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Document Preview BroadVision, Inc. Announces Second Quarter 2003 Results |
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BroadVision, Inc. Announces Second Quarter 2003 Results |
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2002 |
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$40 |
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#224020 |
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650-542-4659
bob.okunski@broadvision.com
BroadVision, Inc. Announces Second Quarter 2003 Results
Company Narrows GAAP Loss Year over Year, Posts Pro Forma Net Income
REDWOOD CITY, Calif. July 23, 2003 BroadVision, Inc. (Nasdaq: BVSN), a leading provider of enterprise portal applications, today reported financial results for the second quarter ended June 30, 2003. Revenues for the second quarter of 2003 were $21.8 million, compared with revenues of $24.5 million for the first quarter ended March 31, 2003 and $29.4 million for the second quarter of 2002. License revenue for the quarter totaled $6.8 million, and services revenue totaled $15.0 million.
In the second quarter, BroadVision posted a net loss on a generally accepted accounting principles (GAAP) basis of $7.6 million, or $0.23 per share, which includes a restructuring charge of $7.8 million attributable primarily to the effect on the restructuring accrual of changes in real estate assumptions. The GAAP net loss for the quarter compares with GAAP net income of $1.3 million, or $0.04 per share, for the first quarter of 2003, and a GAAP net loss of $56.7 million, or $1.77 per share, in the second quarter of 2002.
The second quarter restructuring charge was made based upon managements review of the Companys net operating lease commitments and the state of the commercial real estate market. The Company will continue to closely assess its real estate exposure in future periods, and may record additional charges based upon such assessments.
Pro forma net income for the second quarter of 2003 was $222,000, or $0.01 per diluted share, compared with pro forma net income of $3.3 million, or $0.09 per diluted share, in the first quarter of 2003. In the second quarter of 2002, the Company reported a pro forma net loss of $13.7 million, or
$0.66 per share. Pro forma results exclude certain restructuring and non-cash charges that totaled $7.8 million in the second quarter of 2003, $1.9 million in the first quarter of 2003 and $43.0 million in the second quarter of 2002. A reconciliation of pro forma results to GAAP results is provided in the financial information attached to this press release. The Company believes its pro forma results provide useful information because they reflect the Companys financial performance excluding certain non-cash and restructuring expenses that the Company believes are not indicative of its ongoing operations.
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