Iona Technologies has reported a record 56 per cent increase in turnover from $16.1 million (#14 million) to $25.1 million (#21.8 million) for the three months ended December 31st.
The company gross profits rose from $11.9 million in the final quarter of 1997 to $20.7 million for the same period last year. Gross profits for the whole of 1998 were $66.6 million compared to $35.3 million in 1997.
This was achieved on the back of a 72 per cent increase in turnover for the year from $48.5 million in 1997 to $83.6 million in 1998.
Net income for the fourth quarter was $4.8 million, or $0.23 per share, an increase of 121 per cent over the corresponding period in 1997.
Net income for the year was $13.3 million or $0.64 per share, an increase of 85 per cent over 1997, excluding a one time charge of $5 million for research and development associated with the acquisition of technology from EDS.
There was also a $1.7 million write-off of assets relating to the re-location of its corporate headquarters. Dr Chris Horn, the chief executive, said the growth in Iona's major market - middleware - was the main reason behind the strong figures. He added that the company spent 1998 introducing new middleware technologies which resulted in new customers coming forward.
The company's chief financial officer, Mr David James, said the fourth quarter was one of "healthy financial performance". He added that Iona increased its profitability, maintained its investment and supported its growing customer base. The figures show research and development for the quarter rising from $2.7 million to $4.4 million in 1998. Total research and development in 1998 was $14.8 million, compared to $8.2 million for the whole of 1997.
Among the products introduced in the final quarter of 1998 was the OrbixWeb 3.1 and OrbixTalk 2.0. Also released during the year was OrbixOTM, the world's first object transaction monitor.
The company achieved a series of agreements with large industry partners like Oracle, Platinum, EDS, Hewlett Packard and Microsoft, illustrating the company's growing success.
Among the new customers gained during the year were Aerospatiale, American Airlines, British Sky Broadcasting, Credit Suisse and United Technologies.
(# - Euro)
