IONA Reports First Quarter Revenue of $17 Million

4/17/2003 - IONA®, the leading provider of Rapid IntegrationTM software (NASDAQ: IONA), announced first quarter revenues of $17.0 million and a net loss per share of ($0.36) as calculated in accordance with U.S. generally accepted accounting principles (GAAP).

The pro forma net loss per share for the first quarter was ($0.35). Pro forma net loss per share excludes amortization of other non-current assets and stock-based compensation expense, representing $0.01 per share.

"In Q1 the combined effects of the current macroeconomic climate and geopolitical uncertainties led our customers to delay or reduce their IT spending. This was especially true of organizations in the U.S. telecommunications sector," said Barry Morris, IONA's Chief Executive Officer. "At the same time, we are receiving positive reactions to our new Web services integration products, which confirm that we are well positioned to solve integration problems in particular areas where we have unique strengths."

"We are operating in a tough economic environment," said Dan Demmer, IONA's Chief Financial Officer. "But we are taking the actions required to return IONA to profitability as quickly as possible, while maintaining our long-term growth potential."

Looking Forward
The company expects revenue in the range of $17.0 - $19.0 million in the second quarter of 2003 and a net loss per share in the range of ($0.59) - ($0.72), as calculated in accordance with U.S. GAAP. The company expects a second quarter pro forma net loss per share in the range of ($0.25) - ($0.29), which, as compared to net loss per share on a U.S. GAAP basis, excludes operating expense consisting of amortization of non-current assets and stock-based compensation of $0.2 million and restructuring in the range of $11.0 - $14.0 million, or $0.34 - $0.43 per share.

About IONA
IONA is the leading provider of Rapid Integration software with more than 4,500 customers worldwide. IONA's award-winning Rapid Integration software products are built on: service-oriented architectures that increase reuse of software assets to deliver lasting results, standards-based software that enables vendor independence, and incremental deployment capabilities that lower the customer's risk.

Founded in 1991, IONA® (NASDAQ: IONA) is headquartered in Dublin, Ireland, with U.S. headquarters in Waltham, Massachusetts and offices worldwide. For additional information about IONA, visit our Web site at http://www.iona.com.

IONA, IONA Technologies, the IONA logo, Orbix, Rapid Integration, Artix, Mobile Orchestrator and Making Software Work Together are trademarks or registered trademarks of IONA Technologies PLC and/or its subsidiaries. J2EE is a trademark or registered trademark of Sun Microsystems, Inc. in the United States and other countries. CORBA is a trademark or registered trademark of the Object Management Group, Inc. in the United States and other countries.

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