Onyx Software Achieves Higher License Revenues and Strengthens Cash Position; Enterprise-level Organizations Account for Nearly Two-Thirds of New License Sales in 2004.BELLEVUE Bellevue (bĕl`vy  ).1 City (1990 pop. 30,982), Sarpy co., E Nebr., a suburb of Omaha, on the Missouri River; inc. 1855. , Wash. -- Onyx onyx (ŏn`ĭks), variety of cryptocrystalline quartz, differing from agate only in that the bands of which it is composed are parallel and regular. (R) Software Corporation (Nasdaq:ONXS) today announced results for the quarter and year ended December December: see month. 31, 2004. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]Fourth Quarter Results E[acute accent]Revenue for the fourth quarter of 2004 was $14.9 million, compared to $13.0 million in the fourth quarter of 2003. Reported net loss for the fourth quarter of 2004 was ($1.4) million, or a loss of ($0.10) per share, compared to a reported net loss of ($1.6) million, or a loss of ($0.11) in the fourth quarter of 2003. Reported net loss includes severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when of $1.0 million primarily related to executive changes previously announced, a $0.4 million impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of a minority investment acquired in 1999 and a change in the value of previously issued warrants of $0.2 million that partially offset these charges. E[acute accent]Non-GAAP operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. , which excludes amortization of intangibles, stock-based compensation expense, restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and severance was ($0.3) million in the fourth quarter of 2004, compared to a non-GAAP operating loss of ($1.1) million in the fourth quarter of 2003. Onyx believes that supplementary disclosure regarding non-GAAP operating loss assists in comparing current operating results with those of past periods. A reconciliation of non-GAAP operating loss with actual operating loss is attached to the financial tables included below in this release. E[acute accent]License revenue in the fourth quarter of 2004 was $4.1 million compared to $2.8 million in the fourth quarter of 2003 and $2.4 million in the third quarter of 2004. Additionally, Onyx has received orders for $2.5 million in license bookings currently expected to be recognized in the second and third quarters of 2005. E[acute accent]"I am pleased with the way the Onyx team completed the fourth quarter and the year," said Janice P. Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic , Onyx Chair and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We achieved the highest license bookings in more than two years, we substantially reduced our full-year operating loss, cash is up sharply and we're we're Contraction of we are. we're we are entering 2005 with license bookings. In addition, we believe that Onyx is providing world class solutions to increasing numbers of enterprise-level organizations as many large organizations have selected Onyx as their customer management solution in 2004." E[acute accent]Forty-eight companies and organizations contributed to Onyx Software's fourth-quarter license revenue. Ten became new Onyx customers, and thirty-eight existing customers made additional license purchases. New customers included AmeriCold Logistics, J. F. Shea, Lancashire County Council Lancashire County Council is the local authority for the non-metropolitan county of Lancashire, England. It currently consists of 84 councillors, and is controlled by the Labour Party, who have 44 councillors, versus 31 Conservative councillors, 6 Liberal Democrats and one and Stewart Stewart, river, Canada Stewart, river, 331 mi (533 km) long, rising in the Mackenzie Mts., central Yukon Territory, Canada, and flowing generally W to the Yukon River S of Dawson. Information Services See Information Systems. . Existing customers making additional license purchases included Providence Providence, city (1990 pop. 160,728), state capital and seat of Providence co., NE R.I., a port at the head of Providence Bay; founded by Roger Williams 1636, inc. as a city 1832. Health Plans, AgVantis, Pacific Investment Management Company LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Provident prov·i·dent adj. 1. Providing for future needs or events. 