REDWOOD CITY, Calif., April 28, 2009 (GLOBE NEWSWIRE) -- BroadVision, Inc. (Nasdaq:BVSN), a global provider of strategic e-business solutions, today reported financial results for its first quarter ended March 31, 2009. Revenues for the first quarter were $8.0 million, compared with revenues of $9.7 million for the fourth quarter ended December 31, 2008 and $10.0 million for the comparable quarter of 2008.
License revenue for the first quarter of 2009 was $2.9 million versus $3.6 million for the prior quarter and $4.0 million for the comparable quarter of 2008. The majority of the first quarter license revenue was generated from the Company's core BroadVision(r) Business Agility Suite(tm), Commerce Agility Suite(tm) and eMerchandising(tm) solutions from customers including, Techtree IT System, ClubMed, SPX, Siemens Medical Solutions USA, Inc. and We@Service and several other brand name global customers.
In the first quarter of 2009, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $626,000, or $0.14 per basic and diluted share, as compared with GAAP net loss of $22.1 million, or $5.04 per basic share and diluted share, for the fourth quarter of 2008 and GAAP net income of $5.4 million, or $1.23 per basic share and $1.21 per diluted share, for the comparable quarter of 2008. The GAAP net loss in the fourth quarter of 2008 included a charge related to the impairment of goodwill of $25.1 million.
Non-GAAP measure net loss for the first quarter of 2009 was $336,000, or $0.07 per basic share and diluted share, compared with non-GAAP measure net income of $2.8 million, or $0.64 per basic and diluted share, in the fourth quarter of 2008 and non-GAAP measure net income of $3.1 million, or $0.70 per basic share and $0.69 per diluted share, for the comparable quarter of 2008. These non-GAAP measure results exclude restructuring credit, goodwill impairment charges, stock compensation expense under SFAS 123(R) and revaluation of warrant liabilities. A reconciliation of these pro-forma figures to GAAP net income figures is included in a table on the attached financial statements. The Company believes these non-GAAP measure results provide useful information because they reflect the Company's financial performance excluding certain charges, credits, gains and losses that the Company believes are not indicative of its ongoing operations.
As of March 31, 2009, the Company had $61.1 million of cash and cash equivalents and short-term investments, compared to a combined balance of $61.9 million as of December 31, 2008.
"Q1 was a difficult quarter across the board as the global recession impacted enterprise IT spending in a major way. Despite that, we felt fortunate to be able to generate a small (4.7%) profit margin on an operating basis," said Dr. Pehong Chen, President and CEO, BroadVision. "With a solid balance sheet, rigorous discipline in cost control, and a strong product portfolio, we are heads-down, focused on delivering value in new solutions and services to our customers and are confident that we can thrive through the current downturn and come out stronger."
Conference Call Information
BroadVision management will host a conference call today, Tuesday, April 28, 2009, at 2:00 PM PDT. The conference call may be accessed by dialing: 1-866-439-4712, with pin code 997724#. Callers outside North America should call +1-212-457-9845 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 until it releases its second quarter 2009 financial results.
About BroadVision
Driving innovation since 1993, BroadVision is a global provider of strategic e-business solutions. Our modular applications and agile toolsets, built on a robust framework for personalization and self-service, power mission-critical web initiatives that deliver unparalleled value to diverse customers worldwide. Hundreds of organizations, serving over 50 million registered users and generating billions of dollars in business value, including Ausillium, Baker Hughes, BlueCross/BlueShield, Canon, ClubMed, EFG Bank, Epson America, Fiat, Hilti, Honeywell, Iberia, Indian Railways Catering and Tourism Company, Lockheed Martin, Oreck Corporation, PETCO, Siemens, SINA, Sony, Verifone, Vodafone, Xerox and more, rely on BroadVision as their solution of choice for e-business.
For more information about BroadVision, Inc., call 1-650-331-1000; e-mail mediarelations@broadvision.com or visit http://www.broadvision.com.
