BroadVision Announces Profitable Third Quarter 2010 Results
REDWOOD CITY, Calif., Oct. 27, 2010 (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, 2010. Revenues for the third quarter were $5.2 million, compared with revenues of $5.7 million for the second quarter ended June 30, 2010 and $7.5 million for the comparable quarter of 2009.
License revenue for the third quarter of 2010 was $1.4 million, compared with $1.7 million for the prior quarter and $2.7 million for the comparable quarter of 2009. The majority of the third 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 Iberia Airlines, Zain Group, Synaptics, 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 third quarter of 2010, BroadVision posted net income on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $1.5 million, or $0.33 per basic and diluted share, as compared with GAAP net loss of $2.4 million, or $0.53 per basic and diluted share, for the second quarter of 2010 and GAAP net income of $1.8 million, or $0.41 per basic and diluted share, for the comparable quarter of 2009.Non-GAAP measure net income for the third quarter of 2010 was $1.9 million, or $0.43 per basic and diluted share, compared with non-GAAP measure net loss of $2.0 million or $0.45 per basic and diluted share, in the second quarter of 2010 and non-GAAP measure net income of $2.0 million, or $0.45 per basic and diluted share, for the comparable quarter of 2009. These non-GAAP measure results exclude restructuring charges (credit), stock compensation expense and revaluation of warrant liabilities. A reconciliation of GAAP measure net income (loss) figures to non-GAAP net income (loss) 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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