2. Frugal; economical. [Middle English, from Latin pr Credit Union, Calor Gas Calor Gas Noun Trademark, Brit butane gas liquefied under pressure in portable containers for domestic use Calor gas® n → butano Calor gas , Daniel Daniel, book of the Bible Daniel, book of the Bible. It combines "court" tales, perhaps originating from the 6th cent. B.C., and a series of apocalyptic visions arising from the time of the Maccabean emergency (167–164 B.C. & Yeager Yeager is a relatively uncommon surname; it comes from a distortion of the German word "Jäger", which translates to English as "hunter". Some notable people with this name are:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Stewart Information Services accounted for approximately ten percent of total fourth quarter revenue. E[acute accent]Onyx's direct sales force sold approximately three-quarters Noun 1. three-quarters - three of four equal parts; "three-fourths of a pound" three-fourths common fraction, simple fraction - the quotient of two integers three-quarters npl → of fourth quarter license revenue and the remainder was closed with partners. E[acute accent]Onyx customers that went live or upgraded their solutions in the fourth quarter included Agile ag·ile adj. 1. Characterized by quickness, lightness, and ease of movement; nimble. 2. Mentally quick or alert: an agile mind. Software, Amway Japan, CompuMentor, and Shield Healthcare. Onyx announced in the fourth quarter that BlueCross BlueShield of Western New York
Western New York refers to the westernmost region of New York State. and BlueShield of Northeastern New York -- two divisions of one of New York's leading health plans -- had successfully implemented Onyx Enterprise CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. to manage growth and standardize stan·dard·ize v. 1. To cause to conform to a standard. 2. To evaluate by comparing with a standard. business processes. E[acute accent]Balance Sheet Strengthens E[acute accent]Onyx Software's cash position strengthened on a year-over-year and sequential quarter basis. On December 31, 2004, Onyx Software had unrestricted cash and cash equivalents of $14.4 million. This compares to $11.9 million in cash and cash equivalents on December 31, 2003, which included $1.7 million in restricted cash. The 2004 year-end cash and cash equivalents position was a $4.5 million sequential quarter improvement compared to $9.9 million in cash and cash equivalents on September 30, 2004. The improvement primarily resulted from strong collections of existing receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed , revenues in the quarter and advanced billings. Total deferred revenue (including current and long term portions) on December 31, 2004 was $19.7 million compared to $16.7 million on September 30, 2004 and $16.1 million on December 31, 2003. E[acute accent]2004 Financial Summary E[acute accent]Revenue for 2004 was $57.6 million, compared to $58.4 million in 2003. Reported net loss for 2004 was ($2.8) million, or a loss of ($0.19) per share, compared to a loss of ($6.2) million, or a loss of ($0.46) per share in 2003. E[acute accent]Non-GAAP operating loss, which excludes amortization of intangibles, stock-based compensation expense, restructuring and severance, was ($0.5) million in 2004, compared to a non-GAAP operating loss of ($3.9) million in 2003. A reconciliation of non-GAAP operating loss with actual operating loss is attached to the financial tables included below in this release E[acute accent]License revenue increased thirteen percent to $13.7 million in 2004 compared to $12.1 million in 2003. E[acute accent]New License Revenues from Enterprise-Level Organizations Increasing E[acute accent]Enterprise-level organizations -- customers with at least $2 billion in annual revenue -- accounted for nearly two-thirds of new license sales in 2004. "The large enterprises and mid-size businesses that Onyx serves often have complex businesses processes and need an integrated customer view across functions and divisions. Onyx architecture facilitates low-cost integration and our powerful business process tools give these companies the agility to respond to rapidly changing market dynamics," Anderson said. E[acute accent]Customers Responding Positively to Innovative New Products E[acute accent]Eight fourth quarter license sales resulted from the company's initiative to broaden its product portfolio through the recent introduction of innovative, new products: E[acute accent]--Onyx introduced a new mobile CRM offering, the Onyx Employee Portal for RIM's BlackBerry blackberry, name for several species of thorny plants of the genus Rubus of the family Rosaceae (rose family). See bramble. blackberry (R) on October 4, 2004. The optimized Onyx offering is designed to increase the individual productivity of mobile professionals by providing personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. access to client data and customer-related tasks. Onyx customer