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BroadVision Announces Third Quarter 2019 Results

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REDWOOD CITY, Calif., Nov. 15, 2019 (GLOBE NEWSWIRE) — BroadVision, Inc. (Nasdaq: BVSN), a leading provider of e-business and engagement management solutions, today reported financial results for its third quarter ended September 30, 2019. This was the third quarter for which BroadVision’s results of operations reported under U.S. Generally Accepted Accounting Principles (“GAAP”) included the results of operations of its subsidiary, Vmoso, Inc. (“VMSO”), which was consolidated with BroadVision for GAAP purposes through September 29, 2019. BroadVision completed the financing of and transfer of its Vmoso and Clearvale platforms to VMSO in the first quarter of 2019 (collectively, the “VMSO transactions”). On September 30, 2019, BroadVision took actions that resulted in the deconsolidation of VMSO from its consolidated financial statements. As a result, on September 30, 2019, BroadVision determined that the asset group associated with Vmoso and Clearvale products and its MyVmoso Network product development should be considered as discontinued operations.

Revenues from continuing operations for the third quarter were $0.7 million, compared with revenues from continuing operations of $0.7 million for the second quarter ended June 30, 2019 and $0.7 million for the comparable quarter of 2018. Revenues from discontinued operations for the third quarter were $0.2 million compared with revenues from discontinued operations of $0.2 million for the second quarter ended June 30, 2019 and $0.2 million for the comparable quarter of 2018.

License revenues from continuing operations for the third quarter of 2019 were $0.3 million, compared with license revenues from continuing operations of $0.3 million for the second quarter ended June 30, 2019 and $0.3 million for the comparable quarter of 2018. The majority of the third quarter license revenues from continuing operations was generated from the Company’s BroadVision® Business Agility Suite™, Commerce Agility Suite™, and QuickSilver™. Revenues during the quarter were generated from sales to both new and existing customers.

In the third quarter of 2019, BroadVision posted a net loss from continuing operations on a GAAP basis of $0.6 million, or $0.11 per basic and diluted share, as compared with GAAP net loss from continuing operations of $0.1 million, or $0.02 per basic and diluted share, for the second quarter of 2019 and GAAP net loss from continuing operations of $0.5 million, or $0.09 per basic and diluted share, for the comparable quarter of 2018. Net income from discontinued operations of $1.7 million for the third quarter of 2019 included a $2.3 million gain on deconsolidation of VMSO offset by a loss from discontinued operations of approximately $0.6 million. This is compared to a net loss from discontinued operations of $0.8 million for the second quarter of 2019 and $1.3 million for the comparable quarter of 2018.

As of September 30, 2019, the Company had $2.2 million of cash and cash equivalents after deconsolidation of VMSO, compared to a combined balance of $2.6 million as of December 31, 2018, which was prior to the completion of the VMSO transactions.

“As a result of our deconsolidation of VMSO, for the first time this quarter we are presenting separate figures for discontinued operations related to the VMSO products within our reported results. These figures show that VMSO continued to require investment levels expected for a startup through its deconsolidation effective September 30, 2019, while the continuing operations of our core BroadVision business continued to generate revenues. Any future expenses related to product development for VMSO will no longer be consolidated by BroadVision,” said Dr. Pehong Chen, President, CEO and Interim CFO of BroadVision.

About BroadVision 
Driving innovation since 1993, BroadVision (Nasdaq: BVSN) provides e-business solutions that enable the enterprise and its employees, partners, and customers to stay actively engaged, socially connected, and universally organized to achieve greater business results. BroadVision® solutions are available globally in the cloud via Web and mobile applications. Visit www.BroadVision.com for more details.

BroadVision, Business Agility Suite, Commerce Agility Suite and QuickSilver are trademarks or registered trademarks of BroadVision, Inc. in the United States and other countries. All other company names, product names, and marks are the property of their respective owners.

Information Concerning Forward-Looking Statements
Information in this release that involves expectations, beliefs, hopes, plans, intentions or strategies regarding the future, including statements regarding BroadVision’s ability to enhance customers’ businesses and the ability of BroadVision’s continuing operations to generate revenues, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties include without limitation uncertainty regarding market acceptance of BroadVision’s products and services, BroadVision’s ability to provide reliable, scalable and cost-efficient Cloud-based offerings, BroadVision’s ability to effectively compete in its intensely competitive market and respond effectively to rapidly changing technology, evolving industry standards and changing customer needs, requirements or preferences, and the other risks set forth in BroadVision’s most recent quarterly report on Form 10-Q, and subsequent reports filed with the Securities and Exchange Commission. 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 except as required by law. These statements are not guarantees of future performance and actual results could differ materially from BroadVision’s current expectations.

