IONA Announces First Quarter Results.Business/Technology EditorsDUBLIN Dublin, city, Republic of Ireland Dublin, Irish Baile Átha Cliath, county borough (1991 pop. 915,516), Leinster, capital of the Republic of Ireland, on Dublin Bay at the mouth of the Liffey River. , Ireland--(BUSINESS WIRE)--April 17, 2002 IONA(R), the leading e-Business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. Platform provider for Web Services (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. Integration (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : IONA), today announced first quarter revenues of $39.5 million and a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma loss of $2.4 million, or $0.08 per share. Pro forma losses exclude amortization of purchased intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , as well as stock compensation and the associated tax effect. On a U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis, after taking into account the foregoing items, IONA reported a loss per share of $0.23 for the first quarter of 2002. For full details regarding IONA's reported results, reference the financial tables at the end of this release. "Our core integration and application server platforms showed continued strength in the first quarter, and the momentum for our Web Services Integration solutions increased as evidenced by key customer and partner wins," said Barry Morris Barry Morris (20 April 1935–19 May 2001) was an Australian politician,[1] who in 1995 was jailed for making bomb and death threats. The incident was considered a key factor in the Labor Party being returned to power in New South Wales after seven years in , IONA's Chief Executive Officer. "Over the last 12 months, IONA has gained market share relative to the independent Enterprise Application Integration (EAI (Enterprise Application Integration) Refers to various techniques used to share data and business processes in large enterprises. When companies acquire another organization, disparate information systems have to be made to work together. ) vendors." "We executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. well in a tough environment and we strengthened our balance sheet with a successful follow-on offering Follow-On Offering An offering of additional shares after a company has had an initial public offering. Notes: This sometimes means the company is strapped for cash. So they need to issue more shares to pay bills or finance a new project. ," added Dan Demmer, IONA's Chief Financial Officer. "Our results this quarter demonstrate the strength of our strategy, our solutions and our customer base." Looking forward, the company assumes a continued difficult economic environment for the software sector during the first half of 2002. The company therefore expects revenue for the second quarter of 2002 to be in the range of $40 - $43 million, and a pro forma loss per share in the range of $0.02 - $0.06. Highlights from IONA's first quarter 2002 included: - Compaq NSD Selected IONA's Application Server Platform - Compaq Non-Stop Division selected IONA's Application Server Platform as the standard for high-end, mission-critical applications running on the Compaq Non-Stop platform. - IONA Delivered Orbix E2A to Global 2000 - Organizations including Alcatel, Business Objects, CIBC Worldwide Markets, Ericsson, Lehman Brothers, Lexis-Nexis, Manugistics, MetaSolv, Telefonica, and Telstra entered into new or expanded license agreements with IONA in the first quarter. - IONA Signed Key Partnerships During the First Quarter of 2002 - Compaq Global Services Established Integration Practice Using Orbix E2A - Compaq Global Services announced a Global Consulting Practice to provide next-generation Web services collaboration and integration to customers worldwide based on Orbix E2A. - IONA and HP Partnered to Deliver Orbix E2A on HP-UX - IONA and HP established an alliance to create new business through combined hardware, software, and services offerings. In addition, the companies agreed to optimize product performance on HP platforms. - IONA Signed KPMG Consulting and CSC to Alliance Program - IONA is now working with more than 20 of the world's leading systems integrators, including KPMG Consulting, CSC, PwC Consulting, SAIC, Ciber, Tata Infotech, and Toshiba. - IONA Received Major Industry Awards for Web Services Integration Products - Orbix