Iona Technologies turned in first quarter figures at the top end of its projected profits warning, causing its shares to jump $2.5 to close at $19 on Wednesday.
The Dublin, Ireland based company had said it anticipated revenues of between $20.8-21.5 million for the quarter ending 31 March, 1999, and that it would turn in net losses of between breakeven and $0.03 per share compared with profits of $0.10 in the same period last year (see VNU Newswire, 2 April, 1999).
Instead, it generated sales of $21.2 million, up 20 per cent on the year ago quarter, and reported net losses of $400,000 or $0.02 per share. The First Call analysts? consensus had originally expected Iona to show profits of $0.18 per share.
Chris Horn, Iona?s chairman and chief executive, said: "These results do not reflect the level of performance I expect from Iona. This quarter?s performance reflects executional issues around our rate of transition to an enterprise model. Market demand and cost controls remain strong and we see no new or significant competitive pressure."
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