             
             
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
            
   September 30,   December 31,
   2019   2018
ASSETS     (unaudited)      
Current assets:            
Cash, cash equivalents and short-term investments   $  2,169   $  2,574
Other current assets      1,818      1,168
Total current assets      3,987      3,742
Other non-current assets      1,600      111
Total assets   $  5,587   $  3,853
LIABILITIES AND STOCKHOLDERS’ EQUITY            
Current liabilities   $  2,040   $  1,897
Other non-current liabilities      813      555
Total liabilities      2,853      2,452
Total stockholders’ equity      2,734      1,401
Total liabilities and stockholders’ equity   $  5,587   $  3,853
                         
                         
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(unaudited)
                         
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
    2019   2018   2019   2018
Revenues:                        
Software licenses   $  284     $  285     $  964     $  1,199  
Services      424        458        1,333        1,709  
Total revenues      708        743        2,297        2,908  
Cost of revenues:                        
Cost of software revenues      12        28        —        102  
Cost of services      75        105        235        424  
Total cost of revenues      87        133        235        526  
Gross profit      621        610        2,062        2,382  
Operating expenses:                        
Research and development      322        235        537        1,249  
Sales and marketing      69        231        140        669  
General and administrative      596        535        1,941        2,072  
Total operating expenses      987        1,001        2,618        3,990  
Operating loss      (366 )      (391 )      (556 )      (1,608 )
Interest income, net      4        13        12        49  
Other income (loss), net      (190 )      (71 )      (174 )      (223 )
Loss before income taxes      (552 )      (449 )      (718 )      (1,782 )
Income tax expense      2        (2 )      (15 )      (4 )
Net income (loss) from continuing operations      (550 )      (451 )      (733 )      (1,786 )
Discontinued Operations:                        
Net income (loss) from discontinued operations      (665 )      (1,265 )      (2,234 )      (3,582 )
Gain on deconsolidation of Vmoso, Inc.      2,349        —        2,349        —  
Net income (loss) from discontinued operations      1,684        (1,265 )      115        (3,582 )
Net income (loss)      1,134        (1,716 )      (618 )      (5,368 )
Net income (loss) attributed to non-controlling interest      (529 )      —        (1,707 )      —  
Net income (loss) attributed to BroadVision   $  1,663     $  (1,716 )   $  1,089     $  (5,368 )
Amounts attributed to controlling interest:                        
Net income (loss) attributed to controlling interest from continuing operations   $  (467 )   $  (1,716 )   $  (519 )   $  (5,368 )
Net income (loss) attributed to controlling interest from discontinued operations      2,130        —        1,608        —  
Net income (loss) attributed to BroadVision   $  1,663     $  (1,716 )   $  1,089     $  (5,368 )
Net income (loss) per share attributed to continuing operations:                        
Basic   $  (0.11 )   $  (0.09 )   $  (0.15 )   $  (0.36 )
Diluted   $  (0.11 )   $  (0.09 )   $  (0.15 )   $  (0.36 )
Net income (loss) per share attributed to discontinued operations:                        
Basic   $  0.33     $  (0.25 )   $  0.02     $  (0.72 )
Diluted   $  0.33     $  (0.25 )   $  0.02     $  (0.72 )
Shares used in computing:                        
Weighted average shares, basic      5,034        4,998        5,002        4,997  
Weighted average shares, diluted      5,044        4,998        5,021        4,997  
Other comprehensive (loss) gain, net of tax:                        
Foreign currency translation adjustment      188        29        184        106  
Comprehensive income      188        29        184        106  
Comprehensive income (loss)   $  1,322     $  (1,687 )   $  (434 )   $  (5,262 )

BroadVision Contact:

Pehong Chen
Investor Relations
(650) 331-1000          
Ir1@broadvision.com 

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

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vSync Circuits Adds Verific’s Static Elaborator to Product Mix

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ALAMEDA, Calif., Dec. 03, 2019 (GLOBE NEWSWIRE) — Verific Design Automation today announced long-time customer vSync Circuits added Verific’s static elaboration to its product mix and introduced vLinter, early rule-based design analysis and verification software.

“Our relationship with Verific is one of great mutual admiration,” remarks Dr. Reuven Dobkin, chief executive officer and chief technology officer of vSync. “We respect Verific and value it as a trusted vendor with incomparable support and service.”

vLinter, static analysis-based verification used in early design stages, hunts design bugs due to bad coding practices, including unsynthesizable code, unintentional latches, undriven signals, race conditions, out-of-range indexing, incomplete case statements and simulation and synthesis mismatches. It supports both ASIC and FPGA design flows and allows easy and fast setup by directly loading project files from leading synthesis software.

“VSync takes a clever approach to functional verification using structural and formal verification, RTL and gate-level verification, automatic timing constraints generation and automatic bug fixing,” remarks Michiel Ligthart, Verific’s president and chief operating officer. “The result is a powerful methodology that works in either FPGA or ASIC verification and integration flows with Verific’s parser platforms serving as the front end.”

