
         the current period presentation.

         Net Income (Loss) Per Common Share - Basic net income (loss) per common
         share  (Basic EPS)  excludes  dilution  and is computed by dividing net
         income  (loss)  by  the  weighted   average  number  of  common  shares
         outstanding  during the  period.  Diluted  net income per common  share
         (Diluted EPS) reflects the potential dilution that could occur if stock
         options or other  contracts  to issue  common  stock were  exercised or
         converted  into common  stock.  Diluted EPS for the quarter ended March
         30, 1997, was  determined  under the  assumption  that the  convertible
         subordinated  notes were converted on January 1, 1997. The  computation
         of Diluted EPS does not assume  exercise or  conversion  of  securities
         that would have an antidilutive  effect on net income per common share.
         In periods where losses are recorded,  common stock  equivalents  would
         decrease the loss per share and are therefore not added to the weighted
         average shares outstanding.  Net income (loss) per common share amounts
         and share data have been restated for all periods  presented to reflect
         Basic and Diluted EPS and the stock split described in Note 2.

         Following is a reconciliation of the numerator and denominator of Basic
         EPS to the  numerator  and  denominator  of Diluted EPS for all periods
         presented (in thousands, except per share data):
<TABLE>
                                   Net Income (Loss)        Shares    Per-Share
                                         (Numerator)  (Denominator)      Amount
         <S>                       <C>                <C>             <C>

         March 29, 1998
         Basic EPS                       $  (18,576)        262,238   $  (0.07)
            Effect of options                     -               -
            Effect of convertible
               subordinated notes                 -               -
                                         ----------         -------
         Diluted EPS                     $  (18,576)        262,238   $  (0.07)
                                         ==========         =======

         March 30, 1997
         Basic EPS                       $   23,014         257,286   $   0.09
            Effect of options                     -          14,120
            Effect of convertible
               subordinated notes               501           9,262
                                         ----------         -------
         Diluted EPS                     $   23,515         280,668   $   0.08
                                         ==========         =======
</TABLE>

         Recent  Accounting   Pronouncements  -  In  June  1997,  the  Financial
         Accounting  Standards  Board issued  Statement of Financial  Accounting
         Standards No. 130 "Reporting  Comprehensive  Income" (SFAS 130) and No.
         131   "Disclosures   about   Segments  of  an  Enterprise  and  Related
         Information"  (SFAS  131).  SFAS  130  establishes  standards  for  the
         reporting and display of  comprehensive  income and its  components and
         SFAS 131  establishes  new  standards  for public  companies  to report
         information  about their  operating  segments,  products and  services,
         geographic  areas and major  customers.  These statements are effective
         for  financial  statements  issued for  fiscal  years  beginning  after
         December 15, 1997.

         The Company  adopted SFAS 130 in the quarter ended March 29, 1998,  and
         plans to adopt SFAS 131 in its December 31, 1998 financial statements.


<PAGE>


                               IOMEGA CORPORATION

        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)



(2)      STOCK SPLIT

         In November 1997, the Board of Directors  declared a two-for-one Common
         Stock  split  which was  effected  in the form of a 100%  Common  Stock
         dividend  paid on December  22, 1997 to  stockholders  of record at the
         close of business on December 1, 1997.

         This stock  dividend  was  accounted  for as a stock split and has been
         retroactively  reflected  in the  accompanying  condensed  consolidated
         financial statements. In connection with this stock split, proportional
         adjustments   were  made  to   outstanding   stock  options  and  other
         outstanding obligations of the Company to issue shares of Common Stock.


(3)      INCOME TAXES

         Income tax benefit for the three  months  ended March 29, 1998 has been
         provided for at an effective rate of 35%. This tax rate is based on the
         Company's  projected  mix of domestic  and foreign  pre-tax  income for
         1998.

         U.S.  taxes have not been  provided for  unremitted  foreign  earnings
         which  are  considered  to  be  permanently   reinvested  in  non-U.S.
         operations.

         Cash  paid for  income  taxes was $16.5  million  for the first  three
         months of 1998 and $3.3 million for the corresponding period in 1997.

