REDWOOD CITY, CA — October 22, 2014 — BroadVision, Inc. (NASDAQ: BVSN), a leading provider of e-business and engagement management solutions, today reported financial results for its third quarter ended September 30, 2014. Revenues for the third quarter were $3.1 million, compared with revenues of $3.2 million for the second quarter ended June 30, 2014 and $4.0 million for the comparable quarter of 2013.
License revenue for the third quarter of 2014 was $1.3 million, compared with $1.3 million for the prior quarter and $1.3 million for the comparable quarter of 2013. The majority of the third quarter license and subscription revenue was generated from the Company’s BroadVision® Business Agility Suite™, Commerce Agility Suite™, QuickSilver™, and Clearvale® solutions. Revenue during the quarter was generated from sales to both new and existing customers.
In the third quarter of 2014, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles (“GAAP”) basis of $3.3 million, or $0.68 per basic and diluted share, as compared with GAAP net loss of $2.3 million, or $0.49 per basic and diluted share, for the second quarter of 2014 and GAAP net loss of $0.8 million, or $0.18 per basic and diluted share, for the comparable quarter of 2013.
As of September 30, 2014 the Company had $39.6 million of cash and cash equivalents and short-term investments, compared to a combined balance of $43.9 million as of June 30, 2014 and $47.7 million as of September 30, 2013.
“The availability of our new unified communication and collaboration solution, Vmoso, is timely and welcomed by enterprises in need of solutions to keep up with the speed and reach of a truly mobile and global business environment. Vmoso’s commitment to consolidating email, chat, content sharing, workflow, and social networking into one cohesive platform resonates well with our customer base,” said Dr. Pehong Chen, President and CEO of BroadVision. “Vmoso is at the center of a new generation of solutions that fit employees’ mobile productivity needs and yet preserve the enterprise’s requirements for secure and effective management of shared information.”
Conference Call Information
BroadVision management will host a conference call today, Wednesday, October 22nd, 2014, at 2:00PM Pacific Daylight Time (PDT). The conference call may be accessed by dialing: 1-888-424-8151, with pin code 5569711#. Callers outside North America should call +1-847-585-4422 to be connected. These numbers can be accessed 15 minutes before the call begins, as well as during the call. A web replay will also be available following the call on the Company’s website.
About BroadVision
Driving innovation since 1993, BroadVision (NASDAQ: BVSN) provides e-business solutions that enable the enterprise and its employees, partners, and customers to stay actively engaged, socially connected, and universally organized to achieve greater business results. BroadVision® solutions—including Vmoso for unified communication and collaboration, and Clearvale for enterprise social networking—are available globally in the cloud via the Web and mobile applications. Visit www.BroadVision.com for more details.
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BroadVision, Business Agility Suite, Commerce Agility Suite, QuickSilver, and Clearvale are trademarks or registered trademarks of BroadVision, Inc. in the United States and other countries. All other company names, product names, and marks are the property of their respective owners.
Information Concerning Forward-Looking Statements
Information in this release that involves expectations, beliefs, hopes, plans, intentions or strategies regarding the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which forward-looking statements involve risk and uncertainties. All forward-looking statements included in this release, including statements about the ability of enterprises to achieve to achieve value, results and efficiencies, are based upon information available to BroadVision as of the date of this release, and BroadVision assumes no obligation to update or correct any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from BroadVision’s current expectations. Various factors and risks associated with BroadVision’s business are discussed in its most recent annual report on Form 10-K and in BroadVision’s quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission.
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
| September 30, | December 31, | |||||
| 2014 | 2013 | |||||
| ASSETS | (unaudited) | |||||
| Current assets: | ||||||
| Cash, cash equivalents and short-term investments | $ | 39,617 | $ | 46,400 | ||
| Other current assets | 3,468 | 4,771 | ||||
| Total current asset | 43,085 | 51,171 | ||||
| Other non-current assets | 377 | 438 | ||||
| Total assets | $ | 43,462 | $ | 51,609 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Current liabilities | $ | 5,782 | $ | 7,417 | ||
| Other non-current liabilities | 826 | 778 | ||||
| Total liabilities | 6,608 | 8,195 | ||||
| Total stockholders’ equity | 36,854 | 43,414 | ||||
| Total liabilities and stockholders’ equity | $ | 43,462 | $ | 51,609 | ||
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||
| Revenues: | ||||||||||||
| Software licenses | $ | 1,331 | $ | 1,312 | $ | 3,809 | $ | 4,301 | ||||
| Services | 1,794 | 2,652 | 5,470 | 7,586 | ||||||||
| Total revenues | 3,125 | 3,964 | 9,279 | 11,887 | ||||||||
| Cost of revenues: | ||||||||||||
| Cost of software revenues | 26 | 55 | 115 | 125 | ||||||||
| Cost of services | 1,078 | 1,225 | 3,401 | 3,459 | ||||||||
| Total cost of revenues | 1,104 | 1,280 | 3,516 | 3,584 | ||||||||
| Gross profit | 2,021 | 2,684 | 5,763 | 8,303 | ||||||||
| Operating expenses: | ||||||||||||
| Research and development | 1,836 | 1,779 | 5,440 | 5,318 | ||||||||
| Sales and marketing | 1,226 | 1,316 | 4,084 | 4,270 | ||||||||
| General and administrative | 1,020 | 920 | 2,898 | 3,037 | ||||||||
| Total operating expenses | 4,082 | 4,015 | 12,422 | 12,625 | ||||||||
| Operating loss | (2,061) | (1,331) | (6,659) | (4,322) | ||||||||
| Other (expense) income, net | (1,159) | 544 | (1,204) | 314 | ||||||||
| Loss before provision for income taxes | (3,220) | (787) | (7,863) | (4,008) | ||||||||
| Provision for income taxes | (33) | (61) | (62) | (80) | ||||||||
| Net loss | $ | (3,253) | $ | (848) | $ | (7,925) | $ | (4,088) | ||||
| Earnings per share, basic and diluted: | ||||||||||||
| Basic and diluted loss per share | $ | (0.68) | $ | (0.18) | $ | (1.65) | $ | (0.87) | ||||
| Shares used in computing: | ||||||||||||
| Weighted average shares-basic and diluted | 4,810 | 4,720 | 4,791 | 4,703 | ||||||||
BroadVision Contact:
Peter Chu
Investor Relations
(650) 295-0716 x7177