BroadVision Announces Second Quarter 2014 Results
31 July 2014 - 6:30AM
BroadVision, Inc. (Nasdaq:BVSN), a leading provider of e-business
and engagement management solutions, today reported financial
results for its second quarter ended June 30, 2014. Revenues for
the second quarter were $3.2 million, compared with revenues of
$3.0 million for the first quarter ended March 31, 2014 and $4.1
million for the comparable quarter of 2013.
License revenue for the second quarter of 2014 was $1.3 million,
compared with $1.2 million for the prior quarter and $1.4 million
for the comparable quarter of 2013. The majority of the second
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 second quarter of 2014, BroadVision posted net loss on a
U.S. Generally Accepted Accounting Principles ("GAAP") basis of
$2.3 million, or $0.49 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 first quarter of 2014 and GAAP net loss of $1.1
million, or $0.23 per basic and diluted share, for the comparable
quarter of 2013.
As of June 30, 2014 the Company had $43.9 million of cash and
cash equivalents and short-term investments, compared to a combined
balance of $45.9 million as of March 31, 2014 and $49.5 million as
of June 30, 2013.
"On Tuesday, July 29th, we announced the release of
Vmoso, a new platform of engagement unifying
virtual, mobile, and social communication & collaboration for
the enterprise, and myVmoso, its companion
"freemium" offering for individual professional and SOHO users."
said Dr. Pehong Chen, President and CEO of BroadVision, "Vmoso
consolidates the five most essential business communication &
collaboration tools -- email (long messaging), chat (short
messaging), content-sharing, workflow, and social networking --
into one cohesive platform, which we believe will enable the
enterprise to accrue significant business value by getting more
done with less. We are truly excited about its potential and
look forward to introducing its benefits to our customers on a
global basis."
Conference Call Information
BroadVision management will host a conference call today,
Wednesday, July 30th, 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, 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 & 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.
The BroadVision logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5621
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)
|
|
|
|
|
June 30, |
December 31, |
|
2014 |
2013 |
ASSETS |
(unaudited) |
|
Current assets: |
|
|
Cash, cash equivalents and short-term
investments |
$ 43,948 |
$ 46,400 |
Other current assets |
3,222 |
4,771 |
Total current asset |
47,170 |
51,171 |
Other non-current assets |
408 |
438 |
Total assets |
$ 47,578 |
$ 51,609 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Current liabilities |
$ 7,107 |
$ 7,417 |
Other non-current liabilities |
781 |
778 |
Total liabilities |
7,888 |
8,195 |
Total stockholders' equity |
39,690 |
43,414 |
Total liabilities and stockholders'
equity |
$ 47,578 |
$ 51,609 |
|
BROADVISION, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS |
(In thousands, except
per share data) |
(unaudited) |
|
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|
June 30, |
June 30, |
|
2014 |
2013 |
2014 |
2013 |
Revenues: |
|
|
|
|
Software licenses |
$ 1,252 |
$ 1,387 |
$ 2,478 |
$ 2,989 |
Services |
1,908 |
2,693 |
3,676 |
4,934 |
Total revenues |
3,160 |
4,080 |
6,154 |
7,923 |
Cost of revenues: |
|
|
|
|
Cost of software revenues |
45 |
46 |
89 |
70 |
Cost of services |
1,333 |
1,057 |
2,323 |
2,234 |
Total cost of revenues |
1,378 |
1,103 |
2,412 |
2,304 |
Gross profit |
1,782 |
2,977 |
3,742 |
5,619 |
Operating expenses: |
|
|
|
|
Research and development |
1,775 |
1,836 |
3,604 |
3,539 |
Sales and marketing |
1,351 |
1,506 |
2,858 |
2,954 |
General and administrative |
878 |
1,022 |
1,878 |
2,117 |
Total operating expenses |
4,004 |
4,364 |
8,340 |
8,610 |
Operating loss |
(2,222) |
(1,387) |
(4,598) |
(2,991) |
Other (expense) income, net |
(85) |
300 |
(45) |
(230) |
Loss before provision for income taxes |
(2,307) |
(1,087) |
(4,643) |
(3,221) |
Provision for income taxes |
(26) |
(5) |
(29) |
(19) |
Net loss |
$ (2,333) |
$ (1,092) |
$ (4,672) |
$ (3,240) |
Earnings per share, basic and diluted: |
|
|
|
|
Basic and diluted loss per share |
$ (0.49) |
$ (0.23) |
$ (0.98) |
$ (0.69) |
Shares used in computing: |
|
|
|
|
Weighted average shares-basic and
diluted |
4,794 |
4,702 |
4,782 |
4,694 |
CONTACT: BroadVision Contact:
Peter Chu
Investor Relations
(650) 295-0716 x7177
Ir1@broadvision.com
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