Iona makes return to profitability

Iona Technologies has reported a net profit of $190,000 for the first three months of 2004, compared to a loss of nearly $12m in the same quarter last year.

Thu, 15 Apr, 2004 - 15:32

Iona Technologies has reported a net profit of $190,000 for the first three months of 2004, compared to a loss of nearly $12m in the same quarter last year.

The move to profitability was mainly due to cost-cutting measures. Turnover was slightly lower on the same period last year at $16.9m (€14.14m), against sales of $23.4m (€19.5m) in the fourth quarter of 2003.

"The company's results for the first quarter of 2004 are in line with our expectations," stated Dan Demmer, CFO, IONA Technologies.

"These results are solid evidence of the progress we have made, through focus and alignment of our investments, to achieve sustained performance over the long term."

The company expects revenue for the second quarter of 2004 to see between 5% to 15% year-over-year growth.

IONA's customers include AT&T, Verizon, BellSouth, Deutsche Telekom, British Telecom, Hong Kong Telecom, NTT, Credit Suisse, Merrill Lynch, Winterthur Insurance, Zurich Insurance and Boeing.

IONA is headquartered in Dublin with US headquarters in Massachusetts and offices worldwide.

The company is listed on the ISEQ in Dublin and also on Wall Street's Nasdaq.