Onyx Software Announces Solid Second Quarter Results with Net Income.BELLEVUE, 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 second quarter of 2004. Financial Summary Revenue for the second quarter of 2004 was $14.8 million, compared to $15.8 million in the second quarter of 2003 and $14.2 million for the first quarter of 2004. License revenue for the second quarter of 2004 was $3.6 million, compared to $3.1 million in the second quarter of 2003 and $3.6 million in the first quarter of 2004. Reported net income for the second quarter of 2004 was $0.2 million, or an income of $0.01 in diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , compared to a reported net loss of $0.9 million or a loss of $0.07 per share in the second quarter of 2003. For the first half of 2004, license revenue was 25% higher than the same period in 2003. Non-GAAP operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the second quarter of 2004, which excludes the amortization of intangibles, stock-based compensation expense, and 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 related charges, was $0.5 million, compared to a non-GAAP operating income of $0.1 million for the second quarter of 2003. Onyx believes that supplementary disclosure regarding non-GAAP operating results assists in comparing current operating results with those of past periods. A reconciliation of non-GAAP operating income (loss) to GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). operating income (loss) is attached to the financial tables included below in this release. Onyx Software's cash balance was $12.3 million on June 30, 2004 compared to $13.0 million on March 31, 2004, which includes outflows of $1.1 million consisting of payments on restructuring related liabilities of $0.7 million, including the final payment for Bellevue excess facilities, and $0.4 million paid toward the acquisition of Visuale assets during the quarter. In addition, the buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. of a telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. increased property, plant and equipment by $0.5 million. The increase of property, plant and equipment was partially offset by depreciation, net of other capital purchases. A restricted cash balance of $1.3 million reported on March 31, 2004 was eliminated on June 30, 2004 due to a reduction in outstanding letters of credit during the second quarter related to the fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. of the Bellevue lease termination agreement and the telecommunications operating lease buyout. Business Summary "Onyx delivered a solid quarter with progress on a number of fronts," 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 , Chairman and Chief Executive Officer of Onyx Software. "We announced several important partnership agreements intended to extend our reach, we strengthened our executive and sales team, and we enhanced solution capabilities in target markets. Additionally, customers are reacting favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the enhancements of Onyx Enterprise 5.0 with strong upgrade interest, and through our Visuale acquisition, we will be able to offer customers exciting new technology that combines Business Process Management technology and CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ." "We increasingly see midsize and larger enterprises working with Onyx and our partners on an initial project while concurrently negotiating key aspects of a broader enterprise-level agreement. Our world class technology platform and global footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. fulfills enterprise selection criteria, while our product functionality and packaging provide an easy starting point Noun 1. starting point - earliest limiting point terminus a quo commencement, get-go, offset, outset, showtime, starting time, beginning, start, kickoff, first - the time at which something is supposed to begin; "they got an early start"; "she knew from the for departmental or regional projects. We believe this positions Onyx to benefit from this change in buying behavior," Anderson said. Onyx Expands Success in Targeted Markets Thirty-nine companies and organizations contributed to Onyx Software's second quarter license revenue. Seventeen became new customers and 22 existing customers made add-on A purchase of additional goods before payment is made for goods already purchased. An add-on may be covered by a clause in an installment payment contract that allows the seller to hold a security interest in the earlier goods until full payment is made on the later goods. license purchases. No single customer accounted for as much as 10% of second quarter revenue. Selected second quarter license transactions include: 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. : AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group Insurance became a new Onyx enterprise customer in the second quarter, building on a prior successful Onyx deployment in an acquired subsidiary. Fisher Investments and Toyota Financial Services The business known as Toyota Financial Services operates in over thirty countries around the globe and is the wholly owned financial services operation of the Toyota Motor Corporation. expanded their existing Onyx deployments and acquired additional licenses in the second quarter. Healthcare: Shield Healthcare -- a part of Kobayashi Pharmaceutical Co, Ltd -- became a new Onyx customer during the quarter. Shield Healthcare markets a broad range of disposable disposable Nursing adjective Referring to that which is discarded