Iona reports first
quarter loss


20 Apr 2006

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Iona this morning reported first quarter revenues of US$16.9m, driven by strong sales of SOA-based solutions, the company said. A net loss of US$600,000 related to a US$1.4m employee stock-based compensation expense.

The company said that sales of Iona’s SOA-based Artix products to Global 2000 customers grew 99pc year over year.

Overall product revenue achieved a 7pc year-over-year growth. The company ended the quarter with US$53.6m in cash.

Iona CEO Peter Zotto commented: “It’s a solid start to fiscal 2006 and further evidence of Iona’s ability to provide its Global 2000 customers with SOA infrastructure software that can help them generate better return on investment, modernise their IT systems and ultimately lower their total cost of ownership.

“The continued growth in Artix revenue, together with a stable CORBA revenue stream, are strong indicators that we are successfully executing against our corporate strategy and that Iona is increasingly well positioned to deliver sustainable performance for our customers and shareholders,” Zotto said.

By John Kennedy