(Source: PrimeNewswire)
REDWOOD CITY, Calif., Oct. 28, 2009 (GLOBE NEWSWIRE) -- BroadVision, Inc. (Nasdaq:BVSN), an innovative provider of online commerce and business social networking solutions, today reported financial results for its third quarter ended September 30, 2009. Revenues for the third quarter were $7.5 million, compared with revenues of $8.2 million for the second quarter ended June 30, 2009 and $8.2 million for the comparable quarter of 2008, respectively.
License revenue for the third quarter of 2009 was $2.7 million, compared with $3.2 million for the prior quarter and $2.1 million for the comparable quarter of 2008. The majority of the third quarter license and subscription revenue was generated from the Company's BroadVision(R) Business Agility Suite(TM), Commerce Agility Suite(TM), QuickSilver(TM), CLEAR(TM) and Clearvale(TM) solutions. Revenue during the quarter was generated from sales to both new and existing customers, such as the Department of Defence, India; Exempla Healthcare; ClubMed; Siemens AG and several other brand-name global customers.
In the third quarter of 2009, BroadVision posted net income on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $1.8 million, or $0.41 per basic and diluted share, as compared with GAAP net income of $2.1 million, or $0.48 per basic and diluted share, for the second quarter of 2009 and GAAP net income of $0.3 million, or $0.07 per basic and $0.06 diluted share, for the comparable quarter of 2008.
Non-GAAP measure net income for the third quarter of 2009 was $2.0 million, or $0.45 per basic and diluted share, compared with non-GAAP measure net income of $2.4 million or $0.55 per basic and diluted share, in the second quarter of 2009 and non-GAAP measure net income of $0.1 million, or $0.03 per basic and diluted share, for the comparable quarter of 2008. These non-GAAP measure results exclude restructuring (credit) charge, stock compensation expense and revaluation of warrant liabilities. A reconciliation of these figures to GAAP net income figures is included in a table on the attached financial statements. The Company believes these non-GAAP measure results provide useful information because they reflect the Company's financial performance excluding certain charges, credits, gains and losses that the Company believes are not indicative of its ongoing operations.
As of September 30, 2009, the Company had $63.2 million of cash and cash equivalents and short-term investments, compared to a combined balance of $62.6 million as of June 30, 2009 and $61.9 million as of December 31, 2008.
"As we continue our product transition strategy, we are pleased with our profitable financial results, as well as sharply-executed customer migrations to the newest BroadVision 8.2 platform," said Dr. Pehong Chen, President and CEO, BroadVision. "Specifically, positive momentum has been building up for Clearvale, a new brand of enterprise social network service, exceeding 2,000 networks in less than four months since its launch. It is very exciting to see global organizations begin to recognize the unprecedented potential an ESN solution like Clearvale can deliver to improve enterprise performance and output. We believe that our expertise and experience in bridging and blending Enterprise 1.0 and 2.0 technologies and business models is unique, and will benefit our customers tremendously."
Conference Call Information
BroadVision management will host a conference call today, Wednesday, October 28, 2009, at 2:00PM Pacific Daylight Time (PDT). The conference call may be accessed by dialing: 1-866-551-3680, with pin code 2281820#. Callers outside North America should call +1-212-401-6760 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 until it releases its fourth quarter 2009 financial results.
About BroadVision
Driving innovation since 1993, BroadVision an innovative provider of online commerce and business social networking solutions. More information about the Clearvale(TM) business social network solution can be found at http://www.broadvision.com/en/software-solutions/saas/clearvale or visit www.clearvale.com to sign up immediately for a Clearvale network. For complete information about BroadVision, please visit our website, http://www.broadvision.com/en/press/backgrounders.
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.
