Revenue for the quarter stood at $14.2m, down from $19.8m a year ago. The company also reported a loss of $27.8m for the quarter. Last year its loss was $2.5m.
BroadVision said that the quarter included a hefty charge of $18.2m related to the impairment of goodwill. The quarter also factored in losses related to the termination of its acquisition agreement with Vector Capital.
Revenue for the full fiscal year slumped to $60.1m, from $78m in the prior year. The loss for the year stood at $39m, overturning a net gain of $18.6m in 2004.
The company also announced that it had restated its 2004 and 2005 annual results to reflect a change in convertible debt accounting.
It has been quite a turbulent year for the Redwood City, California-based provider of web-commerce and portal infrastructure, one that the company will want to forget following a string of poor performing quarters and distractions.
In November 2005 the company terminated a merger agreement with Vector Capital it had announced that summer, in the face of shareholder class action lawsuits.
In March the company voluntarily de-listed from Nasdaq. And in May this year CFO William Meyer unexpectedly resigned. The company is still looking for a replacement.
CEO Pehong Chen admitted it was a challenging 2005. But he said the company had recently completed a restructuring which has left the company with no long-term debt.
Despite tremendous adversities, we relieved our near-term cash pressure by successfully terminating the merger process and signing an agreement to convert the debt into equity…[and] we significantly reduced our core operating expenses.
We look forward to a 2006 focused on rebuilding our company, an optimistic Chen said in a statement. In truth, the only way is up for the company which all but hit rock-bottom in 2005.