Verific’s SystemVerilog, VHDL and universal power format (UPF) Parser Platforms are in production and development flows at semiconductor companies worldwide, from emerging companies to established Fortune 500 vendors. Applications range from analysis, simulation, formal verification and synthesis to emulation and virtual prototyping, in-circuit debug and design for test. Verific distributes its Parser Platforms as C++ source code and compiles on all 32- and 64-bit Unix, Linux, Mac OS and Windows operating systems.

About vSync Circuits
vSync Circuits is an EDA and IP solutions company providing integration and verification solutions for ASIC and FPGA design and verification groups. It introduces a novel and unique technology for reliable multiple clock-domain design integration and verification comprised of a tool-based approach that bridges the design and verification worlds. vSync Circuits methodology is generic and is compatible with all different design flows.

About Verific Design Automation
Verific Design Automation is celebrating 20 years as the leading provider of SystemVerilog, Verilog, VHDL and UPF Parser Platforms that enable project groups to develop advanced electronic design automation (EDA) products quickly and cost effective worldwide. Verific, with offices in Alameda, Calif., and Kolkata, India, has shipped more than 60,000 copies of its software used worldwide by the EDA and semiconductor industry. Corporate headquarters is located at: 1516 Oak Street, Suite 115, Alameda, Calif. 94501. Telephone: (510) 522-1555.

Engage with Verific at:
Email: info@verific.com
Website: www.verific.com
LinkedIn: https://www.linkedin.com/company/verific-design-automation-inc/
Facebook: https://www.facebook.com/Verific-Design-Automation-100448363329771/

Verific Design Automation acknowledges trademarks or registered trademarks of other organizations for their respective products and services.

For more information, contact:
Nanette Collins
Public Relations for Verific
(617) 437-1822
nanette@nvc.com

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Rackspace Expands Professional and Managed Services to Accelerate Customer Cloud Adoption with Amazon Web Services

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SAN ANTONIO and LAS VEGAS, Dec. 03, 2019 (GLOBE NEWSWIRE) — Announced today from AWS re:Invent 2019, Rackspace accelerates its growth as a full stack service provider by expanding its portfolio of Rackspace Service Blocks™. This news expands Rackspace’s leadership in providing professional and managed services for Amazon Web Services (AWS).

With the expansion of the Service Blocks portfolio, Rackspace further empowers customers to keep pace with innovation and capitalize on new services and features like Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and Serverless Computing.

“Our customers need deep AWS expertise that helps them develop, deploy, and integrate the latest applications, improve and secure their infrastructure, and ultimately make the most of what AWS has to offer so that they can move their businesses forward,” said Matt Stoyka, Chief Relationship Officer, Rackspace. “Our enhancement of Rackspace Service Blocks bridges the skills gap faced by customers who are quickly maturing on AWS.”

“For 15 years, we’ve trusted Rackspace to hear and understand our challenges, diagnose our problems, and quickly develop solutions that fit our evolving needs as a company,” said Bill Dalton, Vice President of Firefly Digital. “Today, bringing their expertise to manage our entire container services journey, Rackspace ensures we’re getting the most from AWS so we can focus on innovating and staying competitive.” 

Enhanced Portfolio for AWS Services: Rackspace Introduces Three New Rackspace Service Block Patterns

Rackspace Service Blocks is the modular cloud services portfolio comprised of discrete, customizable services provided on a flexible consumption model, which allows customers to only pay for the cloud services they need, optimizing IT economics. 

Today’s newly introduced Rackspace Service Block patterns are designed to streamline the adoption of AWS by consolidating broad expertise across infrastructure, applications, data, strategy and integration. This expertise is distilled into solution roadmaps designed to help customers deploy three key types of solutions:

  • Container Services Journey – A combination of Professional Services, Managed Cloud and Advanced Kubernetes Management Service Blocks, this offering helps customers outline their container strategy, build containerized applications and transition them into ongoing management.
  • Hybrid Transformation with VMware Cloud on AWS – A grouping of managed and professional services designed to provide customers with the tools and expertise needed to make a smooth transition to hybrid cloud with VMware Cloud on AWS.
  • Data Modernization – This configuration helps customers streamline analytics processes, uncover deficiencies within processes and derive meaning from data to enable better data-driven business decisions and serve their customers with accurate and timely data.

Learn more about Rackspace Service Blocks at rackspace.com/lp/new-aws-service-blocks. 

Visit Rackspace at Booth #1637 in the Venetian at AWS re:Invent 2019.

