Guides lower and restates earnings:
BroadVision, Inc. Announces Estimated Revenues for First Quarter 2002
Company Also Announces Revised Third and Fourth Quarter 2001 Results
REDWOOD CITY, Calif., Apr 1, 2002 (BUSINESS WIRE) -- BroadVision, Inc. (Nasdaq: BVSN chart, msgs), a leading provider of
personalized e-business applications, today announced that, based on preliminary estimates, it expects revenue for the first quarter
of 2002 to range between $29 million and $32 million. Results for the quarter were adversely affected by the continued uncertainties
surrounding the current IT spending environment.
Separately, BroadVision announced restated financial results for the third quarter and revised results for the fourth quarter and fiscal
year ended December 31, 2001. These results are reflected in the company's 2001 Annual Report on Form 10-K and third quarter
report on Form 10-Q being filed today. The changes result from BroadVision's recent determination that revenue related to one
software license agreement, which was originally recorded in its entirety in the third quarter of 2001, should instead be recognized
ratably over the four-year life of the agreement. BroadVision received payment in full in connection with this transaction during 2001.
As a result of the changes, the Company's total revenue for the third quarter of 2001 decreased by $3.5 million from $51.2 million as
originally reported to $47.7 million as restated, and basic pro forma loss per share for the third quarter of 2001 increased from $0.06
to $0.07. Basic reported loss per share increased from $1.54 to $1.55.
Because revenue associated with this agreement is now being recognized over time, the Company's total revenue for the fourth
quarter of 2001 increased by $251,000 from $ 48.0 million as originally announced to $48.2 million as revised. Basic pro forma loss
per share for the fourth quarter of 2001 was unchanged at $0.03 and basic reported loss per share decreased from $0.20 to $0.19.
For the fiscal year ended December 31, 2001, the Company's total revenue decreased by $3.3 million from $247.8 million as
originally announced to $244.5 million as revised, and basic pro forma loss per share increased from $0.40 to $0.41. Basic reported
loss per share increased from $3.01 to $3.02. |
