REDWOOD CITY, Calif., Oct. 23, 2013 (GLOBE NEWSWIRE) -- BroadVision, Inc. (Nasdaq:BVSN), a leading provider of e-business and engagement management solutions, today reported financial results for its third quarter ended September 30, 2013. Revenues for the third quarter were $4.0 million, compared with revenues of $4.1 million for the second quarter ended June 30, 2013 and $3.6 million for the comparable quarter of 2012.
License revenue for the third quarter of 2013 was $1.3 million, compared with $1.4 million for the prior quarter and $1.3 million for the comparable quarter of 2012. 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 AllpkuManagement Consultants Ltd., The Barnet Group, Business Networks Europe GmbH, Global Hotel Alliance, Prime Polymer Co., Ltd., Zambon SpA, and several other brand-name global customers.
In the third quarter of 2013, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $0.8 million, or $0.18 per basic and diluted share, as compared with GAAP net loss of $1.1 million, or $0.23 per basic and diluted share, for the second quarter of 2013 and GAAP net loss of $0.07 million, or $0.01 per basic and diluted share, for the comparable quarter of 2012.As of September 30, 2013 the Company had $47.7 million of cash and cash equivalents and short-term investments, compared to a combined balance of $49.5 million as of June 30, 2013 and $52.0 million as of September 30, 2012. "The third quarter marks another milestone for our Clearvale ecosystem with the addition of partners such as SugarCRM and China National Software and Services Co., a leading software provider in China," said Dr. Pehong Chen, President and CEO, BroadVision. "Our investments in hybrid networks, ad-hoc workflow and social analytics are differentiating Clearvale from other offerings in the market. Clearvale is designed with the needs of both end customers and partners in mind, and we are actively expanding partnerships globally and across verticals such as industrials, financial services, healthcare services and other engagement, knowledge and service-intensive sectors."