BroadVision Announces Third Quarter 2019 Results
2019年11月16日 - 6:30AM
BroadVision, Inc. (Nasdaq: BVSN), a leading provider of e-business
and engagement management solutions, today reported financial
results for its third quarter ended September 30, 2019. This was
the third quarter for which BroadVision’s results of operations
reported under U.S. Generally Accepted Accounting Principles
(“GAAP”) included the results of operations of its subsidiary,
Vmoso, Inc. (“VMSO”), which was consolidated with BroadVision for
GAAP purposes through September 29, 2019. 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”). On September 30, 2019, BroadVision took actions
that resulted in the deconsolidation of VMSO from its consolidated
financial statements. As a result, on September 30, 2019,
BroadVision determined that the asset group associated with Vmoso
and Clearvale products and its MyVmoso Network product development
should be considered as discontinued operations.
Revenues from continuing operations for the
third quarter were $0.7 million, compared with revenues from
continuing operations of $0.7 million for the second quarter ended
June 30, 2019 and $0.7 million for the comparable quarter of 2018.
Revenues from discontinued operations for the third quarter were
$0.2 million compared with revenues from discontinued operations of
$0.2 million for the second quarter ended June 30, 2019 and $0.2
million for the comparable quarter of 2018.
License revenues from continuing operations for
the third quarter of 2019 were $0.3 million, compared with license
revenues from continuing operations of $0.3 million for the second
quarter ended June 30, 2019 and $0.3 million for the comparable
quarter of 2018. The majority of the third quarter license revenues
from continuing operations was generated from the Company's
BroadVision® Business Agility Suite™, Commerce Agility Suite™, and
QuickSilver™. Revenues during the quarter were generated from sales
to both new and existing customers.
In the third quarter of 2019, BroadVision posted
a net loss from continuing operations on a GAAP basis of $0.6
million, or $0.11 per basic and diluted share, as compared with
GAAP net loss from continuing operations of $0.1 million, or $0.02
per basic and diluted share, for the second quarter of 2019 and
GAAP net loss from continuing operations of $0.5 million, or $0.09
per basic and diluted share, for the comparable quarter of 2018.
Net income from discontinued operations of $1.7 million for the
third quarter of 2019 included a $2.3 million gain on
deconsolidation of VMSO offset by a loss from discontinued
operations of approximately $0.6 million. This is compared to a net
loss from discontinued operations of $0.8 million for the second
quarter of 2019 and $1.3 million for the comparable quarter of
2018.
As of September 30, 2019, the Company had $2.2
million of cash and cash equivalents after deconsolidation of 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.
"As a result of our deconsolidation of VMSO, for
the first time this quarter we are presenting separate figures for
discontinued operations related to the VMSO products within our
reported results. These figures show that VMSO continued to require
investment levels expected for a startup through its
deconsolidation effective September 30, 2019, while the continuing
operations of our core BroadVision business continued to generate
revenues. Any future expenses related to product development for
VMSO will no longer be consolidated by BroadVision," 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 are available globally in the cloud
via Web and mobile applications. Visit www.BroadVision.com for
more details.
BroadVision, Business Agility Suite, Commerce
Agility Suite and QuickSilver 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
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 the ability of
BroadVision’s continuing operations to generate revenues, 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 products and services, 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) |
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2019 |
|
2018 |
ASSETS |
|
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash, cash equivalents and short-term investments |
|
$ |
2,169 |
|
$ |
2,574 |
Other current assets |
|
|
1,818 |
