BroadVision Announces Fourth Quarter 2017 Results
February 14 2018 - 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, 2017. Revenues
for the fourth quarter were $1.5 million, compared with revenues of
$1.5 million for the third quarter ended September 30, 2017 and
$2.1 million for the comparable quarter of 2016.
License revenue for the fourth quarter of 2017
was $0.9 million, compared with revenues of $0.8 million for the
third quarter ended September 30, 2017 and $1.1 million for the
comparable quarter of 2016. The majority of the fourth quarter
license 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 2017, BroadVision
posted 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 GAAP net loss of $2.5 million, or $0.50 per
basic and diluted share, for the third quarter of 2017 and GAAP net
loss of $2.4 million, or $0.48 per basic and diluted share, for the
comparable quarter of 2016.
Full-year 2017 revenues totaled $6.4 million,
with a GAAP net loss of $10.1 million, or $2.02 per basic and
diluted share, compared to 2016 revenues of $7.9 million and a GAAP
net loss of $9.5 million, or $1.93 per basic and diluted share.
As of December 31, 2017, the Company had $9.6
million of cash and cash equivalents and short-term investments,
compared to a combined balance of $12.3 million as of September 30,
2017 and $19.7 million as of December 31, 2016.
"Around the world, organizations are engaged in
digital transformation projects, harnessing new technology to
change the way they work and the way they communicate with
customers and business partners, " said Dr Pehong Chen, President
and CEO of BroadVision. "But all too often, these initiatives are
fragmented and disconnected from other projects in the
organization. Vmoso's Digital Enterprise Transformation Hub acts a
central point for communication, collaboration and knowledge
management, enabling individual projects to flourish in a
heterogeneous IT
infrastructure."
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 enhance customers’ businesses, market acceptance of
Vmoso and the ability of Vmoso to transform business 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, 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, |
|
|
2017 |
|
2016 |
ASSETS |
|
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash,
cash equivalents and short-term investments |
|
$ |
9,560 |
|
$ |
19,704 |
Other
current assets |
|
|
2,114 |
|
|
2,082 |
Total current
assets |
|
|
11,674 |
|
|
21,786 |
Other non-current
assets |
|
|
182 |
|
|
207 |
Total
assets |
|
$ |
11,856 |
|
$ |
21,993 |
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
$ |
4,129 |
|
$ |
4,396 |
Other non-current
liabilities |
|
|
583 |
|
|
734 |
Total liabilities |
|
|
4,712 |
|
|
5,130 |
Total stockholders'
equity |
|
|
7,144 |
|
|
16,863 |
Total liabilities and
stockholders' equity |
|
$ |
11,856 |
|
$ |
21,993 |
|
|
|
|
|
|
|
|
BROADVISION, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
(In thousands, except per share
data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Years Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Software licenses |
|
$ |
862 |
|
|
$ |
1,147 |
|
|
$ |
3,467 |
|
|
$ |
4,227 |
|
|
Services |
|
|
617 |
|
|
|
911 |
|
|
|
2,890 |
|
|
|
3,713 |
|
|
Total
revenues |
|
|
1,479 |
|
|
|
2,058 |
|
|
|
6,357 |
|
|
|
7,940 |
|
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software
revenues |
|
|
44 |
|
|
|
39 |
|
|
|
178 |
|
|
|
172 |
|
|
Cost of services |
|
|
812 |
|
|
|
733 |
|
|
|
3,012 |
|
|
|
3,152 |
|
|
Total
cost of revenues |
|
|
856 |
|
|
|
772 |
|
|
|
3,190 |
|
|
|
3,324 |
|
|
Gross profit |
|
|
623 |
|
|
|
1,286 |
|
|
|
3,167 |
|
|
|
4,616 |
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
1,568 |
|
|
|
1,712 |
|
|
|
6,563 |
|
|
|
6,901 |
|
|
Sales and
marketing |
|
|
733 |
|
|
|
872 |
|
|
|
3,676 |
|
|
|
4,051 |
|
|
General and
administrative |
|
|
1,024 |
|
|
|
794 |
|
|
|
3,733 |
|
|
|
3,618 |
|
|
Total operating
expenses |
|
|
3,325 |
|
|
|
3,378 |
|
|
|
13,972 |
|
|
|
14,570 |
|
|
Operating loss |
|
|
(2,702 |
) |
|
|
(2,092 |
) |
|
|
(10,805 |
) |
|
|
(9,954 |
) |
|
Other income (loss),
net |
|
|
107 |
|
|
|
(294 |
) |
|
|
752 |
|
|
|
517 |
|
|
Loss before provision
for income taxes |
|
|
(2,595 |
) |
|
|
(2,386 |
) |
|
|
(10,053 |
) |
|
|
(9,437 |
) |
|
Provision for income
taxes |
|
|
(7 |
) |
|
|
(3 |
) |
|
|
(11 |
) |
|
|
(48 |
) |
|
Net loss |
|
$ |
(2,602 |
) |
|
$ |
(2,389 |
) |
|
$ |
(10,064 |
) |
|
$ |
(9,485 |
) |
|
Earnings per share,
basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per share |
|
$ |
(0.52 |
) |
|
$ |
(0.48 |
) |
|
$ |
(2.02 |
) |
|
$ |
(1.93 |
) |
|
Shares used in
computing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares-basic and diluted |
|
|
4,990 |
|
|
|
4,951 |
|
|
|
4,975 |
|
|
|
4,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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BroadVision
Contact:
Peter ChuInvestor Relations(650) 295-0716 x7177
Ir1@broadvision.com
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