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BroadVision Announces Fourth Quarter 2012 and Full-Year Results(GlobeNewswire Via Acquire Media NewsEdge) REDWOOD CITY, Calif., Jan. 30, 2013 (GLOBE NEWSWIRE) -- BroadVision, Inc. (Nasdaq:BVSN), an innovative provider of online commerce and business social networking solutions, today reported financial results for its fourth quarter ended December 31, 2012. Revenues for the fourth quarter were $4.1 million, compared with revenues of $3.6 million for the third quarter ended September 30, 2012 and $4.2 million for the comparable quarter of 2011. License revenue for the fourth quarter of 2012 was $1.3 million, compared with $1.3 million for the prior quarter and $1.6 million for the comparable quarter of 2011. The majority of the fourth 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 such as ARAGO Consulting S.A.S, The Boeing Company, Business Networks Europe GmbH, Centre National de l'Expertise Hospitalière (CNEH), CROSSOVER Europe S.r.l., EVN AG, Indian Railways Catering and Tourism Corporation Ltd, InTouch N.V., Lockheed Martin, SOFTBANK TELECOM Corp., Vías y Construcciones, S.A, WeBank SpA, and several other brand-name global customers. In the fourth quarter of 2012, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $1.1 million, or $0.25 per basic and diluted share, as compared with GAAP net loss of $0.07 million, or $0.01 per basic and diluted share, for the third quarter of 2012 and GAAP net loss of $1.8 million, or $0.40 per basic and diluted share, for the comparable quarter of 2011. Full-year 2012 revenues totaled $15.1 million, with GAAP net loss of $5.1 million, or $1.09 per basic and diluted share, compared to 2011 revenues of $17.6 million and GAAP net loss of $5.4 million, or $1.20 per basic and diluted share. As of December 31, 2012 the Company had $52.3 million of cash and cash equivalents and short-term investments, compared to a combined balance of $52.0 million as of September 30 2012 and $54.4 million as of December 31 2011. "We concluded 2012 with impressive growth in Clearvale over 2011, including the number of partners, networks and users, paid customers and revenue bookings," said Dr. Pehong Chen, President and CEO, BroadVision. "With the announcement of the new BroadVision 9 solution to kick off 2013, we expect to create unified engagement solutions leveraging our e-business and enterprise social networking technologies. The integration of Clearvale's social and mobile capabilities into BroadVision 9 extends the engagement model built on top of our robust personalization and transaction management platform. In 2013, we will add BroadVision 9 to our product portfolio to be distributed through our channel partners and direct sales efforts. As engagement solutions continue to reach the mainstream, we believe BroadVision is very well positioned to dramatically change how people and businesses collaborate." Conference Call Information BroadVision management will host a conference call today, Wednesday, January 30th, 2013, at 2:00PM Pacific Standard Time (PST). The conference call may be accessed by dialing: 1-866-200-6965, with pin code 79238610#. Callers outside North America should call +1-646-216-7221 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 is an innovative provider of e-business and social networking solutions for organizations seeking to grow profitably by improving online business processes through invited participation and social interaction. Our solutions – including Clearvale, the world's first network of networks for the socially driven enterprise -- enable mission-critical e-business for next-generation organizations around the globe. The customers benefiting from BroadVision solutions include Aeroxchange Ltd., Centre for Railway Information Systems, Controller General of Defence Accounts, Fiat S.p.A., Hilti AG, Iberia, Indian Railways Catering and Tourism Company, Kotak Mahindra Bank Ltd., Malayala Manorama Co. Ltd., Promart Retail India Pvt. Ltd., SINA, SOFTBANK TELECOM Corp., Thomas Cook India Ltd., Vodafone, and more. Visit www.BroadVision.com for more details. The BroadVision logo is available at //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 expected product enhancements, adoption of enterprise social networking technologies and their effect on enterprise, 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) December 31 2012December 31 2011 (Unaudited)ASSETS Current assets: Cash, cash equivalents and short-term investments $ 52,281 $ 54,414 Other current assets 5,093 6,301 Total current assets 57,374 60,715 Other non-current assets 512 287 Total assets $ 57,886 $ 61,002LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 9,042 $ 10,296 Other non-current liabilities 1,187 936 Total liabilities 10,229 11,232 Total stockholders' equity 47,657 49,770 Total liabilities and stockholders' equity $ 57,886 $ 61,002 BROADVISION, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (unaudited) Three Months EndedTwelve Months Ended December 31December 31 2012201120122011 Revenues: Software licenses $ 1,342 1,601 5,160 5,489 Services 2,732 2,594 9,966 12,065 Total revenues 4,074 4,195 15,126 17,554 Cost of revenues: Cost of software licenses 73 1 146 11 Cost of services 1,268 1,278 4,856 6,002 Total cost of revenues 1,341 1,279 5,002 6,013 Gross profit 2,733 2,916 10,124 11,541 Operating expenses: Research and development 1,649 1,310 6,445 6,356 Sales and marketing 1,545 1,512 5,861 5,949 General and administrative 944 914 3,981 3,976 Restructuring charge -- 322 12 810 Total operating expenses 4,138 4,058 16,299 17,091 Operating loss (1,405) (1,142) (6,175) (5,550) Other income (expense), net 287 (645) 1,257 282 (Loss) income before (provision) benefit for income taxes (1,118) (1,787) (4,918) (5,268) (Provision) benefit for income taxes (28) (26) (134) (121) Net (loss) income $ (1,146) (1,813) (5,052) (5,389) Basic (loss) income per share $ (0.25) $ (0.40) $ (1.09) $ (1.20) Diluted (loss) income per share $ (0.25) $ (0.40) $ (1.09) $ (1.20) Shares used in computing: Weighted average shares-basic 4,671 4,516 4,638 4,500 Weighted average shares-diluted 4,671 4,516 4,638 4,500CONTACT: Peter Chu Investor Relations (650) 295-0716 x7177 [email protected] Source: BroadVision 2013 GlobeNewswire, Inc. |