|
|
|
Date of Report (Date of Earliest Event Reported):
|
|
July 27, 2011
|
|
|
|
Delaware
|
1-34205
|
94-3184303
|
_____________________
(State or other jurisdiction
|
_____________
(Commission
|
______________
(I.R.S. Employer
|
of incorporation)
|
File Number)
|
Identification No.)
|
|
|
|
1600 Seaport Blvd, Suite 550, North Bldg, Redwood City, California
|
|
94063
|
_________________________________
(Address of principal executive offices)
|
|
___________
(Zip Code)
|
|
|
|
Registrant's telephone number, including area code:
|
|
(650) 331-1000
|
|
|
|
|
|
|
|
BroadVision, Inc.
|
||
|
|
|
|
|
July 27, 2011
|
|
By:
|
|
/s/ Shin-Yuan Tzou
|
|
|
|
|
|
|
|
|
|
Name: Shin-Yuan Tzou
|
|
|
|
|
Title: Chief Financial Officer
|
|
|
|
Exhibit No.
|
|
Description
|
|
||
|
Press Release dated July 27, 2011
|
BROADVISION, INC. AND SUBSIDIARIES
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
(In thousands)
|
||||||||
|
||||||||
Jun. 30, | Dec. 31, | |||||||
2011 | 2010 | |||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash, cash equivalents and short-term investments
|
$ | 59,084 | $ | 60,823 | ||||
Other current assets
|
5,344 | 5,746 | ||||||
Total current assets
|
64,428 | 66,569 | ||||||
Other non-current assets
|
333 | 1,583 | ||||||
Total assets
|
$ | 64,761 | $ | 68,152 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities
|
$ | 10,269 | $ | 11,669 | ||||
Other non-current liabilities
|
1,440 | 2,126 | ||||||
Total liabilities
|
11,709 | 13,795 | ||||||
Total stockholders’ equity
|
53,052 | 54,357 | ||||||
Total liabilities and stockholders’ equity
|
$ | 64,761 | $ | 68,152 | ||||
BROADVISION, INC. AND SUBSIDIARIES
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
Jun. 30
|
Jun. 30
|
|||||||||||||||
|
2011 |
|
2010 |
|
2011 | 2010 | ||||||||||
Revenues:
|
||||||||||||||||
Software licenses
|
$ | 1,097 | $ | 1,676 | $ | 2,550 | $ | 3,563 | ||||||||
Services
|
2,895 | 3,992 | 6,562 | 7,982 | ||||||||||||
Total revenues
|
3,992 | 5,668 | 9,112 | 11,545 | ||||||||||||
Cost of revenues:
|
||||||||||||||||
Cost of software licenses
|
3 | 6 | 9 | 12 | ||||||||||||
Cost of services
|
1,515 | 1,629 | 3,252 | 3,218 | ||||||||||||
Total cost of revenues
|
1,518 | 1,635 | 3,261 | 3,230 | ||||||||||||
Gross profit
|
2,474 | 4,033 | 5,851 | 8,315 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
1,658 | 1,900 | 3,523 | 4,041 | ||||||||||||
Sales and marketing
|
1,491 | 1,854 | 3,105 | 3,506 | ||||||||||||
General and administrative
|
959 | 1,164 | 2,097 | 2,532 | ||||||||||||
Restructuring charge
|
338 | 120 | 439 | 646 | ||||||||||||
Total operating expenses
|
4,446 | 5,038 | 9,164 | 10,725 | ||||||||||||
Operating loss
|
(1,972 | ) | (1,005 | ) | (3,313 | ) | (2,410 | ) | ||||||||
Other income (expense), net
|
463 | (1,282 | ) | 1,453 | (2,131 | ) | ||||||||||
Loss before provision for income taxes
|
(1,509 | ) | (2,287 | ) | (1,860 | ) | (4,541 | ) | ||||||||
Provision for income taxes
|
(33 | ) | (90 | ) | (75 | ) | (105 | ) | ||||||||
Net loss
|
$ | (1,542 | ) | $ | (2,377 | ) | $ | (1,935 | ) | $ | (4,646 | ) | ||||
Basic loss per share
|
$ | (0.34 | ) | $ | (0.53 | ) | $ | (0.43 | ) | $ | (1.04 | ) | ||||
Diluted loss per share
|
$ | (0.34 | ) | $ | (0.53 | ) | $ | (0.43 | ) | $ | (1.04 | ) | ||||
Shares used in computing:
|
||||||||||||||||
Weighted average shares-basic
|
4,498 | 4,456 | 4,492 | 4,449 | ||||||||||||
Weighted average shares-diluted
|
4,498 | 4,456 | 4,492 | 4,449 |
BROADVISION, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
RECONCILIATION OF U.S. GAAP TO NON-GAAP MEASURE NET LOSS
|
||||||||||||||||||||
(unaudited; in thousands)
|
||||||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||
Jun. 30
|
Mar. 31
|
Jun. 30
|
Jun. 30
|
Jun. 30
|
||||||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||||
Net loss, U.S. GAAP
|
$ | (1,542 | ) | $ | (393 | ) | $ | (2,377 | ) | $ | (1,935 | ) | $ | (4,646 | ) | |||||
Non-GAAP measure adjustments:
|
||||||||||||||||||||
Restructuring charge
|
338 | 101 | 120 | 439 | 646 | |||||||||||||||
Stock compensation expense [1]
|
78 | 272 | 250 | 350 | 538 | |||||||||||||||
Non-GAAP measure net loss
|
$ | (1,126 | ) | $ | (20 | ) | $ | (2,007 | ) | $ | (1,146 | ) | $ | (3,462 | ) | |||||
[1] Included as a component of cost of service and operating expense for each period presented.
|