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News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM

IONA Technologies reports first quarter 2008 revenue growth of 6 percent to $16.4 million and a a loss of $5.1 million
By Finfacts Team
Apr 30, 2008 - 5:25:59 PM

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The Provost of Trinity College Dublin, Dr John Hegarty (left) presents Chris Horn of IONA Technologies with the TCD Innovation Award in September 2006. IONA Technologies was founded in the IDA-backed TCD Innovation Centre, by three former TCD lecturers from the Department of Computer Science.

IONA Technologies today announced first quarter 2008 revenue growth of 6 percent to $16.4 million, compared to the same period last year and a loss of  $5.1 million.

On a US generally accepted accounting principles (GAAP) basis, IONA reported a first quarter 2008 net loss of $5.1 million, or a loss of $0.14 per share.

Net loss for the first quarter of 2008 includes share-based compensation expense of $0.6 million, amortization of purchased intangible assets of $0.2 million and a restructuring charge of $1.5 million. Excluding share-based compensation expense, amortization, and the restructuring charge, net loss and loss per share for the 2008 first quarter was $2.8 million and $0.08 per share.

“I am pleased with our first quarter performance,” said Peter Zotto, CEO, IONA Technologies. “Despite a difficult economic environment, Artix license growth of 31% was strong, indicating the growing strength of the Artix product line. CORBA revenue exceeded our expectations and the FUSE Open Source product line continues to add new customers to IONA’s expanding base. We are currently on track to meet our 2008 revenue plan.”

“Our first quarter performance provides a solid foundation for growth in 2008,” said Christopher Mirabile, CFO, IONA Technologies. “The cost reduction plan was aggressively implemented and we are continuing our focus on tightly managing operational expenses. Our expense run-rate has now increased to include advisory fees associated with the Board’s evaluation of strategic alternatives for IONA. In addition, the current weakness of the US dollar is expected to have a continued negative impact on our operating profit.”

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