  We present the results of BeppoSAX observations of PKS 2155-304 during an
intense gamma-ray flare. The source was in a high X-ray state. A temporal
analysis of the data reveals a tendency of the amplitude of variations to
increase with energy, and the presence of a soft lag with a timescale of the
order 10^3 s. A curved continuum spectrum, with no evidence of spectral
features, extends up to ~50 keV, while there is indication of a flatter
component emerging at higher energies, consistent with the interpretation of
the broad band spectral energy distribution (SED) as due to synchrotron
self-Compton (SSC) emission from a single region. Notably, the fitting of the
SED with such a model is consistent with an interpretation of the detected soft
lag as due to radiative cooling, supporting the idea that radiation losses play
an important role in variability. The observed shifts of the SED peaks between
the lowest and highest flux levels can be accounted for by an increase of the
break energy in the relativistic particle spectrum. The model predicts emission
at TeV energies in good agreement with the recently reported detection.
