Losses continue into 2004 for Onyx

MyCustomer.com

Onyx went out of 2003 in the red and its management team isn't reckoning on recovery coming in the first quarter of 2004.

Onyx reported a 2003 fourth-quarter loss of $1.6 million, or 11 cents per share, which compares with a loss of $1.7 million, or 13 cents a share, in 2002. Total revenue fell to $13 million from $17.2 million a year earlier.

For fiscal 2003, the company did cut its loss to $6.1 million, or 46 cents a share, from a loss of $13.8 million, or $1.10 per share, in 2002. But revenue fell to $58 million from $69 million a year earlier.

As recently as last month, the company had expected "to achieve a non-GAAP operating profit in the first quarter", but this has now been revised.

"The business environment remains challenging for Onyx," said the company in a statement. "While a wide range of results remain possible in the first quarter of 2004 - including the potential to realize the upside of many sales opportunities - license and service activity had a slower than expected start in the first quarter.

"Management now believes that the probability of reporting a non-GAAP profit for the first quarter of 2004 is much less likely compared to the assessment at the time of the company's preliminary announcement" the statement added.

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