This is a busy week for Trinity College Dublin campus spin-off companies. While good news came for Intel-owned Havok, winning an Emmy award for its special effects and real-time physics technology, bad news arrived for service-oriented architecture (SOA) firm Iona Technologies as it aims to take cost reduction measures.
The firm, whose headquarters are located in Dublin, Tokyo and Boston, is expecting US$18m in revenue for its fourth quarter with total expenses of roughly US$20.5m.
“Weakness in our largest vertical market, financial services, was the major contributor to the delay in closing transactions at the end of the year,” says Peter Zotto, CEO, Iona Technologies.
“To achieve our target margin model and return to our goal of solid profitability in 2008, we are taking meaningful cost reduction actions. We will report our final fourth quarter and full year 2007 results on 24 January, 2008,” he adds.
Previously the firm had reported second quarter revenues which despite representing a 12pc increase year-on-year resulted in an overall net loss of US$1.2m due to expansion costs.
By Marie Boran