0000920448-15-000031.txt : 20150429 0000920448-15-000031.hdr.sgml : 20150429 20150429163108 ACCESSION NUMBER: 0000920448-15-000031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150429 DATE AS OF CHANGE: 20150429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BROADVISION INC CENTRAL INDEX KEY: 0000920448 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 943184303 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34205 FILM NUMBER: 15813211 BUSINESS ADDRESS: STREET 1: 1700 SEAPORT BLVD., STREET 2: SUITE 210 CITY: REDWOOD CITY STATE: CA ZIP: 94063 BUSINESS PHONE: 6503311000 MAIL ADDRESS: STREET 1: 1700 SEAPORT BLVD., STREET 2: SUITE 210 CITY: REDWOOD CITY STATE: CA ZIP: 94063 8-K 1 bvsn-20150429x8k.htm 8-K BVSN Q1 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

31

 

 

   

   

   

Date of Report (Date of Earliest Event Reported):

    

                                 April 29, 2015

 

BroadVision, Inc.

__________________________________________

(Exact name of registrant as specified in its charter)

 

 

 

   

   

   

Delaware

1-34205

94-3184303

_____________________

(State or other jurisdiction

_____________

(Commission

______________

(I.R.S. Employer

of incorporation)

File Number)

Identification No.)

  

   

   

1700 Seaport Blvd, Suite 210,

Redwood City, California

   

94063

_________________________________

(Address of principal executive offices)

   

___________

(Zip Code)

 

 

 

 

 

   

   

   

Registrant's telephone number, including area  code:

   

(650) 331-1000

 

______________________________________________

Former name or former address, if changed since last report

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

 

 

 

 

 

 


 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

 

 

On April 29, 2015, BroadVision, Inc. (the "Company") reported its results for the fiscal quarter March 31, 2015. A copy of the press release issued by the Company on April 29, 2015 concerning the foregoing results is furnished herewith as Exhibit 99.1.

 

Item 9.01 Financial Statements and Exhibits.

 

(c) Exhibits.

99.1 Press Release dated April 29, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

31

 

 

 

 

   

   

   

   

   

   

   

BroadVision, Inc.

  

   

   

   

   

April 29, 2015

   

By:

   

/s/ Peter Chu

   

   

   

   

 

   

   

   

   

Name: Peter Chu

   

   

   

   

Title: Chief Financial Officer and Vice President of Strategy and Product Management

 

 

 


 

 

EXHIBIT INDEX

 

 

 

 

   

   

   

Exhibit No.

   

Description

 

   

 

 99.1

   

Press Release dated April 29, 2015

 

 

 


EX-99.1 2 bvsn-20150429ex991d212fb.htm EX-99.1 BVSN EXHIBIT 991

 

EMBARGO UNTIL 1:30 PDT

BroadVision Contact:

Peter Chu

Investor Relations

(650) 295-0716 x7177

Ir1@broadvision.com

 

BroadVision Announces First Quarter 2015 Results

 

REDWOOD CITY, CA — April 29, 2015BroadVision, Inc. (NASDAQ: BVSN), a leading provider of e-business and engagement management solutions, today reported financial results for its first quarter ended March 31, 2015. Revenues for the first quarter were $2.5 million, compared with revenues of $4.3 million for the fourth quarter ended December 31, 2014 and $3.0 million for the comparable quarter of 2014

 

License revenue for the first quarter of 2015 was $1.1 million, compared with $2.7 million for the prior quarter and $1.2 million for the comparable quarter of 2014. 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 2015, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles (“GAAP”) basis of $3.6 million, or $0.74 per basic and diluted share, as compared with GAAP net loss of $1.6 million, or $0.32 per basic and diluted share, for the fourth quarter of 2014 and GAAP net loss of $2.3 million, or $0.49 per basic and diluted share, for the comparable quarter of 2014. 

 

As of March 31, 2015 the Company had $36.3 million of cash and cash equivalents and short-term investments, compared to a combined balance of $37.1 million as of December 31, 2014 and $45.9 million as of March 31, 2014.