Symetra Financial (formerly Safeco Life & Investments), an insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company with over $21 billion in GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). assets that provides services to approximately 2 million customers, recently shared their experience on a webcast hosted by RIM and Onyx. E[acute accent]--Onyx Email Accelerator accelerator: see particle accelerator. (1) A key combination such as Alt-G or Ctrl-Shift H that is used to activate a task. (2) An incubator that expects to develop the company considerably faster than normal. See incubator. was released on November 9, 2004. The new product is an all-in-one email solution for high volume marketing campaigns and service applications that is tightly integrated with Onyx Enterprise CRM, enabling users to quickly send personalized emails and track the responses in real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. while reducing the need for pay-by-the-message solutions from third party email vendors. Onyx Email Accelerator was purchased by existing and new customers in the fourth quarter, including J. F. Shea, the largest privately held homebuilder 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. . E[acute accent]Partners Continuing to Leverage Onyx Solutions to Enhance Their Offerings E[acute accent]In 2004 Onyx strengthened its partner community by signing or expanding alliance agreements with over a dozen organizations including systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. , value added resellers See VAR. (company) value added reseller - (VAR, or "value added retailer") A company which sells something (e.g. computers) made by another company (an OEM) with extra components added (e.g. specialist software). , and vertical solution providers. E[acute accent]In the fourth quarter, Onyx and Fujitsu announced the receipt of a large contract award by Queensland Queensland, state (1991 pop. 2,477,152), 667,000 sq mi (1,727,200 sq km), NE Australia. Brisbane is the capital; other important cities are Gold Coast, Toowoomba, Townsville, Rockhampton, Cairns, and Ipswich. (Australia) Government's Department of Child Safety and Department of Communities. E[acute accent]Onyx Japan recently announced a strategic alliance agreement with Abeam Consulting ABeam Consulting is one of the largest consulting services firm in Japan. This company's previous name is Deloitte Tohmatsu Consulting, which is a member of Deloitte Touche Tohmatsu: Japan branch office. After the Enron scandal, this company changed its name, ABeam Consulting. . Formerly a unit of Deloitte Consulting, Abeam a·beam adv. At right angles to the keel of a ship. prep. Alongside or at right angles to: The ship drew abeam the cove. provides management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects , business process re-engineering See reengineering. (business) Business Process Re-engineering - (BPR) Any radical change in the way in which an organisation performs its business activities. BPR involves a fundamental re-think of the business processes followed by a redesign of business activities to and SI services for leading corporations and has strong experience in enterprise software applications. Abeam has over 2,000 employees, is headquartered in Tokyo, Japan and has offices throughout Asia and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Abeam is currently assisting the implementation of Onyx at certain key enterprise customers in Japan. E[acute accent]Onyx also announced a new educational website for local government -- GovernmentCRM.com. Developed with Microsoft and Unisys, the GovernmentCRM.com website is as a resource for local government decision makers in the US to educate themselves on the best tools, services and strategies for their citizen response management or 3-1-1 initiatives. E[acute accent]Government IT Leader Receives Third-Party Recognition for the Strong ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). their Onyx Projects Achieved E[acute accent]Knowsley Metropolitan Borough A metropolitan borough (or metropolitan district) is a type of local government district in England, covering urban areas within metropolitan counties. Metropolitan boroughs of London (1900-1965) Council was highlighted in a Return on Investment report by the NCC NCC See National Clearing Corporation (NCC). Group on the cost effectiveness of the Borough's Onyx CRM implementation. NCC identified savings greater than $450,000 across just two service areas and the figure is expected to increase as the implementation of CRM in other service areas is analyzed an·a·lyze tr.v. an·a·lyzed, an·a·lyz·ing, an·a·lyz·es 1. To examine methodically by separating into parts and studying their interrelations. 