BroadVision Announces Third Quarter 2015 Results
October 28 2015 - 3:30PM
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, 2015. Revenues
for the third quarter were $2.1 million, compared with revenues of
$2.2 million for the second quarter ended June 30, 2015 and $3.1
million for the comparable quarter of 2014.
License revenue for the third quarter of 2015 was $1.0 million,
compared with $1.1 million for the prior quarter and $1.3 million
for the comparable quarter of 2014. 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 2015, BroadVision posted
net loss on a U.S. Generally Accepted Accounting Principles
(“GAAP”) basis of $2.1 million, or $0.42 per basic and diluted
share, as compared with GAAP net loss of $2.5 million, or $0.51 per
basic and diluted share, for the second quarter of 2015 and GAAP
net loss of $3.3 million, or $0.68 per basic and diluted share, for
the comparable quarter of 2014.
As of September 30, 2015 the Company had $32.2
million of cash and cash equivalents and short-term investments,
compared to a combined balance of $35.3 million as of June 30, 2015
and $39.6 million as of September 30, 2014.
"In Q3, we expanded the worldwide user base for
Vmoso to over 100,000 and established partnerships in several key
markets to extend our global presence," said Dr. Pehong Chen,
President and CEO of BroadVision. “Our expanded partnership with
Deutsche Telekom’s T-Systems has already provided positive results
and new customers. We continue to see positive feedback and
validation from customers and partners who see Vmoso as the
mobile-centric, unified business communication, collaboration, and
engagement platform for today’s
workplace."
Conference Call Information
BroadVision management will host a conference
call today, Wednesday, October 28, 2015, 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
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
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 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.
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BROADVISION, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2015 |
|
2014 |
ASSETS |
|
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash,
cash equivalents and short-term investments |
|
$ |
32,240 |
|
$ |
37,079 |
Other
current assets |
|
|
2,291 |
|
|
4,405 |
Total current
assets |
|
|
34,531 |
|
|
41,484 |
Other non-current
assets |
|
|
290 |
|
|
342 |
Total
assets |
|
$ |
34,821 |
|
$ |
41,826 |
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
$ |
5,213 |
|
$ |
5,439 |
Other non-current
liabilities |
|
|
1,060 |
|
|
774 |
Total liabilities |
|
|
6,273 |
|
|
6,213 |
Total stockholders'
equity |
|
|
28,548 |
|
|
35,613 |
Total liabilities and
stockholders' equity |
|
$ |
34,821 |
|
$ |
41,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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BROADVISION, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
(In thousands, except per share data) |
(unaudited) |
|
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Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Software licenses |
|
$ |
|
1,035 |
|
|
$ |
|
1,331 |
|
|
$ |
|
3,231 |
|
|
$ |
|
3,809 |
|
Services |
|
|
|
1,047 |
|
|
|
|
1,794 |
|
|
|
|
3,534 |
|
|
|
|
5,470 |
|
Total
revenues |
|
|
|
2,082 |
|
|
|
|
3,125 |
|
|
|
|
6,765 |
|
|
|
|
9,279 |
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software
revenues |
|
|
|
36 |
|
|
|
|
26 |
|
|
|
|
121 |
|
|
|
|
115 |
|
Cost of services |
|
|
|
662 |
|
|
|
|
1,078 |
|
|
|
|
2,196 |
|
|
|
|
3,401 |
|
Total
cost of revenues |
|
|
|
698 |
|
|
|
|
1,104 |
|
|
|
|
2,317 |
|
|
|
|
3,516 |
|
Gross profit |
|
|
|
1,384 |
|
|
|
|
2,021 |
|
|
|
|
4,448 |
|
|
|
|
5,763 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
|
1,752 |
|
|
|
|
1,836 |
|
|
|
|
5,407 |
|
|
|
|
5,440 |
|
Sales and
marketing |
|
|
|
1,237 |
|
|
|
|
1,226 |
|
|
|
|
3,682 |
|
|
|
|
4,084 |
|
General and
administrative |
|
|
|
858 |
|
|
|
|
1,020 |
|
|
|
|
2,612 |
|
|
|
|
2,898 |
|
Total operating
expenses |
|
|
|
3,847 |
|
|
|
|
4,082 |
|
|
|
|
11,701 |
|
|
|
|
12,422 |
|
Operating loss |
|
|
|
(2,463 |
) |
|
|
|
(2,061 |
) |
|
|
|
(7,253 |
) |
|
|
|
(6,659 |
) |
Other income (expense),
net |
|
|
|
399 |
|
|
|
|
(1,159 |
) |
|
|
|
(846 |
) |
|
|
|
(1,204 |
) |
Loss before provision
for income taxes |
|
|
|
(2,064 |
) |
|
|
|
(3,220 |
) |
|
|
|
(8,099 |
) |
|
|
|
(7,863 |
) |
Provision for income
taxes |
|
|
|
(3 |
) |
|
|
|
(33 |
) |
|
|
|
(19 |
) |
|
|
|
(62 |
) |
Net loss |
|
$ |
|
(2,067 |
) |
|
$ |
|
(3,253 |
) |
|
$ |
|
(8,118 |
) |
|
$ |
|
(7,925 |
) |
Earnings per share,
basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per share |
|
$ |
|
(0.42 |
) |
|
$ |
|
(0.68 |
) |
|
$ |
|
(1.67 |
) |
|
$ |
|
(1.65 |
) |
Shares used in
computing: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares-basic and diluted |
|
|
|
4,865 |
|
|
|
|
4,810 |
|
|
|
|
4,849 |
|
|
|
|
4,791 |
|
|
|
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BroadVision Contact:
Peter Chu
Investor Relations
(650) 295-0716 x7177
Ir1@broadvision.com
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