Fourth fiscal quarter of 2014 and recent strategic highlights include:
- Achieved revenue of $47.1 million which includes revenues from the PowerReviews business, exceeding guidance
- Signed definitive agreement to divest PowerReviews for $30.0 million in cash
- Completed the strategic acquisition of FeedMagnet
- Achieved record quarter for client launches and net new client additions
- Launched three new products at our annual client summit
AUSTIN, Texas, June 4, 2014 (GLOBE NEWSWIRE) -- Bazaarvoice, Inc. (Nasdaq:BV), the network connecting brands and retailers to the authentic voices of consumers wherever they shop, reported its financial results for the fourth fiscal quarter and fiscal year ended April 30, 2014.
"The fourth quarter was our best quarter of the year on many fronts. We exceeded our revenue guidance, achieved great performance in net new client additions and customer launches, and delivered a nice year over year improvement in our adjusted EBITDA loss," said Gene Austin, chief executive officer and president. "Given the strength of the fourth quarter, the launch of new offerings, and our overall view of the business heading into fiscal year 2015, we believe we are at or near our revenue growth rate bottom and we are confident our revenue growth rates will begin to accelerate by the third quarter of this fiscal year at the latest."Fourth Fiscal Quarter of 2014 Financial Details On April 24, 2014, we entered into a Joint Stipulation with the U.S. Department of Justice ("DOJ") to resolve the DOJ's claims in the antitrust action challenging our 2012 acquisition of PowerReviews, Inc. ("PowerReviews") and, together with the DOJ, we submitted a proposed order to the U.S. District Court for the Northern District of California (the "Court"). Under the terms of the Joint Stipulation and the proposed order, we are required to divest all of the net assets of the PowerReviews business. As a result of this, in accordance with accounting guidance, we have reported the results of operations and financial position of PowerReviews as discontinued operations within the condensed consolidated statements of operations and balance sheets for all periods presented. Accordingly, PowerReviews revenues, related expenses and an estimated loss on disposal, net of tax, are components of "loss from discontinued operations" in the Condensed Consolidated Statement of Operations. On the Condensed Consolidated Balance sheets the assets and liabilities of the discontinued operations of PowerReviews have been presented as 'Assets held for sale' and 'Liabilities held for sale,' respectively. The statement of cash flows is reported on a combined basis without separately presenting cash flows from discontinued operations.