(4)      DEBT

         Notes  Payable - On March 11,  1997,  the Company  entered  into a $200
         million Senior Secured Credit Facility ("Credit  Facility") with Morgan
         Guaranty Trust Company of New York,  Citibank,  N.A. and a syndicate of
         other  lenders.  During  January 1998,  the Company  amended the Credit
         Facility.  The  amended  Credit  Facility  is  a  three-year  unsecured
         revolving line of credit from the amendment date.  Borrowings under the
         Credit  Facility  were limited to $200 million for the first quarter of
         1998 and  thereafter  are  limited  to the  lesser  of 70% of the prior
         quarter's  eligible  accounts  receivable  or $200  million.  Under the
         Credit  Facility,  the Company may borrow at a base rate,  which is the
         higher  of prime or  federal  funds  plus a  margin  of 0.0% to  0.38%,
         depending on the  Company's  debt-to-equity  ratio,  or at LIBOR plus a
         margin  of 1.0% to 1.75%,  depending  on the  Company's  debt-to-equity
         ratio.  Total availability under the Credit Facility at March 29, 1998,
         was $200  million,  of which $30 million was  outstanding.  Among other
         restrictions,  the  Credit  Facility  treats a change  of  control  (as
         defined) as an event of default and requires the maintenance of minimum
         levels of consolidated tangible net worth and earnings.  Prior to March
         29, 1998 the Company  requested,  and on March 29, 1998 it received,  a
         one-quarter  waiver of a covenant within the Credit Facility  requiring
         cash conversion days to be 80 days or less. Cash conversion days in the
         first quarter of 1998 were 83 days. The Company was in compliance  with
         all applicable covenants as of March 29, 1998.


<PAGE>


                               IOMEGA CORPORATION

        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)



         Capital  Leases - The Company has entered  into various  agreements  to
         obtain   capital   lease   financing   for  the   purchase  of  certain
         manufacturing   equipment,   software,   office   furniture  and  other
         equipment.  The leases have terms  ranging  from 36- to  60-months  and
         mature at various dates from July 1998 to January  2001.  Principal and
         interest  payments under the various  agreements are payable monthly or
         quarterly.  Interest rates are fixed and range from 7.1% to 10.2%.  The
         leases are secured by the  underlying  leased  equipment,  software and
         furniture.

(5)      OTHER MATTERS

         Significant Customers - During the fiscal quarter ended March 29, 1998,
         sales to  Ingram  Micro,  Inc.  accounted  for  approximately  14.3% of
         consolidated  sales.  During the fiscal  quarter  ended March 30, 1997,
         sales to Ingram Micro, Inc. accounted for 13.2% of consolidated  sales.
         No other single  customer  accounted for more than 10% of the Company's
         sales for these periods.

         Forward  Exchange  Contracts - The Company has  commitments to sell and
         purchase foreign  currencies  relating to forward exchange contracts in
         order to hedge against future currency fluctuations.

         At  March  29,  1998  outstanding  forward  exchange  sales  (purchase)
         contracts, which all mature in June 1998, were as follows:
<TABLE>

                                                       Contracted
         Currency                         Amount     Forward Rate

<S>                                    <C>           <C>
                  Australian Dollar        100,000           1.49
                  British Pound         (1,600,000)           .60
                  Dutch Guilder         (7,300,000)          2.05
                  French Franc          (1,000,000)          6.10
                  German Mark           (2,100,000)          1.82
                  Irish Punt               (80,000)           .73
                  Japanese Yen         550,000,000         127.25
                  Malaysian Ringgit    (14,400,000)          3.61
                  Singapore Dollar      (2,450,000)          1.60
                  Swiss Franc           (2,500,000)          1.48

</TABLE>


<PAGE>


                               IOMEGA CORPORATION

        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)



         The contracts are revalued at the month-end spot rate. Gains and losses
         on foreign  currency  contracts  intended to be used to hedge operating
         requirements  are  reported  currently  in income.  Gains and losses on
         foreign  currency  contracts  intended  to meet  firm  commitments  are
         deferred  and are  recognized  as part  of the  cost of the  underlying
         transaction  being  hedged.  At March 29,  1998,  all of the  Company's
         foreign   currency   contracts  were  being  used  to  hedge  operating
         requirements.  The Company's  theoretical risk in these transactions is
         the cost of replacing,  at current market rates, these contracts in the
         event of default by the counterparty.

<PAGE>



                                   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 thereunto duly authorized.




                                           IOMEGA CORPORATION
                                              (Registrant)





                                           /s/ Leonard C. Purkis
                                           ----------------------
Dated:   May 19, 1998                      Leonard C. Purkis
                                           Senior Vice President, Finance
                                           and Chief Financial Officer