REDWOOD CITY, Calif., July 31, 2013 (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, 2013. Revenues for the second quarter were $4.1 million, compared with revenues of $3.8 million for the first quarter ended March 31, 2013 and $3.6 million for the comparable quarter of 2012.
License revenue for the second quarter of 2013 was $1.4 million, compared with $1.6 million for the prior quarter and $1.2 million for the comparable quarter of 2012. The majority of the second 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 such as Agile China, AllpkuManagement Consultants Ltd., The Barnet Group, BondPR Worldwide, Boone Group, Double J Development LLC, i2i benefits, The I-Consulting Group, Italiaonline S.r.l., Scheugenpflug AG, SINA Corporation, Zambon SpA, and several other brand-name global customers.
In the second quarter of 2013, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $1.1 million, or $0.23 per basic and diluted share, as compared with GAAP net loss of $2.1 million, or $0.46 per basic and diluted share, for the first quarter of 2013 and GAAP net loss of $2.5 million, or $0.54 per basic and diluted share, for the comparable quarter of 2012.
As of June 30, 2013 the Company had $49.5 million of cash and cash equivalents and short-term investments, compared to a combined balance of $51.4 million as of March 31, 2013 and $52.0 million as of June 30, 2012.
"Q2 was a milestone quarter for our Clearvale PaasPort ecosystem with the addition NTT Communications and Agile China in Asia as well as Collective HR Solutions, i2i benefits, and Wild at Work in North America," said Dr. Pehong Chen, President and CEO, BroadVision. "The win-win value proposition for Clearvale partners to become users, and in turn resellers, is a unique attribute of our enterprise social networking solution. We believe that Clearvale is the optimal solution to offer seamless and secure integration of intranets and extranets. We are actively expanding partnerships globally across verticals such as industrials, financial services, healthcare, services and other engagement, knowledge and service-intensive sectors."
Conference Call Information
BroadVision management will host a conference call today, Wednesday, July 31, 2013, at 2:00PM Pacific Daylight Time (PDT). The conference call may be accessed by dialing: 1-855-410-0553, with pin code 395981#. Callers outside North America should call +1-646-583-7389 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) is a provider of e-business and engagement management solutions for organizations seeking to transform their communication and collaboration efforts within and outside the enterprise by embedding valuable social behaviors into business relationships and processes. BroadVision solutions – including the Clearvale enterprise social networking solution – deliver a virtual, mobile, and social platform of engagement for sharing expertise, enhancing business agility, and tracking accountability to deliver clarity in decision-making and improvement in both productivity and business results. 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 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, including statements about expected partnership expansions and the effect of enterprise social networking technologies on enterprises, 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) | ||
| June 30, 2013 | December 31, 2012 | |
| ASSETS | (unaudited) | |
| Current assets: | ||
| Cash, cash equivalents and short-term investments | $ 49,465 | $ 52,281 |
| Other current assets | 3,261 | 5,093 |
| Total current assets | 52,726 | 57,374 |
| Other non-current assets | 487 | 512 |
| Total assets | $ 53,213 | $ 57,886 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities | $ 7,441 | $ 9,042 |
| Other non-current liabilities | 928 | 1,187 |
| Total liabilities | 8,369 | 10,229 |
| Total stockholders' equity | 44,844 | 47,657 |
| Total liabilities and stockholders' equity | $ 53,213 | $ 57,886 |
| BROADVISION, INC. AND SUBSIDIARIES | ||||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||
| (In thousands, except per share data) | ||||
| (unaudited) | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||
| 2013 | 2012 | 2013 | 2012 | |
| Revenues: | ||||
| Software licenses | $ 1,387 | $ 1,152 | $ 2,989 | $ 2,551 |
| Services | 2,693 | 2,451 | 4,934 | 4,873 |
| Total revenues | 4,080 | 3,603 | 7,923 | 7,424 |
| Cost of revenues: | ||||
| Cost of software revenues | 46 | 31 | 70 | 34 |
| Cost of services | 1,057 | 1,138 | 2,234 | 2,431 |
| Total cost of revenues | 1,103 | 1,169 | 2,304 | 2,465 |
| Gross profit | 2,977 | 2,434 | 5,619 | 4,959 |
| Operating expenses: | ||||
| Research and development | 1,836 | 1,604 | 3,539 | 3,238 |
| Sales and marketing | 1,506 | 1,543 | 2,954 | 3,052 |
| General and administrative | 1,022 | 1,063 | 2,117 | 2,129 |
| Restructuring charges | -- | 2 | -- | 12 |
| Total operating expenses | 4,364 | 4,212 | 8,610 | 8,431 |
| Operating loss | (1,387) | (1,778) | (2,991) | (3,472) |
| Other income (loss), net | 300 | (669) | (230) | (338) |
| Loss before provision for income taxes | (1,087) | (2,447) | (3,221) | (3,810) |
| Provision for income taxes | (5) | (46) | (19) | (30) |
| Net loss | $ (1,092) | $ (2,493) | $ (3,240) | $ (3,840) |
| Earnings per share, basic and diluted: | ||||
| Basic and diluted net loss per share | $ (0.23) | $ (0.54) | $ (0.69) | $ (0.83) |
| Shares used in computing: | ||||
| Weighted average shares-basic and diluted | 4,702 | 4,642 | 4,694 | 4,611 |
Peter Chu Investor Relations (650) 295-0716 x7177
