BroadVision Announces Second Quarter 2010 Results
REDWOOD CITY, Calif., July 28, 2010 (GLOBE NEWSWIRE) -- BroadVision, Inc. (Nasdaq:BVSN), an innovative provider of online commerce and business social networking solutions, today reported financial results for its second quarter ended June 30, 2010. Revenues for the second quarter were $5.7 million, compared with revenues of $5.9 million for the first quarter ended March 31, 2010 and $8.2 million for the comparable quarter of 2009.
License revenue for the second quarter of 2010 was $1.7 million, compared with $1.9 million for the prior quarter and $3.2 million for the comparable quarter of 2009. The majority of the second 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 Mobile Telecommunications Company K.S.C. (on behalf of the ZAIN Group of Companies), Indian Railway Catering and Tourism Corporation, Synaptics, Department of Defense in India, Fortinet, Centro Nazionale Trapianti (National Transplant Center in Italy), BSkyB, Honeywell, Healthcare BCBS, Rockwell Collins, Raytheon, Boeing, Lockheed Martin, Northrop Grumman, State of Wisconsin, Solar Turbines, Bobst SA DMS, SOS Software, EADS Deutschland GmbH, and several other brand-name global customers.
In the second quarter of 2010, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $2.4 million, or $0.53 per basic and diluted share, as compared with GAAP net loss of $2.3 million, or $0.51 per basic and diluted share, for the first quarter of 2010 and GAAP net income of $2.1 million, or $0.48 per basic and diluted share, for the comparable quarter of 2009.Non-GAAP measure net loss for the second quarter of 2010 was $2.0 million, or $0.45 per basic and diluted share, compared with non-GAAP measure net loss of $1.5 million or $0.33 per basic and diluted share, in the first quarter of 2010 and non-GAAP measure net income of $2.4 million, or $0.55 per basic and diluted share, for the comparable quarter of 2009. These non-GAAP measure results exclude restructuring charges and stock compensation expense. A reconciliation of GAAP measure net (loss) income figures to non-GAAP net (loss) 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.
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