Description:
IRVINE, Calif., April 27, 2000 -- Autobytel.com (Nasdaq: ABTL - news), today announced financial results for the three months ended March 31, 2000. Revenue for the quarter reached $15.1 million, an 88 percent increase over revenue of $8.0 million in the same quarter of the prior year, and a 21 percent increase over revenue of $12.4 million in the quarter ended December 31, 1999. The percent of total revenue from international fees and licenses, and from services such as financing and insurance, reached 20 percent, up from 15 percent in the prior quarter. The Company reported that at the close of the quarter its cash and cash equivalents were $106.6 million, including $36.7 million raised and reserved for the operation of Autobytel Europe, compared with $85.5 million in cash as of December 31, 1999. The net loss in the quarter was $8.1 million, or $0.42 per share, compared with a net loss of $6.1 million, or $0.68 per share, in the same quarter a year ago, and a net loss of $4.9 million, or $0.27 per share, in the quarter ended December 31, 1999. ``We are very pleased with the first quarter results. Once again, our solid business values sustained our momentum and the consolidation of our industry leadership position,'' said Mark Lorimer, Autobytel.com's President and CEO. ``In February, we completed the acquisition of CarSmart.com, bringing our network of paying dealers to over 5,000, and unique visitors to our combined sites during the quarter to over 5 million,'' said Lorimer. Lorimer further stated that Autobytel.com's direct initiatives have proven successful with both dealers and customers. ``To date, approximately 1,100 dealers have signed up to participate, and we have already been responsible for more than $8.5 million in vehicle sales representing 28 makes in 32 states.'' The results for the quarter are consolidated, including revenue and expenses from CarSmart.com since the closing of the acquisition on February 15, 2000. The Company also reported a 120% sequential increase in its international business during the quarter, with revenue from international fees and licenses exceeding $1.3 million. ``Our international initiative is one of the fastest growing parts of our business, and we clearly have the leading brand name on the four continents where we have presence. Our businesses in Europe, Japan and Australia position Autobytel.com to take advantage of the growth of e-commerce in these areas, and to replicate that success in additional countries,'' said Lorimer. Autobytel.com's international investor roster includes Inchcape plc, Pon Holdings B.V., GE Equity, e-LaSer (a subsidiary of LaSER-Lafayette Services), ITOCHU Corporation, Orient Corporation, Trans Cosmos, Inc., Intec, Inc., Recruit Co., Ltd., e-solutions, Inc., St.George Bank Limited, Trading Post, Astre Automotive, RACV (Royal Automobile Club of Victoria), Fortis Insurance and Strathfield E-Ventures. Lorimer also noted that for the third year in a row, Autobytel.com ranked #1 in Dealer Satisfaction with Online Buying Services. ``Plain and simple, we drive more sales than anyone else in the space, which is why our dealers continue to recognize us as the number one online buying service,'' he said. ``We have always focused, and continue to focus, on transacting customers, and on the lifetime value of those customers. Our dominant market share is a testament to our belief in fulfilling the 'commerce' part of the e-commerce equation.'' ``Importantly, we have been able to achieve record growth and online market leadership position with efficient use of our resources,'' said Lorimer. ``During the first quarter, we used $6.1 million in cash to fund ongoing operations. As we have previously indicated, we expect that in the second quarter only, our cash usage will be in the $10 to $12 million range due to marketing campaigns to support direct initiatives. Subsequently, in the second half of 2000, we expect the quarterly cash usage will be cut in half. With almost $107 million in cash, and considering our cash usage projections, we feel very comfortable about our ability to sustain and maintain our long term growth.'' The Company disclosed that as of March 31, its shares outstanding had increased to 20.2 million as a result of the CarSmart.com acquisition. Excluding the holdings of officers and directors and those stockholders with more than five percent of the outstanding shares, Autobytel.com's share float is approximately 10.2 million.
autobytel.com inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended March 31,
2000
1999
Revenues:
Program fees $ 12,106
$ 7,613
Other related products and services 2,994
419
15,100
8,032
Operating expenses:
Sales and marketing 16,874
9,957
Product and technology
development 5,033
2,366
General and administrative 2,408
1,592
Stock based compensation 141
225
Goodwill amortization 217
-
Total operating expenses 24,673
14,140
Loss from operations (9,573)
(6,108)
Interest and other income, net 1,515
8
Loss before provision for income taxes (8,058)
(6,100)
Provision for income taxes 20
41
Net loss $ (8,078)
$ (6,141)
Basic and diluted net loss per share $ (0.42)
$ (0.68)
Shares used in computing basic and diluted
net loss per share 19,263,638
9,029,203
autobytel.com inc.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
ASSETS
March 31,
December 31,
2000
1999
(Unaudited)
Current assets:
Cash and cash equivalents $ 106,569
$ 85,457
Accounts receivable, net 6,297
4,593
Other current assets
2,556
2,819
Total current assets 115,422
92,869
Property and equipment, net 1,884
1,630
Goodwill, net
24,910
10
Other assets
123
363
Total assets
$ 142,339
$ 94,872
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 13,782
$ 11,049
Deferred revenue
7,555
6,147
Other current liabilities
681
917
Total current liabilities 22,018
18,113
Minority interest
8,208
-
Other liabilities
99
53
Total liabilities
30,325
18,166
Total stockholders' equity 112,014
76,706
Total liabilities and stockholders' equity $ 142,339
$ 94,872
Source: ABT
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A D V E R T I S E M E N T
WARDSAUTO
Instead of traveling from showroom to showroom looking for a vehicle, within minutes in
the comfort of my home, I had 20 vehicles from which to choose."
--Cliff Banks,
Ward's Dealer Business
Los Angeles Times
One of four people shopping for a used car went to the Internet for help, according
to a July J.D.Power and Associates study... For them, Irvine-based Autobytel.com was the most
popular destination.
--The Los Angeles Times
CBS News
When New York resident Bob Moye decided to buy a car with the help of Autobytel.com, a
popular online company, he found the Ford Explorer of his dreams. CBS Market Watch reports that
Moye is quickly becoming the rule and not the exception when it comes to car buying.
--CBS News
"How To Save Thousands Buying Online" |
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