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Autobytel Inc. Reports Third Quarter 2001 Results
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| Company on track for Q4 EBITDA breakeven; losses substantially reduced |
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| Updated |
Jun 10, 2004 21:51:11 |
| Rating |
 16 ( -2 -12.5% ) |
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Description:
IRVINE, CA -October 25, 2001- Autobytel Inc. (Nasdaq: ABTL) today reported financial results for the quarter ended September 30, 2001. The reported results include Autoweb.com financials from the date of its acquisition on August 14, 2001.
Revenue for the third quarter was $18.2 million, up 4 percent from revenue of $17.5 million in the same quarter of the prior year, and up 16 percent sequentially from revenue of $15.7 million in the quarter ended June 30, 2001. For the third quarter, of the total revenue, $13.7 million was related to program fees; $1.3 million was automotive manufacturer data and technology fees, including fees from General Motors, Ford, Toyota and Honda; $0.9 million was from international fees and licenses, and $2.3 million was from related products.
The company reported EBITDA, excluding acquisition related charges, for the third quarter of 2001 of $(1.9) million, or $(0.07) per share, compared with EBITDA, excluding special charges, of $(4.9) million or $(0.24) per share, for the quarter ended June 30, 2001.
The company reported a net loss, excluding acquisition related charges, for the third quarter of $2.0 million or $0.08 per share, compared with a net loss excluding special charges, of $3.0 million, or $0.15 per share, for the quarter ended June 30, 2001.
In the third quarter, the company incurred $1.3 million of charges as a result of the acquisition of Autoweb.
The company reported a net loss, including the charges, for the third quarter of 2001 of $3.2 million, or $0.13 per share, compared with a net loss of $7.9 million, or $0.39 per share, in the same quarter of the prior year, and compared with a net loss, including charges, of $36.6 million, or $1.80 per share, in the quarter ended June 30, 2001.
As of September 30, 2001, the domestic cash and cash equivalents were $39.5 million. Additionally, cash on hand at Autobytel Europe (ABTE) was $30.1 million, although this amount may be reduced substantially as a result of ongoing discussions with other investors in ABTE.
"Considering the difficult business environment during the third quarter, we are very pleased with our results. Our substantial reduction of losses, our 16% sequential revenue growth to $18.2 million and our healthy cash balance are particularly heartening," said Mark Lorimer, President and CEO of Autobytel Inc.
Q4 2001 Outlook
"As we stated earlier, we believe that, excluding any charges, we will reach EBITDA break-even in the fourth quarter of 2001," continued Lorimer. "Needless to say, our dealers in the Northeast have been significantly impacted by the September 11th events and there continues to be volatility in the automotive industry; however, we continue to monitor all aspects of our business very closely and are encouraged by the recent Opinion Research survey showing that the vast majority of American adults (83%) say that, in light of recent events, there has been no change in their plans to purchase or lease a new or used vehicle."
Third Quarter Highlights
Acquisition: On August 14, 2001 the company completed its acquisition of Autoweb.com and its division Automotive Information Center (AIC). The combination created one of the world's largest, most diversified online automotive marketing and information companies providing auto distributors and manufacturers with marketing, data, technology and management services. "We are pleased to report that the integration of Autoweb is on track. Our decision to prepare for the integration immediately after signing in April has allowed us to quickly and effectively combine our businesses and to achieve almost immediate cross-company synergies," commented Lorimer.
Program Fees: Program fees increased sequentially from $11.5 million to $13.7 million or 19% from the second quarter this year. "We are very pleased with the progress we have made in our lead referral business. Prior to September 11th, program fees and dealer counts were stabilizing due to both the acquisition of Autoweb and the measures we instituted in our dealer sales and support department," said Lorimer. "Purchase Requests and site visits were down in the first week after September 11th but appear to be heading back to normal levels."
Automotive Manufacturer Relationships: With the integration of Autoweb.com and AIC into the company's businesses, Autobytel Inc. now counts 25 major automotive manufacturers among its customer base.
Unique Visitors: Autobytel Inc. sites receive more unique visitors than any other car-buying and ownership site on the web with over 3.5 million in August, according to Jupiter Media Metrix*.
International: During the second quarter, the company announced a restructuring of Autobytel Europe (ABTE) to enhance efficiencies. The company is currently discussing the capital structure of ABTE with the other investors of ABTE. Changes to the capital structure of ABTE could substantially reduce the cash on hand at ABTE and could require Autobytel Inc. to take additional non-cash charges that may be material. The company does not anticipate any reductions to domestic cash-on-hand as a result of such changes.
The company intends to continue to do business in Europe.
