BroadVision Announces Third Quarter 2016 Results

REDWOOD CITY, Calif., Nov. 09, 2016 (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, 2016. Revenues for the third quarter were $2.0 million, compared with revenues of $1.9 million for the second quarter ended June 30, 2016 and $2.1 million for the comparable quarter of 2015. 

License revenue for the third quarter of 2016 was $1.1 million, compared with $1.0 million  for the prior quarter and $1.0 million for the comparable quarter of 2015. 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.

In the third quarter of 2016, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles ("GAAP") basis of $2.4 million, or $0.50 per basic and diluted share, as compared with GAAP net loss of $2.6 million, or $0.53 per basic and diluted share, for the second quarter of 2016 and GAAP net loss of $2.1 million, or $0.42 per basic and diluted share, for the comparable quarter of 2015. 

As of September 30, 2016, the Company had $21.8 million of cash and cash equivalents and short-term investments, compared to a combined balance of $25.0 million as of June 30, 2016 and $32.2 million as of September 30, 2015.

"The Vmoso Keystone Release in September has reinforced and enhanced Vmoso's positioning as a platform for enterprise digital transformation. This has provided a major catalyst to our development of key partnerships around the world, and our targeting of new lighthouse accounts," said Dr. Pehong Chen President, and CEO of BroadVision. "In a rapidly-developing market, Vmoso alone provides a comprehensive digital workplace that manages and organizes a company's collective knowledge, clearly differentiating it from communication solutions such as Workplace by Facebook and Slack."

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