BroadVision Announces Fourth Quarter 2014 Results
February 05 2015 - 4:48PM
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, 2014. Revenues
for the fourth quarter were $4.3 million, compared with revenues of
$3.1 million for the third quarter ended September 30, 2014 and
$3.7 million for the comparable quarter of 2013.
License revenue for the fourth quarter of 2014 was $2.7 million,
compared with $1.3 million for the prior quarter and $1.4 million
for the comparable quarter of 2013. 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 2014, BroadVision posted net loss on a
U.S. Generally Accepted Accounting Principles ("GAAP") basis of
$1.6 million, or $0.32 per basic and diluted share, as compared
with GAAP net loss of $3.3 million, or $0.68 per basic and diluted
share, for the third quarter of 2014 and GAAP net loss of $1.3
million, or $0.28 per basic and diluted share, for the comparable
quarter of 2013.
Full-year 2014 revenues totaled $13.6 million, with GAAP net
loss of $9.5 million, or $1.98 per basic and diluted share,
compared to 2013 revenues of $15.6 million and GAAP net loss of
$5.4 million, or $1.15 per basic and diluted share.
As of December 31, 2014 the Company had $37.1 million of cash
and cash equivalents and short-term investments, compared to a
combined balance of $39.6 million as of September 30, 2014 and
$46.4 million as of December 31, 2013.
"With the start of 2015 we are pleased to announce the wide
availability of Vmoso after an extended period of testing with
partners and prospects," said Dr. Pehong Chen, President and CEO of
BroadVision. "Vmoso is a strategic initiative which leverages
BroadVision's core competencies in building secure, scalable and
open architecture enterprise solutions to meet the market demand
for mobile and agile engagement of employees,
partners and customers."
Conference Call Information
BroadVision management will host a conference call today,
Thursday, February 5, 2015, at 2:00PM Pacific Standard Time
(PST). The conference call may be accessed by dialing:
1-888-424-8151, with pin code 5569711#. Callers outside North
America should call +1-847-585-4422 to be connected. These numbers
can be accessed 15 minutes before the call begins, as well as
during the call. A web replay will also be available following the
call on the Company's website.
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.
The BroadVision logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5621
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
Statements
Information in this release that involves expectations, beliefs,
hopes, plans, intentions or strategies regarding the future 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 forward-looking statements involve risk and uncertainties.
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. These statements are not
guarantees of future performance and actual results could differ
materially from BroadVision's current expectations. Various factors
and risks associated with BroadVision's business are discussed in
its most recent annual report on Form 10-K and in BroadVision's
quarterly reports on Form 10-Q as filed with the Securities and
Exchange Commission.
BROADVISION, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(In
thousands) |
|
|
|
|
December 31, 2014 |
December 31, 2013 |
ASSETS |
(unaudited) |
|
Current assets: |
|
|
Cash, cash equivalents and
short-term investments |
$ 37,079 |
$ 46,400 |
Other current assets |
4,405 |
4,771 |
Total current assets |
41,484 |
51,171 |
Other non-current assets |
342 |
438 |
Total assets |
$ 41,826 |
$ 51,609 |
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities |
$ 5,439 |
$ 7,417 |
Other non-current liabilities |
774 |
778 |
Total liabilities |
6,213 |
8,195 |
Total stockholders' equity |
35,613 |
43,414 |
Total liabilities and stockholders'
equity |
$ 41,826 |
$ 51,609 |
|
BROADVISION, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS |
(In thousands, except
per share data) |
(unaudited) |
|
|
|
|
|
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, |
|
2014 |
2013 |
2014 |
2013 |
Revenues: |
|
|
|
|
Software licenses |
$ 2,686 |
$ 1,443 |
$ 6,495 |
$ 5,744 |
Services |
1,620 |
2,269 |
7,090 |
9,855 |
Total revenues |
4,306 |
3,712 |
13,585 |
15,599 |
Cost of revenues: |
|
|
|
|
Cost of software revenues |
34 |
58 |
149 |
183 |
Cost of services |
1,005 |
1,199 |
4,406 |
4,658 |
Total cost of revenues |
1,039 |
1,257 |
4,555 |
4,841 |
Gross profit |
3,267 |
2,455 |
9,030 |
10,758 |
Operating expenses: |
|
|
|
|
Research and development |
1,871 |
1,749 |
7,311 |
7,067 |
Sales and marketing |
1,130 |
1,348 |
5,214 |
5,617 |
General and administrative |
1,004 |
813 |
3,902 |
3,851 |
Total operating expenses |
4,005 |
3,910 |
16,427 |
16,535 |
Operating loss |
(738) |
(1,455) |
(7,397) |
(5,777) |
Other (expense) income, net |
(723) |
163 |
(1,927) |
477 |
Loss before provision for income taxes |
(1,461) |
(1,292) |
(9,324) |
(5,300) |
Provision for income taxes |
(95) |
(42) |
(157) |
(122) |
Net loss |
$ (1,556) |
$ (1,334) |
$ (9,481) |
$ (5,422) |
Earnings per share, basic and diluted: |
|
|
|
|
Basic and diluted loss per share |
$ (0.32) |
$ (0.28) |
$ (1.98) |
$ (1.15) |
Shares used in computing: |
|
|
|
|
Weighted average shares-basic and
diluted |
4,822 |
4,741 |
4,799 |
4,713 |
CONTACT: BroadVision Contact:
Peter Chu
Investor Relations
(650) 295-0716 x7177
Ir1@broadvision.com
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