E2A Wins eWeek eXcellence Award -- eWEEK analysts and corporate partners selected IONA's Orbix E2A as the leading Web Services Integration Platform. - Orbix E2A Awarded "World Class" Product Seal -- Web Services Journal magazine awarded Orbix E2A Web Services Integration Platform its "World Class Product" Award, noting several innovative features and citing it as "a leading contender in the family of Web Service Integration platforms." - Orbix E2A Selected as "Best of Show" -- Attendees at the XML & Web Services 2002 conference in London chose Orbix E2A Web Services Integration Platform as the "Best Overall Solution based on XML." - IONA Introduced Industry's First Web Services Security Framework - One of the most significant obstacles to the adoption of Web services has been the need for security. IONA's Security Services framework allows Web services developers to easily tie into existing security systems, without resorting to proprietary or non-standard approaches. - IONA Extended Product Leadership - IONA announced enhancements to the Orbix E2A product line extending its leadership in usability, enterprise features and support for the latest Web services standards. - Winterthur Winterthur (vĭn`tərt  r'), city (1990 est. pop. 85,200), Zürich canton, N Switzerland. , one of the largest insurance companies inthe world and a long-time user of IONA's Application Server Platform and mainframe mainframe Digital computer designed for high-speed data processing with heavy use of input/output units such as large-capacity disks and printers. They have been used for such applications as payroll computations, accounting, business transactions, information retrieval, integration technologies, expanded their use of those products and standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. on IONA's Orbix A CORBA-compliant ORB from IONA Technologies Inc., Dublin, Ireland (www.iona.com) (U.S. office, Waltham, MA). Founded in 1991, IONA is a leading member of the OMG, and Orbix has become a popular CORBA-based system due to its multi-platform support and OLE integration. E2A E2A End to Anywhere (Orbix platform) Web Services Integration Platform. - Compaq NSD Selected IONA's Application Server Platform - Compaq Non-Stop Division selected IONA's Application Server Platform as the standard for high-end, mission-critical applications running on the Compaq Non-Stop platform. - IONA Delivered Orbix E2A to Global 2000 - Organizations including Alcatel, Business Objects, CIBC Worldwide Markets, Ericsson, Lehman Brothers, Lexis-Nexis, Manugistics, MetaSolv, Telefonica, and Telstra entered into new or expanded license agreements with IONA in the first quarter. - IONA Signed Key Partnerships During the First Quarter of 2002 - Compaq Global Services Established Integration Practice Using Orbix E2A - Compaq Global Services announced a Global Consulting Practice to provide next-generation Web services collaboration and integration to customers worldwide based on Orbix E2A. - IONA and HP Partnered to Deliver Orbix E2A on HP-UX - IONA and HP established an alliance to create new business through combined hardware, software, and services offerings. In addition, the companies agreed to optimize product performance on HP platforms. - IONA Signed KPMG Consulting and CSC to Alliance Program - IONA is now working with more than 20 of the world's leading systems integrators, including KPMG Consulting, CSC, PwC Consulting, SAIC, Ciber, Tata Infotech, and Toshiba. - IONA Received Major Industry Awards for Web Services Integration Products - Orbix E2A Wins eWeek eXcellence Award -- eWEEK analysts and corporate partners selected IONA's Orbix E2A as the leading Web Services Integration Platform. - Orbix E2A Awarded "World Class" Product Seal -- Web Services Journal magazine awarded Orbix E2A Web Services Integration Platform its "World Class Product" Award, noting several innovative features and citing it as "a leading contender in the family of Web Service Integration platforms." - Orbix E2A Selected as "Best of Show" -- Attendees at the XML & Web Services 2002 conference in London chose Orbix E2A Web Services Integration Platform as the "Best Overall Solution based on XML." - IONA Introduced Industry's First Web Services Security Framework - One of the most significant obstacles to the adoption of Web services has been the need for security. IONA's Security Services framework