Iona Loss Widens in Q1

By ComputerWire Staff Computer Business Online - Wednesday, May 7 06:44 am

Middleware vendor Iona has reported a net loss of $5.12m for the first quarter 2008, against a loss of $2.85m in the year-ago quarter, on revenue up 6% at $16.4m.

The Ireland-based company said the loss included restructuring charges of $1.5m and other charges of $0.8m. Product revenue grew 5% to $6.59m, while services revenue grew 6% to $9.84m.

Peter Zotto, chief executive at Iona, said: "Despite a difficult economic environment, Artix license growth of 31% was strong, indicating the growing strength of the Artix product line. Corba revenue exceeded our expectations and the Fuse Open Source product line continues to add new customers to Iona's expanding base. We are currently on track to meet our 2008 revenue plan."

For fiscal year 2008 Iona expects revenue in range of $80m to $85m.

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