Source: Iona Technologies
Iona Technologies (NASDAQ: IONA), a world leader in distributed service-oriented architecture (SOA) infrastructure solutions for performance-demanding IT environments, today announced preliminary results for the fourth quarter ended December 31, 2007.
IONA expects fourth quarter 2007 revenue of approximately $18 million. The company expects fourth quarter 2007 total expenses of approximately $20.5 million, which includes approximately $2.1 million of SFAS 123R stock‑based compensation expense, amortisation of purchased intangibles and a one-time facilities charge. The company expects the fourth quarter 2007 ending cash balance to be approximately $56 million.
"Weakness in our largest vertical market, financial services, was the major contributor to the delay in closing transactions at the end of the year," said Peter Zotto, CEO, IONA. "To achieve our target margin model and return to our goal of solid profitability in 2008, we are taking meaningful cost reduction actions. We will report our final fourth quarter and full year 2007 results on January 24th, 2008."
IONA will release final earnings results for the fourth quarter of 2007 on January 24, 2008 and host its regularly scheduled conference call at 10:00 am Eastern time to discuss those results, and guidance for 2008.