REDWOOD CITY, Calif. (CBS.MW) -- Broadvision reported earnings
of 16 cents a share for the third quarter, beating analysts' estimates by 3
cents, thanks to new clients, products and increased customer demand.
The provider of e-business applications (BVSN:
news, msgs) reported a net income of $4.5 million
for the quarter, compared with $1.8 million, or 7
cents, a year ago. Analysts polled by First Call
expected 13 cents for the 1999 quarter. Revenue
came in at $29.8 million compared with $13.4
million in 1998.
"We set records for about every performance
measure that we track," said Pehong Chen,
president and chief executive, in a conference call
with analysts. "These are the highest we've ever
recorded."
The performance measures are revenue; profits;
new product deliveries; new customers; repeat
business; partner participation and contribution; and
new live sites.
During the quarter, Broadvision signed 72 new
licensed customers including Samsung Electronics,
Toshiba USA and MCI WorldCom. The company
also enjoyed "significant" repeat business from
Sears, Wal-Mart, Nortel Networks and others. Companies use
Broadvision's software to build business on the Web. For example,
consumer electronics chain Circuit City uses Broadvision's application for
its E-Superstore, which uses the Internet to sell goods, process orders
and check inventory at stores.
The company served 31 new sites in the quarter, bringing the total to 183.
Broadvision will split its stock 3-for-1 on Oct. 26. The post-split earnings
per share for the third quarter will be 5 cents a share compared with 2
cents a year ago. Broadvision also plans to offer shares and list in
Frankfurt, Germany.
Shares of Broadvision rose by 5 5/8 Tuesday to close at 158. The news
came out after the market's close. |
