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REDWOOD CITY, Calif., Aug. 14, 2017 -- 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, 2017. Revenues for the second quarter were $1.6 million, compared with revenues of $1.8 million for the first quarter ended March 31, 2017 and $1.9 million for the comparable quarter of 2016.
License revenue for the second quarter of 2017 was $0.9 million, with no change from the prior quarter, compared to $1.0 million for the comparable quarter of 2016. The majority of the second quarter license 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 2017, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles (“GAAP”) basis of $2.4 million, or $0.48 per basic and diluted share, as compared with GAAP net loss of $2.6 million, or $0.52 per basic and diluted share, for the first quarter of 2017 and GAAP net loss of $2.6 million, or $0.53 per basic and diluted share, for the comparable quarter of 2016.
As of June 30, 2017, the Company had $15.6 million of cash and cash equivalents and short-term investments, compared to a combined balance of $17.5 million as of March 31, 2017 and $25.0 million as of June 30, 2016.
“Around the world, we are seeing organizations' digital transformation initiatives accelerating. Digital transformation is no longer something to plan for the future, it's happening right now. Vmoso is ideally positioned as the center point for these initiatives, combining knowledge management, process management and collaboration, connecting people across and beyond the organization,” said Dr. Pehong Chen President, and CEO of BroadVision.
At this time, BroadVision is discontinuing holding conference calls in connection with its earnings releases.
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, including statements regarding BroadVision’s ability to enhance customers’ businesses, market acceptance of Vmoso and the ability of Vmoso to transform business operations, 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 involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties include without limitation uncertainty regarding market acceptance of BroadVision’s products and services, BroadVision’s ability to sell Vmoso to its existing customers and new customers, BroadVision’s ability to provide reliable, scalable and cost-efficient Cloud-based offerings, BroadVision’s ability to effectively compete in its intensely competitive market and respond effectively to rapidly changing technology, evolving industry standards and changing customer needs, requirements or preferences, and the other risks set forth in BroadVision’s most recent annual report on Form 10-Q, and subsequent reports filed with the Securities and Exchange Commission. 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 except as required by law. These statements are not guarantees of future performance and actual results could differ materially from BroadVision's current expectations.
| BROADVISION, INC. AND SUBSIDIARIES | ||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (In thousands) | ||||||
| June 30, | December 31, | |||||
| 2017 | 2016 | |||||
| ASSETS | (unaudited) | |||||
| Current assets: | ||||||
| Cash, cash equivalents and short-term investments | $ | 15,550 | $ | 19,704 | ||
| Other current assets | 2,054 | 2,082 | ||||
| Total current assets | 17,604 | 21,786 | ||||
| Other non-current assets | 194 | 207 | ||||
| Total assets | $ | 17,798 | $ | 21,993 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities | $ | 4,937 | $ | 4,396 | ||
| Other non-current liabilities | 779 | 734 | ||||
| Total liabilities | 5,716 | 5,130 | ||||
| Total stockholders' equity | 12,082 | 16,863 | ||||
| Total liabilities and stockholders' equity | $ | 17,798 | $ | 21,993 | ||
| 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, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Revenues: | ||||||||||||||||
| Software licenses | $ | 872 | $ | 1,010 | $ | 1,761 | $ | 2,029 | ||||||||
| Services | 743 | 912 | 1,662 | 1,902 | ||||||||||||
| Total revenues | 1,615 | 1,922 | 3,423 | 3,931 | ||||||||||||
| Cost of revenues: | ||||||||||||||||
| Cost of software revenues | 45 | 43 | 98 | 81 | ||||||||||||
| Cost of services | 732 | 807 | 1,528 | 1,579 | ||||||||||||
| Total cost of revenues | 777 | 850 | 1,626 | 1,660 | ||||||||||||
| Gross profit | 838 | 1,072 | 1,797 | 2,271 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 1,655 | 1,703 | 3,334 | 3,446 | ||||||||||||
| Sales and marketing | 1,012 | 1,100 | 1,969 | 2,251 | ||||||||||||
| General and administrative | 820 | 964 | 1,884 | 1,949 | ||||||||||||
| Total operating expenses | 3,487 | 3,767 | 7,187 | 7,646 | ||||||||||||
| Operating loss | (2,649 | ) | (2,695 | ) | (5,390 | ) | (5,375 | ) | ||||||||
| Other income, net | 277 | 98 | 432 | 754 | ||||||||||||
| Loss before provision for income taxes | (2,372 | ) | (2,597 | ) | (4,958 | ) | (4,621 | ) | ||||||||
| Benefit (Provision) for income taxes | 10 | (6 | ) | (2 | ) | (33 | ) | |||||||||
| Net loss | $ | (2,362 | ) | $ | (2,603 | ) | $ | (4,960 | ) | $ | (4,654 | ) | ||||
| Earnings per share, basic and diluted: | ||||||||||||||||
| Basic and diluted loss per share | $ | (0.48 | ) | $ | (0.53 | ) | $ | (1.00 | ) | $ | (0.95 | ) | ||||
| Shares used in computing: | ||||||||||||||||
| Weighted average shares-basic and diluted | 4,967 | 4,914 | 4,962 | 4,905 | ||||||||||||
BroadVision Contact: Peter Chu Investor Relations (650) 295-0716 x7177 [email protected]
