BroadVision Announces Fourth Quarter 2015 Results
04 February 2016 - 8:30AM
BroadVision, Inc. (NASDAQ:BVSN), a leading provider of e-business
and engagement management solutions, today reported financial
results for its fourth quarter ended December 31, 2015. Revenues
for the fourth quarter were $2.7 million, compared with revenues of
$2.1 million for the third quarter ended September 30, 2015 and
$4.3 million for the comparable quarter of 2014.
License revenue for the fourth quarter of 2015 was $1.2 million,
compared with $1.0 million for the prior quarter and $2.7 million
for the comparable quarter of 2014. The majority of the fourth
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 fourth quarter of 2015, BroadVision
posted net loss on a U.S. Generally Accepted Accounting Principles
(“GAAP”) basis of $2.7 million, or $0.56 per basic and diluted
share, as compared with GAAP net loss of $2.1 million, or $0.42 per
basic and diluted share, for the third quarter of 2015 and GAAP net
loss of $1.6 million, or $0.32 per basic and diluted share, for the
comparable quarter of 2014.
Full-year 2015 revenues totaled $9.4 million,
with GAAP net loss of $10.9 million, or $2.24 per basic and diluted
share, compared to 2014 revenues of $13.6 million and GAAP net loss
of $9.5 million, or $1.98 per basic and diluted share.
As of December 31, 2015 the Company had $29.7
million of cash and cash equivalents and short-term investments,
compared to a combined balance of $32.2 million as of September 30,
2015 and $37.1 million as of December 31, 2014.
“In Q4, BroadVision broke new ground by formally
releasing Vmoso and Vmoso WeChat Enterprise Edition in China,” said
Dr. Pehong Chen, President and CEO of BroadVision. “We were
also selected by CIO Review as one of the 20 most promising
collaboration technology solution providers, which we believe
reflects our position as a leader in mobile enterprise
collaboration, engagement and knowledge management. Our ability to
enhance the way companies use mobile to do business will keep us
driven, innovative and focused in 2016 and beyond.”
Conference Call
InformationBroadVision management will host a conference
call today, Wednesday, February 3, 2016, at 2:00PM Pacific
Standard Time (PST). The conference call may be accessed by
dialing: 1-888-771-4371, with pin code 41578936. Callers outside
North America should call +1-847-585-4405 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 virtual, mobile, and social business
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.
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
StatementsInformation in this release that involves
expectations, beliefs, hopes, plans, intentions or strategies
regarding the future, including statements regarding our ability to
enhance customers’ businesses, 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 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) |
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2015 |
|
2014 |
ASSETS |
|
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash, cash equivalents and
short-term investments |
|
$ |
29,703 |
|
$ |
37,079 |
Other current assets |
|
|
2,849 |
|
|
4,405 |
Total current
assets |
|
|
32,552 |
|
|
41,484 |
Other non-current
assets |
|
|
230 |
|
|
342 |
Total assets |
|
$ |
32,782 |
|
$ |
41,826 |
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
$ |
5,783 |
|
$ |
5,439 |
Other non-current
liabilities |
|
|
918 |
|
|
774 |
Total liabilities |
|
|
6,701 |
|
|
6,213 |
Total stockholders'
equity |
|
|
26,081 |
|
|
35,613 |
Total liabilities and
stockholders' equity |
|
$ |
32,782 |
|
$ |
41,826 |
|
|
|
|
|
|
|
BROADVISION, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
(In thousands, except per share
data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Software licenses |
|
$ |
|
1,183 |
|
|
$ |
|
2,686 |
|
|
$ |
|
4,414 |
|
|
$ |
|
6,495 |
|
Services |
|
|
|
1,494 |
|
|
|
|
1,620 |
|
|
|
|
5,028 |
|
|
|
|
7,090 |
|
Total revenues |
|
|
|
2,677 |
|
|
|
|
4,306 |
|
|
|
|
9,442 |
|
|
|
|
13,585 |
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software
revenues |
|
|
|
31 |
|
|
|
|
34 |
|
|
|
|
152 |
|
|
|
|
149 |
|
Cost of services |
|
|
|
1,145 |
|
|
|
|
1,005 |
|
|
|
|
3,341 |
|
|
|
|
4,406 |
|
Total cost of revenues |
|
|
|
1,176 |
|
|
|
|
1,039 |
|
|
|
|
3,493 |
|
|
|
|
4,555 |
|
Gross profit |
|
|
|
1,501 |
|
|
|
|
3,267 |
|
|
|
|
5,949 |
|
|
|
|
9,030 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
|
1,812 |
|
|
|
|
1,871 |
|
|
|
|
7,219 |
|
|
|
|
7,311 |
|
Sales and
marketing |
|
|
|
1,207 |
|
|
|
|
1,130 |
|
|
|
|
4,889 |
|
|
|
|
5,214 |
|
General and
administrative |
|
|
|
889 |
|
|
|
|
1,004 |
|
|
|
|
3,501 |
|
|
|
|
3,902 |
|
Total operating
expenses |
|
|
|
3,908 |
|
|
|
|
4,005 |
|
|
|
|
15,609 |
|
|
|
|
16,427 |
|
Operating loss |
|
|
|
(2,407 |
) |
|
|
|
(738 |
) |
|
|
|
(9,660 |
) |
|
|
|
(7,397 |
) |
Other expense, net |
|
|
|
(331 |
) |
|
|
|
(723 |
) |
|
|
|
(1,177 |
) |
|
|
|
(1,927 |
) |
Loss before provision
for income taxes |
|
|
|
(2,738 |
) |
|
|
|
(1,461 |
) |
|
|
|
(10,837 |
) |
|
|
|
(9,324 |
) |
Provision for income
taxes |
|
|
|
(10 |
) |
|
|
|
(95 |
) |
|
|
|
(29 |
) |
|
|
|
(157 |
) |
Net loss |
|
$ |
|
(2,748 |
) |
|
$ |
|
(1,556 |
) |
|
$ |
|
(10,866 |
) |
|
$ |
|
(9,481 |
) |
Earnings per share,
basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per share |
|
$ |
|
(0.56 |
) |
|
$ |
|
(0.32 |
) |
|
$ |
|
(2.24 |
) |
|
$ |
|
(1.98 |
) |
Shares used in
computing: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares-basic and diluted |
|
|
|
4,882 |
|
|
|
|
4,822 |
|
|
|
|
4,857 |
|
|
|
|
4,799 |
|
BroadVision Contact:
Peter Chu
Investor Relations
(650) 295-0716 x7177
Ir1@broadvision.com
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