Broadvision Inc.
BroadVision Inc. english
BroadVision, Inc. Reports First Quarter 2002 Results
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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– Sharpens Focus on Enterprise Business Portal Market; Restructures Accordingly-
REDWOOD CITY, Calif. – April 24, 2002 – BroadVision, Inc. (Nasdaq: BVSN), a
leading provider of enterprise portal applications, today reported financial
results for the 1st quarter ended March 31, 2002. Revenues for the 1st quarter
ended March 31, 2002 were $30.5 million, compared with revenues of $48.2 million
for the 4th fiscal quarter ended Dec. 31, 2001. License revenue for Q1 of 2002
totaled $8.2 million. Pro forma net loss for Q1 ended March 31, 2002 was $19.0
million or $0.07 per share ($8.0 million or $0.03 per share in Q4 of 2001). Pro
forma results exclude the impairment of equity investments, the amortization of
goodwill and intangibles, and restructuring charges of $5.4 million in the 1st
quarter of 2002 and $20.0 million in the 4th quarter of 2001. In the 1st quarter
of 2002, the pro forma results also exclude an asset impairment charge of $2.3
million.
Net loss for the 1st quarter on a generally accepted accounting principles basis
was $36.1 million or $0.13 per share, compared with a net loss of $55.3
million, or $0.19 per share, for the quarter ended December 31, 2001 and a net
loss of $105.1 million, or $0.39 per share, for the quarter ended March 31,
2001.
In addition, the company has adopted Statement of Financial Accounting Standards
No. 142 (SFAS 142) concerning the treatment of goodwill and intangibles.
Without the adoption of SFAS 142, net loss in the 1st quarter based on US-GAAP
would have been $47.3 million or $0.17 per share.
Pursuant to a FAS Board staff announcement (Topic No. D-103), reimbursable
expenses have been reclassified into revenues, with a corresponding increase in
cost of revenues. The impact of the reclassification was to increase revenues by
$496,000 and $1.6 million in the 1st quarter of fiscal 2002 and 2001,
respectively.
In addition, BroadVision is implementing an organizational structure that
reflects this new focus on the enterprise business portal market and materially
reduces the cost of operation. The result of these initiatives will be a
workforce reduction of approximately 300 people from a base of approximately 970
employees at March 31, 2002. These programs, combined with the strong balance
sheet, will enable BroadVision to manage the business more effectively as the
company drives toward profitability.
end of ad-hoc-announcement (c)DGAP 24.04.2002
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
“The first quarter was challenging, as customers continued to delay IT spending
on broad new initiatives,” said Pehong Chen, BroadVision’s president and CEO.
“In response, until conditions improve, we are sharpening the focus of our
investments to concentrate on opportunities in the enterprise business portal
space. We believe targeting this type of application will enable us to
demonstrate the unique advantages of our portal solution in a sector that
industry analyst firm IDC says will grow 50% annually to be a $2.6 billion
market in 2006, up from $461 million in 2001.”
“We firmly believe in the enterprise business portal opportunity and in our
unique value proposition in this space. With hundreds of portal customers and
what we believe is the only portal solution that integrates content management,
commerce and personalization technology, BroadVision is well-positioned to
extend our market leadership.”
Customers and Products
New customers for the quarter included BCBC (Builders Corporation of British
Columbia), Faktab, ICBC (Insurance Corporation of British Columbia), Sunrider
International, The State Bar of California, and Omnitel. Significant repeat
customers included Baxter Healthcare, Connect Austria, Cooper Cameron, MultiCare
Health System, TD Waterhouse, Tosco Marketing Co. and US Coast Guard.
More than 250 customers have already adopted BroadVision’s corporate portal
application, BroadVision InfoExchange Portal, and the level of interest in
portal initiatives remains high. Recently announced BroadVision portal
deployments include: Highmark, Inc., MultiCare Health System and the consumer
products manufacturer Sunrider International. Sunrider International recently
announced their plan to use BroadVision InfoExchange Portal.
During Q1, BroadVision introduced two new products that significantly enhance
the functionality of BroadVision-powered portals:
. BroadVision Integration Services, BroadVision’s low-cost enterprise
application integration framework, makes it easy to connect BroadVision’s
enterprise business portals to a wide variety of backend systems including
Oracle, PeopleSoft, SAP and Siebel.
. With the addition of BroadVision Multi-Touchpoint Services, BroadVision
enterprise business portal applications can be enhanced to interact with and
present content to a wide variety of mobile devices as well as other non-PC
touchpoints including kiosks and ATMs.
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) enterprise business portal 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 as the basis for their enterprise business portal 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.
BroadVision Investor Relations Contact:
Bob Okunski
Director of Investor Relations
BroadVision Inc.
+001-650 542 4659
bob.okunski@broadvision.com
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.
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WKN: 901599; ISIN: US1114121023; Index: NEMAX 50
Listed: Neuer Markt Frankfurt, Freiverkehr in Stuttgart, München, Berlin,
Bremen, Hamburg, Düsseldorf, Hannover
242358 Apr 02
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