|
AUTOBYTEL.COM RESULTS BEAT EXPECTATIONS IN REVENUES AND EARNINGS PER SHARE
|
| Revenues Increase 86 Percent Over Previous Year Bottom Line Exceeds Analyst Expectations By 4 Percent |
|
| Updated |
Jul 7, 2004 20:28:38 |
| Rating |
 16 ( -2 -12.5% ) |
|
|
Description:
IRVINE, CA - July 27, 2000 - Autobytel.com (NASDAQ: ABTL) today announced financial results for the second quarter ended June 30, 2000.
Second quarter revenue grew to $17.1 million, an 86 percent increase over revenue of $9.2 million in the second quarter of 1999, and a 13 percent sequential increase over revenue of $15.1 million in the quarter ended March 31, 2000. The percent of total revenue from international fees and licenses, and from services such as financing, insurance and web site development was 19 percent for the quarter.
Excluding goodwill and stock based compensation, net loss for the quarter was $0.46 per share, an improvement of two cents over consensus estimates. Including approximately $0.5 million representing goodwill and stock based compensation, net loss for the quarter was $9.8 million, or $0.48 per share, compared with a net loss of $6.0 million, or $0.33 per share, in the same quarter a year ago, and a net loss of $8.1 million, or $0.42 per share, in the quarter ended March 31, 2000.
The Company reported that at the close of the quarter, its cash and cash equivalents were $100.3 million, including $36.7 million raised and reserved for the operation of Autobytel Europe, compared with $106.6 million in cash as of March 31, 2000.
"We are very excited about our second quarter results and believe these numbers tell a story of growth, discipline and innovation," said Mark Lorimer, President and CEO of Autobytel.com. "We are increasing sales, our bottom line is beating analyst estimates and our large amount of cash on hand and moderate burn rate not only keeps us on the path to profitability but also gives us the flexibility to act opportunistically to increase our market-leading positions."
"There is much more to come. Our network of over 5,000 paying dealers and nearly 5.3 million unique web site visitors in the quarter indicate how broad our market reach is. This reach is becoming wider still, through such moves as CarSmart's alliance with Saturn and yesterday's announcement that SWS Capital and Autobytel Europe have formed a Spanish Autobytel organization with the expected launch of the Autobytel Spain web site in the near future," said Lorimer.
"In addition to this breadth, we are deepening our offerings to consumers and business partners. The launch of MyGarage in June allows us to provide a whole new level of post-sales support and service to our customers that will enable us to increase our consumer base and improve on our customer retention record. Our customers are further served by our partnership with MortgageIT.com, which expands the range of financing activities they can engage in on our site. Additionally, DealerSites, expanded in June, enhances our ability to offer multi-national web site management, development and hosting to our dealer network."
The Company also reported that revenue from international fees and licenses exceeded $1.0 million again during the second quarter. "With a leading position in Europe, Japan and Australia, and the financial and technological ability to build on this lead, international development will continue to be a significant part of our business. We reached an agreement with customer relationship management provider Interwoven during the quarter to expand our ability to localize our international web presence while maintaining a consistent brand," said Lorimer.
"The expansion of our international programs, as well as services like financing and insurance, are important ways we expect to grow our margins. We have the financial resources to implement this plan. We used $6.3 million in cash in the second quarter, of which $5.2 million was spent in operating activities and $1.1 million in investing and financing activities," said Lorimer.
The results for the quarter consolidate the financial results of CarSmart.com for the full quarter.
autobytel.com inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2000
1999
2000
1999
Revenues
Program fees
$ 13,880
$ 8,200
$ 25,986
$ 15,813
Other related products and services
3,204
1,003
6,198
1,422
17,084
9,203
32,184
17,235
Operating expenses:
Sales and marketing
17,993
11,027
34,867
20,984
Product and technology
development
6,829
3,216
11,862
5,582
General and administrative
3,075
1,770
5,483
3,361
Stock based compensation
125
282
266
508
Goodwill amortization
427
-
644
-
Total operating expenses
28,449
16,295
53,122
30,435
Loss from operations
(11,365)
(7,092)
(20,938)
(13,200)
Interest and other income, net
1,602
1,111
3,117
1,119
Loss before provision for income taxes
(9,763)
(5,981)
(17,821)
(12,081)
Provision for income taxes
21
3
41
44
Net loss
$ (9,784)
$ (5,984)
$ (17,862)
$ (12,125)
Basic and diluted net loss per share
$ (0.48)
$ (0.33)
$ (0.98)
$ (0.90)
Shares used in computing basic
and diluted net loss per share
20,251,218
17,875,150
18,262,190
13,476,613
autobytel.com inc.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
ASSETS
June 30,
December 31,
2000
1999
(Unaudited)
Current assets:
Cash and cash equivalents
$ 100,267
$ 85,457
Accounts receivable, net
6,336
4,593
Other current assets
2,388
2,819
Total current assets
108,991
92,869
Property and equipment, net
1,890
1,630
Goodwill, net
24,598
10
Other assets
1,236
363
Total assets
$ 136,715
$ 94,872
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses
$ 17,653
$ 11,049
Deferred revenues
7,257
6,147
Other current liabilities
739
917
Total current liabilities
25,649
18,113
Other liabilities
82
53
Total liabilities
25,731
18,166
Minority interest
8,193
-
Total stockholders' equity
102,791
76,706
Total liabilities and stockholders' equity
$ 136,715
$ 94,872 |
| Similar articles: | - AUTOBYTEL.COM EXPECTS YEAR-OVER-YEAR REVENUE GROWTH FOR THE THIRD QUARTER 2000 AND THE FISCAL YEAR 2000 OF BETWEEN 65-70%, EARNINGS PER SHARE TO EXCEED CONSENSUS ESTIMATES - IRVINE, CA - September 15, 2000
- Autobytel.com’s 14,607% Revenue Growth Results in Deloitte & Touche Award: Named Second Fastest Growing Technology Company in Orange County/San Diego - Impressive revenue growth attributed to Autobytel.com’s global leadership in online car buying and #1 market position with both consumers and dealers
- Autobytel.Com Announces First Quarter Results Revenue Increases 88 Percent Over Q1 1999 In Q1 2000, Over 5,000 Dealers And Over 5 Million Unique Visitors - 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…
| | Find all articles similar on AUTOBYTEL.COM RESULTS BEAT EXPECTATIONS IN REVENUES AND EARNINGS PER SHARE |
|
