Printer Friendly
The Free Library
22,725,466 articles and books

Onyx Software Reports Q1 2006 Results.



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 financial results for the 2006 first quarter ended March 31, 2006, and filed the quarterly report on Form 10-Q Form 10-Q

See 10-Q.
 with the Securities and Exchange Commission (SEC).

"We posted total revenue that met the guidance we provided on February February: see month.  14th and the loss per share was better than we had previously expected," 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
, chair and chief executive officer of Onyx Software. "On April 7, 2006, we announced that we had retained Piper Jaffray Piper Jaffray & Co. (NYSE: PJC), often shortened to just Piper Jaffray or PiperJaffray, is a U.S. middle-market investment banking firm based in Minneapolis, Minnesota and is a focused on delivering financial advice, investment products and transaction execution  & Co. as our financial advisor to assist our board of directors in reviewing strategic opportunities to enhance shareholder value. That process is ongoing and the company expects to provide a formal update on this process when appropriate."

Total revenue in the first quarter of 2006 was $12.0 million, compared with $14.1 million in the first quarter last year. Sequentially se·quen·tial  
adj.
1. Forming or characterized by a sequence, as of units or musical notes.

2. Sequent.



se·quen
, total revenue in the fourth quarter of 2005 was $15.4 million. License revenue in the first quarter of 2006 was $2.0 million, compared with $3.9 million in the first quarter last year. License revenue in the fourth quarter of 2005 was $4.7 million.

For the first quarter of 2006, the company reported net loss of $2.2 million, or a loss of $0.12 per share, compared with net loss of $600,000, or a loss of $0.04 per share, in the same period last year. For the first time, the 2006 first quarter results include stock-based compensation expense, which totaled $494,000.

For the first quarter of 2006, 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 stock-based compensation and amortization of acquired technology, was $1.4 million. For the first quarter of 2005, non-GAAP operating loss, which excluded amortization of intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. , 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 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
, was $257,000.

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 loss to GAAP GAAP

See: Generally Accepted Accounting Principles


GAAP

See generally accepted accounting principles (GAAP).
 operating loss is included with the financial tables that follow this release. Use of non-GAAP results should not be considered a substitute for Onyx's GAAP financial results.

On March 31, 2006, Onyx had cash and cash equivalents of $18.8 million compared with $21.6 million on December December: see month.  31, 2005.

The company will not host an investor call to discuss the results. Investors may access the first quarter Form 10-Q on the Investor Relations Investor relations

The process by which the corporation communicates with its investors.
 section of the Onyx Web site at www.onyx.com.

About Onyx Software

Onyx Software Corporation (Nasdaq:ONXS) is a worldwide leader in customer management and process software for enterprise-caliber customers. Onyx provides flexible solutions that enable organizations to automate To turn a set of manual steps into an operation that goes by itself. See automation. , manage, and evolve Evolve may refer to several terms:
  • Evolve, as in Evolution.
  • Evolve Cars, an after-market manufacturer of sport-parts for Volvo cars.
 their customer processes quickly and cost-effectively for strategic advantage. By providing an integrated suite of customer process automation applications encompassing customer management, process management, and analytics capabilities, Onyx enables enterprises to reduce costs, increase productivity and grow revenue. Major companies are 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.
 their customer-facing departments and managing their customer processes with Onyx software -- companies such as Amway AMWAY American Way  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 Re´gence   

n. 1. Rule.
 Group and State Street Corporation. 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 the potential benefits of our products and services, our expectations for future financial performance and growth, and the outcome of our ongoing evaluation of our strategic alternatives. 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," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking for·ward-look·ing
adj.
Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan.

Adj. 1.
. 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 success of our ongoing marketing programs, our ability to generate sufficient sales pipeline, our sales effectiveness, our ability to control expenses, 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 annual report on form 10-K Form 10-K

A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.


Form 10-K

See 10-K.
 for the period ended December 31, 2005. 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
                                                           Ended
                                                          March 31,
                                                       2006     2005
                                                      -------  -------
Revenue
License                                              $ 2,014  $ 3,861
Service                                                9,996   10,196
                                                      -------  -------
Total revenue                                         12,010   14,057
Costs of revenue
Cost of license                                          278      437
Amortization of acquired technology                      256      256
Cost of service                                        4,109    4,207
                                                      -------  -------
Total cost of revenue                                  4,643    4,900
Gross margin                                           7,367    9,157
Operating Expenses
Sales and marketing                                    3,971    4,416
Research and development                               3,149    2,477
General and administrative                             2,445    2,777
                                                      -------  -------
Total operating expenses                               9,565    9,670
                                                      -------  -------

Operating loss                                        (2,198)    (513)