The BroadVision logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5621
BroadVision, Business Agility Suite, Commerce Agility Suite and eMerchandising 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, but not limited to, BroadVision's financial positioning and competitiveness, 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)
March 31 December 31
2009 2008
------------ -------------
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents
and short-term investment $ 61,146 $ 61,888
Other current assets 7,950 10,772
------------ -------------
Total current assets 69,096 72,660
Other non-current assets 1,944 2,077
------------ -------------
Total assets $ 71,040 $ 74,737
============ =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 18,945 $ 21,590
Other non-current liabilities 2,077 2,429
------------ -------------
Total liabilities 21,022 24,019
Total stockholders' equity 50,018 50,718
------------ -------------
Total liabilities and stockholders'
equity $ 71,040 $ 74,737
============ =============
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
---------------------------
2009 2008
------------ -------------
Revenues:
Software licenses $ 2,852 $ 3,977
Services 5,149 6,053
------------ -------------
Total revenues 8,001 10,030
Cost of revenues:
Cost of software licenses 6 7
Cost of services 1,964 2,253
------------ -------------
Total cost of revenues 1,970 2,260
Gross profit 6,031 7,770
Operating expenses:
Research and development 2,168 2,337
Sales and marketing 2,036 1,885
General and administrative 1,451 1,698
Restructuring (credit) (2) (18)
------------ -------------
Total operating expenses 5,653 5,902
------------ -------------
Operating income 378 1,868
Other (expense) income, net (863) 3,776
------------ -------------
(Loss) Income before provision for income
taxes (485) 5,644
Provision for income taxes (141) (283)
------------ -------------
Net (loss) income $ (626) $ 5,361
============ =============
Basic (loss) income per share $ (0.14) $ 1.23
Diluted (loss) income per share $ (0.14) $ 1.21
Shares used in computing:
Weighted average shares-basic 4,381 4,358
Weighted average shares-diluted 4,381 4,413
BROADVISION, INC. AND SUBSIDIARIES
NON-GAAP MEASURE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
----------------------------
Mar. 31 Dec. 31 Mar. 31
2009 2008 2008
-------- -------- --------
Revenues:
Software licenses $ 2,852 $ 3,616 $ 3,977
Services 5,149 6,036 6,053
-------- -------- --------
Total revenues 8,001 9,652 10,030
Cost of revenues:
Cost of software licenses 6 6 7
Cost of services 1,936 2,230 2,216
-------- -------- --------
Total cost of revenues 1,942 2,236 2,223
-------- -------- --------
Gross profit 6,059 7,416 7,807
Operating expenses:
Research and development 2,065 2,265 2,298
Sales and marketing 1,984 1,911 1,831
General and administrative 1,373 1,370 1,643
-------- -------- --------
Total operating expenses 5,422 5,546 5,772
-------- -------- --------
Non-GAAP measure operating income 637 1,870 2,035
Other (loss) income, net (832) 1,148 1,322
-------- -------- --------
Non-GAAP measure (loss) income before
provision for income taxes (195) 3,018 3,357
Provision for income taxes (141) (192) (283)
-------- -------- --------
Non-GAAP measure net (loss) income $ (336) $ 2,826 $ 3,074
======== ======== ========
Basic non-GAAP measure net (loss) income
per share $ (0.07) $ 0.64 $ 0.70
Diluted non-GAAP measure net (loss)
income per share $ (0.07) $ 0.64 $ 0.69
Shares used in computing basic non-GAAP
measure net (loss) income per share 4,381 4,382 4,358
Shares used in computing diluted
non-GAAP measure net (loss) income
per share 4,381 4,382 4,413
BROADVISION, INC. AND SUBSIDIARIES
RECONCILIATION OF U.S. GAAP TO NON-GAAP MEASURE NET INCOME
(unaudited; in thousands)
Three Months Ended
-------------------------------
Mar. 31 Dec. 31 Mar.31
2009 2008 2008
--------- --------- ---------
Net (loss) income, U.S. GAAP $ (626) $ (22,095) $ 5,361
Non-GAAP measure adjustments:
Restructuring (credit) (2) (9) (18)
Goodwill impairment 0 25,066 0
SFAS 123R Expense (1) 261 244 185
Revaluation of warrants liabilities
(2) 31 (380) (2,454)
--------- --------- ---------
Non-GAAP measure net (loss) income $ (336) $ 2,826 $ 3,074
========= ========= =========
(1) Included as a component of cost of service and operating expense
for each period presented.
(2) Included as a component of other (loss) income, net, for each
period presented.