Iona posts lower than expected losses

Iona reported a loss of €22.6m, or 77 cents a share for the second quarter.

The loss was slightly less than analysts had expected and the share price rose 10c over the day.

The company expects revenue for the third quarter to be within 10% of the reported Q2, 2003 revenue.

The company reported a one time restructuring charge of €14.8m in the second, which related to consolidation of excess facilities, reduction of the workforce and other cost reduction activities.

During the quarter the company made several significant management changes. Chris Horn returned to the role of CEO, a position he had held from the founding of the company until 2000.