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BroadVision Inc (NASDAQ:BVSN), a leading provider of e-business and engagement management solutions reported its financial results for its first quarter ended March 31, 2018. The company said that the revenues for the first quarter were $1.6 million as compared to $1.5 million revenues in the previous quarter and $1.8 million year-over-year. As quoted in the …
BroadVision Inc (NASDAQ:BVSN), a leading provider of e-business and engagement management solutions reported its financial results for its first quarter ended March 31, 2018. The company said that the revenues for the first quarter were $1.6 million as compared to $1.5 million revenues in the previous quarter and $1.8 million year-over-year.
As quoted in the press release:
License revenue for the first quarter of 2018 was $0.9 million, compared with revenues of $0.9 million for the fourth quarter ended December 31, 2017 and $0.9 million for the comparable quarter of 2017. The majority of the first quarter license 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 2018, BroadVision posted net loss on a U.S. Generally Accepted Accounting Principles (“GAAP”) basis of $1.5 million, or $0.30 per basic and diluted share, as compared with GAAP net loss of $2.4 million, or $0.49 per basic and diluted share, for the fourth quarter of 2017 and GAAP net loss of $2.6 million, or $0.52 per basic and diluted share, for the comparable quarter of 2017.
On January 1, 2018, BroadVision adopted a new revenue recognition standard, Revenue from Contracts with Customers (Topic 606), which was issued by the Financial Accounting Standards Board in May 2014. BroadVision adopted Topic 606 applying the modified retrospective method to all contracts that were not completed as of January 1, 2018. BroadVision’s results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting under Topic 605. BroadVision recorded a net increase of $0.6 million to its opening retained earnings balance as of January 1, 2018 due to the cumulative effect of adopting Topic 606.
As of March 31, 2018, the Company had $7.9 million of cash and cash equivalents and short-term investments, compared to a combined balance of $9.6 million as of December 31, 2017 and $17.5 million as of March 31, 2017.
“Recent revelations about how personal data is being misused, and the impending introduction of GDPR both highlight that data privacy is becoming a defining issue of the next stage of the development of the internet. With its focus on providing a secure, single source of truth, Vmoso is ideally positioned as a platform to protect personal and corporate data, and build trusted, mutually beneficial relationships,” said Dr. Pehong Chen, President, CEO and Interim CFO of BroadVision.