Product Development: On October 10, 2001, the company announced that it will offer AutoSuiteTM Dealer, a customized package of automotive website and data tools, to all U.S. dealerships. Developed by AIC, the company's data and technology division, AutosuiteTM Dealer is one of the most comprehensive packages of online vehicle research tools ever offered to individual dealers. AIC data and technology currently powers 22 of the major manufacturer websites. The company plans to continue to introduce new products during subsequent quarters to enhance its portfolio of dealer, dealer group and automotive manufacturer offerings.
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Autobytel Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
(unaudited)
      Â
      Â
  Three Months Ended
  September 30,  June 30,  September 30,
  2001  2001  2000
      Â
Revenue: Â Â Â Â Â
 Program fees $13,706  $11,547  $14,174
 Automotive manufacturer fees 1,256  1,600  -
 International 923  1,201  1,322
 Related products and services 2,297  1,380  2,043
 Total revenue 18,182  15,728  17,539
      Â
Operating expenses: Â Â Â Â Â
 Sales and marketing 11,923  12,781  15,429
 Product and technology development 4,934  4,356  6,004
 General and administrative 3,236  3,487  3,073
 Total operating expenses before depreciation, amortization,     Â
 stock compensation expense and charges 20,093  20,624  24,506
 Operating loss before depreciation, amortization, stock     Â
 compensation expense and charges (1,911)  (4,896)  (6,967)
 Depreciation, amortization and stock compensation expense 787  839  773
 Operating loss before charges (2,698)  (5,735)  (7,740)
 Goodwill impairment -  21,614  -
 International restructuring and related charges -  11,202  -
 Domestic restructuring and other charges 1,254  869  -
 Total charges 1,254  33,685  -
 Operating loss (3,952)  (39,420)  (7,740)
Interest income, net 717 Â 923 Â 1,580
Foreign currency exchange gain (loss) (33) Â (259) Â (1,758)
 Loss before minority interest and provision (benefit) for     Â
 income taxes (3,268)  (38,756)  (7,918)
Minority interest gain (loss) 31 Â 2,105 Â -
 Loss before provision (benefit) for income taxes (3,237)  (36,651)  (7,918)
Provision (benefit) for income taxes> 1 Â (10) Â 1
 Net loss $(3,238)  $(36,641)  $(7,919)
      Â
Basic and diluted net loss per share $(0.13) Â $(1.80) Â $(0.39)
      Â
      Â
Operating loss before depreciation, amortization, stock     Â
compensation expense and charges $(1,911) Â $(4,896) Â $(6,967)
Basic and diluted operating loss per share before depreciation, Â Â Â Â Â
amortization, stock compensation expense and charges $(0.07) Â $(0.24) Â $(0.34)
      Â
      Â
Net loss, excluding charges $(1,984) Â $(2,956) Â $(7,919)
Basic and diluted net loss per share excluding charges $(0.08) Â $(0.15) Â $(0.39)
      Â
      Â
Shares used in computing basic and     Â
diluted net loss per share 25,795,700 Â 20,364,619 Â 20,331,455
 Autobytel Inc.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
    Â
ASSETS
    Â
  September 30,  December 31,
  2001  2000
  (unaudited)  Â
Current assets: Â Â Â
 Cash and cash equivalents, includes restricted amounts   Â
 of $3,343 and $15,029, respectively $69,583  $81,945
 Accounts receivable, net of allowance for doubtful   Â
 accounts of $5,733 and $1,494, respectively 10,973  6,638
 Prepaid expenses and other current assets 4,363  4,127
 Total current assets 84,919  92,710
Property and equipment, net 3,171 Â 2,537
Investments - Â 1,353
Goodwill, net 11,675 Â 23,755
Capitalized software, net 4,041 Â 3,338
Notes receivable - Â 530
Other assets 155 Â 86
 Total assets $103,961  $124,309
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Â Â Â
 Accounts payable $11,769  $9,828
 Accrued expenses 18,320  7,519
 Deferred revenues 4,927  6,360
 Customer deposits 127  185
 Other current liabilities 233  371
 Total current liabilities 35,376  24,263
Other long-term liabilities - Â 47
 Total liabilities 35,376  24,310
    Â
Minority interest 6,650 Â 8,193
    Â
Commitments and contingencies   Â
    Â
Stockholders' equity: Â Â Â
 Common stock, $0.001 par value; 200,000,000 shares   Â
 authorized; 30,964,610 and 20,336,083 shares issued   Â
 and outstanding, respectively 31  20
 Warrants 1,332  1,332
 Additional paid-in capital 201,891  186,097
 Accumulated other comprehensive loss (1,737)  (16)
 Accumulated deficit (139,582)  (95,627)
 Total stockholders' equity 61,935  91,806
 Total liabilities and stockholders' equity $103,961  $124,309 |
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