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REDWOOD CITY, Calif., April 30, 2014 (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, 2014. Revenues for the first quarter were $3.0 million, compared with revenues of $3.7 million for the fourth quarter ended December 31, 2013 and $3.8 million for the comparable quarter of 2013.
License revenue for the first quarter of 2014 was $1.2 million, compared with $1.4 million for the prior quarter and $1.6 million for the comparable quarter of 2013. 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.
In the first quarter of 2014, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $2.3 million, or $0.49 per basic and diluted share, as compared with GAAP net loss of $1.3 million, or $0.28 per basic and diluted share, for the fourth quarter of 2013 and GAAP net loss of $2.1 million, or $0.46 per basic and diluted share, for the comparable quarter of 2014.
As of March 31, 2014 the Company had $45.9 million of cash and cash equivalents and short-term investments, compared to a combined balance of $46.4 million as of December 31, 2013 and $51.4 million as of March 31, 2013.
"Within Q2 2014 we will begin the delivery of Vmoso, a family of next-generation unified communication and collaboration (UCC) solutions for the enterprise, which we have been developing over the past three years," said Dr. Pehong Chen, President and CEO of BroadVision. "Highlighting mobility while emphasizing enterprise-class security, Vmoso unifies email, instant messaging, file sharing, workflow, and social networking into one cohesive and convenient user experience, enabling everyone to engage with anyone, about anything, from anywhere, at anytime. We are truly excited to announce the availability of myVmoso, the quick start version of Vmoso for enterprise, SMB, SOHO, and individual users, in a beta program scheduled to commence next month."