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8-K - 8-K - BROADVISION INCbvsn-20131023x8k.htm

 

EMBARGO UNTIL 1:30 PDT

BroadVision Contact:

Peter Chu

Investor Relations

(650) 295-0716 x7177

Ir1@broadvision.com

 

BroadVision Announces Third Quarter 2013 Results

 

REDWOOD CITY, CA — October 23, 2013BroadVision, Inc. (NASDAQ: BVSN), a leading provider of e-business and engagement management solutions,  today reported financial results for its third quarter ended September 30, 2013. Revenues for the third quarter were $4.0 million, compared with revenues of $4.1 million for the second quarter ended June 30, 2013 and $3.6 million for the comparable quarter of 2012. 

 

License revenue for the third quarter of 2013 was $1.3 million, compared with $1.4 million for the prior quarter and $1.3 million for the comparable quarter of 2012. The majority of the third 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 Allpku Management Consultants Ltd., The Barnet Group, Business Networks Europe GmbH, Global Hotel Alliance, Prime Polymer Co., Ltd., Zambon SpA, and several other brand-name global customers.

 

In the third quarter of 2013, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles (“GAAP”) basis of $0.8 million, or $0.18 per basic and diluted share, as compared with GAAP net loss of $1.1 million, or $0.23 per basic and diluted share, for the second quarter of 2013 and GAAP net loss of $0.07 million, or $0.01 per basic and diluted share, for the comparable quarter of 2012.

 

As of September 30, 2013 the Company had $47.7 million of cash and cash equivalents and short-term investments, compared to a combined balance of $49.5 million as of June 30, 2013 and $52.0 million as of September 30, 2012.

 


 

 

 

"The third quarter marks another milestone for our Clearvale ecosystem with the addition of partners such as SugarCRM and China National Software and Services Co., a leading software provider in China," said Dr. Pehong Chen, President and CEO, BroadVision. "Our investments in hybrid networks, ad-hoc workflow and social analytics are differentiating Clearvale from other offerings in the market.  Clearvale is designed with the needs of both end customers and partners in mind, and we are actively expanding partnerships globally and 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, October 23rd, 2013, at 2:00PM Pacific Daylight Time (PDT). 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) 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.

 

 

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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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

2013

 

2012

ASSETS

 

 

(unaudited)

 

 

 

Current assets:

 

 

 

 

 

 

Cash, cash equivalents and short-term investments

 

$

47,707 

 

$

52,281 

Other current assets

 

 

3,807 

 

 

5,093 

Total current asset

 

 

51,514 

 

 

57,374 

Other non-current assets

 

 

461 

 

 

512 

Total assets

 

$

51,975 

 

$

57,886 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

$

6,731 

 

$

9,042 

Other non-current liabilities

 

 

884 

 

 

1,187 

Total liabilities

 

 

7,615 

 

 

10,229 

Total stockholders' equity

 

 

44,360 

 

 

47,657 

Total liabilities and stockholders' equity

 

$

51,975 

 

$

57,886 

 

 

 

 

 

 

 

 


 

 

 

BROADVISION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2013

 

2012

 

2013

 

2012

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Software licenses

 

$

1,312 

 

$

1,267 

 

$

4,301 

 

$

3,818 

Services

 

 

2,652 

 

 

2,361 

 

 

7,586 

 

 

7,234 

Total revenues

 

 

3,964 

 

 

3,628 

 

 

11,887 

 

 

11,052 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of software revenues

 

 

55 

 

 

39 

 

 

125 

 

 

73 

Cost of services

 

 

1,225 

 

 

1,157 

 

 

3,459 

 

 

3,588 

Total cost of revenues

 

 

1,280 

 

 

1,196 

 

 

3,584 

 

 

3,661 

Gross profit

 

 

2,684 

 

 

2,432 

 

 

8,303 

 

 

7,391 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

1,779 

 

 

1,558 

 

 

5,318 

 

 

4,796 

Sales and marketing

 

 

1,316 

 

 

1,264 

 

 

4,270 

 

 

4,316 

General and administrative

 

 

920 

 

 

908 

 

 

3,037 

 

 

3,037 

Restructuring charges

 

 

 -

 

 

 -

 

 

 -

 

 

12 

Total operating expenses

 

 

4,015 

 

 

3,730 

 

 

12,625 

 

 

12,161 

Operating loss

 

 

(1,331)

 

 

(1,298)

 

 

(4,322)

 

 

(4,770)

Other Income, net

 

 

544 

 

 

1,308 

 

 

314 

 

 

970 

(Loss) income before provision for income taxes

 

 

(787)

 

 

10 

 

 

(4,008)

 

 

(3,800)

Provision for income taxes

 

 

(61)

 

 

(76)

 

 

(80)

 

 

(106)

Net loss

 

$

(848)

 

$

(66)

 

$

(4,088)

 

$

(3,906)

Earnings per share, basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss per share

 

$

(0.18)

 

$

(0.01)

 

$

(0.87)

 

$

(0.84)

Shares used in computing:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares-basic and diluted

 

 

4,720 

 

 

4,657 

 

 

4,703 

 

 

4,627