BroadVision Announces First Quarter 2016 Results
May 04 2016 - 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, 2016. Revenues for
the first quarter were $2.0 million, compared with revenues of $2.7
million for the fourth quarter ended December 31, 2015 and $2.5
million for the comparable quarter of 2015.
License revenue for the first quarter of 2016 was $1.0 million,
compared with $1.2 million for the prior quarter and $1.1 million
for the comparable quarter of 2015. 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 2016, BroadVision posted
net loss on a U.S. Generally Accepted Accounting Principles
(“GAAP”) basis of $2.1 million, or $0.42 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 fourth quarter of 2015 and GAAP
net loss of $3.6 million, or $0.74 per basic and diluted share, for
the comparable quarter of 2015.
As of March 31, 2016, the Company had $27.3
million of cash and cash equivalents and short-term investments,
compared to a combined balance of $29.1 million as of December 31,
2015 and $36.3 million as of March 31, 2015.
“In Q1, we continued to expand our Vmoso
partnerships globally and we now have hosting and reseller
partnerships in our four main regions of NASA, EMEA, Asia-Pacific
and Japan," said Dr. Pehong Chen, President, and CEO of
BroadVision. “Our partners play a critical role in driving
awareness and enterprise adoption for Vmoso. They are an
important voice in promoting the value of Vmoso as a
mobile-centric, unified business communication and collaboration
platform that takes fragmented information from immediate use and
creates valuable long-term corporate knowledge.”
Conference Call
InformationBroadVision management will host a conference
call today, Wednesday, May 4, 2016, at 2:00PM Pacific Daylight
Time (PDT). The conference call may be accessed by dialing:
1-888-771-4371, with pin code 42398724. 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 enhance customers’ businesses, the ability of Vmoso to
create valuable long-term corporate knowledge and the ability of
BroadVision’s partners to drive awareness and enterprise adoption
for Vmoso, 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, as amended, 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, |
|
|
2016 |
|
2015 |
ASSETS |
|
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash, cash equivalents and
short-term investments |
|
$ |
27,285 |
|
$ |
29,131 |
Other current assets |
|
|
2,190 |
|
|
2,849 |
Total current assets |
|
|
29,475 |
|
|
31,980 |
Other non-current assets |
|
|
222 |
|
|
230 |
Total assets |
|
$ |
29,697 |
|
$ |
32,210 |
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
$ |
5,295 |
|
$ |
5,783 |
Other non-current
liabilities |
|
|
838 |
|
|
918 |
Total liabilities |
|
|
6,133 |
|
|
6,701 |
Total stockholders'
equity |
|
|
23,564 |
|
|
25,509 |
Total liabilities and
stockholders' equity |
|
$ |
29,697 |
|
$ |
32,210 |
|
BROADVISION, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
(In thousands, except per share
data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2016 |
|
2015 |
|
Revenues: |
|
|
|
|
|
|
|
Software licenses |
|
$ |
|
1,019 |
|
|
$ |
|
1,087 |
|
|
Services |
|
|
|
990 |
|
|
|
|
1,409 |
|
|
Total revenues |
|
|
|
2,009 |
|
|
|
|
2,496 |
|
|
Cost of revenues: |
|
|
|
|
|
|
|
Cost of software
revenues |
|
|
|
38 |
|
|
|
|
45 |
|
|
Cost of services |
|
|
|
772 |
|
|
|
|
717 |
|
|
Total cost of revenues |
|
|
|
810 |
|
|
|
|
762 |
|
|
Gross profit |
|
|
|
1,199 |
|
|
|
|
1,734 |
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Research and
development |
|
|
|
1,743 |
|
|
|
|
1,858 |
|
|
Sales and
marketing |
|
|
|
1,151 |
|
|
|
|
1,140 |
|
|
General and
administrative |
|
|
|
985 |
|
|
|
|
888 |
|
|
Total operating
expenses |
|
|
|
3,879 |
|
|
|
|
3,886 |
|
|
Operating loss |
|
|
|
(2,680 |
) |
|
|
|
(2,152 |
) |
|
Other Income (expense),
net |
|
|
|
656 |
|
|
|
|
(1,388 |
) |
|
Loss before provision
for income taxes |
|
|
|
(2,024 |
) |
|
|
|
(3,540 |
) |
|
Provision for income
taxes |
|
|
|
(27 |
) |
|
|
|
(15 |
) |
|
Net loss |
|
$ |
|
(2,051 |
) |
|
$ |
|
(3,555 |
) |
|
Earnings per share,
basic and diluted: |
|
|
|
|
|
|
|
Basic and diluted loss
per share |
|
$ |
|
(0.42 |
) |
|
$ |
|
(0.74 |
) |
|
Shares used in
computing: |
|
|
|
|
|
|
|
Weighted average
shares-basic and diluted |
|
|
|
4,896 |
|
|
|
|
4,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BroadVision Contact:
Peter Chu
Investor Relations
(650) 295-0716 x7177
Ir1@broadvision.com
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