Onyx Software has announced record results for its fourth quarter and calendar year ending December 31, 1999. Revenues for the fourth quarter reached $20.3 million, up 83 percent from $11.1 million reported in the fourth quarter of 1998. Net income for the fourth quarter excluding acquisition-related charges after tax was $1.4 million or $0.07 per share. Including these charges, net income for the quarter was $757,000 or $0.04 per share. This compares with a net loss of $1.3 million or $0.10 per share for the fourth quarter of 1998.
This has come at a time when the company has announced that its board of directors has approved a two-for-one split of its common stock. Stockholders will receive one additional share for every share held on the record date of February 15, 2000. Additional shares will be mailed or delivered on or about March 1, 2000, by the company's transfer agent, ChaseMellon Shareholder Services. The common stock will begin trading on a post-split basis on March 2, 2000.
Revenues for the year ended December 31, 1999 reached $60.6 million, up 73 percent from $35.1 million in revenues reported for the year ended December 31, 1998. Net income for the year ended December 31, 1999 excluding acquisition-related charges after tax was $1.0 million or $0.05 per share. Including these charges, the net loss for the year was $444,000 or $0.03 per share. This compares with a net loss of $7.0 million or $0.59 per share for the same period of 1998.
"Our quarterly and annual results show continued execution on our vision of enterprise-wide, customer-centric e-business. Onyx has helped more than 500 companies achieve a competitive advantage by bringing together, in one seamless web, their customers, partners, and employees across sales, marketing, service and call center functions," said Onyx Software President & CEO Brent Frei. "The market trend is towards the convergence of e-business with traditional business processes and Onyx customers are at the center of this convergence. More than 88 percent of our customers are using Onyx to coordinate all of their traditional, customer-facing departments and more than 75 percent are using Onyx to fully integrate their e-business channels."