or disposed of noun An item used in health care-related Pt contact which is discarded after use–eg masks, gloves, gowns, needles, paper products, syringes, wipes. See Biohazardous waste. medical products and product-related services required for the treatment and care of patients in the home. HealthNow, with over 780,000 members throughout upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. , expanded their Onyx deployment and purchased additional licenses in the second quarter. Government: Medway Council became a new Onyx customer in the second quarter through Onyx partner Deloitte & Touche, building on prior success in the UK local government market segment. Separately, a return on investment study conducted by the United Kingdom's National Computer Center and released during the quarter showed that the 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 had identified savings exceeding $450,000 in just two service areas that resulted from the implementation of Onyx Software's flagship CRM product tailored for local government needs called Onyx OneServe. Knowsley council's reported savings significantly exceed the Onyx license expense required for the deployment. Name-Brand Customers: Amway Japan Ltd became the latest Amway division to select Onyx to manage the cultivation cultivation, tilling or manipulation of the soil, done primarily to eliminate weeds that compete with crops for water and nutrients. Cultivation may be used in crusted soils to increase soil aeration and infiltration of water; it may also be used to move soil to or and retention of their independent business owners. Amway Japan Ltd intends to roll out Onyx CRM 5.0 in their contact center and will adopt the marketing campaign management capabilities already successfully deployed in Korea and Australia. Other name-brand companies becoming new Onyx customers in the second-quarter included Hewitt and Palmer & Cay. Existing name-brand companies adding to their deployments included Reed Business Information Reed Business Information is a large business publisher in the United States, United Kingdom, continental Europe, Australia and Asia. It is a division of Reed Elsevier. In 2005, Reed Business Information started the Quill Awards, a literary award broadcast on NBC. and Starbucks Coffee Company. Onyx Demonstrates Momentum in Partnerships and Onyx Embedded Inserted into. See embedded system. CRM During the second quarter, Onyx made significant progress in partner relationships and in its Embedded CRM initiative: --Onyx had another quarter of strong performance from Asia operations, and announced a reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. agreement with Fujitsu for Japan. Fujitsu and Onyx already have several successful joint customers in the pharmaceutical, financial services and local government verticals. --In Embedded CRM, following their selection and deployment of Onyx CRM internally, Hewitt became an Onyx partner offering an Onyx Embedded CRM solution that has already attracted a new healthcare customer. Financial services companies becoming Onyx Embedded CRM partners include MEMBERS Development Company, LCC (Leadless Chip Carrier, Leaded Chip Carrier) See leadless chip carrier, CLCC and PLCC. 1. LCC - Language for Conversational Computing. Written at CMU in the 1960's. , also known as MDC (1) (Mobile Daughter Card) See riser card. (2) See Meta Data Coalition. , and CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. -- an international IT services and solutions provider. MDC chose Onyx as the technology framework to deliver its new CRM Common Model solution designed for the specific needs of credit unions. CIT launched the Onyx-based CIT Merchant Management System as a solution to automate To turn a set of manual steps into an operation that goes by itself. See automation. the enrollment and servicing of merchants to serve the needs of processors and independent sales organizations This article or section deals primarily with the English-speaking world and does not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. in the payment industry. --In Government, Onyx, Microsoft and Unisys announced an alliance that launched a joint education initiative to deliver CRM solutions to cities and counties in 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. . --In Contact Center Customer Management: Onyx and Concerto concerto (kənchâr`tō), musical composition usually for an orchestra and a soloist or a group of soloists. In the 16th cent. concertare and concertato implied an ensemble, either vocal or instrumental. Software announced a Joint Marketing Agreement to promote the benefits of customer interaction management (CIM (1) (Computer-Integrated Manufacturing) Integrating office/accounting functions with automated factory systems. Point of sale, billing, machine tool scheduling and supply ordering are part of CIM. ) and CRM. Onyx also announced alliances with KnowledgeBase Solutions and Interactive Intelligence for integrated Contact Center offerings. Onyx Acquires Technology to Help Companies Cost-Effectively Create, Execute and Manage Business Processes "Customers tell us that they want to cost-effectively create, execute and manage customer-related business processes," said Anderson. "Onyx took a major step towards meeting this need as we completed the acquisition of Visuale's business process management graphical workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. and business rule design tools in the second quarter." Visuale business process management (BPM (Business Process Management) A structured approach that