BroadVision was een van de snelst groeiende bedrijven tijdens de opkomst van het Internet. In 1998 en 1999 maakte BroadVision winst. Tijdens het inzakken van de economie kreeg BroadVision als één van de eersten te maken met de discrepantie tussen de op verdere groei voorbereide organisatie en de gedaalde koop-bereidheid in de markt. Met name investeringen in vernieuwende enterprise-level applicaties, zoals die van BroadVision, werden uitgesteld. Hierdoor maakte BroadVision verlies in 2000 en 2001. Met het in balans brengen van de organisatie met de markt, wilde BroadVision zo snel mogelijk weer winstgevend worden. Voor BroadVision is de terugkeer naar operationele winstgevendheid een belangrijke mijlpaal die het begin betekent van een nieuwe, meer stabiele, bedrijfsfase.
Meer informatie over de cijfers en de achtergronden vindt u in het originele, engelstalige, persbericht, wat hieronder integraal is opgenomen.
Wednesday January 22, 4:27 pm ET (22.47 Dutch Time)
BroadVision, Inc. Returns to Pro Forma Profitability in Fourth Quarter 2002, as Planned
Company Reports Pro Forma Net Income of $3.7 Million
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Jan. 22, 2003--BroadVision, Inc. (Nasdaq: BVSN - News), a leading provider of enterprise business portal applications, today reported financial results for the fourth quarter ended December 31, 2002. Revenues for the fourth quarter of 2002 were $28.8 million, compared with revenues of $27.2 million for the third quarter ended September 30, 2002. License revenue for the fourth quarter of 2002 increased 4 percent to $11.2 million from $10.8 million in the third quarter of 2002. Pro forma net income for the fourth quarter of 2002 was $3.7 million, or $0.11 per share, compared with a pro forma net loss of $2.3 million, or $0.07 per share, in the third quarter of 2002. Pro forma results exclude certain charges totaling $13.7 million for the fourth quarter versus $65.4 million in the third quarter of 2002. These charges are comprised of restructuring charges, amortization of acquired technology, impairment of equity investments and impairment of assets. The fourth quarter charge includes a $3.2 million write-off of pre-paid royalties for software the company no longer intends to utilize, which is reflected in cost of software license.
Net loss for the fourth quarter of 2002, on a generally accepted accounting principles basis, was $10.0 million or $0.31 per share, compared with a net loss of $67.7 million, or $2.11 per share, for the third quarter of 2002 and a net loss of $55.3 million, or $1.75 per share, for the quarter ended December 31, 2001.
"We've long been committed to achieving pro forma profitability in the fourth quarter, and we accomplished that objective. Our main goals going into the quarter were to increase license revenue and to further reduce expenses to restore operational profitability. We more than met each of these goals, as the programs and people we put into place throughout 2002 yielded success," said Pehong Chen, president and CEO of BroadVision. "On the product front, our enterprise portal message is resonating with our customers and our 7.0 product suite continues to gain traction in the marketplace. We remain very confident in our long term success -- our loyal installed base, integrated product suite, prudent fiscal management and solid balance sheet have put us in a strong competitive position to capitalize on any improvement in the economic environment."
During the fourth quarter of 2002, BroadVision® expanded its market penetration by closing business with new and existing customers. New customers included Apotex, Booz Allen Hamilton, Espin Spa, ENI-Sofid, Ferretti Spa and Yokogawa. Repeat customers for the quarter included Becton Dickenson, BUPA, Lloyds TSB, Mercury Interactive, Nexans, O2 Limited, Sears Roebuck and Company, Siemens and The United States Air Force.
BroadVision's 7.0 product suite market adoption continued to grow, with customers including CIBC, Fleet Boston, GSA, Sears and Toshiba going live on 7.0 during the quarter. BroadVision remains strongly committed to R&D programs that extend the depth and breadth of the BroadVision 7.0 product suite. During the fourth quarter, the company released BroadVision Deployment Center(TM), a portal staging tool that reduces the cost and complexity of site maintenance, and BroadVision QuickSilver(TM) 1.6, a software package for publishing complex documents in multiple output formats.
In addition, BroadVision completed the build-out of its European sales leadership team with the appointment of Peter Bjorling, managing director of Nordic operations, and Peter Stanley, vice president of UK and Benelux operations. BroadVision also welcomed James Dixon, noted financial services industry executive, recently retired from Bank of America, as a new board member and head of its audit committee.
Conference Call
BroadVision will hold a conference call to discuss this press release and related matters at 2:00 p.m. Pacific Time, January 22, 2003. The call, hosted by Dr. Pehong Chen, president and CEO of BroadVision, can be accessed live and for seven days after the teleconference, by going to the investor relations section of the company's website at www.broadvision.com.
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.
About BroadVision
BroadVision's (Nasdaq: BVSN - News) enterprise business portal applications create bottom line value by transforming the way organizations do business--moving relationships with employees, partners and customers to a personalized, self-service model that increases revenues, reduces costs and improves productivity. BroadVision is a leading provider of portal software to Fortune 500 companies that use BroadVision to power their enterprise business portal initiatives -- leveraging the web and wireless devices to unify and extend their enterprise applications, information and business processes, to collaborate with over 50 million users.
For more information about BroadVision, Inc., call 650.542.5100, email info@broadvision.com or visit www.broadvision.com.
