AUTOBYTEL.COM ANNOUNCES FOURTH QUARTER AND YEAR-END 2000 RESULTS
Company Beats Bottom-Line Analyst Estimates by Nearly 12 Percent Operations Remain Solid and On-Track to Q3, 2001 Profitability Goal
Updated
Jul 7, 2004 20:33:17
Rating
0
Description: IRVINE, CA - January 25, 2001 - Autobytel.com (NASDAQ: ABTL) today announced fourth quarter and year-end 2000 financial results. Fourth quarter revenue was $16.8 million, a 35 percent increase over revenue of $12.4 million in the fourth quarter of 1999, and a four percent sequential decrease from revenue in the quarter ended September 30, 2000. The percent of total revenue from international fees and licenses, and from services such as financing, insurance and web site development was 18 percent for the quarter. Additionally, the Company reported that at the close of the quarter, its cash and cash equivalents remained strong at $81.9 million. This amount includes $47.7 million for use domestically and $34.2 million raised and reserved for the operation of Autobytel Europe. The Company had $90.6 million in cash as of September 30, 2000. Excluding goodwill, stock-based compensation charges and foreign currency exchange, net loss for the quarter was $0.22 per share, an improvement of $0.03 cents per share, or 12 percent, over consensus estimates. The net loss for the fourth quarter of this year was $3.3 million, or $0.16 per share, including a foreign exchange gain of $1.7 million, or $0.08 cents per share. For the year, revenue reached $66.5 million, a 65 percent increase over revenue of $40.3 million in 1999. Related products revenue, including international revenue, was $12.5 million for the year, a 177 percent increase over revenue of $4.5 million in 1999. Net loss for 2000 was $29.0 million, or $1.45 per share, compared with a net loss of $23.3 million, or $1.48 per share in 1999. "Profitability in the third quarter of 2001 remains our consuming goal," said Mark Lorimer, President and CEO of Autobytel.com. "Despite an economic slowdown in the latter part of the year, our revenue remains strong. We continue to successfully maintain our cash position, our dealer network remains strong, we're integrating the CarSmart acquisition, and our consumer and dealer-based programs show strong and consistent growth, including MyGarage, which now has a record number of registered customers at 727,000." "Just this week, we launched one of the most comprehensive automotive customer data management tools available on the market today. iManager is designed to assist dealers with every aspect of customer relationship management, from reduced response times to detailed reporting to database building tools for improving Internet sales and service revenues at the dealership level," Lorimer continued. "So far, we've had great response from our dealers, whose input was instrumental in the design and development of the iManager product." "During the quarter, we signed an agreement with Continental AG, one of the world's leading tire manufacturers, for the development of an Internet tire module in Europe. The total allocated amount of the investment from Continental is $15 million, of which a large portion is earmarked for Autobytel companies. We incurred foreign exchange losses of $1.8 million in the third quarter which we largely recouped as gains in the fourth quarter due to exchange rate fluctuations." "And this quarter, we signed five new insurance carriers to provide additional competitive price points and insurance coverage options to our consumers." "This quarter, total operating expenses were down by 9 percent, or over $2 million, from $25.3 million in the third quarter to $23.1 million in the fourth quarter of 2000. Sales and marketing expenses were down 6 percent and product and technology expenses were down 23 percent, as we capitalized $3.3 million of software cost investment in our iManager and web site products. The fourth quarter also saw the commencement of our CarSmart business integration and an intensive cost/benefit analysis of our sales and service operations and marketing strategy. We expect these activities to bear fruit in the first quarter of 2001 and help us meet our third quarter 2001 profitability targets." In conjunction with Autobytel.com's Fourth Quarter and Year-End 2000 Earnings Release, there will be a conference call broadcast live over the Internet today, January 25, 2001, at 4:30 PM EDT. Links to the web cast conference call follow:
Replays will be available at both links for 90 days.
autobytel.com inc.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
ASSETS
December 31,
December 31,
2000
1999
Current assets:
Cash and cash equivalents $81,945
$85,457 Accounts receivable, net 6,638
4,593 Other current assets 3,457 2,819 Total current assets 92,040 92,869 Property and equipment, net 2,537
1,630 Capitalized software, net 3,338 - Goodwill, net 23,755
10 Other assets 2,451 363
Total assets $124,121
$94,872
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Accounts payable and accrued expenses $17,347
$11,049 Deferred revenues 6,360
6,147 Other current liabilities 368 917 Total current liabilities 24,075 18,113 Other liabilities 47 53 Total liabilities 24,122 18,166 Minority interest 8,193 - Total stockholders' equity 91,806 76,706 Total liabilities and stockholders' equity $124,121 $94,872 autobytel.com inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
Three Months Ended December 31,
Year Ended December 31,
2000
1999
2000
1999
Revenues
Program fees $13,826
$10,617
$54,043
$35,791 Other related products and services 2,983
1,821
12,489
4,507
16,809
12,438
66,532
40,298
Operating expenses:
Sales and marketing 14,526
12,143
64,897
44,176 Product and technology
development 4,788
4,464
22,847
14,262 General and administrative 3,826
2,054
13,797
8,595 Total operating expenses 23,140
18,661
101,541
67,033
Loss from operations (6,331)
(6,223)
(35,009)
(26,735)
Interest income (expense), net 1,416
1,378
6,114
3,922 Foreign currency exchange gain (loss) 1,656
(1)
(103)
(6) Other income (expense), net 9
(59)
9
(448)
Loss before provision for income taxes (3,250)
(4,905)
(28,989)
(23,267)
Provision for income taxes -
(1)
42
53
Net loss $(3,250)
$(4,904)
$(29,031)
$(23,320)
Basic and diluted net loss per share $(0.16)
$(0.27)
$(1.45)
$(1.48)
Shares used in computing basic and diluted
net loss per share 20,336,083
18,158,047
20,047,173
15,766,406
Source: ABT
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A D V E R T I S E M E N T
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