BroadVision Announces Fourth Quarter 2018 Results
April 01 2019 - 4:43AM
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, 2018.
Revenues for the fourth quarter were $1.2 million, compared
with revenues of $1.0 million for the third quarter ended September
30, 2018 and $1.5 million for the comparable quarter of 2017.
License revenue for the fourth quarter of 2018
was $0.7 million, compared with revenues of $0.5 million for the
third quarter ended September 30, 2018 and $0.9 million for the
comparable quarter of 2017. The fourth quarter license revenue
was generated from the Company's BroadVision® Business Agility
Suite™, Commerce Agility Suite™, QuickSilver™, Vmoso™ and
Clearvale® solutions. Revenue during the quarter was generated from
sales to both new and existing customers.In the fourth quarter of
2018, BroadVision posted net loss on a U.S. Generally Accepted
Accounting Principles (“GAAP”) basis of $1.6 million, or $0.33 per
basic and diluted share, as compared with GAAP net loss of $1.7
million, or $0.34 per basic and diluted share, for the third
quarter of 2018 and GAAP net loss of $2.6 million, or $0.52 per
basic and diluted share, for the comparable quarter of
2017. Full-year 2018 revenues totalled $5.1 million, with a
GAAP net loss of $7.0 million, or $1.40 per basic and diluted
share, compared to 2017 revenues of $6.4 million and a GAAP net
loss of $9.9 million, or $1.99 per basic and diluted share.As of
December 31, 2018, the Company had $2.6 million of cash and
cash equivalents and short-term investments, compared to a combined
balance of $4.3 million as of September 30, 2018 and $9.6 million
as of December 31, 2017.
“During Q4 we completed preparations for the
financing of and transfer of our Vmoso and Clearvale platforms to
our subsidiary, Vmoso, Inc.”, says Dr. Pehong Chen, CEO.
"These transactions, completed early in Q1 2019, allow both
companies to focus on serving our respective markets and customers
better."
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, both of which
are now owned and being developed by BroadVision’s consolidated
19.9%-owned subsidiary, Vmoso, Inc. (“VMSO”)—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, Vmoso, and Clearvale are
trademarks or registered trademarks of BroadVision, Inc. or VMSO 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 and BroadVision’s and
VMSO’s abilities to serve their respective markets and customers
better following the VMSO transactions, 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
and VMSO’s products and services, VMSO’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.
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BROADVISION,
INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In
thousands) |
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
ASSETS |
|
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash, cash equivalents and short-term
investments |
|
$ |
2,574 |
|
$ |
9,560 |
Other current assets |
|
|
1,168 |
|
|
2,176 |
Total current assets |
|
|
3,742 |
|
|
11,736 |
Other non-current assets |
|
|
111 |
|
|
243 |
Total assets |
|
$ |
3,853 |
|
$ |
11,979 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
$ |
1,889 |
|
$ |
4,087 |
Other non-current liabilities |
|
|
563 |
|
|
583 |
Total liabilities |
|
|
2,452 |
|
|
4,670 |
Total stockholders' equity |
|
|
1,401 |
|
|
7,309 |
Total liabilities and stockholders' equity |
|
$ |
3,853 |
|
$ |
11,979 |
|
|
|
|
|
|
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BROADVISION, INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS |
(In
thousands, except per share data) |
(unaudited) |
|
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Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Software licenses |
|
$ |
747 |
|
|
$ |
862 |
|
|
$ |
2,783 |
|
|
$ |
3,467 |
|
Services |
|
|
494 |
|
|
|
617 |
|
|
|
2,268 |
|
|
|
2,890 |
|
Total
revenues |
|
|
1,241 |
|
|
|
1,479 |
|
|
|
5,051 |
|
|
|
6,357 |
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software
revenues |
|
|
20 |
|
|
|
44 |
|
|
|
125 |
|
|
|
178 |
|
Cost of services |
|
|
333 |
|
|
|
812 |
|
|
|
1,833 |
|
|
|
2,970 |
|
Total
cost of revenues |
|
|
353 |
|
|
|
856 |
|
|
|
1,958 |
|
|
|
3,148 |
|
Gross profit |
|
|
888 |
|
|
|
623 |
|
|
|
3,093 |
|
|
|
3,209 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
1,235 |
|
|
|
1,568 |
|
|
|
5,020 |
|
|
|
6,563 |
|
Sales and
marketing |
|
|
291 |
|
|
|
733 |
|
|
|
1,829 |
|
|
|
3,676 |
|
General
and administrative |
|
|
1,016 |
|
|
|
1,024 |
|
|
|
3,088 |
|
|
|
3,733 |
|
Total
operating expenses |
|
|
2,542 |
|
|
|
3,325 |
|
|
|
9,937 |
|
|
|
13,972 |
|
Operating loss |
|
|
(1,654 |
) |
|
|
(2,702 |
) |
|
|
(6,844 |
) |
|
|
(10,763 |
) |
Other income (loss),
net |
|
|
(14 |
) |
|
|
107 |
|
|
|
(187 |
) |
|
|
752 |
|
Loss before income
taxes |
|
|
(1,668 |
) |
|
|
(2,595 |
) |
|
|
(7,031 |
) |
|
|
(10,011 |
) |
Benefit (provision) for
income taxes |
|
|
35 |
|
|
|
(7 |
) |
|
|
31 |
|
|
|
112 |
|
Net
loss |
|
|
(1,633 |
) |
|
|
(2,602 |
) |
|
|
(7,000 |
) |
|
|
(9,899 |
) |
Earnings per share,
basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share |
|
$ |
(0.33 |
) |
|
$ |
(0.52 |
) |
|
$ |
(1.40 |
) |
|
$ |
(1.99 |
) |
Shares used in
computing: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares-basic and diluted |
|
|
4,999 |
|
|
|
4,990 |
|
|
|
4,997 |
|
|
|
4,975 |
|
BroadVision Contact:Pehong ChenInvestor Relations (650)
331-1000ir1@broadvision.com
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