About Rackspace
At Rackspace, we accelerate the value of the cloud during every phase of digital transformation. Across applications, data, security, hybrid and multiple clouds worldwide, we provide cloud specialists with unbiased expertise, continuous modernization and Rackspace Service Blocks. We work with leading partners and alliances. As a recognized Gartner Magic Quadrant leader, we deliver Fanatical Experience™ across every interaction. Rackspace has been honored by Fortune, Forbes, Glassdoor and others as one of the best places to work.

Media Contact
Mikala Ferguson
mikala.ferguson@rackspace.com
210-550-6452

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New Research Finds Latest Accounting Regulations Are Significantly Driving Up Audit Costs

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LOS ANGELES, Dec. 03, 2019 (GLOBE NEWSWIRE) — FloQast, a provider of close management software created by accountants for accountants to close the books faster and more accurately, today announced the results of a just released survey entitled “The Ugliness of the Audit.” The study, based on feedback from more than 200 financial audit stakeholders, clearly demonstrates that audits are becoming significantly more costly and burdensome for companies of all sizes and the situation is not expected to improve in the next two years. It is important to note that these cost increases are driven primarily by changing accounting rules and regulations such as ASC 606.

“The audit is an essential part of the accounting process, but it is abundantly clear that the process has become overly taxing and expensive for companies of all sizes,” said Diane Hagglund, senior research analyst at Dimensional Research. “As audits become increasingly painful and burdensome, it is driving demand for innovative software solutions that help mitigate this pain by delivering a level of sanity into the process.”

Key findings in the report include:

  • Audit costs are rapidly growing – Audits are becoming increasingly expensive for organizations of all sizes, with over half of finance teams (53%) reporting substantial increases in audit costs in the past two years, driven primarily (64%) by new accounting regulations. The vast majority (81%) of companies that have adopted ASC 606 in their audit procedures report that it has negatively impacted their audit, increasing the cost and time to complete it and adding additional stress and frustration to the process. Ninety percent (90%) expect audit costs to further increase in the next two years and more than half (55%) of large companies (over 1,000 employees) have annual audit fees of more than $250,000.
  • Audits are lengthy and disruptive for finance teams The audit process places a big strain on finance and accounting departments with ninety-five percent (95%) stating they face challenges with their audits, including conflicts with other work (82%), the complexity of accounting rules (58%), and dealing with the stressful time that has a personal impact on their staff (50%). Most telling, 66% say that CFOs and controllers live with persistent fear that they may have missed something in their financials that will come under the scrutiny of the auditors.
  • Financial software improves the audit process – Close management software is providing improvements to the audit process for 91% of the finance teams that use it, and they are less likely to expect significant increases in the cost of their audit in the future. Eighty-nine percent (89%) of those surveyed indicated they would benefit from additional software capabilities, commonly found in close management, during their audit.

“This survey validates what we hear from our customers every day – the audit has become a black hole that sucks the money, time and morale from accounting teams every year,” said Mike Whitmire, CPA*, co-founder and CEO of FloQast. “FloQast’s goal is to provide controllers and CFOs with the financial software and tools that drive more efficient audits meaning less billable hours by auditors and a quicker return to focusing on what really matters, and that’s running the business.”

A complimentary copy of the report is available at www.floqast.com/auditsurvey.

Join Dimensional Research and FloQast for a live webinar on “The Ugliness of the Audit – and How to Avoid It” on December 11 at 11:00 am PT/2:00 pm ET during which they will walk through the survey results and share best practices for how to improve audit readiness. Register at www.floqast.com/auditsurveywebinar.

To learn about FloQast close management software and how it will help your accounting team to streamline your annual audit, visit www.floqast.com/audit.

Survey Methodology
The survey was conducted by Dimensional Research, on behalf of FloQast, in November 2019. A total of 203 accounting and finance professionals participated in the survey, all of whom were directly responsible for activities and outcomes of year-end financial audits. The purpose of the survey was to gauge finance and accounting professionals’ opinions of and experiences with the annual audit process, particularly in the light of the adoption of new accounting regulations such as ASC 606 and 842.

About Dimensional Research
Dimensional Research® provides practical market research to help technology companies make their customers more successful. Our researchers are experts in the way technology organizations operate to meet the needs of their business stakeholders. We partner with our clients to deliver actionable information that reduces risks, increases customer satisfaction, and improves business results. For more information, visit dimensionalresearch.com.

About FloQast
FloQast is close management software, created by accountants for accountants to close faster and more accurately. On average, accounting teams who rely on FloQast close three days faster. Seamlessly integrated with ERPs and leveraging existing checklists and Excel, FloQast provides a single place to manage the month-end close and gives everyone visibility. The cloud-based software is trusted by more than 750 accounting departments, including those at Lyft, Twilio, Zoom and The Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter at @floqast.

*inactive

Rebecca Mettler
BOCA Communications for FloQast
floqast@bocacommunications.com
914-215-0113

 

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