2. Chemistry To make a chemical analysis of. 3. . The Council has already achieved its 2004 targets for electronic service delivery, beating its own original schedule by over three months and the e-government deadline by a year and a half. Rod Matthews, Head of Information Society Technology for the Borough has been awarded 'CIO of the Year' at the Computing computing - computer Awards for Excellence. Computing, the leading technology weekly title in the UK, recognized the Borough's pioneering technology strategies and cost savings, under Matthews' leadership. E[acute accent]Onyx Enterprise CRM named Select(TM) Award winner by Info-Tech Research Group Info-Tech Research Group (Info-Tech) is an information technology research, analysis and consulting firm. Info-Tech provides businesses with independent expertise in strategy, planning, implementation, optimization, management, staffing and education. E[acute accent]Onyx was recognized as offering outstanding products for mid-sized enterprises in Info-Tech Research Group's recently announced Select(TM) Awards. Info-Tech combined expert analysts' insight with extensive customer satisfaction data to identify Onyx as a vendor of outstanding CRM that meets the unique needs of mid-sized companies. E[acute accent]Industry Leaders Share Their Success Stories at the Onyx Video Library E[acute accent]Visit the Onyx Video Library recently established at www.onyx.com to hear industry leaders from Amway, Glenmede Trust, Mellon Bank, Netegrity and Reed Business discuss how Onyx has positively impacted their business. E[acute accent]Business Outlook E[acute accent]"Our goal and expectation is for improved revenues and profitability in 2005," Anderson said. "While we expect typical seasonality to be evident in the first quarter, we believe Onyx is well-positioned for the subsequent two quarters with orders already in hand." E[acute accent]While a wide range of results are possible, Onyx believes that license and total revenue for the first quarter of 2005 is likely to be lower than in the fourth quarter of 2004. First quarter total costs and expenses, excluding amortization of purchased technology, impairment of Goodwill, restructuring-related expenses and severance, are expected to be in the range of approximately $14.5 million-$14.9 million. Actual costs and expenses will vary with the levels and type of revenue actually received. E[acute accent]Sarbanes-Oxley Costs E[acute accent]Onyx estimates that the external costs (ignoring internal costs) for the annual audit, the Sarbanes-Oxley internal controls audit and costs for outside contractors outside contractor n → contratista m/f independiente that assisted the company with Sarbanes-Oxley compliance related to 2004 will be approximately $1.6 million. The company's comparable costs related to 2003 were $0.3 million. The results for the year ended December 31, 2004 include $0.8 million of these costs and the company expects an additional $0.8 million of expense in the first quarter of 2005. E[acute accent]Onyx Software Conference Call E[acute accent]Onyx Software will hold its quarterly conference call to discuss final results for the fourth quarter of 2004 on Thursday, February 24, 2005, at 4:30 p.m. Eastern time. The live broadcast of Onyx Software's quarterly conference call will be available online at www.onyx.com or www.companyboardroom.com. The call will be archived and available for replay for one week. Alternatively, you can participate by phone. E[acute accent]When: Thursday, February 24, 2005 E[acute accent]Time: 4:30 p.m., (Eastern) / 1:30 p.m. (Pacific) E[acute accent]Dial-In: 800-901-5231 E[acute accent]International Dial-In: 617-786-2961 E[acute accent]Passcode: 53834207 E[acute accent]Replay: 617-801-6888 (available from 6:30 p.m.ET 2/24/05 through 11:59 p.m. ET 3/2/05) E[acute accent]Replay Passcode: 42419603 E[acute accent]About Onyx Software E[acute accent]Onyx Software Corporation (Nasdaq:ONXS), a worldwide leader in delivering successful CRM, offers a fast, cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. , easy to use solution that shares critical information among employees, customers and partners. The Onyx approach delivers real-world success by aligning a·lign v. a·ligned, a·lign·ing, a·ligns v.tr. 1. To arrange in a line or so as to be parallel: align the tops of a row of pictures; aligned the car with the curb. technology with business objectives, strategies and processes. Companies rely on Onyx across multiple departments to streamline customer-facing processes