IONA Technologies has announced record second quarter revenues of $34.7 million (€37.2 million). Iona shares surged on the US Nasdaq stock exchange in advance of the expected positive development at the software company which took a serious hit during last April's technology market correction.
Yesterday investors engaged in profit taking on foot of the news, resulting in a share price decline of 2.45 per cent to $77 over the day.
The company reported earnings of $4.5 million, or $0.20 cents per share, for the second quarter of 2000, a figure that excluded acquisition-related costs and other one-time charges.
Iona's chief executive officer, Mr Barry Morris, said: "The second quarter of 2000 has been the most successful quarter in Iona's history. The early delivery of the iPortal Server has completed the iPortal product suite, and the acquisition of Genesis Development has substantially enhanced our field execution capabilities."
Iona's iPortal server provides organisations with a single point of access to all of its business processes and software applications, and manages all the content for its customers, partners and employees. The launch of the iPortal server represented the fifth, final, and most important element in the Iona iPortal family of products.
Compared with the same quarter last year, Iona's product revenue grew 54 per cent. Significant enterprise agreements with Southwest Airlines, Nortel Networks, Zurich Insurance, CIBER and Infostrada, were also cited as key factors in the turnaround in the company's fortunes.
The acquisition of Genesis Development has also provided Iona with greatly enhanced professional services capability, a critical factor in successfully deploying the iPortal suite.
