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REDWOOD CITY, Calif., April 24, 2013 (GLOBE NEWSWIRE) -- BroadVision, Inc. (Nasdaq:BVSN), a leading provider of e-business and engagement management solutions, today reported financial results for its first quarter ended March 31, 2013. Revenues for the first quarter were $3.8 million, compared with revenues of $4.1 million for the fourth quarter ended December 31, 2012 and $3.8 million for the comparable quarter of 2012.
License revenue for the first quarter of 2013 was $1.6 million, compared with $1.3 million for the prior quarter and $1.4 million for the comparable quarter of 2012. The majority of the first 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 Aeroxchange Ltd., Gruppo Reti, National Association for Outdoor Sports Centres (UCPA), NHS England, OpenKnowledge srl and several other brand-name global customers.
In the first quarter of 2013, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $2.1 million, or $0.46 per basic and diluted share, as compared with GAAP net loss of $1.1 million, or $0.25 per basic and diluted share, for the fourth quarter of 2012 and GAAP net loss of $1.3 million, or $0.29 per basic and diluted share, for the comparable quarter of 2012.
As of March 31, 2013 the Company had $51.4 million of cash and cash equivalents and short-term investments, compared to a combined balance of $52.3 million as of December 31, 2012 and $55.3 million as of March 31, 2012.
"Although Q1 is a seasonally slower quarter, as reflected in the 10 percent revenue decline compared to Q4, we achieved a number of important milestones during the quarter, especially in the business development front," said Dr. Pehong Chen, President and CEO, BroadVision. "Continuing our two-pronged go-to-market strategy, we made very good progress in developing new channel partners across the globe via our Clearvale PaasPort program and on driving adoption into new industry segments such as industrials, financial services and other knowledge, interaction and service intensive sectors. As social business and cloud computing reach the mainstream, we believe Clearvale is very well positioned to dramatically change how people and businesses collaborate."