models an enterprise's human and machine tasks and the interactions between them as processes. BPM software provides users with a dashboard interface that offers a high-level view of the operation that typically ) technology is built on Microsoft .NET See .NET. standards and supports Microsoft SQL Server A relational DBMS from Microsoft that is a major component of the Windows Server System. It is Microsoft's high-end client/server database and is closely integrated with Microsoft Visual Studio and the Microsoft Office System. and Oracle Database, making the acquired technology compatible with the existing Onyx technology platform. On April 7, 2004 Onyx Software acquired BPM technology from Visuale, Inc. in an asset acquisition valued at $4.1 million. Consideration includes an initial payment of $400,000 in cash and Onyx common stock valued at $1.7 million in the form of 504,891 shares. In April 2005, Onyx will make a subsequent payment of $1.0 million, with the option of using either cash or common stock valued at the then-current fair market value. In each of years three and four following the closing, Onyx will make minimum royalty payments of $500,000 in cash based on sales of Onyx products incorporating the acquired technology. Costs to purchase and other assumed liabilities were offset by imputed interest Imputed Interest A term used to describe interest considered to be paid, even through no interest payment has been made. Notes: Imputed interest is calculated based upon actual payments that are to be paid, but have not yet been paid. on the deferred payments. The above future payments have been recorded on the balance sheet as acquisition obligations net of imputed interest in short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. and long-term liabilities Long-Term Liabilities Recorded on the balance sheet, a company's liabilities for leases, bond repayments and other items due in more than one year. Notes: A company's long-term liabilities are accounted for by its debt obligations to other parties which last longer than respectively. Onyx Releases Product Enhancements and Industry-Specific Versions Onyx continued to offer enhancements to its powerful CRM platform and industry-specific vertical editions, making the following announcements in the second quarter: --Onyx Software enhanced contact center solutions by introducing Intelligent Call Scripting capabilities delivered through the recent release of Onyx Enterprise CRM 5.0 and integrated into the latest edition of the Onyx Contact Center Solution. --Onyx Software's local government solutions were expanded with new functionality, including new process automation and intelligent call scripting in Onyx OneServe 5.0 -- the next generation of the company's successful eShop offering for Local Government in the United Kingdom There is no single system of local government in the United Kingdom. The United Kingdom is made up of constituent countries, England, Scotland, Wales and Northern Ireland. Each has a different system of local government. . Onyx also launched OneServe FASTrack for Local Government, a new fixed fee license and service offering to help local authorities achieve their eGovernment targets faster and at lower cost. --Onyx introduced Onyx CitiServ, a solution developed specifically to allow cities and governments in North America to provide enhanced levels of citizen service. --On July 13, Onyx announced CRMExpress -- a pre-configured version of Onyx designed to grow with a company over time. CRMExpress packages Onyx Enterprise CRM software licenses In computing, software that is copyrighted and licensed under a software license is done under a variety of licensing schemes. For end-users there are proprietary licenses and there are free software licenses, and there are proprietary Within these schemes are further classifications. , implementation services, training and product support -- all for a single, low fixed fee. The package provides a complete CRM system at an affordable price that can be implemented in 30 days or less to address the need for organizations to deploy solutions in a pilot or department as a starting point. Onyx Strengthens Leadership for Company Growth On June 9th, Onyx Software announced that former Lucent CRM executive Janice P. Anderson had been named Chairman and Chief Executive Officer. Onyx also announced that Ron Tarkoff, Executive Vice President and Chief Strategy Officer of Documentum, a division of EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. , has joined the Onyx Board of Directors. To strengthen the company's distribution channel, Onyx recently hired field professionals formerly with Siebel, UpShot, Pivotal and Salesforce.com. Business Outlook Onyx expects total revenues in the second half of 2004 to modestly grow beyond revenues for the first half of 2004. Third quarter license revenue has a wide range of possible results compared to the second quarter license results. Third quarter service revenue should be in the same range of the second quarter with modest upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar . Total costs and expenses are expected to increase $0.4 million in the third quarter, reflecting increased compensation expenses, increased marketing activity and significant costs associated with Sarbanes-Oxley internal controls requirements. Onyx Software Conference Call Onyx(R) Software Corporation (Nasdaq:ONXS) will hold its quarterly conference call to discuss results for the second quarter of 2004 on Tuesday, June 27, 2004, at 8:30 a.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.