|
|
1,168 |
Total current assets |
|
|
3,987 |
|
|
3,742 |
Other non-current assets |
|
|
1,600 |
|
|
111 |
Total assets |
|
$ |
5,587 |
|
$ |
3,853 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
$ |
2,040 |
|
$ |
1,897 |
Other non-current liabilities |
|
|
813 |
|
|
555 |
Total liabilities |
|
|
2,853 |
|
|
2,452 |
Total stockholders’ equity |
|
|
2,734 |
|
|
1,401 |
Total liabilities and stockholders' equity |
|
$ |
5,587 |
|
$ |
3,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROADVISION,
INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS |
(In
thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Software licenses |
|
$ |
284 |
|
|
$ |
285 |
|
|
$ |
964 |
|
|
$ |
1,199 |
|
Services |
|
|
424 |
|
|
|
458 |
|
|
|
1,333 |
|
|
|
1,709 |
|
Total revenues |
|
|
708 |
|
|
|
743 |
|
|
|
2,297 |
|
|
|
2,908 |
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software revenues |
|
|
12 |
|
|
|
28 |
|
|
|
— |
|
|
|
102 |
|
Cost of services |
|
|
75 |
|
|
|
105 |
|
|
|
235 |
|
|
|
424 |
|
Total cost of revenues |
|
|
87 |
|
|
|
133 |
|
|
|
235 |
|
|
|
526 |
|
Gross profit |
|
|
621 |
|
|
|
610 |
|
|
|
2,062 |
|
|
|
2,382 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
322 |
|
|
|
235 |
|
|
|
537 |
|
|
|
1,249 |
|
Sales and marketing |
|
|
69 |
|
|
|
231 |
|
|
|
140 |
|
|
|
669 |
|
General and
administrative |
|
|
596 |
|
|
|
535 |
|
|
|
1,941 |
|
|
|
2,072 |
|
Total operating expenses |
|
|
987 |
|
|
|
1,001 |
|
|
|
2,618 |
|
|
|
3,990 |
|
Operating loss |
|
|
(366 |
) |
|
|
(391 |
) |
|
|
(556 |
) |
|
|
(1,608 |
) |
Interest income, net |
|
|
4 |
|
|
|
13 |
|
|
|
12 |
|
|
|
49 |
|
Other income (loss), net |
|
|
(190 |
) |
|
|
(71 |
) |
|
|
(174 |
) |
|
|
(223 |
) |
Loss before income taxes |
|
|
(552 |
) |
|
|
(449 |
) |
|
|
(718 |
) |
|
|
(1,782 |
) |
Income tax expense |
|
|
2 |
|
|
|
(2 |
) |
|
|
(15 |
) |
|
|
(4 |
) |
Net income (loss) from
continuing operations |
|
|
(550 |
) |
|
|
(451 |
) |
|
|
(733 |
) |
|
|
(1,786 |
) |
Discontinued Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from discontinued operations |
|
|
(665 |
) |
|
|
(1,265 |
) |
|
|
(2,234 |
) |
|
|
(3,582 |
) |
Gain on deconsolidation of Vmoso, Inc. |
|
|
2,349 |
|
|
|
— |
|
|
|
2,349 |
|
|
|
— |
|
Net income (loss) from
discontinued operations |
|
|
1,684 |
|
|
|
(1,265 |
) |
|
|
115 |
|
|
|
(3,582 |
) |
Net income (loss) |
|
|
1,134 |
|
|
|
(1,716 |
) |
|
|
(618 |
) |
|
|
(5,368 |
) |
Net income (loss) attributed
to non-controlling interest |
|
|
(529 |
) |
|
|
— |
|
|
|
(1,707 |
) |
|
|
— |
|
Net income (loss) attributed
to BroadVision |
|
$ |
1,663 |
|
|
$ |
(1,716 |
) |
|
$ |
1,089 |
|
|
$ |
(5,368 |
) |
Amounts attributed to
controlling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributed to controlling interest from
continuing operations |
|
$ |
(467 |
) |
|
$ |
(1,716 |
) |
|
$ |
(519 |
) |
|
$ |
(5,368 |
) |
Net income (loss) attributed to controlling interest from
discontinued operations |
|
|
2,130 |
|
|
|
— |
|
|
|
1,608 |
|
|
|
— |
|
Net income (loss) attributed
to BroadVision |
|
$ |
1,663 |
|
|
$ |
(1,716 |
) |
|
$ |
1,089 |
|
|
$ |
(5,368 |
) |
Net income (loss) per share
attributed to continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.11 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.36 |
) |
Diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.36 |
) |
Net income (loss) per share
attributed to discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.33 |
|
|
$ |
(0.25 |
) |
|
$ |
0.02 |
|
|
$ |
(0.72 |
) |
Diluted |
|
$ |
0.33 |
|
|
$ |
(0.25 |
) |
|
$ |
0.02 |
|
|
$ |
(0.72 |
) |
Shares used in computing: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares,
basic |
|
|
5,034 |
|
|
|
4,998 |
|
|
|
5,002 |
|
|
|
4,997 |
|
Weighted average shares,
diluted |
|
|
5,044 |
|
|
|
4,998 |
|
|
|
5,021 |
|
|
|
4,997 |
|
Other comprehensive (loss)
gain, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment |
|
|
188 |
|
|
|
29 |
|
|
|
184 |
|
|
|
106 |
|
Comprehensive income |
|
|
188 |
|
|
|
29 |
|
|
|
184 |
|
|
|
106 |
|
Comprehensive income
(loss) |
|
$ |
1,322 |
|
|
$ |
(1,687 |
) |
|
$ |
(434 |
) |
|
$ |
(5,262 |
) |
BroadVision Contact:Pehong ChenInvestor
Relations(650)
331-1000
Ir1@broadvision.com
BroadVision (NASDAQ:BVSN)
過去 株価チャート
から 5 2024 まで 6 2024
BroadVision (NASDAQ:BVSN)
過去 株価チャート
から 6 2023 まで 6 2024