7/17/2003 - IONA®, the leading provider of High Performance IntegrationTM for mission critical systems (NASDAQ: IONA), announced second quarter revenues of $16.4 million and a net loss per share of ($0.77) as calculated in accordance with U.S. generally accepted accounting principles (GAAP).
The pro forma net loss per share for the second quarter was ($0.24). Pro forma net loss per share excludes amortization of other non-current assets, restructuring, write-off of assets and related costs, and stock-based compensation expense, representing $0.53 per share.
IONA reported a one-time restructuring charge of $14.8 million in the second quarter ended June 30, 2003 for consolidation of excess facilities, reduction of workforce, and other cost reduction activities. In addition, assets related to the restructuring activities were written off in the second quarter ended June 30, 2003 resulting in a non-cash charge of $2.3 million. The company's cash and marketable securities balance at quarter end was $59.3 million.
In addition, during the second quarter IONA made several significant management changes. Chris Horn returned to the role of chief executive officer, a position he held from the company's founding until 2000, and IONA Board of Directors member Kevin Melia was appointed Chairman of the Board.
"We took necessary actions in the second quarter to bring the organization in line with the challenges and opportunities in today's marketplace. I feel we have the organization we need to help our customers address the high performance integration problems that surround their mission-critical systems," said Chris Horn, IONA CEO and co-founder. "It was this customer-driven approach that made us the world's leading CORBA vendor, and this focus on customer success will continue to drive our product design and delivery. As demonstration of this resolve, we shipped Artix version 1.0, an important new product for IONA, in Q2."
Artix is the latest IONA integration product. It is designed to address complex middleware integration problems using Web services technology. It helps organizations make their disparate, often proprietary, infrastructure investments interoperate, without affecting the performance, reliability or availability of the mission-critical systems that depend on these infrastructure platforms.
"The second-quarter of 2003 was a time of transition for IONA, during which we narrowed our focus in an effort to return to our core strengths," said Dan Demmer, CFO at IONA. "While the economic climate and enterprise software market remain uncertain, I am confident in our ability to manage our cost structure, deliver valuable products, and return to profitability."
The company expects revenue for the third quarter of 2003 to be within ten percent of the reported Q2 2003 revenue. Total U.S. GAAP expenses, including both cost of revenue and total operating expenses, are expected to be approximately $20 million.
IONA Technologies (NASDAQ: IONA) is the leading provider of High Performance IntegrationTM technology for mission critical systems, with more than 4,500 customers worldwide. IONA's software solutions are used to unify corporate IT infrastructures that connect business applications and middleware subsystems from various vendors into a coherent strategic federation.
Founded in 1991, IONA has an outstanding record of successful, large-scale deployments across such demanding industries as manufacturing, financial, telecommunications, government and defense. IONA remains dedicated to creating interoperability through standards-based technologies including CORBA, Web services, and J2EE and pursues such interoperability in an incremental, non-disruptive fashion.
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, High Performance 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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