Irish technology company Iona, today announced second quarter revenues of $16.4 million and a net loss per share of $0.77, at the lower end of analysts' forecasts.
The company which has been struggling in the downturn which has seen demand for its integration software fall sharply has spent the last year trying in vain to return itself to sustained profitability. The Iraq war also affected demand as companies delayed IT spending in the uncertain geopolitical situation.
Iona reported a one-time restructuring charge of $14.8 million in the second quarter as it took the knife to costs by closing excess facilities and cutting its workforce.
In April, it issued its second profit warning in under a year, it recently reported a net loss of $369 million and in May, three top executives - including chief executive Mr Barry Morris - resigned. The company's said it held a cash balance of $59.3 million at the end of the quarter.
Iona made several significant management changes in the second quarter most notably re-appointing its co-founder Dr Chris Horn as chief executive.
Commenting on the results Iona chief financial officer Mr Dan Demmer said that while the economic climate and enterprise software market remain uncertain, he remained confident in Iona's ability to manage its cost structure and return to profitability.
The company said it expects revenue for the third quarter to be "within ten per cent" of the reported the second quarter figure. Total expenses are expected to be approximately $20 million.