and drive a superior customer experience. Onyx serves customers worldwide in a variety of industries, including financial services, healthcare, high technology and the public sector. Customers include Amway Corporation, Delta Dental Delta Dental is the largest and oldest dental plan system in the United States. The Delta Dental Plans Association is comprised of 39 independent Delta Dental member companies operating in all 50 states, the District of Columbia and Puerto Rico. , Mellon Financial  This article or section may contain a proseline.Please help [ convert this timeline] into prose or, if necessary, a . Corporation, The Regence Group and State Street Corporation. More information can be found at (888) ASK-ONYX, or info@onyx.com. E[acute accent]Forward-Looking Statement 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. This press release contains forward-looking statements, including statements about our expectations for future financial performance and the potential benefits of our products. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. The words "predict," "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Factors that could affect Onyx's actual results include, but are not limited to our ability to close large opportunities currently in our sales pipeline, our ability to successfully complete an implementation project currently ongoing with an Onyx customer -- the license revenue for which will be recognized upon successful completion of same, the market adoption of, and customer satisfaction with, our product offerings, our ability to control expenses - including those related to the Sarbanes-Oxley Act See SOX. , the percentage of services performed by directly by Onyx as opposed to on a bill-through basis by Onyx subcontractors, our ability to retain customers on our maintenance and product support program, the expansion of our partner network and the ability of these partners to effectively sell our products and the "Important Factors That May Affect Our Business, Our Results of Operations and Our Stock Price" described in our quarterly report on form 10-Q Form 10-Q See 10-Q. for the period ended September 30, 2004. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as to the date of this release. Onyx undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release or to reflect the occurrence of unanticipated events. E[acute accent]Onyx is a registered trademark of Onyx Software Corporation in the United States and other countries. E[acute accent]Other product or service names mentioned herein are the trademarks of their respective owners.
Onyx Software Corporation
Condensed Consolidated Statements of Operations
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
------- ------- ------- -------
Revenue
License $ 4,087 $ 2,769 $13,666 $12,143
Service 10,837 10,187 43,968 46,230
------- ------- ------- -------
Total revenue 14,924 12,956 57,634 58,373
Costs of revenue
Cost of license 371 191 984 848
Amortization of acquired
technology - 3 - 255
Cost of service 4,969 4,582 18,614 20,711
------- ------- ------- -------
Total cost of revenue 5,340 4,776 19,598 21,814
Gross margin 9,584 8,180 38,036 36,559
Operating Expenses
Sales and marketing 5,017 4,604 19,354 20,629
Research and development 2,640 2,764 10,613 11,838
General and administrative 2,239 1,952 8,600 8,205
Restructuring and other-related
charges - 166 442 1,422
Amortization of other
acquisition-related
intangibles - 209 627 836
Severance charges 996 - 996 -
Amortization of stock-based
compensation - 38 - 70
------- ------- ------- -------
Total operating expenses 10,892 9,733 40,632 43,000
Operating loss (1,308) (1,553) (2,596) (6,441)
Other income (expense), net 15 75 (340) 78
Investment losses and impairment (403) - (403) -
Change in fair value of
outstanding warrants 199 221 513 355
------- ------- ------- -------
Loss before income taxes (1,497) (1,257) (2,826) (6,008)
Income tax provision (benefit) (145) 257 (57) 264
Minority interest in income (loss)
of Consolidated subsidiary 50 82 (15) (118)
------- ------- ------- -------
Net Loss $(1,402) $(1,596) $(2,754) $(6,154)
======= ======= ======= =======
Basic and diluted net loss per
share (A) $ (0.10) $ (0.11) $ (0.19) $ (0.46)
======= ======= ======= =======
Shares used in computation of
basic and diluted net loss
per share (A) 14,554 13,914 14,364 13,442
======= ======= ======= =======
(A) On July 23, 2003, the company announced a one-for-four reverse
stock split authorized by its shareholders. All share and per
share amounts in the accompanying consolidated financial
statements have been adjusted to reflect this reverse stock split.