Note to Editors: BroadVision, BroadVision Deployment Center and BroadVision QuickSilver 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, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
Dec. 31, Dec. 31,
2002 2001
----------- ----------
ASSETS
Cash and cash equivalents $77,386 $75,758
Short-term investments 24,484 65,705
Accounts receivable, less reserves of $5,502
and $8,194 for 2002 and 2001, respectively 22,917 39,768
Prepaids and other 9,181 12,816
----------- ----------
Total current assets 133,968 194,047
Property and equipment, net 26,600 67,219
Deferred tax asset - 2,857
Long-term investments 587 22,135
Restricted cash and investments 16,704 29,949
Equity investments 2,083 5,583
Goodwill and other intangibles 57,320 60,867
Other assets 2,874 9,760
----------- ----------
Total assets $240,136 $392,417
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $8,105 $11,276
Accrued expenses 55,787 61,712
Unearned revenue 14,158 22,580
Deferred maintenance 24,325 30,337
Bank borrowings and current portion of long-
term debt 25,977 977
----------- ----------
Total current liabilities 128,352 126,882
Long-term debt, net of current portion 1,945 2,922
Other noncurrent liabilities 68,206 59,466
----------- ----------
Total liabilities 198,503 189,270
Common stock 3 3
Additional paid-in capital 1,210,797 1,207,071
Accumulated other comprehensive gain (loss),
net of tax 37 (5,245)
Accumulated deficit (1,169,204) (998,682)
----------- ----------
Total stockholders' equity 41,633 203,147
----------- ----------
Total liabilities and stockholders'
equity $240,136 $392,417
=========== ==========
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(In thousands, except per share amounts)
Three Months Twelve Months
Ended Ended
December 31, December 31,
(Unaudited)
----------------- -----------------
2002 2001 2002 2001
--------- ---------- ----------- -----------
Revenues:
Software licenses $11,239 $21,019 $40,483 $101,480
Services 17,546 27,912 75,415 146,943
--------- ---------- ----------- -----------
Total revenues 28,785 48,931 115,898 248,423
Cost of revenues:
Cost of software
licenses 4,727 3,287 8,144 9,895
Cost of services 7,391 12,406 38,898 97,639
--------- ---------- ----------- -----------
Total cost of revenues 12,118 15,693 47,042 107,534
--------- ---------- ----------- -----------
Gross profit 16,667 33,238 68,856 140,889
Operating expenses:
Research and development 6,677 14,860 41,432 78,677
Sales and marketing 7,553 19,657 48,918 139,799
General and
administrative 2,513 6,604 16,288 42,311
Goodwill and intangible
amortization 887 12,146 3,548 211,216
Charge for acquired in-
process technology - 6,418 - 6,418
Restructuring charge 7,299 19,964 110,449 153,284
Impairment of assets - - 3,129 -
Impairment of goodwill
and other intangibles - - - 336,379
--------- ---------- ----------- -----------
Total operating expenses 24,929 79,649 223,764 968,084
--------- ---------- ----------- -----------
Operating loss (8,262) (46,411) (154,908) (827,195)
Other (expense), net (1,331) (8,346) (8,011) (6,928)
--------- ---------- ----------- -----------
Loss before provision for
income taxes (9,593) (54,757) (162,919) (834,123)
Provision for income
taxes 384 568 7,603 2,136
--------- ---------- ----------- -----------
Net loss $(9,977) $(55,325) $(170,522) $(836,259)
========= ========== =========== ===========
Basic loss per share $(0.31) $(1.75) $(5.32) $(27.20)
========= ========== =========== ===========
Diluted loss per share $(0.31) $(1.75) $(5.32) $(27.20)
========= ========== =========== ===========
Shares used in computing:
Basic loss per share 32,261 31,557 32,036 30,748
========= ========== =========== ===========
Diluted loss per share 32,261 31,557 32,036 30,748
========= ========== =========== ===========
Pro forma net income
(loss) 1: $3,738 $(7,963) $(31,276) $(113,812)
Basic income (loss) per
share $0.12 $(0.25) $(0.98) $(3.70)
Diluted income (loss) per
share $0.11 $(0.25) $(0.98) $(3.70)
--------- ---------- ----------- -----------
Shares used in the pro forma diluted income per share for the
fourth quarter of 2002 were 33,081.
1 Pro Forma Reconciliation
Pro forma net income(loss)/income (loss) per share, excludes
restructuring charges, amortization of goodwill, amortization of
acquired technology, impairment of equity investments, charge for
acquired in-process technology, impairment of assets, impairment of
intangible assets and provision for deferred tax asset valuation
allowance. Pro forma net income(loss) is calculated in the following
table:
Three Months Twelve Months
Ended Ended
12/31 12/31
----------------- --------------------
2002 2001 2002 2001
Net loss, generally accepted
accounting principles ($9,977)($55,325) ($170,522)($836,259)
--------------------------------------
Pro forma adjustments:
Restructuring charges 7,299 19,964 110,449 153,284
Amortization of goodwill - 10,700 - 202,542
Amortization of acquired
technology 887 1,446 3,548 8,674
Impairment of equity investments 2,321 8,834 12,633 15,150
Charge for acquired in-process
technology - 6,418 - 6,418
Impairment of assets 3,208 - 6,337 -
Impairment of intangible assets - - - 336,379
Provision for deferred tax asset
valuation allowance - - 6,279 -
--------------------------------------
Total pro forma adjustments 13,715 47,362 139,246 722,447
--------------------------------------
Pro forma net income (loss) $3,738 ($7,963) ($31,276)($113,812)
======================================
Contact:
BroadVision
Bob Okunski, 650/542-4659 (Investor Relations)
bob.okunski@broadvision.com
Source: BroadVision