REDWOOD CITY, Calif., May 11, 2018 (GLOBE NEWSWIRE) -- BroadVision, Inc. (Nasdaq:BVSN), a leading provider of e-business and engagement management solutions, today reported financial results for its first quarter ended March 31, 2018. Revenues for the first quarter were $1.6 million, compared with revenues of $1.5 million for the fourth quarter ended December 31, 2017 and $1.8 million for the comparable quarter of 2017.
License revenue for the first quarter of 2018 was $0.9 million, compared with revenues of $0.9 million for the fourth quarter ended December 31, 2017 and $0.9 million for the comparable quarter of 2017. The majority of the first 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 first quarter of 2018, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles (“GAAP”) basis of $1.5 million, or $0.30 per basic and diluted share, as compared with GAAP net loss of $2.4 million, or $0.49 per basic and diluted share, for the fourth quarter of 2017 and GAAP net loss of $2.6 million, or $0.52 per basic and diluted share, for the comparable quarter of 2017.
On January 1, 2018, BroadVision adopted a new revenue recognition standard, Revenue from Contracts with Customers (Topic 606), which was issued by the Financial Accounting Standards Board in May 2014. BroadVision adopted Topic 606 applying the modified retrospective method to all contracts that were not completed as of January 1, 2018. BroadVision’s results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting under Topic 605. BroadVision recorded a net increase of $0.6 million to its opening retained earnings balance as of January 1, 2018 due to the cumulative effect of adopting Topic 606.
As of March 31, 2018, the Company had $7.9 million of cash and cash equivalents and short-term investments, compared to a combined balance of $9.6 million as of December 31, 2017 and $17.5 million as of March 31, 2017.
"Recent revelations about how personal data is being misused, and the impending introduction of GDPR both highlight that data privacy is becoming a defining issue of the next stage of the development of the internet. With its focus on providing a secure, single source of truth, Vmoso is ideally positioned as a platform to protect personal and corporate data, and build trusted, mutually beneficial relationships," said Dr. Pehong Chen, President, CEO and Interim CFO of BroadVision.
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 the introduction of GDPR, data privacy becoming a defining issue of the next stage of the development of the internet, reporting of our future revenue results and Vmoso’s ideal positioning and capabilities, 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 quarterly 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)
| March 31, | December 31, | |||||
| 2018 | 2017 | |||||
| ASSETS | (unaudited) | |||||
| Current assets: | ||||||
| Cash, cash equivalents and short-term investments | $ | 7,896 | $ | 9,560 | ||
| Other current assets | 1,867 | 2,176 | ||||
| Total current assets | 9,763 | 11,736 | ||||
| Other non-current assets | 254 | 243 | ||||
| Total assets | $ | 10,017 | $ | 11,979 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities | $ | 3,093 | $ | 4,087 | ||
| Other non-current liabilities | 553 | 583 | ||||
| Total liabilities | 3,646 | 4,670 | ||||
| Total stockholders' equity | 6,371 | 7,309 | ||||
| Total liabilities and stockholders' equity | $ | 10,017 | $ | 11,979 | ||
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(unaudited)
| Three Months Ended | |||||||
| March 31, | |||||||
| 2018 | 2017 | ||||||
| Revenues: | |||||||
| Software licenses | $ | 925 | $ | 889 | |||
| Services | 678 | 919 | |||||
| Total revenues | 1,603 | 1,808 | |||||
| Cost of revenues: | |||||||
| Cost of software revenues | 33 | 53 | |||||
| Cost of services | 550 | 796 | |||||
| Total cost of revenues | 583 | 849 | |||||
| Gross profit | 1,020 | 959 | |||||
| Operating expenses: | |||||||
| Research and development | 1,403 | 1,679 | |||||
| Sales and marketing | 566 | 957 | |||||
| General and administrative | 741 | 1,064 | |||||
| Total operating expenses | 2,710 | 3,700 | |||||
| Operating loss | (1,690 | ) | (2,741 | ) | |||
| Other income (loss), net | 199 | 155 | |||||
| Loss before provision for income taxes | (1,491 | ) | (2,586 | ) | |||
| Provision for income taxes | (1 | ) | (12 | ) | |||
| Net loss | $ | (1,492 | ) | $ | (2,598 | ) | |
| Earnings per share, basic and diluted: | |||||||
| Basic and diluted loss per share | $ | (0.30 | ) | $ | (0.52 | ) | |
| Shares used in computing: | |||||||
| Weighted average shares-basic and diluted | 4,995 | 4,958 | |||||
BroadVision Contact:
Pehong Chen
Investor Relations
(650) 331-1000
Ir1@broadvision.com