When: Tuesday, July 27, 2004
Time: 8:30 am (Eastern) / 5:30 am (Pacific)
Dial-In: 1-866-800-8651
International Dial-In: 1-617-614-2704
Passcode: 61258795
Replay: 1-617-801-6888 (available from 10:30 ET 07/27/04 through
11:59 pm ET 8/3/04)
Passcode: 33907148
About Onyx Software 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. , usable USable is a special idea contest to transfer US American ideas into practice in Germany. USable is initiated by the German Körber-Stiftung (foundation Körber). It is doted with 150,000 Euro and awarded every two years. solution that shares critical information among employees, customers and partners through three role-specific, Web services-based portals. 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. CRM technology with business objectives, strategies and processes. Companies rely on Onyx across multiple departments to create a superior customer experience and a profitable bottom line. Onyx serves customers worldwide in a variety of industries, including financial services, healthcare, high technology and the public sector. Customers include Amway, United Kingdom lottery lottery, scheme for distributing prizes by lot or other method of chance selection to persons who have paid for the opportunity to win. The term is not applicable when lots are drawn without payment by the interested parties to determine some matter, e.g. operator Camelot Camelot (kăm`əlŏt), in Arthurian legend, the seat of King Arthur's court. The origin of the name is unknown. It has been variously located at Cadbury Camp, Somerset; Winchester; Camelford; and Caerleon. , 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. , Microsoft Corporation (company) Microsoft Corporation - The biggest supplier of operating systems and other software for IBM PC compatibles. Software products include MS-DOS, Microsoft Windows, Windows NT, Microsoft Access, LAN Manager, MS Client, SQL Server, Open Data Base Connectivity (ODBC), MS Mail, , 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, State Street Corporation and Suncorp. More information can be found at (888) ASK-ONYX, info@onyx.com or http://www.onyx.com/. 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 planned BPM offering, the anticipated purchasing patterns of Onyx customers, the anticipated benefits of our products and services, and our expected financial and operating results for the third quarter of 2004 and future periods. 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 "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 the risk that we deliver our newly-acquired BPM technology to market in a timely basis, the risk that our customers do not make additional purchases of our product licenses and services over time, the risk that we are unable to close the anticipated number of license revenue opportunities in our pipeline for the third quarter of 2004, the risk that we do not achieve a sequential increase in service revenues for the third quarter of 2004, the risk that we incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. higher than anticipated expenses, including those related to compliance with Sarbanes-Oxley, the risk that prospective customers delay their purchasing decisions due to their own anticipated expenses related to Sarbanes-Oxley, the risk that the integration of our new management personnel takes longer than expected 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 March 31, 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. Onyx is a registered trademark of Onyx Software Corporation 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. and other countries. 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 Six Months
Ended Ended
June 30, June 30,
2004 2003 2004 2003
------- ------- ------- --------
Revenue
License $3,561 $3,122 $7,180 $5,741
Service 11,232 12,688 21,857 24,276
------- ------- ------- --------
Total revenue 14,793 15,810 29,037 30,017
Costs of revenue
Cost of license 266 197 459 482
Amortization of acquired technology - 84 - 168
Cost of service 4,515 5,443 8,971 10,878
------- ------- ------- --------
Total cost of revenue 4,781 5,724 9,430 11,528
Gross margin 10,012 10,086 19,607 18,489
Operating Expenses
Sales and marketing 4,604 5,082 9,381 11,565
Research and development 2,704 3,147 5,318 6,276
General and administrative 2,227 1,842 4,151 4,095
Restructuring and other-related
charges - 754 484 1,094
Amortization of other acquisition-
related intangibles 209 209 418 418
Amortization of stock-based
compensation - 15 - 28
------- ------- ------- --------
Total operating expenses 9,744 11,049 19,752 23,476
