BroadVision, Inc. Reports Results for Fourth Quarter 2000
REDWOOD CITY, Calif., Jan 25, 2001 (BUSINESS WIRE) -- BroadVision, Inc.
(Nasdaq: BVSN), a leading provider of personalized e-business applications,
today reported financial results for the quarter ended December 31, 2000.
Key financial results for the quarter and comparisons versus prior quarters are
as follows:
Quarter ended Quarter ended Quarter ended
Q4'00 Q4'99 Q3'00
------------- ------------- -------------
Revenues $136.9 million $43.7 million $120.2 million
Operating Income $4.6 million $5.9 million $17.8 million
(Pro Forma-Fiscal
2000 only)
Net Income $4.5 million $8.1 million $13.6 million
(Pro Forma- Fiscal 2000
only)
Diluted EPS $0.02 $0.03 $0.05
(Pro Forma- Fiscal 2000
only)
§ Key financial results for the year 2000 as compared to 1999 are as
follows:
FY'00 FY'99
----- -----
Revenues $413.9 million $115.5 million
Operating Income $45.1 million $15.3 million
(Pro Forma Fiscal 2000 only)
Net Income $38.7 million $18.8 million
(Pro Forma-Fiscal 2000 only)
Diluted EPS $0.13 $0.07
(Pro Forma-Fiscal 2000 only)
"It was a great year in terms of both revenues and non-financial measures. Q4
2000 was BroadVision's eleventh consecutive quarter of profitability, on a
pro-forma basis. Our aggressive growth and enhanced presence in global markets
did result in higher than anticipated expense levels in Q4, but we feel good
about the market and believe that we are well positioned for continued success,"
said Dr. Pehong Chen, president and CEO, BroadVision. "In 2001 we intend to
build on our strong foundation to deliver the most innovative suite of
e-business applications that help companies provide their customers, employees,
suppliers and partners with personalized, self-service access to a variety of
key business processes. We believe that BroadVision's enterprise-class solutions
deliver the cost savings and revenue generating opportunities that CIOs are
looking for in today's economic climate."
New Customers
During the quarter, BroadVision acquired 107 new customers (93 end-user
customers and 14 partner organizations) - bringing the total number of
BroadVision's installed base to 1,169 accounts across top vertical markets
worldwide. During this same period, 95 sites went live using BroadVision
applications. A sampling of new BroadVision customers includes:
-- Digital Markets: Clicon, Colinx LLC, ICFox, iStark, New Health
Exchange, PurchasePro, Universal Exchange, U-Steel
-- Energy/Utility: Saudi Aramco Services, ENEL, WIND
-- Financial Services: ABN-AMRO Bank, Banca Commercio, Bear
Stearns, BGZ Bank Poland, China Trust Bank, CIBC, CommerzBank
UK, Dogas E-Bank, Korfez Bank,
-- Healthcare/Pharmaceuticals: Advance PCS, Hawaii Medical
Service Association, Pharmacia
-- High-Tech/Manufacturing: Circadence, Coors, Heineken, Mettler
Toledo, NCR, Sony UK, Toppan Printing, Toshiba Australia,
webMethods
-- Media/Publishing: BigApple, Editorial Atlantida SA, Reuters
-- Public Sector: British Department of Trade and Industry,
California Department of Transportation (Caltrans), State of
California
-- Retail/Distribution: Cendant, LeShop Germany, Tweeter Home
Entertainment, Viajes Marsana
-- Telecom: BT Ignite, Cellkom Malaysia, France Telecom, Japan
Telecom, Telmex, Westell
-- Travel/Leisure: Easy Voyage, Online Travel Portal
Additionally, BroadVision received significant repeat business in new revenue
during the quarter from a variety of existing customers including Air France,
American Airlines, Bank of America, British Telecom, Citibank USA, CompuCom,
Credit Suisse, GE Capital, Home Depot, Intel, MCI Worldcom, Nortel Networks,
OfficeMax, Philips, Sears, TSMC, Xerox and more.
Partnerships and Strategic Alliances
This past quarter, 14 leading firms joined BroadVision's expanding network of
systems integration, consulting and reseller partners to expand its distribution
channels, broaden product integration, and develop and launch new technology and
services to further penetrate markets in leading industries worldwide.
Highlights this quarter include:
-- A strategic alliance with BEA Systems to embed BEA WebLogic
Server(TM) within BroadVision One-To-One(R) Enterprise,
BroadVision's e-business application platform. The two
companies have agreed to engage in collaborative engineering
and marketing initiatives. Together, the companies will supply
next-generation e-business solutions that combine leading
Java-based application server technology with the leading
e-business software applications.
