BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31,
2006 2005
------------ ------------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $37,003 $ 4,849
Other current assets 12,211 14,554
------------ ------------
Total current assets 49,214 19,403
Goodwill 25,066 25,066
Other noncurrent assets 2,662 5,473
------------ ------------
Total assets $76,942 $49,942
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
Current liabilities:
Current portion of bank borrowings $ - $ 389
Current portion of convertible notes due
to a related party - 20,535
Other current liabilities 30,258 34,351
------------ ------------
Total current liabilities 30,258 55,275
Other non-current liabilities 3,429 4,390
------------ ------------
Total liabilities 33,687 59,665
Total stockholders' equity (deficit) 43,255 (9,723)
------------ ------------
Total liabilities and stockholders' equity
(deficit) $76,942 $49,942
============ ============
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- -------------------
2006 2005 2006 2005
-------- ---------- -------- ----------
(restated) (restated)
Revenues:
Software licenses $ 3,957 $ 3,780 $15,215 $ 14,721
Services 9,089 10,383 36,768 45,400
-------- ---------- -------- ----------
Total revenues 13,046 14,163 51,983 60,121
Cost of revenues:
Cost of software licenses 31 100 258 (38)
Cost of services 2,173 4,695 12,456 21,931
-------- ---------- -------- ----------
Total cost of revenues 2,204 4,795 12,714 21,893
Gross profit 10,842 9,368 39,269 38,228
Operating expenses:
Research and development 2,708 2,494 10,509 13,831
Sales and marketing 2,528 2,389 8,653 16,208
General and administrative 614 1,953 8,019 9,479
Business combination costs - 1,840 - 2,817
Restructuring charge (credit) (1,967) (312) (3,369) (462)
Goodwill impairment - 18,170 - 31,368
-------- ---------- -------- ----------
Total operating expenses 3,883 26,534 23,812 73,241
-------- ---------- -------- ----------
Operating income (loss) 6,959 (17,166) 15,457 (35,013)
Other income (expense), net 248 (10,714) 193 (6,564)
-------- ---------- -------- ----------
Income (loss) before provision
for income taxes 7,207 (27,880) 15,650 (41,577)
Benefit (provision) for income
taxes (186) 109 (634) 2,611
-------- ---------- -------- ----------
Net income (loss) $ 7,021 $(27,771) $15,016 $(38,966)
======== ========== ======== ==========
Basic income (loss) per share $ 0.09 $ (0.81) $ 0.23 $ (1.14)
Diluted income (loss) per
share $ 0.09 $ (0.81) $ 0.23 $ (1.14)
Shares used in computing:
Weighted average shares-basic 80,878 34,320 65,734 34,159
Weighted average shares-
diluted 80,878 34,320 65,734 34,159
BROADVISION, INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Years Ended
Dec. 31 Sep. 30 Dec. 31 Dec. 31 Dec. 31
2006 2006 2005 2006 2005
------- ------- --------- -------- ---------
Revenues:
Software licenses $3,957 $4,750 $3,780 $15,215 $14,721
Services 9,089 8,835 10,383 36,768 45,400
------- ------- --------- -------- ---------
Total revenues 13,046 13,585 14,163 51,983 60,121
Cost of revenues:
Cost of (credit for)
software licenses 31 22 99 258 (38)
Cost of services 2,014 2,730 4,696 12,296 21,931
------- ------- --------- -------- ---------
Total cost of
revenues 2,045 2,752 4,795 12,554 21,893
------- ------- --------- -------- ---------
Gross profit 11,001 10,833 9,368 39,429 38,228
Operating expenses:
Research and development 2,326 2,766 2,494 10,128 13,831
Sales and marketing 2,298 1,761 2,389 8,422 16,208
General and
administrative 1,003 2,168 1,953 7,841 9,479
------- ------- --------- -------- ---------
Total operating
expenses 5,627 6,695 6,836 26,391 39,518
------- ------- --------- -------- ---------
Pro forma operating
(loss) income 5,374 4,138 2,532 13,038 (1,290)
Other income (expense),
net 248 (163) (487) 579 (1,502)
------- ------- --------- -------- ---------
Pro forma income (loss)
before benefit
(provision) for income
taxes 5,622 3,975 2,045 13,617 (2,792)
Benefit (provision) for
income taxes (186) (228) 109 (634) (97)
------- ------- --------- -------- ---------
Pro forma net income
(loss) $5,436 $3,747 $2,154 $12,983 $(2,889)
======= ======= ========= ======== =========
Basic pro forma net
income (loss) per share $0.07 $0.05 $0.06 $0.20 ($0.08)
Diluted pro forma net
income (loss) per share $0.07 $0.05 $0.05 $0.20 ($0.08)
Shares used in computing
basic pro forma net
income (loss) per share 80,878 69,489 34,430 65,734 34,228
Shares used in computing
diluted pro forma net
income (loss) per share 80,878 69,489 39,550 65,734 34,228
BROADVISION, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO PRO FORMA NET INCOME (LOSS)
(in thousands, except per share amounts)
Three Months Ended Years Ended
Dec. 31 Set. 30 Dec 31 Dec. 31 Dec. 31
2006 2006 2005 2006 2005
------- ------- --------- -------- ---------
Net (loss) income,
generally accepted
accounting principles $7,021 $5,365 $(27,771) $15,016 $(38,966)
Pro forma adjustments:
Goodwill write-offs - - 18,170 - 31,368
Restructuring (reversals)
charges (1,967) (1,879) (312) (3,371) (462)
Business combination
charges - - 1,840 - 2,817
Amortization of
discount and
revaluation of
convertible notes (2) - - 3,566 - 9,442
(Income) expense from
derivatives (2) - - (306) 387 (11,347)
--------------------------
Loss on debt
extinguishment - - 6,967 - 6,967
SFAS 123R Expense (1) 382 261 - 951 -
-------------------------
Reversal of income tax
accruals (3) - - - - (2,708)
--------------------------------- ------- --------- -------- ---------
Pro forma net income
(loss) $5,436 $3,747 $2,154 $12,983 ($2,889)
======= ======= ========= ======== =========
(1) Included as a component of Cost of Service and Operating Expenses,
for each period presented.
(2) Included as a component of other income (expense), net, for each
period presented.
(3) Included as a component of benefit (provision) for income taxes
for each period presented.
Contact:
BroadVision
Lisa Joy Rosner, 650-331-3297
Vice President, Worldwide Marketing
Lisa.Rosner@BroadVision.com
--------------------------------------------------
Source: BroadVision, Inc.
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