Three Cent Pro Forma Loss per Share Beats Consensus, Excluding Asset Impairment Charge
REDWOOD CITY, Calif. —January 24, 2002 — BroadVision, Inc. (Nasdaq: BVSN), a leading provider of enterprise self-service applications, today reported financial results for the fourth quarter and year ended December 31, 2001.
Revenues for the fourth quarter ended December 31, 2001 were $48.0 million, compared with revenues of $51.2 million for the third fiscal quarter ended September 30, 2001. License revenue for the fourth quarter of 2001 totaled $20.8 million, a 6% sequential increase compared with the previous quarter. Pro forma net loss for the quarter ended December 31, 2001 was $8.2 million or $0.03 per share versus pro forma net loss of $15.9 million, or $0.06 per share, in the third quarter. Pro forma results for both periods exclude the amortization of goodwill and intangibles, in-process technology charges, as well as restructuring charges, which in the fourth quarter totaled $20.0 million. In addition, pro forma results for the fourth quarter exclude an $8.8 million non-operating asset impairment charge to reflect the reduced market value of equity investments made by the company, predominantly in early stage companies.
“Given the sluggish economy, we were pleased to deliver a narrower loss than expected in the fourth quarter. Our fourth quarter results improved on a number of fronts, including modest sequential growth in license revenue and a dramatic reduction in our breakeven point driven by an aggressive expense management campaign,” said Pehong Chen, BroadVision’s president and CEO. “This performance in a challenging environment demonstrates our commitment to prudent fiscal policy, while maintaining focused investment to preserve our technology and thought leadership position, solution strength, customer satisfaction, and execution capability. While the near-term outlook remains difficult to predict, we believe our strong new product cycle, large installed base, and improved efficiency all combine to position us for growth as industry conditions improve.”
During the quarter, the company also furthered its reputation for providing its customers with the latest technology to meet their e-business needs with the release of BroadVision One-To-One® Content™ 6.0, BroadVision’s next-generation content management solution. BroadVision One-To-One Content 6.0 is revolutionary in that it is a content management solution that supports every part of the content management lifecycle – including design, creation, management, deployment, distribution, analysis and expiration of content. The product’s advanced XML-based architecture allows customers to use the product with BroadVision’s suite of enterprise self-service applications or to easily integrate with other applications powered by leading J2EE-based application servers.
Net loss for the fourth quarter on a generally accepted accounting principles basis was $55.6 million or $0.20 per share, compared with a net loss of $64.0 million, or $0.24 per share, for the quarter ended December 31, 2000. For the twelve-month period ended December 31, 2001, the company recorded a net loss of $833.0 million or $3.01 per share versus a net loss of $161.6 million, or $0.62 per share, for the twelve-month period ended December 31, 2000.
New Customers and Live Sites
New BroadVision customers during the fourth quarter included Helzberg Diamonds, Indian Rail, Methodist Healthcare System, Ministry of National Defense (Taiwan), OMV and State of Minnesota. Major repeat customers for the quarter included BASF, Becton Dickinson and Company, Boeing, British Telecom plc, Canadian Imperial Bank of Commerce (CIBC), Compaq, FleetBoston Financial, Highmark, KPN, Lafarge, Sears Roebuck and Co., State of California, Tellabs, US Air Force, Vodafone, Xilinx, and Xerox. In addition, a number of BroadVision-powered sites went live during the quarter including CIBC, Credit Suisse Private Banking, Finnair, France Telecom, Lafarge, MultiCare Health System, NCR, Opodo and RS Components.
Conference Call
Broadvision will hold a conference call to discuss this press release and related matters at 1:30 pm Pacific Time, January 24, 2002. The call, open to the public and hosted by Dr. Pehong Chen, President and CEO of BroadVision, can be accessed by going to the investor relations section of the company’s website at www.broadvision.com. A replay of the call will also be available for 7 days on the company’s website.
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 and Section 21E of the Securities Exchange Act of 1934, 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. Factors which could cause or contribute to such differences include, but are not limited to: lack of market acceptance of BroadVision’s products or services; BroadVision’s inability to continue to develop competitive new products and services on a timely basis; introduction of new products or services by competitors; general economic conditions and BroadVision’s inability to attract and retain qualified employees. These and other factors and risks associated with BroadVision’s business are discussed in its most recent annual report on Form 10-K as filed with the Securities and Exchange Commission and in BroadVision’s quarterly reports on Form 10-Q filed subsequent to the filing of the Form 10-K.
About BroadVision
BroadVision`s (Nasdaq: BVSN, Neuer Markt: BDN) enterprise self-service applications create immediate business value by transforming the way organizations do business — moving relationships to a personalized, self-service model that enhances growth, reduces costs and improves productivity. Leading global companies use BroadVision to power their enterprise self-service initiatives — using the web and wireless devices to unify and extend an enterprise`s applications, information and business processes to serve its employees, partners and customers in a personalized and collaborative way.
For more information about BroadVision, Inc., call 650.261.5100, email info@broadvision.com or visit www.broadvision.com.
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BroadVision, BroadVision One-To-One, BroadVision One-To-One Enterprise, BroadVision Retail Commerce, BroadVision Business Commerce, BroadVision MarketMaker, and BroadVision InfoExchange Portal are trademarks or registered trademarks of BroadVision, Inc. in the United States and other countries. Other names herein may be the property of their respective owners.
BroadVision Contact
Keith Crosley
BroadVision Public Relations
650-542-5824
keith.crosley@broadvision.com
BroadVision Investor Relations Contact:
Bob Okunski
BroadVision Investor Relations
650-542-4659
bob.okunski@broadvision.com
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