BroadVision Announces First Quarter 2017 Results
May 10 2017 - 4:30PM
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, 2017. Revenues for
the first quarter were $1.8 million, compared with revenues of $2.1
million for the fourth quarter ended December 31, 2016, and $2.0
million for the comparable quarter of 2016.
License revenue for the first quarter of 2017
was $0.9 million, compared to $1.1 million for the prior quarter
and $1.0 million for the comparable quarter of 2016. The
majority of the first 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 first quarter of 2017, BroadVision posted
a net loss on a U.S. Generally Accepted Accounting Principles
(“GAAP”) basis of $2.6 million, or $0.52 per basic and diluted
share, as compared with a GAAP net loss of $2.4 million, or $0.48
per basic and diluted share, for the fourth quarter of 2016 and a
GAAP net loss of $2.1 million, or $0.42 per basic and diluted
share, for the comparable quarter of 2016.
As of March 31, 2017, the Company had $17.5
million of cash and cash equivalents and short-term investments,
compared to a combined balance of $19.7 million as of December 31,
2016 and $27.3 million as of March 31, 2016.
“It's increasingly clear to us that companies
around the world are now recognizing the importance of managing and
protecting their corporate knowledge,” said Dr. Pehong Chen,
President and CEO of BroadVision. “After a long period of
growth of BYOD (bring your own device) programs and
unmanaged BYOA (bring your own app), many organizations
have realized the dangers these bring. Vmoso's combination of
knowledge management and collaborative processes make it the
ideal digital workplace solution for those companies recognizing
the need for a single source of truth for their communication and
collaboration."
Conference Call
InformationBroadVision management will host a conference
call today, Wednesday, May 10, 2017, at 2:00PM Pacific
Daylight Time (PDT). The conference call may be accessed by
dialing: 1-888-771-4371, with pin code 44807108#. 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 generate revenue from its
business solutions and service new and existing customers, 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 for the year ended December 31, 2017, 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, |
|
|
2017 |
|
2016 |
ASSETS |
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash,
cash equivalents and short-term investments |
|
$ |
17,507 |
|
$ |
19,704 |
Other
current assets |
|
|
2,897 |
|
|
2,082 |
Total current
assets |
|
|
20,404 |
|
|
21,786 |
Other non-current
assets |
|
|
202 |
|
|
207 |
Total
assets |
|
$ |
20,606 |
|
$ |
21,993 |
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
$ |
5,239 |
|
$ |
4,396 |
Other non-current
liabilities |
|
|
911 |
|
|
734 |
Total liabilities |
|
|
6,150 |
|
|
5,130 |
Total stockholders'
equity |
|
|
14,456 |
|
|
16,863 |
Total liabilities and
stockholders' equity |
|
$ |
20,606 |
|
$ |
21,993 |
|
|
|
|
|
|
|
BROADVISION, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
(In thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2017 |
|
2016 |
Revenues: |
|
|
|
|
|
|
Software licenses |
|
$ |
889 |
|
|
$ |
1,019 |
|
Services |
|
|
919 |
|
|
|
990 |
|
Total
revenues |
|
|
1,808 |
|
|
|
2,009 |
|
Cost of revenues: |
|
|
|
|
|
|
Cost of software
revenues |
|
|
53 |
|
|
|
38 |
|
Cost of services |
|
|
796 |
|
|
|
772 |
|
Total
cost of revenues |
|
|
849 |
|
|
|
810 |
|
Gross profit |
|
|
959 |
|
|
|
1,199 |
|
Operating
expenses: |
|
|
|
|
|
|
Research and
development |
|
|
1,679 |
|
|
|
1,743 |
|
Sales and
marketing |
|
|
957 |
|
|
|
1,151 |
|
General and
administrative |
|
|
1,064 |
|
|
|
985 |
|
Total operating
expenses |
|
|
3,700 |
|
|
|
3,879 |
|
Operating loss |
|
|
(2,741 |
) |
|
|
(2,680 |
) |
Other income, net |
|
|
155 |
|
|
|
656 |
|
Loss before provision
for income taxes |
|
|
(2,586 |
) |
|
|
(2,024 |
) |
Provision for income
taxes |
|
|
(12 |
) |
|
|
(27 |
) |
Net loss |
|
$ |
(2,598 |
) |
|
$ |
(2,051 |
) |
Earnings per share,
basic and diluted: |
|
|
|
|
|
|
Basic and diluted loss
per share |
|
$ |
(0.52 |
) |
|
$ |
(0.42 |
) |
Shares used in
computing: |
|
|
|
|
|
|
Weighted average
shares-basic and diluted |
|
|
4,958 |
|
|
|
4,896 |
|
|
|
|
|
|
|
|
|
|
BroadVision Contact:
Peter Chu
Investor Relations
(650) 295-0716 x7177
Ir1@broadvision.com
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