REDWOOD CITY, Calif., July 29, 2009 (GLOBE NEWSWIRE) -- BroadVision, Inc. (Nasdaq:BVSN), a global provider of strategic e-business solutions, today reported financial results for its second quarter ended June 30, 2009. Revenues for the second quarter were $8.2 million, compared with revenues of $8.0 million for the first quarter ended March 31, 2009 and $8.0 million for the comparable quarter of 2008, respectively.
License revenue for the second quarter of 2009 was $3.2 million, compared with $2.9 million for the prior quarter and $2.4 million for the comparable quarter of 2008. The majority of the second quarter license and subscription revenue was generated from the Company's core BroadVision(r) Business Agility Suite(tm), Commerce Agility Suite(tm), and QuickSilver(tm) solutions. The customers include Bank of Ayudhya, Bombardier, IBERIA L.A.E., Hewlett Packard Polska SP., Guidance International, Cardinal Health, Inc., Highmark BCBS, Rockwell Collins, The Education Center, and several other brand name global customers.
In the second quarter of 2009, BroadVision posted net income on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $2.1 million, or $0.48 per basic and diluted share, as compared with GAAP net loss of $626,000, or $0.14 per basic and diluted share, for the first quarter of 2009 and GAAP net income of $1.4 million, or $0.33 per basic and diluted share, for the comparable quarter of 2008. .
Non-GAAP measure net income for the second quarter of 2009 was $2.4 million, or $0.55 per basic and diluted share, compared with non-GAAP measure net loss of $336,000, or $0.07 per basic and diluted share, in the first quarter of 2009 and non-GAAP measure net income of $1.1 million, or $0.25 per basic and diluted share, for the comparable quarter of 2008. These non-GAAP measure results exclude restructuring credit, stock compensation expense under SFAS 123(R) and revaluation of warrant liabilities. A reconciliation of these figures to GAAP net income (loss) 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 June 30, 2009, the Company had $62.6 million of cash and cash equivalents and short-term investments, compared to a combined balance of $61.1 million as of March 31, 2009 and $61.9 million as of December 31, 2008.
"We are satisfied with our Q2 results, especially in our profit margins in both GAAP and non-GAAP measures of 25.7% and 29.4%, respectively," said Dr. Pehong Chen, President and CEO, BroadVision. "Furthermore, at the end of June we successfully launched Clearvale, a new brand of enterprise social network solution, which has been gaining great momentum in the market. We believe this compelling Web 2.0 service represents the best upside potential for global organizations to transform themselves into 'Enterprise 2.0', becoming more productive, innovative, customer-centric, and most importantly, capable of driving sustainable, long-term growths."
More information about the Clearvale(tm) business social network solution can be found at http://www.broadvision.com/en/software-solutions/saas/clearvale or www.clearvale.com to sign up immediately for a Clearvale network.
Conference Call Information
BroadVision management will host a conference call today, Wednesday, July 29, 2009, at 2:00 PM PDT. The conference call may be accessed by dialing: 1-866-200-6965, with pin code 763391#. Callers outside North America should call +1-212-659-4245 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 third 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 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 and more, rely on BroadVision as their solution of choice for e-business.
The BroadVision logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5621
For more information about BroadVision, Inc., call 1-650-331-1000; e-mail mediarelations@broadvision.com or visit http://www.broadvision.com.
