BroadVision Announces Second Quarter 2019 Results
August 15 2019 - 4:10PM
BroadVision, Inc. (Nasdaq: BVSN), a leading provider of e-business
and engagement management solutions, today reported financial
results for its second quarter ended June 30, 2019. This was the
second quarter for which BroadVision’s balance sheet and results of
operations reported under U.S. Generally Accepted Accounting
Principles (“GAAP”) included the balance sheet and results of
operations of its subsidiary, Vmoso, Inc. (“VMSO”), which is
consolidated with BroadVision for GAAP purposes. BroadVision
completed the financing of and transfer of its Vmoso and Clearvale
platforms to VMSO in the first quarter of 2019 (collectively, the
“VMSO transactions”). Revenues for the second quarter were $0.9
million, of which $0.2 million related to VMSO, compared with
revenues of $1.1 million for the first quarter ended March 31,
2019, of which $0.2 million related to VMSO, and $1.2 million for
the comparable quarter of 2018, which was prior to the completion
of the VMSO transactions.
License revenue for the second quarter of 2019
was $0.5 million, of which $0.2 million was related to VMSO,
compared with revenues of $0.6 million for the first quarter ended
March 31, 2019, of which $0.2 million was related to VMSO, and $0.6
million for the comparable quarter of 2018, which was prior to the
completion of the VMSO transactions. The majority of the second
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 second quarter of 2019, BroadVision
posted net loss attributable to BroadVision on a GAAP basis of $0.3
million, or $0.06 per basic and diluted share, as compared with
GAAP net loss of $0.3 million, or $0.06 per basic and diluted
share, for the first quarter of 2019 and GAAP net loss of $2.2
million, or $0.43 per basic and diluted share, for the comparable
quarter of 2018.
As of June 30, 2019, the Company had $4.6
million of cash and cash equivalents, including $2.1 million
related to VMSO, compared to a combined balance of $2.6 million as
of December 31, 2018, which was prior to the completion of the VMSO
transactions.
"For the first time this quarter we are
including separate figures for our VMSO subsidiary within our
reported results. These figures show that VMSO continued to require
investment levels expected for a startup, while the core
BroadVision business continued to generate revenues," said Dr.
Pehong Chen, President, CEO and Interim CFO of BroadVision.
About BroadVisionDriving
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 subsidiary, 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
StatementsInformation 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.
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|
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BROADVISION,
INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In
thousands) |
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2019 |
|
2018 |
ASSETS |
|
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash, cash equivalents and short-term investments |
|
$ |
4,620 |
|
$ |
2,574 |
Other current assets |
|
|
706 |
|
|
1,168 |
Total current assets |
|
|
5,326 |
|
|
3,742 |
Other non-current assets |
|
|
184 |
|
|
111 |
Total assets |
|
$ |
5,510 |
|
$ |
3,853 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
$ |
2,236 |
|
$ |
1,889 |
Other non-current liabilities |
|
|
587 |
|
|
563 |
Total liabilities |
|
|
2,823 |
|
|
2,452 |
Total stockholders’ equity before noncontrolling interest |
|
|
864 |
|
|
1,401 |
Noncontrolling interest |
|
|
1,823 |
|
|
— |
Total stockholders' equity |
|
|
2,687 |
|
|
1,401 |
