BroadVision Announces Fourth Quarter 2016 Results
February 08 2017 - 4:30PM
BroadVision, Inc. (NASDAQ:BVSN), a leading provider of e-business
and engagement management solutions, today reported financial
results for its fourth quarter ended December 31, 2016. Revenues
for the fourth quarter were $2.1 million, compared with revenues of
$2.0 million for the third quarter ended September 30, 2016, and
$2.7 million for the comparable quarter of 2015.
License revenue for the fourth quarter of 2016
was $1.1 million, consistent with the prior quarter and $1.2
million for the comparable quarter of 2015. The majority of
the fourth 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 fourth quarter of 2016, BroadVision
posted a 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 a GAAP net loss of $2.4 million, or
$0.50 per basic and diluted share, for the third quarter of 2016
and a GAAP net loss of $3.3 million, or $0.68 per basic and diluted
share, for the comparable quarter of 2015.
Full-year 2016 revenues totaled $7.9 million,
with a GAAP net loss of $9.5 million, or $1.93 per basic and
diluted share, compared to 2015 revenues of $9.4 million and a GAAP
net loss of $11.4 million, or $2.36 per basic and diluted
share.
As of December 31, 2016, the Company had $19.7
million of cash and cash equivalents and short-term investments,
compared to a combined balance of $21.8 million as of September 30,
2016 and $29.1 million as of December 31, 2015.
“BroadVision's global Vmoso partner network has
continued to expand, and in Q4 we added NTT Communications as our
major Vmoso strategic partner," said Dr. Pehong Chen,
President and CEO of BroadVision. "NTT Communications is the
largest telecommunications company in Japan, and has endorsed Vmoso
as a key initiative in knowledge-driven
enterprise communication and collaboration. The
relationship expands Vmoso’s distribution footprint with
enhanced sales channels, public and private cloud deployment
capacities, and technical and strategic consulting, systems
integration, and customer support capabilities in key markets
across four continents.”
Conference Call
InformationBroadVision management will host a conference
call today, Wednesday, February 8, 2017, at 2:00PM Pacific
Standard Time (PST). The conference call may be accessed by
dialing: 1-888-771-4371, with pin code 44194496. 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 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
StatementsInformation in this release that involves
expectations, beliefs, hopes, plans, intentions or strategies
regarding the future, including statements regarding BroadVision’s
ability to continue to expand its global Vmoso partner network and
its ability to derive enhanced channels and capabilities from its
strategic partnership with NTT Communications, 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) |
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2016 |
|
2015 |
ASSETS |
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash,
cash equivalents and short-term investments |
|
$ |
19,704 |
|
$ |
29,131 |
Other
current assets |
|
|
2,082 |
|
|
2,849 |
Total current
assets |
|
|
21,786 |
|
|
31,980 |
Other non-current
assets |
|
|
207 |
|
|
230 |
Total
assets |
|
$ |
21,993 |
|
$ |
32,210 |
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
$ |
4,396 |
|
$ |
5,783 |
Other non-current
liabilities |
|
|
734 |
|
|
918 |
Total liabilities |
|
|
5,130 |
|
|
6,701 |
Total stockholders'
equity |
|
|
16,863 |
|
|
25,509 |
Total liabilities and
stockholders' equity |
|
$ |
21,993 |
|
$ |
32,210 |
|
|
|
|
|
|
|
BROADVISION, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
(In thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Software licenses |
|
$ |
1,147 |
|
|
$ |
1,183 |
|
|
$ |
4,227 |
|
|
$ |
4,414 |
|
Services |
|
|
911 |
|
|
|
1,494 |
|
|
|
3,713 |
|
|
|
5,028 |
|
Total
revenues |
|
|
2,058 |
|
|
|
2,677 |
|
|
|
7,940 |
|
|
|
9,442 |
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software
revenues |
|
|
39 |
|
|
|
31 |
|
|
|
172 |
|
|
|
152 |
|
Cost of services |
|
|
731 |
|
|
|
1,145 |
|
|
|
3,150 |
|
|
|
3,341 |
|
Total
cost of revenues |
|
|
770 |
|
|
|
1,176 |
|
|
|
3,322 |
|
|
|
3,493 |
|
Gross profit |
|
|
1,288 |
|
|
|
1,501 |
|
|
|
4,618 |
|
|
|
5,949 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
1,579 |
|
|
|
1,812 |
|
|
|
6,768 |
|
|
|
7,219 |
|
Sales and
marketing |
|
|
821 |
|
|
|
1,207 |
|
|
|
4,000 |
|
|
|
4,889 |
|
General and
administrative |
|
|
980 |
|
|
|
889 |
|
|
|
3,804 |
|
|
|
3,501 |
|
Total operating
expenses |
|
|
3,380 |
|
|
|
3,908 |
|
|
|
14,572 |
|
|
|
15,609 |
|
Operating loss |
|
|
(2,092 |
) |
|
|
(2,407 |
) |
|
|
(9,954 |
) |
|
|
(9,660 |
) |
Other (expense) income,
net |
|
|
(294 |
) |
|
|
(902 |
) |
|
|
517 |
|
|
|
(1,748 |
) |
Loss before provision
for income taxes |
|
|
(2,386 |
) |
|
|
(3,309 |
) |
|
|
(9,437 |
) |
|
|
(11,408 |
) |
Provision for income
taxes |
|
|
(3 |
) |
|
|
(10 |
) |
|
|
(48 |
) |
|
|
(29 |
) |
Net loss |
|
$ |
(2,389 |
) |
|
$ |
(3,319 |
) |
|
$ |
(9,485 |
) |
|
$ |
(11,437 |
) |
Earnings per share,
basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share |
|
$ |
(0.48 |
) |
|
$ |
(0.68 |
) |
|
$ |
(1.93 |
) |
|
$ |
(2.36 |
) |
Shares used in
computing: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares-basic and diluted |
|
|
4,951 |
|
|
|
4,882 |
|
|
|
4,924 |
|
|
|
4,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BroadVision Contact:
Peter Chu
Investor Relations
(650) 295-0716 x7177
Ir1@broadvision.com
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