Iona reports revenue loss of $25.4m

TECHNOLOGY company Iona reported a loss of $25.4 million for the second quarter of the year but still has reserves of €59.3m after taking a once-off restructuring hit of €14.8m.

Dublin-based Iona, which specialises in integration software for mission critical systems, disclosed second quarter revenues of $16.4m, down from $26.3m for the same period in 2002.

The one-time restructuring charge of $14.8m in the second quarter ended June 30, 2003, covered the consolidation of excess facilities, reduction of workforce, and other cost-reduction activities. Excluding the once-off costs the loss was $8m.

The Nasdaq-quoted company is to shed close to 200 jobs this year as company founder Chris Horn returned to the post of chief executive officer.