REDWOOD CITY, Calif., Oct. 23, 2013 (GLOBE NEWSWIRE) -- 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, 2013. Revenues for the third quarter were $4.0 million, compared with revenues of $4.1 million for the second quarter ended June 30, 2013 and $3.6 million for the comparable quarter of 2012.
License revenue for the third quarter of 2013 was $1.3 million, compared with $1.4 million for the prior quarter and $1.3 million for the comparable quarter of 2012. 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 such as AllpkuManagement Consultants Ltd., The Barnet Group, Business Networks Europe GmbH, Global Hotel Alliance, Prime Polymer Co., Ltd., Zambon SpA, and several other brand-name global customers.
In the third quarter of 2013, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $0.8 million, or $0.18 per basic and diluted share, as compared with GAAP net loss of $1.1 million, or $0.23 per basic and diluted share, for the second quarter of 2013 and GAAP net loss of $0.07 million, or $0.01 per basic and diluted share, for the comparable quarter of 2012.
As of September 30, 2013 the Company had $47.7 million of cash and cash equivalents and short-term investments, compared to a combined balance of $49.5 million as of June 30, 2013 and $52.0 million as of September 30, 2012.
"The third quarter marks another milestone for our Clearvale ecosystem with the addition of partners such as SugarCRM and China National Software and Services Co., a leading software provider in China," said Dr. Pehong Chen, President and CEO, BroadVision. "Our investments in hybrid networks, ad-hoc workflow and social analytics are differentiating Clearvale from other offerings in the market. Clearvale is designed with the needs of both end customers and partners in mind, and we are actively expanding partnerships globally and across verticals such as industrials, financial services, healthcare services and other engagement, knowledge and service-intensive sectors."
Conference Call Information
BroadVision management will host a conference call today, Wednesday, October 23rd, 2013, 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) is a provider of e-business and engagement management solutions for organizations seeking to transform their communication and collaboration efforts within and outside the enterprise by embedding valuable social behaviors into business relationships and processes. BroadVision solutions – including the Clearvale enterprise social networking solution – deliver a virtual, mobile, and social platform of engagement for sharing expertise, enhancing business agility, and tracking accountability to deliver clarity in decision-making and improvement in both productivity and business results. 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.
The BroadVision logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5621
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 expected partnership expansions and the effect of enterprise social networking technologies on enterprises, 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) | ||
| September 30, | December 31, | |
| 2013 | 2012 | |
| ASSETS | (unaudited) | |
| Current assets: | ||
| Cash, cash equivalents and short-term investments | $ 47,707 | $ 52,281 |
| Other current assets | 3,807 | 5,093 |
| Total current asset | 51,514 | 57,374 |
| Other non-current assets | 461 | 512 |
| Total assets | $ 51,975 | $ 57,886 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities | $ 6,731 | $ 9,042 |
| Other non-current liabilities | 884 | 1,187 |
| Total liabilities | 7,615 | 10,229 |
| Total stockholders' equity | 44,360 | 47,657 |
| Total liabilities and stockholders' equity | $ 51,975 | $ 57,886 |
| BROADVISION, INC. AND SUBSIDIARIES | ||||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||
| (In thousands, except per share data) | ||||
| (unaudited) | ||||
| Three Months Ended | Nine Months Ended | |||
| September 30, | September 30, | |||
| 2013 | 2012 | 2013 | 2012 | |
| Revenues: | ||||
| Software licenses | $ 1,312 | $ 1,267 | $ 4,301 | $ 3,818 |
| Services | 2,652 | 2,361 | 7,586 | 7,234 |
| Total revenues | 3,964 | 3,628 | 11,887 | 11,052 |
| Cost of revenues: | ||||
| Cost of software revenues | 55 | 39 | 125 | 73 |
| Cost of services | 1,225 | 1,157 | 3,459 | 3,588 |
| Total cost of revenues | 1,280 | 1,196 | 3,584 | 3,661 |
| Gross profit | 2,684 | 2,432 | 8,303 | 7,391 |
| Operating expenses: | ||||
| Research and development | 1,779 | 1,558 | 5,318 | 4,796 |
| Sales and marketing | 1,316 | 1,264 | 4,270 | 4,316 |
| General and administrative | 920 | 908 | 3,037 | 3,037 |
| Restructuring charges | -- | -- | -- | 12 |
| Total operating expenses | 4,015 | 3,730 | 12,625 | 12,161 |
| Operating loss | (1,331) | (1,298) | (4,322) | (4,770) |
| Other Income, net | 544 | 1,308 | 314 | 970 |
| Loss before provision for income taxes | (787) | 10 | (4,008) | (3,800) |
| Provision for income taxes | (61) | (76) | (80) | (106) |
| Net loss | $ (848) | $ (66) | $ (4,088) | $ (3,906) |
| Earnings per share, basic and diluted: | ||||
| Basic and diluted loss per share | $ (0.18) | $ (0.01) | $ (0.87) | $ (0.84) |
| Shares used in computing: | ||||
| Weighted average shares-basic and diluted | 4,720 | 4,657 | 4,703 | 4,627 |