"REDWOOD CITY, Calif.--(BUSINESS WIRE)--BroadVision, Inc. (OTCBB:BVSN - News), a global provider of strategic e-business solutions, today reported financial results for its second quarter ended June 30, 2008. Revenues for the second quarter were $8.0 million, compared with revenues of $10.0 million for the first quarter ended March 31, 2008 and $13.3 million for the comparable quarter of 2007.
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License revenue for the second quarter of 2008 was $2.4 million versus $4.0 million in the prior quarter and $5.5 million in the comparable quarter of 2007. The majority of the second quarter license revenue was generated from the Company’s core Business Agility Suite™, Commerce Agility Suite™ and eMerchandising™ solutions, from customers including PETCO, Oreck Corporation, BioRad Laboratories, Malayan Banking Berhad, Singapore and several other brand name global customers.
In the second quarter of 2008, BroadVision posted net income on a U.S. Generally Accepted Accounting Principles (“GAAP”) basis of $1.4 million, or $0.01 per basic and diluted share, as compared with GAAP net income of $5.4 million, or $0.05 per basic and diluted share, for the first quarter of 2008 and GAAP net income of $8.4 million, or $0.08 per basic and diluted share, for the second quarter of 2007.
Non-GAAP measure net income for the second quarter of 2008 was $1.1 million, or $0.01 per basic and diluted share, compared with non-GAAP measure net income of $3.1 million, or $0.03 per basic and diluted share, in the first quarter of 2008 and non-GAAP measure net income of $5.9 million, or $0.06 per basic and $0.05 diluted share, in the second quarter of 2007. These non-GAAP measure net income figures exclude restructuring charges, stock compensation expense under SFAS 123(R), and revaluation of warrant liabilities. A reconciliation of these non-GAAP measure figures to GAAP net income figures is included in a table on the attached financial statements. The Company believes these non-GAAP measure net income figures provide useful information because they reflect the Company's financial performance excluding certain charges, credits, gains and losses that the Company believes are not indicative of its ongoing operations.
As of June 30, 2008, the Company had $55.6 million of cash and cash equivalents, and $3.5 million time deposit classified as short-term investment. The combined $59.1 million, previously classified all as cash, representing a $1.4 million, or 2%, increase over the March 31, 2008 balance of $57.7 million and a 9% increase from the balance as of the end of 2007 of $ 54.0 million. This increase is due primarily to positive cash flow generated from operations." ...
Sincerly,
Warren B.
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License revenue for the second quarter of 2008 was $2.4 million versus $4.0 million in the prior quarter and $5.5 million in the comparable quarter of 2007. The majority of the second quarter license revenue was generated from the Company’s core Business Agility Suite™, Commerce Agility Suite™ and eMerchandising™ solutions, from customers including PETCO, Oreck Corporation, BioRad Laboratories, Malayan Banking Berhad, Singapore and several other brand name global customers.
In the second quarter of 2008, BroadVision posted net income on a U.S. Generally Accepted Accounting Principles (“GAAP”) basis of $1.4 million, or $0.01 per basic and diluted share, as compared with GAAP net income of $5.4 million, or $0.05 per basic and diluted share, for the first quarter of 2008 and GAAP net income of $8.4 million, or $0.08 per basic and diluted share, for the second quarter of 2007.
Non-GAAP measure net income for the second quarter of 2008 was $1.1 million, or $0.01 per basic and diluted share, compared with non-GAAP measure net income of $3.1 million, or $0.03 per basic and diluted share, in the first quarter of 2008 and non-GAAP measure net income of $5.9 million, or $0.06 per basic and $0.05 diluted share, in the second quarter of 2007. These non-GAAP measure net income figures exclude restructuring charges, stock compensation expense under SFAS 123(R), and revaluation of warrant liabilities. A reconciliation of these non-GAAP measure figures to GAAP net income figures is included in a table on the attached financial statements. The Company believes these non-GAAP measure net income figures provide useful information because they reflect the Company's financial performance excluding certain charges, credits, gains and losses that the Company believes are not indicative of its ongoing operations.
As of June 30, 2008, the Company had $55.6 million of cash and cash equivalents, and $3.5 million time deposit classified as short-term investment. The combined $59.1 million, previously classified all as cash, representing a $1.4 million, or 2%, increase over the March 31, 2008 balance of $57.7 million and a 9% increase from the balance as of the end of 2007 of $ 54.0 million. This increase is due primarily to positive cash flow generated from operations." ...
Sincerly,
Warren B.