Software group Iona Technologies has reported net losses of $600,000 for the first quarter of this year.
But this included the $1.4m costs of share-based payments, which was not included in the same period last year because of a change in accounting methods.
Excluding this, net profits were $800,000, compared with $100,000 in Q1 last year. Revenues were $16.9m, better than expected.
Chief executive Peter Zotto said revenue from its Artix product was growing, while its Corba technology was providing a 'stable' stream of revenue. Revenue from Artix doubled compared with the same period last year.
Iona said it expected revenue of $16-17m in the second quarter, with total costs of $17.8-18.3m.
