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BroadVision Announces Second Quarter 2013 Results

Stocks in this article: BVSN

REDWOOD CITY, Calif., July 31, 2013 (GLOBE NEWSWIRE) -- BroadVision, Inc. (Nasdaq:BVSN), a leading provider of e-business and engagement management solutions, today reported financial results for its second quarter ended June 30, 2013. Revenues for the second quarter were $4.1 million, compared with revenues of $3.8 million for the first quarter ended March 31, 2013 and $3.6 million for the comparable quarter of 2012.

License revenue for the second quarter of 2013 was $1.4 million, compared with $1.6 million for the prior quarter and $1.2 million for the comparable quarter of 2012. 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 Agile China, AllpkuManagement Consultants Ltd., The Barnet Group, BondPR Worldwide, Boone Group, Double J Development LLC, i2i benefits, The I-Consulting Group, Italiaonline S.r.l., Scheugenpflug AG, SINA Corporation, Zambon SpA, and several other brand-name global customers.

In the second quarter of 2013, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $1.1 million, or $0.23 per basic and diluted share, as compared with GAAP net loss of $2.1 million, or $0.46 per basic and diluted share, for the first quarter of 2013 and GAAP net loss of $2.5 million, or $0.54 per basic and diluted share, for the comparable quarter of 2012.

As of June 30, 2013 the Company had $49.5 million of cash and cash equivalents and short-term investments, compared to a combined balance of $51.4 million as of March 31, 2013 and $52.0 million as of June 30, 2012.

"Q2 was a milestone quarter for our Clearvale PaasPort ecosystem with the addition NTT Communications and Agile China in Asia as well as Collective HR Solutions, i2i benefits, and Wild at Work in North America," said Dr. Pehong Chen, President and CEO, BroadVision. "The win-win value proposition for Clearvale partners to become users, and in turn resellers, is a unique attribute of our enterprise social networking solution. We believe that Clearvale is the optimal solution to offer seamless and secure integration of intranets and extranets. We are actively expanding partnerships globally across verticals such as industrials, financial services, healthcare, services and other engagement, knowledge and service-intensive sectors."

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