BroadVision Announces Second Quarter 2017 Results
BroadVision Announces Second Quarter 2017 Results
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  • 승인 2017.08.15 08:00
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REDWOOD CITY, Calif., Aug. 14, 2017 (GLOBE NEWSWIRE) -- BroadVision, Inc. (NASDAQ:BVSN), a leading provider of e-business and engagement management solutions, today reported financial results for its second quarter ended June 30, 2017. Revenues for the second quarter were $1.6 million, compared with revenues of $1.8 million for the first quarter ended March 31, 2017 and $1.9 million for the comparable quarter of 2016. 

License revenue for the second quarter of 2017 was $0.9 million, with no change from the prior quarter, compared to $1.0 million for the comparable quarter of 2016. The majority of the second 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 second quarter of 2017, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles (“GAAP”) basis of $2.4 million, or $0.48 per basic and diluted share, as compared with GAAP net loss of $2.6 million, or $0.52 per basic and diluted share, for the first quarter of 2017 and GAAP net loss of $2.6 million, or $0.53 per basic and diluted share, for the comparable quarter of 2016. 

As of June 30, 2017, the Company had $15.6 million of cash and cash equivalents and short-term investments, compared to a combined balance of $17.5 million as of March 31, 2017 and $25.0 million as of June 30, 2016.

“Around the world, we are seeing organizations' digital transformation initiatives accelerating. Digital transformation is no longer something to plan for the future, it's happening right now. Vmoso is ideally positioned as the center point for these initiatives, combining knowledge management, process management and collaboration, connecting people across and beyond the organization,” said Dr. Pehong Chen President, and CEO of BroadVision.

At this time, BroadVision is discontinuing holding conference calls in connection with its earnings releases.
                                                                                                     
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 Statements
Information 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-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 SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
 
       
  June 30, December 31,
  2017 2016
ASSETS  (unaudited)   
Current assets:      
Cash, cash equivalents and short-term investments $ 15,550 $ 19,704
Other current assets   2,054   2,082
Total current assets   17,604   21,786
Other non-current assets   194   207
Total assets $ 17,798 $ 21,993
LIABILITIES AND STOCKHOLDERS' EQUITY      
Current liabilities $ 4,937 $ 4,396
Other non-current liabilities   779   734
Total liabilities   5,716   5,130
Total stockholders' equity   12,082   16,863
Total liabilities and stockholders' equity $ 17,798 $ 21,993
       


BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(unaudited)
 
  Three Months Ended Six Months Ended
  June 30, June 30,
  2017  2016  2017  2016 
Revenues:            
Software licenses $ 872  $ 1,010  $ 1,761  $ 2,029 
Services   743    912    1,662    1,902 
Total revenues   1,615    1,922    3,423    3,931 
Cost of revenues:            
Cost of software revenues   45    43    98    81 
Cost of services   732    807    1,528    1,579 
Total cost of revenues   777    850    1,626    1,660 
Gross profit   838    1,072    1,797    2,271 
Operating expenses:            
Research and development   1,655    1,703    3,334    3,446 
Sales and marketing   1,012    1,100    1,969    2,251 
General and administrative   820    964    1,884    1,949 
Total operating expenses   3,487    3,767    7,187    7,646 
Operating loss   (2,649)   (2,695)   (5,390)   (5,375)
Other income, net   277    98    432    754 
Loss before provision for income taxes   (2,372)   (2,597)   (4,958)   (4,621)
Benefit (Provision) for income taxes   10    (6)   (2)   (33)
Net loss $ (2,362) $ (2,603) $ (4,960) $ (4,654)
Earnings per share, basic and diluted:            
Basic and diluted loss per share $ (0.48) $ (0.53) $ (1.00) $ (0.95)
Shares used in computing:            
Weighted average shares-basic and diluted   4,967    4,914    4,962    4,905 
 

 

CONTACT: BroadVision Contact:

Peter Chu
Investor Relations
(650) 295-0716 x7177	
Ir1@broadvision.com

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