The announcement of this strategic alliance was included in
BroadVision's introduction of the next generation of
BroadVision's e-business application platform, BroadVision
One-To-One Enterprise. The partnership with BEA Systems will
add Java(TM) 2 Platform, Enterprise Edition (J2EE(TM)) support
to BroadVision One-To-One Enterprise Version 6. These new Java
technology-based features will enhance BroadVision's already
robust support for open standards including JavaScript(TM)
technology, C++, COM, CORBA, XML, XSL, LDAP, WML and WAP.
BroadVision One-To-One Enterprise Version 6 will be one of the
only J2EE technology-compatible e-business solution suites to
also deliver comprehensive e-business applications, content
management, personalization, analytics and wireless support
from a single vendor.
-- A partnership with i2 Technologies to deliver a comprehensive
e- commerce solution. The combined offering is intended to
integrate the i2 TradeMatrix Sell and i2 TradeMatrix Content
Solutions with BroadVision's suite of e-business applications
to create a best-of-breed solution for managing the entire
e-commerce value chain.
-- An e-business alliance with Intel to jointly develop and
market solutions built on BroadVision's suite of e-business
applications and Intel's servers. BroadVision and Intel plan
to develop and market solutions built on BroadVision's suite
of e-business applications and Intel-based servers.
-- A continuing partnership with Hewlett-Packard Company that has
resulted in delivering advanced, e-business solutions to more
than 100 customers worldwide. HP Consulting has more than 400
trained consultants engaged in the implementation of more than
40 BroadVision customer sites worldwide.
-- A $17 million worldwide agreement with NCR Corporation to
enable the two companies to drive business growth with
personalized communications to consumers and businesses. The
$17 million commitment represents the two companies' joint
investment in research and development, marketing and the
development and operation of Centers of Expertise.
In addition, BroadVision worked closely with systems integration partners such
as Accenture, Cambridge Technology Partners (CTP), Computer Science Corporation
(CSC), Computer Technology Associates (CTA), Context Integration, Corio,
Deloitte Consulting, Ernst & Young, Groundswell, HP, iXL, KPMG, LEAPNet,
MediData, NexGenix, PricewaterhouseCoopers, Roundarch, Softek,
USinternetworking, Xpedior, and others which together delivered or influenced
more than 85% of new license revenues during the quarter.
Additional Milestones
BroadVision reached the following notable milestones during Q4 2000:
-- On November 13, 2000, BroadVision was added to the Standard &
Poor's 500 Index--one of the most widely used benchmarks of
U.S. equity performance. The S&P 500 Index consists of 500
stocks chosen for market size, liquidity and industry group
representation.
-- BroadVision reached a software engineering milestone,
delivering its one-hundredth sequential, on-time software
release with BroadVision(R) MarketMaker(TM) version 5.5.1 for
the Sun Solaris(TM) Operating Environment and Hewlett-Packard
HP-UX(TM) operating systems. This is noteworthy because it
marks the 100th release of a BroadVision e-business product,
with each release delivered on or before the planned release
date.
-- BroadVision was ranked Number 15 on the Deloitte & Touche
Technology Fast 500, a ranking of the 500 fastest-growing
technology companies in North America. Rankings were based on
five-year percentage revenue growth from 1995 to 1999.
-- BroadVision was listed for inclusion in The Standard 100,
powered by Epoch Partners, the premier stock index tracking
the Internet economy.
Conference Call
BroadVision will hold a conference call to discuss the fourth quarter and its
outlook for 2001 at 1:30 pm Pacific Time on Thursday, January 25th, 2000. The
call, open to the public and hosted by Dr. Pehong Chen, President and CEO of
BroadVision, can be accessed by going to the investor relations section of the
company's website at www.broadvision.com. A replay of the call will also be
available for 30 days on the website.
"Safe Harbor" Statement Under the Private Securities Litigation
Reform Act of 1995:
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; 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 ("SEC") and in
BroadVision's quarterly reports on Form 10-Q filed subsequent to the filing of
the Form 10-K.
About BroadVision
BroadVision (Nasdaq: BVSN, Neuer Markt: BDN) develops and delivers an integrated
suite of packaged applications for conducting e-commerce interactions and
transactions. Global enterprises and government entities use these applications
to sell, buy and exchange information over the web and on wireless devices. The
BroadVision e-commerce application suite enables a corporation to become more
competitive and profitable by establishing and sustaining high-yield
relationships with customers, suppliers and employees. BroadVision services
professionals, supported by over 100 partner organizations worldwide, transform
these applications into business value for our customers through consulting,
education, and support services in more than 34 countries.
BroadVision--founded in 1993, public since 1996--has more than 1,100 customers
and is a component stock of the Standard & Poor's 500 index. IDC ranks
BroadVision as the world's leading provider of e-commerce software applications
(International Data Corp., E-Commerce Software Applications Market Forecast and
Analysis, 2000- 2004). BroadVision is headquartered in Redwood City, California
and can be reached at 650.261.5100 or info@broadvision.com.