Operating income (loss) 268 (963) (145) (4,987)
Other income (expense), net (121) 111 (314) 120
Change in fair value of outstanding
warrants 90 15 212 257
------- ------- ------- --------
Income (loss) before income taxes 237 (837) (247) (4,610)
Income tax provision (benefit) 93 135 149 (79)
Minority interest in income (loss) of
consolidated subsidiary (31) (75) 24 (232)
------- ------- ------- --------
Net income (loss) $175 $(897) $(420) $(4,299)
======= ======= ======= ========
Diluted net income (loss)
per share (A) $0.01 $(0.07) $(0.03) $(0.33)
======= ======= ======= ========
Shares used in diluted share
computation (A) 14,615 13,238 14,224 12,969
======= ======= ======= ========
Basic net income (loss) per share (A) $0.01 $(0.07) $(0.03) $(0.33)
======= ======= ======= ========
Shares used in basic share
computation (A) 14,465 13,238 14,224 12,969
======= ======= ======= ========
(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 Six Months
Ended Ended
June 30, June 30,
2004 2003 2004 2003
------- ------- ------- --------
Operating income (loss) $268 $(963) $(145) $(4,987)
Adjustments to reconcile operating
income (loss) in the financial
statements to non-GAAP forma
operating income (loss):
Restructuring charges
Facilities - 15 155 369
Severance - 739 329 638
Asset impairments - - - 87
------- ------- ------- --------
Total restructuring charges - 754 484 1,094
Amortization of acquired technology - 84 - 168
Amortization of other acquisition-
related intangibles 209 209 418 418
Amortization of stock-based
compensation - 15 - 28
------- ------- ------- --------
Non-GAAP operating income (loss) $477 $99 $757 $(3,279)
======= ======= ======= ========
Net income (loss) $175 $(897) $(420) $(4,299)
Adjustments to reconcile net income
(loss) in the financial statements
to non-GAAP net income (loss):
Restructuring charges
Facilities - 15 155 369
Severance - 739 329 638
Asset impairments - - - 87
------- ------- ------- --------
Total restructuring charges - 754 484 1,094
Amortization of acquired technology - 84 - 168
Amortization of other acquisition-
related intangibles 209 209 418 418
Amortization of stock-based
compensation - 15 - 28
Change in fair value of outstanding
warrants (90) (15) (212) (257)
Deferred income tax associated with
acquisitions (71) (71) (142) (142)
------- ------- ------- --------
Non-GAAP net income (loss) $223 $79 $128 $(2,990)
======= ======= ======= ========
Non-GAAP diluted and basic net income
(loss) per share $0.02 $0.01 $0.01 $(0.23)
======= ======= ======= ========
Shares used in computation of Non-GAAP
diluted net income (loss) per share 14,615 13,343 14,353 12,969
======= ======= ======= ========
Shares used in computation of Non-GAAP
basic net income (loss) per share 14,465 13,238 14,224 12,969
======= ======= ======= ========
Onyx Software Corporation
Condensed Consolidated Balance Sheets
(In Thousands)
(Unaudited)
June December
30, 2004 31, 2003
----------- ----------
Assets
Current Assets:
Cash and cash equivalents (B) $12,292 $11,850
Accounts receivable, net 10,952 12,245
Prepaid expenses and other current assets 1,576 1,666
Deferred tax asset 333 362
----------- ----------
Total current assets 25,153 26,123
Property and equipment, net 4,120 4,277
Purchased technology, net 4,085 -
Other intangibles, net 229 675
Goodwill, net 9,685 9,508
Deferred tax asset 92 -
Other assets 832 842
----------- ----------
Total Assets $44,196 $41,425
=========== ----------
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $987 $883
Salary and benefits payable 1,225 946
Accrued liabilities 2,031 1,829
Income taxes payable 717 770
Current portion of restructuring-related
liabilities 1,268 2,758
Current portion of acquisition obligation 943 -
Current portion of term loan 167 -
Current portion of deferred revenue 14,544 15,053
----------- ----------
Total current liabilities 21,882 22,239
Long-term accrued liabilities 492 544
Long-term deferred revenue 2,268 1,025
Long-term restructuring-related liabilities 93 405
Long-term restructuring-related liabilities -
warrants 353 565
Long-term acquisition obligation 816 -
Term loan 306 -
Deferred tax liability - 229
Minority interest in joint venture 141 119
Shareholders' Equity
Common stock 144,569 142,682
Accumulated deficit (128,635) (128,215)
Accumulated other comprehensive loss 1,911 1,832
----------- ----------
Total shareholders' equity 17,845 16,299
----------- ----------
Total Liabilities and Shareholders' Equity $44,196 $41,425
=========== ==========
(B) Includes $0 and $1.7 million in restricted cash as of June 30,
2004 and December 31, 2003, respectively.
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