 


 

 

 

“In Q1, we engaged our worldwide sales organization in introducing and selling Vmoso.  Market feedback has been strong and we believe we have the right product, leveraging BroadVision’s core competencies, that enterprises need,” said Dr. Pehong Chen, President and CEO of BroadVision.  “In today’s virtual, mobile and social world, businesses need to operate efficiently and collaboratively. Vmoso sits at the forefront of this dynamic transformation.”  

 

Conference Call Information

BroadVision management will host a conference call today, WednesdayApril 29, 2015, at 2:00PM Pacific Daylight Time (PDT). The conference call may be accessed by dialing: 1-888-424-8151, with pin code 5569711#. Callers outside North America should call +1-847-585-4422 to be connected. These numbers can be accessed 15 minutes before the call begins, as well as during the call. A web replay will also be available following the call on the Company’s website.

 

About BroadVision 

Driving innovation since 1993, BroadVision (NASDAQ: BVSN) provides e-business solutions that enable the enterprise and its employees, partners, and customers to stay actively engaged, socially connected, and universally organized to achieve greater business results.    BroadVision® solutions—including Vmoso for virtual, mobile, and social business collaboration, and Clearvale for enterprise social networking—are available globally in the cloud via the Web and mobile applications.  Visit www.BroadVision.com for more details.

 


 

 

 

#   #   #

BroadVision, Business Agility Suite, Commerce Agility Suite, QuickSilver, and Clearvale are trademarks or registered trademarks of BroadVision, Inc. in the United States and other countries. All other company names, product names, and marks are the property of their respective owners.

 

Information Concerning Forward-Looking Statements

Information in this release that involves expectations, beliefs, hopes, plans, intentions or strategies regarding the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which forward-looking statements involve risk and uncertainties. All forward-looking statements included in this release are based upon information available to BroadVision as of the date of this release, and BroadVision assumes no obligation to update or correct any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from BroadVision's current expectations. Various factors and risks associated with BroadVision's business are discussed in its most recent annual report on Form 10-K and in BroadVision's quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission.

 


 

 

 

 

BROADVISION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

2015

 

2014

ASSETS

 

 

(unaudited)

 

 

 

Current assets:

 

 

 

 

 

 

Cash, cash equivalents and short-term investments

 

$

36,281 

 

$

37,079 

Other current assets

 

 

3,323 

 

 

4,405 

Total current assets

 

 

39,604 

 

 

41,484 

Other non-current assets

 

 

324 

 

 

342 

Total assets

 

$

39,928 

 

$

41,826 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

$

6,141 

 

$

5,439 

Other non-current liabilities

 

 

1,190 

 

 

774 

Total liabilities

 

 

7,331 

 

 

6,213 

Total stockholders' equity

 

 

32,597 

 

 

35,613 

Total liabilities and stockholders' equity

 

$

39,928 

 

$

41,826 

 

 

 

 

 

 

 

 

 


 

 

 

BROADVISION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2015

 

2014

 

Revenues:

 

 

 

 

 

 

 

Software licenses

 

$

1,087 

 

$

1,226 

 

Services

 

 

1,409 

 

 

1,768 

 

Total revenues

 

 

2,496 

 

 

2,994 

 

Cost of revenues:

 

 

 

 

 

 

 

Cost of software revenues

 

 

45 

 

 

44 

 

Cost of services

 

 

717 

 

 

990 

 

Total cost of revenues

 

 

762 

 

 

1,034 

 

Gross profit

 

 

1,734 

 

 

1,960 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

 

1,858 

 

 

1,829 

 

Sales and marketing

 

 

1,140 

 

 

1,507 

 

General and administrative

 

 

888 

 

 

1,000 

 

Total operating expenses

 

 

3,886 

 

 

4,336 

 

Operating loss

 

 

(2,152)

 

 

(2,376)

 

Other (expense) income, net

 

 

(1,388)

 

 

40 

 

Loss before provision for income taxes

 

 

(3,540)

 

 

(2,336)

 

Provision for income taxes

 

 

(15)

 

 

(3)

 

Net loss

 

$

(3,555)

 

$

(2,339)

 

Earnings per share, basic and diluted:

 

 

 

 

 

 

 

Basic and diluted loss per share

 

$

(0.74)

 

$

(0.49)

 

Shares used in computing:

 

 

 

 

 

 

 

Weighted average shares-basic and diluted

 

 

4,833 

 

 

4,770