BroadVision, BroadVision One-To-One, BroadVision One-To-One Enterprise, and
BroadVision MarketMaker 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)
December 31, December 31,
2000 1999
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 148,070 $ 279,823
Short-term investments 74,465 68,758
Accounts receivable, less
doubtful accounts allowances
of $4,015 and $1,446 for 2000
and 1999, respectively 104,811 26,540
Prepaids and other 17,416 5,085
----------- -----------
Total current assets 344,762 380,206
Property and equipment, net 76,685 16,751
Long-term investments 102,555 4,414
Goodwill and other intangibles, net 607,501 --
Other assets 5,942 4,757
----------- -----------
Total assets $ 1,137,445 $ 406,128
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 15,711 $ 5,754
Accrued expenses 47,597 13,156
Unearned revenue 16,330 3,896
Deferred maintenance 42,237 15,228
Income taxes -- 16,769
Current portion of long-term
debt and capital lease
obligations 977 1,247
----------- -----------
Total current liabilities 122,852 56,050
Other noncurrent liabilities 898 --
Long-term debt 3,897 4,890
----------- -----------
Total liabilities 127,647 60,940
Stockholders' equity:
Common stock 27 24
Additional paid-in capital 1,174,088 320,259
Deferred compensation -- (226)
Accumulated other comprehensive
income, net of tax (4,348) 25,925
Accumulated deficit (159,969) (794)
----------- -----------
Total stockholders' equity 1,009,798 345,188
----------- -----------
Total liabilities and
stockholders' equity $ 1,137,445 $ 406,128
=========== ===========
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
Revenues:
Software licenses $ 80,925 $ 28,162 $ 250,838 $ 75,383
Services 55,952 15,581 163,078 40,131
--------- --------- --------- ---------
Total revenues 136,877 43,743 413,916 115,514
Cost of revenues:
Cost of license revenues 2,050 1,243 7,071 3,703
Cost of service revenues 37,787 9,994 117,758 25,108
--------- --------- --------- ---------
Total cost of revenues 39,837 11,237 124,829 28,811
--------- --------- --------- ---------
Gross profit 97,040 32,506 289,087 86,703
Operating expenses:
Research and development 21,126 4,582 51,579 14,568
Sales and marketing 62,397 19,012 164,966 48,903
General and administrative 8,927 2,969 27,469 7,970
Goodwill and intangible
amortization, net 66,036 -- 187,748 --
--------- --------- --------- ---------
Charge for acquired
in-process Technology -- -- 10,100 --
--------- --------- --------- ---------
Total operating
expenses 158,486 26,563 441,862 71,441
--------- --------- --------- ---------
Operating income (loss) (61,446) 5,943 (152,775) 15,262
Other income, net 2,712 2,542 18,217 4,543
--------- --------- --------- ---------
Income (loss) before
provision for income
taxes (58,734) 8,485 (134,558) 19,805
Provision for income taxes 2,848 423 24,617 996
--------- --------- --------- ---------
Net income (loss) $ (61,582) $ 8,062 $(159,175) $ 18,809
Basic earnings (loss)
per share $ (0.23) $ 0.03 $ (0.61) $ 0.08
========= ========= ========= =========
Diluted earnings (loss)
per share $ (0.23) $ 0.03 $ (0.61) $ 0.07
========= ========= ======== =========
Shares used in computing:
Basic earnings (loss)
per share 268,315 237,885 259,780 229,128
========= ========= ========= =========
Diluted earnings (loss)
per share 268,315 275,442 259,780 260,712
========= ========= ========= =========
Pro forma net income(a) $ 4,454 N/A $ 38,673 N/A
========= ========= ========= =========
Pro forma basic earnings
per share $ 0.02 N/A $ 0.15 N/A
========= ========= ========= =========
Pro forma diluted earnings
per share $ 0.02 N/A $ 0.13 N/A
========= ========= ========= =========
§ Note (a): Pro Forma net income/EPS excludes amortization of
goodwill and acquired technology and the charge for acquired
in-process technology. Goodwill amortization was $63,627 and $180,922
and acquired technology amortization was $2,409 and $6,826 for the
three and twelve months ended December 31, 2000, respectively. The
charge for acquired in-process technology was $0 and $10,100 for the
three and twelve months ended December 31, 2000, respectively. Shares
used for the pro forma diluted earnings per share calculations are
296,834 and 295,581 for the three and twelve months ended December 31,
2000, respectively.
CONTACT: BroadVision, Inc.
Investor Relations
Bob Okunski, 650.542.4659
bob.okunski@broadvision.com
Press and Media Relations
Amber Rowland, 650.542.5881
amber.rowland@broadvision.com
URL: http://www.businesswire.com
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KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: E-COMMERCE
INTERNET
SOFTWARE
COMPUTERS/ELECTRONICS
EARNINGS
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