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News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM

Iona Technologies reports 2007 loss of $0.7 million
Jan 24, 2008 - 2:36:23 PM

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The Provost of Trinity College Dublin, Dr John Hegarty (left) presents Chris Horn of IONA Technologies with the TCD Innovation Award in September 2006. IONA Technologies was founded in the IDA-backed TCD Innovation Centre, by three former TCD lecturers from the Department of Computer Science.

Iona Technologies, the Irish software company, today announced full year 2007 revenue of $77.7 million and fourth quarter 2007 revenue of $18.1 million.

On a U.S. generally accepted accounting principles (GAAP) basis, Iona reported a 2007 net loss of $0.7 million, or a loss of $0.02 per share. For the fourth quarter of 2007, Iona reported a net income of $0.2 million, or $0.01 per share.

Net loss for 2007 includes share-based compensation expense of $4.7 million, amortization of purchased intangible assets of $0.7 million, a one-time facilities related charge of $1.2 million and a deferred tax benefit of $1.9 million. Excluding SFAS 123R share-based compensation expense, amortization, the facilities charge and the deferred tax benefit, net income and earnings per share for 2007 was $3.9 million and $0.11 per share.

Sales revenues were $77.7 million in 2007 down from $77.8 million in 2006.

"In 2007, our CORBA business remained predictable and profitable," said Peter Zotto, CEO, Iona Technologies. "Our two acquisitions, C24 and LogicBlaze, have performed well while adding two new lines of business and diversifying our revenue base. We expect the new products will provide growth in two attractive market segments and will complement our existing Artix product line."

Zotto added that, "intense reviews of bigger deals toward the end of the year resulted in delays with specific customers at quarter-end, impacting our overall results and Artix, in particular."

"We are going into 2008 with a very solid financial base," said Christopher Mirabile, CFO, Iona Technologies. "Iona generated $11.7 million of cash from operations in 2007. Our two acquisitions are on track to be accretive in 2008. To protect our profitability and achieve our target operating margin, we have taken action to reduce our projected annualized expenses by approximately $8 million."

© Copyright 2009 by Finfacts.com

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