Total liabilities and stockholders' equity |
|
$ |
5,510 |
|
$ |
3,853 |
|
|
|
|
|
|
|
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|
|
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|
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|
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BROADVISION,
INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS |
(In
thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Software licenses |
|
$ |
516 |
|
|
$ |
619 |
|
|
$ |
1,089 |
|
|
$ |
1,544 |
|
Services |
|
|
415 |
|
|
|
624 |
|
|
|
910 |
|
|
|
1,302 |
|
Total revenues |
|
|
931 |
|
|
|
1,243 |
|
|
|
1,999 |
|
|
|
2,846 |
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software revenues |
|
|
1 |
|
|
|
44 |
|
|
|
2 |
|
|
|
77 |
|
Cost of services |
|
|
251 |
|
|
|
487 |
|
|
|
523 |
|
|
|
1,037 |
|
Total cost of revenues |
|
|
252 |
|
|
|
531 |
|
|
|
525 |
|
|
|
1,114 |
|
Gross profit |
|
|
679 |
|
|
|
712 |
|
|
|
1,474 |
|
|
|
1,732 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
675 |
|
|
|
1,297 |
|
|
|
1,336 |
|
|
|
2,700 |
|
Sales and marketing |
|
|
293 |
|
|
|
464 |
|
|
|
595 |
|
|
|
1,030 |
|
General and administrative |
|
|
705 |
|
|
|
796 |
|
|
|
1,315 |
|
|
|
1,537 |
|
Total operating expenses |
|
|
1,673 |
|
|
|
2,557 |
|
|
|
3,246 |
|
|
|
5,267 |
|
Operating loss |
|
|
(994 |
) |
|
|
(1,845 |
) |
|
|
(1,772 |
) |
|
|
(3,535 |
) |
Interest income, net |
|
|
12 |
|
|
|
20 |
|
|
|
22 |
|
|
|
36 |
|
Other income (loss), net |
|
|
107 |
|
|
|
(334 |
) |
|
|
15 |
|
|
|
(151 |
) |
Loss before income taxes |
|
|
(875 |
) |
|
|
(2,159 |
) |
|
|
(1,735 |
) |
|
|
(3,650 |
) |
Income tax expense |
|
|
(12 |
) |
|
|
(1 |
) |
|
|
(16 |
) |
|
|
(2 |
) |
Net loss |
|
|
(887 |
) |
|
|
(2,160 |
) |
|
|
(1,751 |
) |
|
|
(3,652 |
) |
Net loss attributable to noncontrolling interest |
|
|
(602 |
) |
|
|
— |
|
|
|
(1,177 |
) |
|
|
— |
|
Net loss attributable to BroadVision |
|
$ |
(285 |
) |
|
$ |
(2,160 |
) |
|
$ |
(574 |
) |
|
$ |
(3,652 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and
diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per
share |
|
$ |
(0.06 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.73 |
) |
Shares used in computing: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares, basic
and diluted |
|
|
5,018 |
|
|
|
4,997 |
|
|
|
5,010 |
|
|
|
4,996 |
|
|
|
|
|
|
|
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|
VMOSO, INC. |
|
|
|
|
|
|
|
Financial Position (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
|
Current assets |
|
|
|
|
$ |
2,109 |
|
Total assets |
|
|
|
|
|
2,109 |
|
Current liabilities |
|
|
|
|
$ |
874 |
|
Total liabilities |
|
|
|
|
|
874 |
|
Stockholders' equity
attributed to BroadVision |
|
|
|
|
|
(588 |
) |
Stockholders’ equity attributed to
non-controlling interest |
|
|
|
|
$ |
1,823 |
|
Total Liabilities and
Stockholders' Equity |
|
|
|
|
$ |
2,109 |
|
|
|
|
|
|
|
|
Results of Operations (in thousands): |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
|
2019 |
|
Revenues |
|
$ |
239 |
|
|
$ |
410 |
|
Cost of revenues |
|
|
187 |
|
|
|
365 |
|
Gross profit |
|
|
52 |
|
|
|
45 |
|
Operating expenses |
|
|
944 |
|
|
|
1,804 |
|
Operating loss |
|
|
(892 |
) |
|
|
(1,759 |
) |
Interest income |
|
|
9 |
|
|
|
14 |
|
Other income (expense) |
|
|
(20 |
) |
|
|
(20 |
) |
Net loss attributed to
BroadVision |
|
|
(301 |
) |
|
|
(588 |
) |
Net loss attributed to
non-controlling interest |
|
$ |
(602 |
) |
|
$ |
(1,177 |
) |
|
|
|
|
|
|
|
|
|
BroadVision Contact:
Pehong ChenInvestor Relations(650)
331-1000
Ir1@broadvision.com
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