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Autobytel Inc. Posts Record Revenues and Profits in Q2
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| Updated |
Jun 10, 2004 22:22:59 |
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 16 ( -2 -12.5% ) | | Author | Staff |
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Description:
Autobytel Inc. enjoyed record profits and revenues during the second quarter, continuing a now-three-quarter trend of increased positive net income. Net income increased 29% over the net income reported for the first quarter ended March 31, 2003. Autobytel finished the quarter with a cash balance of $51.7 million.
Contributing to these solid numbers were gains in Autobytel’s growing dealership marketing programs, including the RPM customer loyalty and retention program and the newly-acquired AVV’s Prospect Management/CRM solutions.
“During the quarter, we moved beyond being the online car-buying leader to also become the dealership lead management and CRM leader,” said Autobytel Inc. President and CEO Jeffrey Schwartz. “We made major strides in our mission to becoming an end-to-end automotive marketing services and solutions partner for dealers.”
Other highlights for the quarter included the sale of five million newly-issued shares of common stock to six institutional investor groups in a private placement for net proceeds of $25.6 million and, of course, the acquisition of AVV, Inc. – a leading provider of dealership customer management solutions. |
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