Iona posts Q4 revenues of $45.5 million

Dublin’s Iona Technologies today posted revenues for the fourth quarter of 2001 of $45.5 million, up 11 per cent on the third quarter and slightly ahead of consensus estimates. This is despite making a loss of $25 million or $0.91 per share for period.

The company said pro forma earnings for the fourth quarter -- which exclude amortisation, restructuring charges and settlement of litigation - were $0.3 million or $0.01 per share.

For the full year the company said revenues were $180.7 million, up 18 per cent on 2000, and pro forma earnings were $2.1 million, or $0.08 per share.

The company said its guidance for 2002 remained unchanged, with year-on-year revenue growth estimated at 5-15 per cent, and revenues for the first quarter of the year expected to be in the range of $38-40 million.

"This was one of the most significant quarters in the company's history," said chief executive officer, Mr Barry Morris.

"In November, we introduced our End 2 Anywhere strategy and solutions for Web Services Integration. By quarter end, we had already shipped products and customers had already deployed our solutions. We are positioned very strongly in this exciting new market," he added.

At 2.30 p.m. this afternoon shares in the company were down 4.66 per cent to €27.0 on the ISEQ index of shares. On the Nasdaq, the stock was down $2.11 at $21.90.

The company also said it has filed a registration statement for a 5.5 million offering of its American Depositary Shares.

It said proceeds of the offering would be used for general corporate purposes, including working capital.

Iona expects to offer 5 million shares, and 500,000 shares are expected to be offered by certain shareholders, the company said.

Underwriters, led by Lehman Brothers Inc., SG Cowen Securities Corp., Prudential Securities Inc. and Goodbody Stockbrokers, will be granted an option to purchase 825,000 additional shares to cover over-allotments.

Iona specialises in software which allows companies to integrate different computer applications and systems.

Additonal reporting by Reuters