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April 7, 2004
Onyx Software Announces Improved Preliminary Q1 Results and Positive Q2 Outlook
Cash Flow From Operations Increased Quarter-end Cash Balance
Onyx expects sequential improvement in both license and service revenues for the first quarter of 2004 compared to license and service revenues reported in the fourth quarter of 2003. Onyx expects revenue for the first quarter of 2004 to be in the range of $13.8 million with license revenue of approximately $3.6 million. One customer represented approximately 12% of total revenue for the first quarter.
Onyx expects non-GAAP operating results for the first quarter of 2004 to be at or near breakeven. Non-GAAP operating results are generally consistent with the methodology of analysts' EPS estimates and excludes amortization of intangibles, restructuring and stock-based compensation expense.
As a result of strong cash flow from operations, the company's March 31, 2004 cash position increased by approximately $0.8 million from the $11.9 million reported on December 31, 2003. This increase in cash occurred despite $1.5 million in cash payments during the first quarter towards the resolution of excess facilities. The company made its final scheduled lease termination payment associated with excess Bellevue facilities in April. Total second quarter cash payments related to restructuring are expected to be approximately $700,000. Beyond the second quarter, the company expects that the average cash impact of payments on restructuring over the next several quarters will be less than $300,000 per quarter.
Outlook
Onyx currently expects a sequential increase in service revenue in the second quarter of 2004 compared to the first quarter of 2004. Second quarter license revenue has a wide range of possible results due to a number of larger opportunities having the potential to close in the second or third quarter. Total costs and expenses are expected to be approximately $14.0 million, depending on revenue.
About Onyx Software
Onyx Software Corp. (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, United Kingdom lottery operator Camelot, 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.
| Contact: | Rosemary Moothart Investor Relations Director Onyx Software (425) 519-4068 |
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