Iona Narrows LossesIona Narrows Losses

Profitability continues to elude Web-services software vendor Iona Technologies plc, although the company's losses narrowed a bit in its third quarter ended Sept. 30. The company reported a net loss of $26.3 million, or 80 cents per share, on sales of $26.5 million, compared with a loss of $29.3 million, or $1.07 per share, on sales of $41.0 million in the same period a year ago.

Iona is counting on growth in the market for Web-services technology to help its turnaround. But in the short term, the company has been trimming its workforce and consolidating facilities to help bring expenses in line with revenue. The third-quarter loss includes a one-time $12.9 million charge to cover restructuring expenses. The company expects sequential sales growth in the current quarter, with revenue between $29 million and $31 million.