BroadVision, Inc. Announces Estimated Revenues for First Quarter 2002; Company Also Announces Revised Third and Fourth Quarter 2001 Results.Business Editors/High-Tech Writers REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--April 1, 2002 BroadVision A family of e-business applications from BroadVision, Inc., Redwood City, CA (www.broadvision.com) that provide the tools to develop a complete, commercial Web site. The suite of integrated and self-service applications includes BroadVision Process; Commerce; Content; and Portal, all of , Inc. (Nasdaq:BVSN BVSN Broadvision, Inc. (stock abbreviation, AMEX) ), a leading provider of personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. applications, today announced that, based on preliminary estimates, it expects revenue for the first quarter of 2002 to range between $29 million and $32 million. Results for the quarter were adversely affected by the continued uncertainties surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. the current IT spending environment. Separately, BroadVision announced restated financial results for the third quarter and revised results for the fourth quarter and fiscal year ended December December: see month. 31, 2001. These results are reflected in the company's 2001 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and third quarter report on Form 10-Q Form 10-Q See 10-Q. being filed today. The changes result from BroadVision's recent determination that revenue related to one software license agreement, which was originally recorded in its entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. in the third quarter of 2001, should instead be recognized ratably over the four-year life of the agreement. BroadVision received payment in full in connection with this transaction during 2001. As a result of the changes, the Company's total revenue for the third quarter of 2001 decreased by $3.5 million from $51.2 million as originally reported to $47.7 million as restated, and basic pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma loss per share for the third quarter of 2001 increased from $0.06 to $0.07. Basic reported loss per share increased from $1.54 to $1.55. Because revenue associated with this agreement is now being recognized over time, the Company's total revenue for the fourth quarter of 2001 increased by $251,000 from $ 48.0 million as originally announced to $48.2 million as revised. Basic pro forma loss per share for the fourth quarter of 2001 was unchanged at $0.03 and basic reported loss per share decreased from $0.20 to $0.19. For the fiscal year ended December 31, 2001, the Company's total revenue decreased by $3.3 million from $247.8 million as originally announced to $244.5 million as revised, and basic pro forma loss per share increased from $0.40 to $0.41. Basic reported loss per share increased from $3.01 to $3.02. Pro forma amounts exclude the amortization and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of goodwill and intangibles, in-process technology charges, restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. and non-operating asset Non-Operating Asset Assets that are unnecessary to the ongoing operations of a business. Notes: Sometimes referred to as "redundant assets." See also: Non-operating Cash Flows, Operating Expenses, Operating Income impairment charges. BroadVision will hold a conference call to discuss this press release and related matters at 5:45 pm Eastern Time on April 1, 2002. The call, open to the public and hosted by Dr. Pehong Chen, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BroadVision, can be accessed by dialing 719.457.2650, passcode 658824 or by going to the investor relations Investor relations The process by which the corporation communicates with its investors. section of the Company's website at www.broadvision.com/ir. A replay of the call will also be available for 3 days on the Company's website. BroadVision will hold a conference call to detail its first quarter financial results on April 24, 2002 at 5:00 pm Eastern Time. Information Concerning Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 statement. 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 BDN Borland Developer Network BDN Bangor Daily News (Maine, USA) BDN Business Development Network BDN Bell Data Network BDN Bulk Data Network BDN Busy Doing Nothing (band) BDN Buffered Delta Network ) enterprise self-service applications A software application that allows a user to obtain information or complete a business transaction on the computer that has traditionally required the help of a human representative. Voice response systems and Web sites are widely used for self-service applications. See kiosk. 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 1. (database, product) Unify - A relational database produced by Unify Corporation. 2. (algorithm) unify - To perform unification. and extend an enterprise's applications, information and business processes to serve its employees, partners and customers in a personalized and collaborative col·lab·o·rate intr.v. col·lab·o·rat·ed, col·lab·o·rat·ing, col·lab·o·rates 1. To work together, especially in a joint intellectual effort. 2. way. For more information about BroadVision, Inc., call 650/542-5100, email info@broadvision.com or visit www.broadvision.com. Note to Editors: BroadVision and BroadVision One-To-One one-to-one adj. 1. Allowing the pairing of each member of a class uniquely with a member of another class. 2. Mathematics are registered trademarks of BroadVision, Inc. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and other countries.
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
September 30, 2001 December 31, 2001
AS AS
REVISED REPORTED REVISED REPORTED
Revenues:
Software licenses $ 16,292 $ 19,673 $ 101,480 $ 104,655
Services 31,412 31,557 143,018 143,118
--------- --------- --------- ---------
Total revenues 47,704 51,230 244,498 247,773
Cost of revenues:
Cost of license revenues 1,713 1,713 9,895 9,895
Cost of service revenues 14,636 14,636 93,714 93,714
--------- --------- --------- ---------
Total cost of revenues 16,349 16,349 103,609 103,609
--------- --------- --------- ---------
Gross profit 31,355 34,881 140,889 144,164
Operating expenses:
Research and development 16,230 16,230 78,677 78,677
Sales and marketing 25,895 25,895 139,799 139,799
General and
administrative 10,849 10,849 42,311 42,311
Goodwill and intangible
amortization, net 66,493 66,493 211,216 211,216
Charge for acquired
in-process technology -- -- 6,418 6,418
--------- --------- --------- ---------
Restructuring charge 9,847 9,847 153,284 153,284
Impairment of goodwill
and other intangibles 336,379 336,379 336,379 336,379
--------- --------- --------- ---------
Total operating
expenses 465,693 465,693 968,084 968,084
--------- --------- --------- ---------
Operating loss (434,338) (430,812) (827,195) (823,920)
Other income (expense),
net 1,797 1,797 (6,928) (6,928)
--------- --------- --------- ---------
Loss before provision
for income taxes (432,541) (429,015) (834,123) (830,848)
Provision for income
taxes 406 406 2,136 2,136
--------- --------- --------- ---------
Net loss $(432,947) $(429,421) $(836,259) $(832,984)
========= ========= ========= =========
Basic and diluted loss
per share $ (1.55) $ (1.54) $ (3.02) $ (3.01)
========= ========= ========= =========
Shares used in computing:
Basic and diluted
loss per share 278,464 278,464 276,733 276,733
========= ========= ========= =========
Pro forma net loss(a) $ (19,391) $ (15,865) $(113,812) $(110,537)
========= ========= ========= =========
Pro forma basic and
diluted loss per share $ (0.07) $ (0.06) $ (0.41) $ (0.40)
========= ========= ========= =========
(a) Pro Forma net loss/loss per share excludes impairment of equity
investments, impairment and amortization of goodwill and acquired
technology, the charge for acquired in-process technology, and
restructuring charges. Equity investment impairments were $837 and
$15,150 for the three months ended September 30, 2001 and the year
ended December 31, 2001, respectively. Goodwill amortization was
$64,080 and $202,542 and acquired technology amortization was
$2,413 and $8,674 for the three months ended September 30, 2001,
and the year ended December 31, 2001, respectively. The charge for
acquired in-process technology was $0 and $6,418 for the three
months ended September 30, 2001 and the year ended December 31,
2001, respectively. Restructuring charges were $9,847 and $153,284
for the three months ended September 30, 2001 and the year ended
December 31, 2001, respectively. Impairment charges for goodwill
and other intangibles were $336,379 for the three months ended
September 30, 2001 and the year ended December 31, 2001.
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