We are developing code-division multiplexing (CDM) systems for transition-edge sensor arrays with the goal of reaching multiplexing factors in the hundreds. We report on x-ray measurements made with a four-channel prototype CDM system that employs a flux-summing architecture, emphasizing data-analysis issues. We describe an empirical method to determine the demodulation matrix that minimizes cross-talk. This CDM system achieves energy resolutions of between 2.3 eV and 3.0 eV FWHM at 5.9 keV. ; Comment: 7 pages, 5 figures. Presented at the 14th International Workshop on Low Temperature Detectors, Heidelberg University, August 1-5, 2011, proceedings to be published in the Journal of Low Temperature Physics