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, but not limited to, Clearvale's effectiveness in driving customer growth and transformation, 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 Dec. 31
2009 2008
------- -------
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $62,586 $61,888
Other current assets 7,254 10,772
------- -------
Total current assets 69,840 72,660
Other non-current assets 1,912 2,077
------- -------
Total assets $71,752 $74,737
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $17,123 $21,590
Other non-current liabilities 1,998 2,429
------- -------
Total liabilities 19,121 24,019
Total stockholders' equity 52,631 50,718
------- -------
Total liabilities and stockholders' equity $71,752 $74,737
======= =======
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30 June 30
-------------------- --------------------
2009 2008 2009 2008
-------- -------- -------- --------
Revenues:
Software licenses $ 3,161 $ 2,448 $ 6,013 $ 6,425
Services 5,011 5,582 10,160 11,635
-------- -------- -------- --------
Total revenues 8,172 8,030 16,173 18,060
Cost of revenues:
Cost of software
licenses 14 6 20 13
Cost of services 1,959 2,155 3,923 4,408
-------- -------- -------- --------
Total cost of revenues 1,973 2,161 3,943 4,421
Gross profit 6,199 5,869 12,230 13,639
Operating expenses:
Research and development 2,009 2,309 4,177 4,646
Sales and marketing 1,942 1,961 3,978 3,846
General and
administrative 1,146 1,603 2,597 3,301
Restructuring charge
(credit) 56 (5) 54 (23)
-------- -------- -------- --------
Total operating expenses 5,153 5,868 10,806 11,770
-------- -------- -------- --------
Operating income 1,046 1 1,424 1,869
Other income, net 1,142 1,438 279 5,214
-------- -------- -------- --------
Income before
provision for income
taxes 2,188 1,439 1,703 7,083
Provision for income
taxes (79) (4) (220) (287)
-------- -------- -------- --------
Net income $ 2,109 $ 1,435 $ 1,483 $ 6,796
======== ======== ======== ========
Basic income per share $ 0.48 $ 0.33 $ 0.34 $ 1.56
Diluted income per share $ 0.48 $ 0.33 $ 0.34 $ 1.54
Shares used in computing:
Weighted average
shares-basic 4,396 4,372 4,389 4,365
Weighted average
shares-diluted 4,399 4,419 4,391 4,415
BROADVISION, INC. AND SUBSIDIARIES
NON-GAAP MEASURE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
---------------------------- ------------------
Jun. 30 Mar. 31 Jun. 30 Jun. 30 Jun. 30
2009 2009 2008 2009 2008
-------- -------- -------- -------- --------
Revenues:
Software licenses $ 3,161 $ 2,852 $ 2,448 $ 6,013 $ 6,425
Services 5,011 5,149 5,582 10,160 11,635
-------- -------- -------- -------- --------
Total
revenues 8,172 8,001 8,030 16,173 18,060
Cost of revenues:
Cost of software
licenses 14 6 6 20 13
Cost of services 1,931 1,936 2,119 3,867 4,335
-------- -------- -------- -------- --------
Total cost of
revenues 1,945 1,942 2,125 3,887 4,348
-------- -------- -------- -------- --------
Gross profit 6,227 6,059 5,905 12,286 13,712
Operating expenses:
Research and
development 1,922 2,065 2,228 3,987 4,526
Sales and marketing 1,879 1,984 1,878 3,863 3,709
General and
administrative 1,055 1,373 1,514 2,428 3,157
-------- -------- -------- -------- --------
Total operating
expenses 4,856 5,422 5,620 10,278 11,392
-------- -------- -------- -------- --------
Non-GAAP measure
operating income 1,371 637 285 2,008 2,320
Other income (loss),
net 1,118 (832) 813 286 2,135
-------- -------- -------- -------- --------
Non-GAAP measure
income before
provision for
income taxes 2,489 (195) 1,098 2,294 4,455
Provision for income
taxes (79) (141) (4) (220) 287
-------- -------- -------- -------- --------
Non-GAAP measure
net income
(loss) $ 2,410 $ (336) $ 1,094 $ 2,074 $ 4,168
======== ======== ======== ======== ========
Basic non-GAAP
measure net income
(loss) per share $ 0.55 $ (0.07) $ 0.25 $ 0.47 $ 0.95
Diluted non-GAAP
measure net
income (loss) per
share $ 0.55 $ (0.07) $ 0.25 $ 0.47 $ 0.95
Shares used in
computing basic non-
GAAP measure net
income (loss) per
share 4,396 4,381 4,372 4,389 4,365
Shares used in
computing diluted
non-GAAP measure net
income (loss) per
share 4,399 4,381 4,419 4,391 4,415
BROADVISION, INC. AND SUBSIDIARIES
RECONCILIATION OF U.S. GAAP TO NON-GAAP MEASURE NET INCOME
(unaudited; in thousands)
Three Months Ended Six Months Ended
------------------------- ----------------
Jun. 30 Mar. 31 Jun. 30 Jun. 30 Jun. 30
2009 2009 2008 2009 2008
------- ------- ------- ------- -------
Net income (loss), U.S.
GAAP $ 2,109 $ (626) $ 1,435 $ 1,483 $ 6,796
Non-GAAP measure
adjustments:
Restructuring charge
(credit) 56 (2) (5) 54 (23)
SFAS 123R Expense (1) 269 261 289 530 474
Revaluation of warrants
liabilities (2) (24) 31 (625) 7 (3,079)
------- ------- ------- ------- -------
Non-GAAP measure net
income (loss) $ 2,410 $ (336) $ 1,094 $ 2,074 $ 4,168
======= ======= ======= ======= =======
(1) Included as a component of cost of service and operating expense
for each period presented.
(2) Included as a component of other income (loss), net, for each
period presented.