BroadVision Announces Third Quarter 2015 Results


REDWOOD CITY, Calif., Oct. 28, 2015 (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, 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.

     
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
       

 

             
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,
  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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