Other income (expense), net                               38     (203)
                                                      -------  -------
Loss before income taxes                              (2,160)    (716)
Income tax provision (benefit)                            14      (19)
Minority interest in consolidated subsidiary               -      (78)
                                                      -------  -------
Net loss                                             $(2,174) $  (619)
                                                      =======  =======
Basic and diluted net loss per share                 $ (0.12) $ (0.04)
                                                      =======  =======
Shares used in computation of basic and diluted net
 loss per share                                       18,215   14,618
                                                      =======  =======

                      Onyx Software Corporation
                  Supplemental Non-GAAP Information:
                (In Thousands, Except Per Share Data)
                             (Unaudited)
                                                       Three Months
                                                          Ended
                                                         March 31,
                                                       2006     2005
                                                      -------  -------
Operating loss                                       $(2,198) $  (513)
Adjustments to reconcile operating loss in the
 financial statements to non-GAAP operating loss:
Amortization of acquired technology                      256      256
Stock Based Compensation                                 494
                                                      ------- --------
Non-GAAP operating loss                              $(1,448) $  (257)
                                                      =======  =======

Net Loss                                             $(2,174) $  (619)
Adjustments to reconcile net loss in the financial
 statements to non-GAAP net income loss:
Amortization of acquired technology                      256      256
Change in fair value of outstanding warrants               -       (2)
Stock Based Compensation                                 494        -
                                                      -------  -------
Non-GAAP net loss                                    $(1,424) $  (365)
                                                      =======  =======
Non-GAAP basic and diluted net loss per share        $ (0.08) $ (0.03)
                                                      =======  =======
Shares used in computation of basic and diluted net
 loss per share                                       18,215   14,618
                                                      =======  =======

                      Onyx Software Corporation
                Condensed Consolidated Balance Sheets
                            (In Thousands)
                             (Unaudited)
                                                   March 31,  Dec. 31,
                                                     2006       2005
                                                  ---------  ---------
Assets
Current Assets:
  Cash and cash equivalents                      $  18,812  $  21,574
  Accounts receivable, net                           7,740     11,533
  Prepaid expenses and other current assets          2,048      2,015
                                                  ---------  ---------
     Total current assets                           28,600     35,122

  Property and equipment, net                        2,442      2,709
  Purchased technology, net                          2,816      3,071
  Goodwill, net                                      9,310      9,204
  Other assets                                         561        556
                                                  ---------  ---------
Total Assets                                     $  43,729  $  50,662
                                                  =========  =========
Liabilities and Shareholders' Equity
Current Liabilities:
  Accounts payable                               $   1,649  $   2,054
  Salary and benefits payable                        1,012      1,760
  Accrued liabilities                                2,665      3,118
  Income taxes payable                                  43         87
  Current portion of restructuring-related
   liabilities                                           9        208
  Current portion of term loan                         167        167
  Deferred revenue                                  11,177     15,211
                                                  ---------  ---------
    Total current liabilities                       16,722     22,605

Long-term deferred revenue                             969      1,032
Long-term purchased technology obligation              921        908
Long-term deferred rent                                628        639
Term loan                                               14         56
Long-term restructuring-related liabilities            170          -

Shareholders' Equity
  Common stock                                     155,384    154,277
  Accumulated deficit                             (132,152)  (129,978)
  Accumulated other comprehensive income             1,073      1,123
                                                  ---------  ---------
      Total shareholders' equity                    24,305     25,422
                                                  ---------  ---------
Total Liabilities and Shareholders' Equity       $  43,729  $  50,662
                                                  =========  =========
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:May 10, 2006
Words:1327
Previous Article:Colonial Bank Increases Prime Rate.
Next Article:Ligand Files 12b-25 for Extension to File First Quarter 10-Q; Expects to File by May 15, 2006.
Topics:



Related Articles
Onyx Software Reports Record Quarter; Revenues Grow 106% Year Over Year.
Onyx Software Achieves Sequential Improvement in Second Quarter Financial Results; 2002 Q2 License Revenues More Than Double That of 2002 Q1.
Onyx Announces Preliminary Q4 Results; Predicts Improved Revenue and Prospects for Profitability in Q1.
Onyx Software Signs Definitive Agreement To Be Acquired By M2M Holdings; Privately Held Company, Backed by Battery Ventures and Thoma Cressey Equity...
Onyx Responds to CDC's Recent Communications and Reaffirms M2M Transaction.
Onyx Software Announces Early Termination of Hart Scott Rodino Act Waiting Period.
CDC Software Submits Follow up Letter to SEC Concerning Its Superior Offer to Acquire Onyx Software.
Onyx Software Files Definitive Proxy and Sets Date of Special Shareholder Meeting.
Onyx Software Announces Preliminary Financial Results for 2006 Second Quarter.
CDC Corporation Withdraws Its $5.00 per Share All Cash Tender Offer for Onyx Software Corporation.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters