Company Improves Bottom Line by 37 Percent Sequentially Record-Breaking Purchase Request Volume at 778,000 for the Quarter
Updated
Jul 7, 2004 20:31:06
Rating
0
Description: P {
font-size : x-small;
font-family : Verdana;
font-weight : normal;
font-style : normal; }
IRVINE, CA - October 26, 2000 - Autobytel.com (NASDAQ: ABTL) today announced financial results for the third quarter ended September 30, 2000. Third quarter revenue grew to $17.5 million, a 65 percent increase over revenue of $10.6 million in the third quarter of 1999, and a three percent sequential increase over revenue of $17.1 million in the quarter ended June 30, 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. Additionally, the Company reported that at the close of the quarter, its cash and cash equivalents were $90.6 million, including $35.4 million raised and reserved for the operation of Autobytel Europe, compared with $100.3 million in cash as of June 30, 2000. During the quarter, Autobytel.com's cash position declined $0.7 million due to foreign currency exchange rate fluctuations. Excluding goodwill and stock-based compensation charges and foreign currency exchange losses, the net loss for the quarter was $0.28 per share, an improvement of $0.01 cent, or 3.4 percent, over consensus estimates. The net loss for the quarter, excluding foreign currency exchange losses, was $6.2 million, or $0.30 per share, compared with a net loss of $9.8 million, or $0.48 per share, in the quarter ended June 30, 2000, or an improvement in net loss of 37%. The net loss was $6.3 million, or $0.35 per share, in the quarter ended September 30, 1999. The net loss for the third quarter of this year was $7.9 million, or $0.39 per share. The Company also reported that revenue from international fees and licenses exceeded $1.3 million during the third quarter, up from $1.2 million in the prior quarter. "Again, Autobytel.com clearly demonstrates strength, growth and discipline as we move ever closer to achieving profitability," said Mark Lorimer, President and CEO of Autobytel.com. "Purchase Request volume has reached record-breaking levels for the quarter and our dealer network is strong and growing at over 5,100. " "We continue to grow our international partnerships, our ancillary products and services such as financing and aftermarket products, and our customer relationship management tools including MyGarage, which now has over 575,000 registered customers since the program's official launch. Also, in a dedicated effort to achieving profitability, we are strictly managing costs and maintaining our modest cash burn rate. We expect the third quarter of next year to be profitable." "Additionally, several recent independent studies have further validated our leadership position as well as the strength of the online automotive space. Opinion Research found that American adults, by nearly a three-to-one margin, would rather use an independent online site than a site from a single manufacturer. A study by the University of California, Berkeley and the Yale School of Management found that consumers save money when they purchase a vehicle through Autobytel.com. And J.D. Power and Associates confirmed that Autobytel.com is still the most popular online automotive purchasing service, now accounting for more than 1 percent of all new vehicles sold in the United States." In conjunction with Autobytel.com's Third Quarter Earnings Release, there will be a conference call broadcast live over the Internet today, October 26, 2000, at 4:30 PM EDT. Links to the web cast conference call follow:
autobytel.com inc. CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share and per share data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2000 1999 2000 1999 Revenues Program fees $ 14,174 $ 9,361 $ 40,160 $ 25,174 Other related products and services 3,365 1,264 9,563 2,686 17,539 10,625 49,723 27,860 Operating expenses: Sales and marketing 15,504 11,049 50,371 32,033 Product and technology development 6,197 4,216 18,059 9,798 General and administrative 3,090 2,390 8,580 5,750 Stock based compensation 65 282 330 791 Goodwill amortization 423 - 1,061 - Total operating expenses 25,279 17,937 78,401 48,372 Loss from operations (7,740) (7,312) (28,678) (20,512) Interest income (expense), net 1,580 1,097 4,698 2,544 Foreign currency exchange loss (1,758) - (1,759) - Other income (expense), net - (66) - (394) Loss before provision for income taxes (7,918) (6,281) (25,739) (18,362) Provision for income taxes 1 10 42 54 Net loss $ (7,919) $ (6,291) $ (25,781) $ (18,416) Basic and diluted net loss per share $ (0.39) $ (0.35) $ (1.41) $ (1.23) Shares used in computing basic and diluted net loss per share 20,331,455 17,878,188 18,296,639 14,959,928 autobytel.com inc. CONSOLIDATED BALANCE SHEETS (Amounts in thousands) ASSETS September 30, December 31, 2000 1999 (Unaudited) Current assets: Cash and cash equivalents $ 90,565 $ 85,457 Accounts receivable, net 6,459 4,593 Other current assets 2,583 2,819 Total current assets 99,607 92,869 Property and equipment, net 2,047 1,630 Goodwill, net 24,175 10 Other assets 1,451 363 Total assets $ 127,280 $ 94,872 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 15,396 $ 11,049 Deferred revenues 6,853 6,147 Other current liabilities 1,778 917 Total current liabilities 24,027 18,113 Other liabilities 67 53 Total liabilities 24,094 18,166 Minority interest 8,193 - Total stockholders' equity 94,993 76,706 Total liabilities and stockholders' equity $ 127,280 $ 94,872
Similar news:
Apple shines after solid Q3 results - NEW YORK (CBS.MW) -- Apple Computer shares rose sharply Thursday after the maker of sleekly designed technology products beat analysts' expectations with tripled earnings and a spike in sales of its iPod digital music player.
Apple rises after solid Q3 results, analyst upgrades - NEW YORK (CBS.MW) -- Apple Computer shares rose sharply Thursday morning after the maker of sleekly designed technology products beat analysts' expectations with tripled earnings and a spike in sales of its iPod digital music player.
