BroadVision Announces Third Quarter 2016 Results
November 09 2016 - 4:30PM
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, 2016. Revenues
for the third quarter were $2.0 million, compared with revenues of
$1.9 million for the second quarter ended June 30, 2016 and $2.1
million for the comparable quarter of 2015.
License revenue for the third quarter of 2016
was $1.1 million, compared with $1.0 million for the prior
quarter and $1.0 million for the comparable quarter of
2015. 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 2016, BroadVision posted
net loss on a U.S. Generally Accepted Accounting Principles
(“GAAP”) basis of $2.4 million, or $0.50 per basic and diluted
share, as compared with GAAP net loss of $2.6 million, or $0.53 per
basic and diluted share, for the second quarter of 2016 and GAAP
net loss of $2.1 million, or $0.42 per basic and diluted share, for
the comparable quarter of 2015.
As of September 30, 2016, the Company had $21.8
million of cash and cash equivalents and short-term investments,
compared to a combined balance of $25.0 million as of June 30, 2016
and $32.2 million as of September 30, 2015.
“The Vmoso Keystone Release in September has
reinforced and enhanced Vmoso’s positioning as a platform for
enterprise digital transformation. This has provided a major
catalyst to our development of key partnerships around the world,
and our targeting of new lighthouse accounts,” said Dr. Pehong Chen
President, and CEO of BroadVision. “In a rapidly-developing market,
Vmoso alone provides a comprehensive digital workplace that manages
and organizes a company’s collective knowledge, clearly
differentiating it from communication solutions such as Workplace
by Facebook and Slack."
Conference Call
InformationBroadVision management will host a conference
call today, Wednesday, November 9, 2016, at 2:00PM Pacific
Standard Time (PST). The conference call may be accessed by
dialing: 1-888-771-4371, with pin code 43688649. Callers outside
North America should call +1-847-585-4405 to be connected. These
numbers can be accessed 15 minutes before the call begins, as well
as during the call. Afterwards, an audio recording of the call will
also be available on the Company’s website at
www.BroadVision.com.
About BroadVisionDriving 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
StatementsInformation 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, develop key partnerships
around the world, target new lighthouse accounts and differentiate
itself from competing solutions, the rapid pace of market
development and the ability of the Vmoso platform to transform
digital enterprise 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-K, as
amended, 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) |
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2016 |
|
2015 |
ASSETS |
|
|
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash, cash equivalents and
short-term investments |
|
|
$ |
21,816 |
|
$ |
29,131 |
Other current assets |
|
|
|
2,136 |
|
|
2,849 |
Total current
assets |
|
|
|
23,952 |
|
|
31,980 |
Other non-current
assets |
|
|
|
219 |
|
|
230 |
Total assets |
|
|
$ |
24,171 |
|
$ |
32,210 |
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current
liabilities |
|
|
$ |
4,418 |
|
$ |
5,783 |
Other non-current
liabilities |
|
|
|
783 |
|
|
918 |
Total liabilities |
|
|
|
5,201 |
|
|
6,701 |
Total stockholders'
equity |
|
|
|
18,970 |
|
|
25,509 |
Total liabilities and
stockholders' equity |
|
|
$ |
24,171 |
|
$ |
32,210 |
|
|
|
|
|
|
|
|
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, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Software licenses |
|
$ |
|
1,051 |
|
|
$ |
|
1,035 |
|
|
$ |
|
3,080 |
|
|
$ |
|
3,231 |
|
Services |
|
|
|
900 |
|
|
|
|
1,047 |
|
|
|
|
2,802 |
|
|
|
|
3,534 |
|
Total revenues |
|
|
|
1,951 |
|
|
|
|
2,082 |
|
|
|
|
5,882 |
|
|
|
|
6,765 |
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software
revenues |
|
|
|
52 |
|
|
|
|
36 |
|
|
|
|
133 |
|
|
|
|
121 |
|
Cost of services |
|
|
|
840 |
|
|
|
|
662 |
|
|
|
|
2,419 |
|
|
|
|
2,196 |
|
Total cost of revenues |
|
|
|
892 |
|
|
|
|
698 |
|
|
|
|
2,552 |
|
|
|
|
2,317 |
|
Gross profit |
|
|
|
1,059 |
|
|
|
|
1,384 |
|
|
|
|
3,330 |
|
|
|
|
4,448 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
|
1,743 |
|
|
|
|
1,752 |
|
|
|
|
5,189 |
|
|
|
|
5,407 |
|
Sales and
marketing |
|
|
|
928 |
|
|
|
|
1,237 |
|
|
|
|
3,179 |
|
|
|
|
3,682 |
|
General and
administrative |
|
|
|
875 |
|
|
|
|
858 |
|
|
|
|
2,824 |
|
|
|
|
2,612 |
|
Total operating
expenses |
|
|
|
3,546 |
|
|
|
|
3,847 |
|
|
|
|
11,192 |
|
|
|
|
11,701 |
|
Operating loss |
|
|
|
(2,487 |
) |
|
|
|
(2,463 |
) |
|
|
|
(7,862 |
) |
|
|
|
(7,253 |
) |
Other income (expense),
net |
|
|
|
57 |
|
|
|
|
399 |
|
|
|
|
811 |
|
|
|
|
(846 |
) |
Loss before provision
for income taxes |
|
|
|
(2,430 |
) |
|
|
|
(2,064 |
) |
|
|
|
(7,051 |
) |
|
|
|
(8,099 |
) |
Provision for income
taxes |
|
|
|
(12 |
) |
|
|
|
(3 |
) |
|
|
|
(45 |
) |
|
|
|
(19 |
) |
Net loss |
|
$ |
|
(2,442 |
) |
|
|
|
(2,067 |
) |
|
|
|
(7,096 |
) |
|
|
|
(8,118 |
) |
Earnings per share,
basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per share |
|
$ |
|
(0.50 |
) |
|
$ |
|
(0.42 |
) |
|
$ |
|
(1.44 |
) |
|
$ |
|
(1.67 |
) |
Shares used in
computing: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares-basic and diluted |
|
|
|
4,928 |
|
|
|
|
4,865 |
|
|
|
|
4,913 |
|
|
|
|
4,849 |
|
BroadVision Contact:
Peter Chu
Investor Relations
(650) 295-0716 x7177
Ir1@broadvision.com
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