Onyx Software Corporation
Supplemental Non-GAAP Information:
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
------- ------- ------- -------
Operating loss $(1,308) $(1,553) $(2,596) $(6,441)
Adjustments to reconcile operating
loss in the financial statements
to non-GAAP operating loss:
Restructuring charges
Facilities - 85 155 444
Severance - 81 287 769
Asset impairments - - - 209
------- ------- ------- -------
Total restructuring charges - 166 442 1,422
Amortization of acquired
technology - 3 - 255
Amortization of other
acquisition-related intangibles - 209 627 836
Severance 996 - 996 -
Amortization of stock-based
compensation - 38 - 70
------- ------- ------- -------
Non-GAAP operating loss $ (312) $(1,137) $ (531) $(3,858)
======= ======= ======= =======
Net loss $(1,402) $(1,596) $(2,754) $(6,154)
Adjustments to reconcile net loss
in the financial statements to
non-GAAP net loss:
Restructuring charges
Facilities - 85 155 444
Severance - 81 287 769
Asset impairments - - - 209
------- ------- ------- -------
Total restructuring charges - 166 442 1,422
Amortization of acquired
technology - 3 - 255
Amortization of other
acquisition-related intangibles - 209 627 836
Severance 996 - 996 -
Amortization of stock-based
compensation - 38 - 70
Investment losses and impairment 403 - 403 -
Change in fair value of
outstanding warrants (199) (221) (513) (355)
Deferred income tax associated
with
Acquisitions - (71) (213) (284)
------- ------- ------- -------
Non-GAAP net loss $ (202) $(1,472) $(1,012) $(4,210)
======= ======= ======= =======
Non-GAAP diluted and basic net
loss per share $ (0.01) $ (0.11) $ (0.07) $ (0.31)
======= ======= ======= =======
Shares used in computation of non-
GAAP basic and diluted net loss
per share 14,554 13,914 14,364 13,442
======= ======= ======= =======
Onyx Software Corporation
Condensed Consolidated Balance Sheets
(In Thousands)
(Unaudited)
December 31, December 31,
2004 2003
----------- -----------
Assets
Current Assets:
Cash and cash equivalents (B) $ 14,393 $ 11,850
Accounts receivable, net 11,220 12,245
Prepaid expenses and other current assets 1,968 1,666
Deferred tax asset 89 362
----------- -----------
Total current assets 27,670 26,123
Property and equipment, net 3,711 4,277
Purchased technology, net 4,095 -
Other intangibles, net - 675
Goodwill, net 10,306 9,508
Deferred tax asset 35 -
Other assets 450 842
----------- -----------
Total Assets $ 46,267 $ 41,425
=========== ===========
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $ 1,205 $ 883
Salary and benefits payable 1,937 946
Accrued liabilities 2,453 1,536
Income taxes payable 217 770
Restructuring-related liabilities 731 2,758
Purchased technology obligation 986 -
Current portion of term loan 167 -
Deferred revenue 17,761 15,053
----------- -----------
Total current liabilities 25,457 21,946
Long-term accrued liabilities 464 544
Long-term deferred revenue 1,923 1,025
Long-term restructuring-related liabilities - 405
Long-term restructuring-related liabilities
- warrants 52 565
Long-term purchased technology obligation 856 -
Long-term deferred rent 450 293
Term loan 222 -
Deferred tax liabilities - 229
Minority interest in joint venture 106 119
Shareholders' Equity
Common stock 144,736 142,682
Accumulated deficit (130,969) (128,215)
Accumulated other comprehensive income 2,970 1,832
----------- -----------
Total shareholders' equity 16,737 16,299
----------- -----------
Total Liabilities and Shareholders' Equity $ 46,267 $ 41,425
=========== ===========
(B) Includes $0 and $1.7 million in restricted cash as of December 31,
2004 and December 31, 2003, respectively.
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