Troubled Irish technology company Iona Technologies today reported a second quarter net loss of $15.5 million and said it saw little sign of recovery in its core markets.
Commenting on the results, Mr Barry Morris, Iona's chief said "I am disappointed with our Q2 results, but I am taking actions to return IONA to profitable growth.
Iona announced revenues of $26.3 million and a pro forma net loss of $15.5 million or ($0.48) net loss per share. The company issued a profit warning earlier this month revising revenues sharply downward from previous guidance of $40 million to $43 million.
The company said it made significant progress in cost cutting in the second quarter resulting in a one-time restructuring charge of $7.9 million.
In addition, Iona recorded a non-recurring, non-cash charge of $1.6 million for the retirement of certain fixed assets.
Looking forward, the company said it expects a continued "challenging economic environment" and expects revenue to remain flat.
Iona expects to incur a restructuring charge of $8 - $9 million in the third quarter of 2002.