BroadVision Announces First Quarter 2018 Results
May 11 2018 - 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, 2018. Revenues for
the first quarter were $1.6 million, compared with revenues of $1.5
million for the fourth quarter ended December 31, 2017 and $1.8
million for the comparable quarter of 2017.
License revenue for the first quarter of 2018
was $0.9 million, compared with revenues of $0.9 million for the
fourth quarter ended December 31, 2017 and $0.9 million for the
comparable quarter of 2017. The majority of the first 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 first quarter of 2018, BroadVision posted
net loss on a U.S. Generally Accepted Accounting Principles
(“GAAP”) basis of $1.5 million, or $0.30 per basic and diluted
share, as compared with GAAP net loss of $2.4 million, or $0.49 per
basic and diluted share, for the fourth quarter of 2017 and GAAP
net loss of $2.6 million, or $0.52 per basic and diluted share, for
the comparable quarter of 2017.
On January 1, 2018, BroadVision adopted a new
revenue recognition standard, Revenue from Contracts with Customers
(Topic 606), which was issued by the Financial Accounting Standards
Board in May 2014. BroadVision adopted Topic 606 applying the
modified retrospective method to all contracts that were not
completed as of January 1, 2018. BroadVision’s results for
reporting periods beginning after January 1, 2018 are presented
under Topic 606, while prior period amounts are not adjusted and
continue to be reported in accordance with the historic accounting
under Topic 605. BroadVision recorded a net increase of $0.6
million to its opening retained earnings balance as of January 1,
2018 due to the cumulative effect of adopting Topic
606.
As of March 31, 2018, the Company had $7.9
million of cash and cash equivalents and short-term investments,
compared to a combined balance of $9.6 million as of December 31,
2017 and $17.5 million as of March 31, 2017.
"Recent revelations about how personal data is being misused,
and the impending introduction of GDPR both highlight that data
privacy is becoming a defining issue of the next stage of the
development of the internet. With its focus on providing a secure,
single source of truth, Vmoso is ideally positioned as a platform
to protect personal and corporate data, and build trusted, mutually
beneficial relationships," said Dr. Pehong Chen, President, CEO and
Interim CFO of BroadVision.
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 the
introduction of GDPR, data privacy becoming a defining issue of the
next stage of the development of the internet, reporting of our
future revenue results and Vmoso’s ideal positioning and
capabilities, 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
quarterly report on Form 10-Q, 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
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(In thousands)
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2018 |
|
2017 |
ASSETS |
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash,
cash equivalents and short-term investments |
|
$ |
7,896 |
|
$ |
9,560 |
Other
current assets |
|
|
1,867 |
|
|
2,176 |
Total current
assets |
|
|
9,763 |
|
|
11,736 |
Other non-current
assets |
|
|
254 |
|
|
243 |
Total
assets |
|
$ |
10,017 |
|
$ |
11,979 |
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
$ |
3,093 |
|
$ |
4,087 |
Other non-current
liabilities |
|
|
553 |
|
|
583 |
Total liabilities |
|
|
3,646 |
|
|
4,670 |
Total stockholders'
equity |
|
|
6,371 |
|
|
7,309 |
Total liabilities and
stockholders' equity |
|
$ |
10,017 |
|
$ |
11,979 |
|
|
|
|
|
|
|
BROADVISION, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS(In thousands, except per share
data)(unaudited)
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
2018 |
|
2017 |
Revenues: |
|
|
|
|
|
Software licenses |
$ |
925 |
|
|
$ |
889 |
|
Services |
|
678 |
|
|
|
919 |
|
Total
revenues |
|
1,603 |
|
|
|
1,808 |
|
Cost of revenues: |
|
|
|
|
|
Cost of software
revenues |
|
33 |
|
|
|
53 |
|
Cost of services |
|
550 |
|
|
|
796 |
|
Total
cost of revenues |
|
583 |
|
|
|
849 |
|
Gross profit |
|
1,020 |
|
|
|
959 |
|
Operating
expenses: |
|
|
|
|
|
Research and
development |
|
1,403 |
|
|
|
1,679 |
|
Sales and
marketing |
|
566 |
|
|
|
957 |
|
General and
administrative |
|
741 |
|
|
|
1,064 |
|
Total operating
expenses |
|
2,710 |
|
|
|
3,700 |
|
Operating loss |
|
(1,690 |
) |
|
|
(2,741 |
) |
Other income (loss),
net |
|
199 |
|
|
|
155 |
|
Loss before provision
for income taxes |
|
(1,491 |
) |
|
|
(2,586 |
) |
Provision for income
taxes |
|
(1 |
) |
|
|
(12 |
) |
Net loss |
$ |
(1,492 |
) |
|
$ |
(2,598 |
) |
Earnings per share,
basic and diluted: |
|
|
|
|
|
Basic and diluted loss
per share |
$ |
(0.30 |
) |
|
$ |
(0.52 |
) |
Shares used in
computing: |
|
|
|
|
|
Weighted average
shares-basic and diluted |
|
4,995 |
|
|
|
4,958 |
|
|
|
|
|
|
|
|
|
BroadVision Contact:
Pehong ChenInvestor Relations(650)
331-1000Ir1@broadvision.com
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