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January 13, 2005
Onyx Software Announces Preliminary Results
License Bookings and Cash Position Strengthened in Fourth Quarter
Onyx received orders for approximately $6.5 million in licenses in the fourth quarter of 2004, representing the highest quarterly license booking level achieved by the company in more than two years. Approximately $4.0 million is expected to be recognized as fourth quarter license revenue, with the balance of license bookings expected to be recognized in the second and third quarters of 2005.
New clients provide the expected future license revenue, including the previously-disclosed purchase by Australia's Queensland Government that is subject to acceptance anticipated in the third quarter of 2005. Stewart Information Systems also became a new Onyx customer with a commitment representing approximately ten percent of total fourth quarter revenue and about 45% of license bookings during the quarter.
Onyx expects total revenue of approximately $14.5 million for the fourth quarter of 2004. Fourth quarter total costs and expenses, excluding amortization or impairment of intangibles, restructuring-related expenses and severance, are expected to be in the range of $14.4 million to $14.9 million. These expenses include significant costs for Sarbanes-Oxley compliance. Onyx also anticipates fourth quarter severance expense of approximately $1.0 million that is primarily related to executive changes announced previously.
"World-class organizations made significant investments that put Onyx at the core of their customer-facing activities," said Janice P. Anderson, Chair and CEO of Onyx Software. "Additionally, more existing customers made fourth quarter license purchases compared to recent quarters." Anderson noted that customers responded positively to the company's introduction of innovative new products, including Onyx Email Accelerator and Onyx Employee Portal for BlackBerry®.
Onyx expects to report its cash position as of December 31, 2004 to be over $14.0 million, as compared to $9.9 million as of September 30, 2004. The sharp increase in cash position resulted primarily from improved license sales and strong collections.
Onyx is disclosing these preliminary fourth quarter results to facilitate its company-wide discussion of business goals this week. Onyx expects to release final results for quarter and year ended December 31, 2004 in the first part of February, and will provide further business details and a forum for investor questions in a conference call at that time.
Business Outlook
While a wide range of results are possible, Onyx believes that license 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 or impairment of intangibles, restructuring-related expenses and severance, are expected to be in the lower end of the range of total costs and expenses, as defined above, that are currently expected in the fourth quarter.
"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," Anderson said.
About Onyx SoftwareOnyx Software Corporation (Nasdaq: ONXS), a worldwide leader in delivering successful CRM, offers a fast, cost-effective, usable 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 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, Delta Dental, Microsoft Corporation, Mellon Financial Corporation, The Regence Group, State Street Corporation and Suncorp. More information can be found at (888) ASK-ONYX or info@onyx.com. Forward-Looking Statement
| Contact: | Rosemary Moothart Investor Relations Director Onyx Software (425) 519-4068 |
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