allows Web services developers to easily tie into existing security systems, without resorting to proprietary or non-standard approaches. - IONA Extended Product Leadership - IONA announced enhancements to the Orbix E2A product line extending its leadership in usability, enterprise features and support for the latest Web services standards. IONA will host a conference call to discuss the company's first quarter 2002 results on Wednesday Wednesday: see week. , April 17, 2002 at 10:00 am Eastern Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). Time. Investors and other interested parties may dial into the call using the toll free number (800) 450-5192 in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. or (706) 634-0918 for International callers. This call is being Webcast by CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network and can be accessed through the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of IONA's Web site at www.iona.com. Following the conclusion of the call, a rebroadcast will be available at IONA's Website or by calling (800) 642-1687 in the U.S. or (706) 645-9291 outside the U.S., with reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. number 3769490 until April 24, 2002. About IONA IONA is the leading e-Business Platform provider for Web Services Integration with more than 4,500 customers worldwide. IONA Orbix E2A(TM), which consists of the award-winning Adj. 1. award-winning - having received awards; "this award-winning bridge spans a distance of five miles" Orbix E2A Web Services Integration Platform and Orbix E2A Application Server Platform, enables the flow of information across disparate systems and the liberation LIBERATION, civil law. This term is synonymous with payment. Dig. 50, 16, 47. It is the extinguishment of a contract by which he who was bound become's free, or liberated. Wolff, Dr. de la Nat. Sec. 749. of application assets for new business opportunities. Founded in 1991, IONA(R) (NASDAQ: IONA) is headquartered in Dublin, Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. , with U.S. headquarters in Waltham, Massachusetts One of the early centers of the Industrial Revolution in northern America, Waltham is a city in Middlesex County, Massachusetts, United States. The population was 59,226 at the 2000 census. . The company had revenues of $181 million in 2001 and employs approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 900 people in more than 30 offices worldwide. For additional information about IONA, visit our Web site at http://www.iona.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including statements concerning plans and objectives of management, expectations regarding future financial performance and market positioning, growth, demand and opportunity. The forward-looking statements made are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated or indicated, including risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the integration of recent and future acquisitions; IONA's Orbix End 2 Anywhere strategy; IONA's enterprise sales model; volume, timing and seasonal patterns of product sales; impact of competitive products and pricing; development and market acceptance of new and improved products; undetected errors in software; and general economic conditions. For a more detailed discussion of the risks and uncertainties, please refer to our periodic reports and registration statements filed with the Securities and Exchange Commission. IONA, IONA Technologies IONA Technologies, NASDAQ: IONA, began life as a campus company in Trinity College, Dublin and was founded by Chris Horn, Annrai O'Toole, Colin Newman and Seán Baker.[1][2] IONA maintains headquarter offices in Dublin, Boston and Tokyo. , the IONA logo, Orbix, E2A, End 2 Anywhere, End To Anywhere, Orbix E2A, IONA E2A, IONA e-Business Platform, iPortal Application Server, SureTrack, IONA XMLBus, Adaptive Runtime Refers to the actual execution of a program. "At runtime" means while the program is running. See runtime library, runtime engine, runtime environment and runtime error. Technology, Orbacus, Orbix/E, IONA University and Total Business Integration are trademarks or registered trademarks of IONA Technologies PLC and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. its subsidiaries. All other trademarks that may appear herein are the property of their respective owners.
IONA Technologies
Condensed Consolidated Statement of Operations
(U.S. dollars in thousands, except per share data)
Three Months Ended
March 31, March 31,
2002 2001
(Unaudited) (Unaudited)
------------------------
Revenue:
Product revenue $ 25,567 $ 27,635
Service revenue 13,955 15,017
-------- --------
Total revenue 39,522 42,652
Cost of revenue:
Cost of product revenue 456 1,203
Cost of service revenue 7,587 8,431
-------- --------
Total cost of revenue 8,043 9,634
-------- --------
Gross profit 31,479 33,018
Operating expense:
Research and development 10,514 7,949
Sales and marketing 20,703 18,299
General and administrative 3,562 3,559
Amortization of goodwill
and purchased intangible assets 3,268 4,117
-------- --------
Total operating expense 38,047 33,924
Income (loss) from operations (6,568) (906)
Interest income, net 195 1,064
Net exchange loss (255) (120)
Other 4 164
-------- --------
Income (loss) before provision for
(benefit of) income taxes (6,624) 202
Provision for income taxes 0 611
-------- --------
Net income (loss) ($ 6,624) ($ 409)
======== ========
Net income (loss) per Ordinary Share and
per ADS
Basic ($ 0.23) ($ 0.02)
Diluted ($ 0.23) ($ 0.02)
Pro forma basic ($ 0.08) $ 0.17
Pro forma diluted ($ 0.08) $ 0.15
======== ========
Shares used in computing net
income per ordinary share
and per ADS (in thousands)
Basic
29,399 22,165
Diluted
29,399 22,165
Pro forma basic
29,399 22,165
Pro forma diluted
29,399 23,929
======== ========
IONA Technologies
Pro forma Statement of Operations
Impact of Pro forma Adjustments on Pro forma Net (Loss) Income
(U.S. dollars in thousands, except per share data)
Three Months Ended Three Months Ended
March 31, 2002 March 31, 2001
--------------------------- --------------------------
As Adjusts Pro forma As Adjusts Pro forma
Reported (1) Reported (2)
Revenues $ 39,522 0 $ 39,522 $ 42,652 0 $ 42,652
Cost of revenue 8,043 (107) 7,936 9,634 0 9,634
Gross profit 31,479 107 31,586 33,018 0 33,018
Total operating
expense 38,047 (3,616) 34,431 33,924 (4,215) 29,709
Income (loss)
from operations (6,568) 3,723 (2,845) (906) 4,215 3,309
Income (loss)
before provision
for income taxes (6,624) 3,723 (2,901) 202 4,215 4,417
Net income
(loss) ($ 6,624) 4,201 ($ 2,423) ($ 409) 4,097 $ 3,688
Net income (loss)
per ordinary
share and
per ADS
Basic ($ 0.23) $ 0.15 ($ 0.08) ($ 0.02)$ 0.19 $ 0.17
Diluted ($ 0.23) $ 0.15 ($ 0.08) ($ 0.02)$ 0.17 $ 0.15
Shares used in computing net
income per ordinary share
and per ADS (in thousands)
Basic 29,399 29,399 22,165 22,165
Diluted 29,399 29,399 22,165 23,929
(1) Adjusted to exclude: amortization of purchased intangible assets
of $3,268,000, stock compensation of $455,000 and the associated
tax effect of ($478,000) for the three months ended March 31,
2002.
(2) Adjusted to exclude: amortization of goodwill and purchased
intangible assets of $4,117,000, stock compensation of $98,000 and
the associated tax effect of $118,000 for the three months ended
March 31, 2001.
IONA Technologies
Condensed Consolidated Balance Sheets
(U.S. dollars in thousands, except share and per share data)
March 31, December 31,
2002 2001
(Unaudited) (Unaudited)
-------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 11,712 $ 28,509
Restricted cash 1,078 1,078
Marketable securities 98,239 24,110
Accounts receivable, net of allowance for
doubtful accounts of $1,321 at March
31, 2002 and December 31, 2001 37,499 44,207
Prepaid expenses and other current assets 4,428 4,290
---------- ----------
Total current assets 152,956 102,194
Property and equipment, net 17,977 18,789
Other non-current assets 37,728 47,948
Investments 50 50
Goodwill, net of accumulated amortization of
$64,654 at March 31, 2002 and
December 31, 2001 276,808 268,717
---------- ----------
Total assets $ 485,519 $ 437,698
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,964 $ 3,429
Accrued payroll and related expenses 6,705 12,134
Other accrued liabilities 10,688 14,017
Deferred revenue 29,306 32,352
---------- ----------
Total current liabilities 48,663 61,932
Shareholders' equity:
Ordinary Shares, E 0.0025 par value,
150,000,000 shares authorized;
32,573,966 and 27,816,711 shares
issued and outstanding at March 31,
2002 and December 31, 2001, respectively 91 80
Additional paid-in capital 493,879 427,128
Accumulated deficit (53,244) (46,620)
Deferred stock compensation (3,870) (4,822)
----------- ----------
Total shareholders' equity 436,856 375,766
---------- ----------
Total liabilities and
shareholders' equity $ 485,519 $ 437,698
========== ==========
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