REDWOOD CITY, Calif., April 30, 2014 (GLOBE NEWSWIRE) -- BroadVision, Inc. (Nasdaq:BVSN), a leading provider of e-business and engagement management solutions, today reported financial results for its first quarter ended March 31, 2014. Revenues for the first quarter were $3.0 million, compared with revenues of $3.7 million for the fourth quarter ended December 31, 2013 and $3.8 million for the comparable quarter of 2013.
License revenue for the first quarter of 2014 was $1.2 million, compared with $1.4 million for the prior quarter and $1.6 million for the comparable quarter of 2013. The majority of the first 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.
In the first quarter of 2014, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $2.3 million, or $0.49 per basic and diluted share, as compared with GAAP net loss of $1.3 million, or $0.28 per basic and diluted share, for the fourth quarter of 2013 and GAAP net loss of $2.1 million, or $0.46 per basic and diluted share, for the comparable quarter of 2014.
As of March 31, 2014 the Company had $45.9 million of cash and cash equivalents and short-term investments, compared to a combined balance of $46.4 million as of December 31, 2013 and $51.4 million as of March 31, 2013.
"Within Q2 2014 we will begin the delivery of Vmoso, a family of next-generation unified communication and collaboration (UCC) solutions for the enterprise, which we have been developing over the past three years," said Dr. Pehong Chen, President and CEO of BroadVision. "Highlighting mobility while emphasizing enterprise-class security, Vmoso unifies email, instant messaging, file sharing, workflow, and social networking into one cohesive and convenient user experience, enabling everyone to engage with anyone, about anything, from anywhere, at anytime. We are truly excited to announce the availability of myVmoso, the quick start version of Vmoso for enterprise, SMB, SOHO, and individual users, in a beta program scheduled to commence next month."
Conference Call Information
BroadVision management will host a conference call today, Wednesday, April 30th, 2014, at 2:00PM Pacific Standard Time (PST). The conference call may be accessed by dialing: 1-888-424-8151, with pin code 6831030#. 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.
The BroadVision logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5621
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 the timing and functionality of expected product releases, 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, | |
| 2014 | 2013 | |
| ASSETS | (unaudited) | |
| Current assets: | ||
| Cash, cash equivalents and short-term investments | $ 45,882 | $ 46,400 |
| Other current assets | 4,069 | 4,771 |
| Total current asset | 49,951 | 51,171 |
| Other non-current assets | 420 | 438 |
| Total assets | $ 50,371 | $ 51,609 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities | $ 7,894 | $ 7,417 |
| Other non-current liabilities | 806 | 778 |
| Total liabilities | 8,700 | 8,195 |
| Total stockholders' equity | 41,671 | 43,414 |
| Total liabilities and stockholders' equity | $ 50,371 | $ 51,609 |
| BROADVISION, INC. AND SUBSIDIARIES | ||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||
| (In thousands, except per share data) | ||
| (unaudited) | ||
| Three Months Ended | ||
| March 31, | ||
| 2014 | 2013 | |
| Revenues: | ||
| Software licenses | $ 1,226 | $ 1,602 |
| Services | 1,768 | 2,241 |
| Total revenues | 2,994 | 3,843 |
| Cost of revenues: | ||
| Cost of software revenues | 44 | 24 |
| Cost of services | 990 | 1,177 |
| Total cost of revenues | 1,034 | 1,201 |
| Gross profit | 1,960 | 2,642 |
| Operating expenses: | ||
| Research and development | 1,829 | 1,703 |
| Sales and marketing | 1,507 | 1,448 |
| General and administrative | 1,000 | 1,095 |
| Total operating expenses | 4,336 | 4,246 |
| Operating loss | (2,376) | (1,604) |
| Other Income (expense), net | 40 | (530) |
| Loss before provision for income taxes | (2,336) | (2,134) |
| Provision for income taxes | (3) | (14) |
| Net loss | $ (2,339) | $ (2,148) |
| Earnings per share, basic and diluted: | ||
| Basic and diluted loss per share | $ (0.49) | $ (0.46) |
| Shares used in computing: | ||
| Weighted average shares-basic and diluted | 4,770 | 4,686 |