Onyx Software Corp. said it is restating results from the first quarter of 2001 and the fourth quarter and full year of 2000 after it discovered “unauthorized side agreements” and reversed some deals.

The Bellevue, Wash.-based seller of Internet-ready software that automates sales, marketing and customer service said the restatement includes two definitive unauthorized side agreements and two possible unauthorized side agreements totaling $797,000.

The company also reversed three other transactions totaling $1,417,000 – all of which have not been paid. These were all transactions in the fourth quarter of 2000 and resulted in a $2.2 million adjustment to revenues.

“On July 24, 2001, Onyx postponed its earnings release to conduct an investigation spurred by the company’s discovery late in the earnings release cycle of an unauthorized side agreement,” said the company in a statement. That investigation included a review of transactions from 1999, 2000 and the first six months of 2001. “The investigation efforts were directed by Onyx Software’s audit committee of the Board of Directors, and carried out by the company’s outside law firm and its auditors with the full cooperation of the company.”

“While we are disappointed with (the restatement), we hold our heads high about the business ethics of the company,” Onyx Chief Financial Officer Brian Henry said during the company’s conference call with analysts, according to wire service reports.

Henry also told analyst that the company’s financial and executive managers acted in good faith and said nobody had been fired as a result of the investigation, said the report.

How to Fend Off a Hostile Takeover

Computer Associates International, Inc. took a giant step toward remaining intact and fending off the hostile takeover bid by Sam Wyly.

The software giant said that Institutional Shareholder Services, the influential proxy advisory service, recommended that its clients vote to elect CA’s slate of nominees to the company’s board of directors.

Computer Associates has 10 current directors who plan to stand for election at the annual meeting on August 29.

In its August 10, 2001 report, ISS reported, “We conclude that shareholders should vote in favor of the incumbent directors, thereby allowing management to continue its ongoing strategy to reposition CA for the future.”

Rockville, Md.-based Institutional Shareholder Services serves more than 700 clients worldwide. ISS analysts research and recommend votes for 20,000 shareholder meetings each year.

From the CFO.com “Brief” Case

• As expected, less than one month after going public, Accenture has received a few initial “buy” recommendations from Wall Street investment banks, including Lehman Brothers and CS First Boston.

• Entergy Corp. and its subsidiaries have hired Deloitte & Touche LLP as their independent accountants, replacing PricewaterhouseCoopers LLP. Entergy noted in a press release and SEC filings that during Entergy’s two most recent fiscal years and through August 13, 2001, there were no disagreements with PwC of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. “The reports issued by PricewaterhouseCoopers on Entergy’s financial statements during this period did not contain any adverse opinion or a disclaimer of opinion, or any qualification or modification as to uncertainty, audit scope, or accounting principles,” it added in the press release.

• Wal-Mart Stores, Inc. said on Friday a lawsuit filed against it by six women employees, alleging gender discrimination, should be dismissed or transferred to a federal court in the Western District of Arkansas. The retailer argued that the plaintiffs are from different states and therefore their suit should be filed in the federal district where the company is based.

On Thursday a former Wal-Mart worker accused Wal-Mart of forcing staff to work off the clock, denying rest breaks and other unfair work practices.

• Through August 9, investment-grade corporate bonds have returned 8.39 percent this year, beating every major U.S. fixed-income class other than inflation-indexed securities, according to Merrill Lynch & Co.

• The Federal Aviation Administration plans to ground Emery Worldwide Airlines because of a large number of maintenance irregularities, according to the Washington Post, citing federal sources.

• AOL Time Warner Inc. is expected to lay off hundreds of people at its online unit due to the lousy advertising environment, according to The Wall Street Journal. This won’t be the first run of cuts for AOL. In January, the online giant laid off 725 workers at its Dulles, Va. headquarters. Currently, AOL Time Warner employs about 16,000 workers.

And finally, our news item of the day. According to a research report from the University of Michigan’s Health Management Research Center, healthy employees have fewer on-the-job accidents and fewer missed days of work. This conclusion is based, believe it or not, on a four-year study at Xerox Corp. “As health risks — such as smoking, physical inactivity, high blood pressure and cholesterol and life dissatisfaction — increase, so do work-related injuries,” said Shirley Musich, a research associate, according to a news account. The study examined 3,338 long-term Xerox employees over the 1996-99 period.

Asked why healthy employees would have fewer injuries, Musich reportedly replied: “For example, it’s easier for them to move. If they trip, they recover more easily than if they’re overweight and tired.”

Tomorrow: a new survey reveals that tall employees are much better at getting stuff off high shelves.