BroadVision Announces First Quarter 2019 Results
May 15 2019 - 4:01PM
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, 2019. This was the
first quarter for which BroadVision’s balance sheet and results of
operations reported under U.S. Generally Accepted Accounting
Principles (“GAAP”) basis included the balance sheet and results of
operations of Vmoso, Inc, which is consolidated into BroadVision
for U.S. GAAP purposes. Revenues for the first quarter were $1.1
million, compared with revenues of $1.2 million for the fourth
quarter ended December 31, 2018 and $1.6 million for the comparable
quarter of 2018.
License revenue for the first quarter of 2019
was $0.6 million, compared with revenues of $0.7 million for the
fourth quarter ended December 31, 2018 and $0.9 million for the
comparable quarter of 2018. The majority of the first quarter
license 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 2019, BroadVision posted
net income attributable to BroadVision on a GAAP basis of $0.6
million, or $0.12 per basic and diluted share, as compared with
GAAP net loss of $1.6 million, or $0.33 per basic and diluted
share, for the fourth quarter of 2018 and GAAP net loss of $1.5
million, or $0.30 per basic and diluted share, for the comparable
quarter of 2018.
As of March 31, 2019, the Company had $5.7
million of cash and cash equivalents and short-term investments,
compared to a combined balance of $2.6 million as of December 31,
2018 and $7.9 million as of March 31, 2018.
"Q1 has been a transition period in which new
structures resulting from the Q4 financing of and
transfer of our Vmoso and Clearvale platforms to our
subsidiary, Vmoso, Inc., have been established, with
BroadVision and Vmoso focusing on their respective markets. Under
this new structure, we believe BroadVision can focus on serving its
markets and customers better." said Dr. Pehong Chen, President, CEO
and Interim CFO of BroadVision.
About BroadVision
Driving innovation since 1993, BroadVision
(Nasdaq: BVSN) provides e-business solutions that enable the
enterprise and its employees, partners, and customers to stay
actively engaged, socially connected, and universally organized to
achieve greater business results. BroadVision®
solutions—including Vmoso for virtual, mobile, and social business
collaboration, and Clearvale for enterprise social networking, both
of which are now owned and being developed by BroadVision’s
consolidated 19.9%-owned subsidiary, Vmoso, Inc.
(“VMSO”)—are available globally in the cloud via the Web and mobile
applications. 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. or VMSO 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, including statements regarding
BroadVision’s ability to enhance customers’
businesses and BroadVision’s ability to serve its markets and
customers better following the VMSO transactions 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 involve risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements. These risks and uncertainties include
without limitation uncertainty regarding market acceptance of
BroadVision’s and VMSO’s products and services, VMSO’s ability to
sell Vmoso to its existing customers and new customers,
BroadVision’s ability to provide reliable, scalable and
cost-efficient Cloud-based offerings, BroadVision’s ability to
effectively compete in its intensely competitive market and respond
effectively to rapidly changing technology, evolving industry
standards and changing customer needs, requirements or preferences,
and the other risks set forth in BroadVision’s most recent
quarterly report on Form 10-Q, and subsequent reports filed with
the Securities and Exchange Commission. All forward-looking
statements included in this release 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 except as required by law. These
statements are not guarantees of future performance and actual
results could differ materially from BroadVision's current
expectations.
|
BROADVISION,
INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In
thousands) |
|
|
March 31, |
|
December 31, |
|
2019 |
|
2018 |
ASSETS |
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
5,671 |
|
$ |
2,574 |
Other current assets |
|
1,224 |
|
|
1,168 |
Total current assets |
|
6,895 |
|
|
3,742 |
Other non-current assets |
|
953 |
|
|
111 |
Total assets |
$ |
7,848 |
|
$ |
3,853 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Current liabilities |
$ |
2,828 |
|
$ |
1,889 |
Other non-current liabilities |
|
622 |
|
|
563 |
Total liabilities |
|
3,450 |
|
|
2,452 |
Total stockholders' equity |
|
4,398 |
|
|
1,401 |
Total liabilities and stockholders' equity |
$ |
7,848 |
|
$ |
3,853 |
|
|
|
|
|
|
|
BROADVISION,
INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS |
(In
thousands, except per share data) |
(unaudited) |
|
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Revenues: |
|
|
|
|
|
Software licenses |
$ |
573 |
|
|
$ |
925 |
|
Services |
|
495 |
|
|
|
678 |
|
Total revenues |
|
1,068 |
|
|
|
1,603 |
|
Cost of revenues: |
|
|
|
|
|
Cost of software revenues |
|
1 |
|
|
|
33 |
|
Cost of services |
|
272 |
|
|
|
550 |
|
Total cost of revenues |
|
273 |
|
|
|
583 |
|
Gross profit |
|
795 |
|
|
|
1,020 |
|
Operating expenses: |
|
|
|
|
|
Research and development |
|
661 |
|
|
|
1,403 |
|
Sales and marketing |
|
302 |
|
|
|
566 |
|
General and administrative |
|
610 |
|
|
|
741 |
|
Total operating expenses |
|
1,573 |
|
|
|
2,710 |
|
Operating loss |
|
(778 |
) |
|
|
(1,690 |
) |
Interest income, net |
|
10 |
|
|
|
16 |
|
Other income (loss), net |
|
653 |
|
|
|
183 |
|
Loss before income taxes |
|
(115 |
) |
|
|
(1,491 |
) |
Benefit (provision) for income
taxes |
|
(4 |
) |
|
|
(1 |
) |
Net loss |
|
(119 |
) |
|
|
(1,492 |
) |
Net loss attributable to noncontrolling interest |
|
(721 |
) |
|
|
- |
|
Net income (loss) attributable to BroadVision |
|
602 |
|
|
|
(1,492 |
) |
|
|
|
|
|
|
Earnings per share, basic and
diluted: |
|
|
|
|
|
Basic and diluted net income
(loss) per share |
$ |
0.12 |
|
|
$ |
(0.30 |
) |
Shares used in computing: |
|
|
|
|
|
Weighted average
shares-basic |
|
5,002 |
|
|
|
4,995 |
|
Weighted average
shares-diluted |
|
5,018 |
|
|
|
4,995 |
|
|
BroadVision
Contact:
Pehong ChenInvestor Relations(650)
331-1000
Ir1@broadvision.com
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