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The CRM software provider says based on preliminary fourth quarter results it will fall just short of black ink.
Onyx Software, a provider of customer relationship management (CRM) applications, says it will not reach the break-even point for its 2001 fourth quarter, which ended on December 31. (The company expects finals results to be announced in late January or early February.)
Based on pro forma reporting that excludes restructuring-related charges, amortization of intangibles and stock compensation expense, the Bellevue, Wash.-based independent software vendor (ISV) says it will approach but not reach break-even.
Onyx Stock Prices Jan. 11, 2002: 4.500
52-week high: 17.250
52-week low: 1.489More detail:
According to Onyx, it expects fourth quarter revenues to be in the $19.1 to $19.3 range. The company also said that the revenues previously anticipated to be necessary to achieve the breakeven level on a pro-forma basis increased during the fourth quarter, which it attributed to lower margins on services provided by its partners.
"We made strong progress toward our goal of profitability in the fourth quarter," Onyx Software CEO Brent Frei said. "Despite severance and excess facilities expenses, our cash position at quarter end was only a couple of million dollars below the level at the end of the third quarter."
On the plus side, Onyx added 20 new customers in the fourth quarter. The company also reported that it projects services revenues in the first quarter of 2002 to be lower than the fourth quarter of 2001. However, the company also expects a full-quarter benefit of the restructuring measures taken in the fourth quarter.
Onyx is listed by ASPnews as a Top 20 Application Infrastructure Provider.
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This article was originally published on January 12, 2002
