Investor Relations

Financial Statements

AUTOBYTEL INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per-share and share data)


	December 31, 2012			December 31, 2011
Assets
Current assets:
Cash and cash equivalents	$	15,296		$	11,209
Restricted cash		—			400
Accounts receivable, net of allowances for bad debts and customer credits of $426 and $540 at December 31, 2012 and 2011, respectively		10,081			10,144
Prepaid expenses and other current assets		504			571

Total current assets		25,881			22,324
Property and equipment, net		1,593			1,629
Long-term strategic investment		—			194
Intangible assets, net		1,539			2,893
Goodwill		11,677			11,677
Other assets		77			77

Total assets	$	40,767		$	38,794

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	3,837		$	3,081
Accrued expenses and other current liabilities		5,377			4,994
Deferred revenues		168			216

Total current liabilities		9,382			8,291
Convertible note payable		5,000			5,000
Other non-current liabilities		620			607

Total liabilities		15,002			13,898
Commitments and contingencies (Note 4)		—			—
Stockholders' equity:
Preferred stock, $0.001 par value; 11,445,187 shares authorized; none outstanding		—			—
Common stock, $0.001 par value; 200,000,000 shares authorized; 8,855,400 and 9,224,345 shares issued and outstanding at December 31, 2012 and 2011, respectively		9			46
Additional paid-in capital		306,252			306,733
Accumulated deficit		(280,496	)		(281,883	)

Total stockholders' equity		25,765			24,896

Total liabilities and stockholders' equity	$	40,767		$	38,794

AUTOBYTEL INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(in thousands, except per-share data)


	Years Ended December 31,
	2012			2011
Revenues:
Lead fees	$	63,109		$	59,735
Advertising		3,524			3,850
Other revenues		169			227

Total revenues		66,802			63,812
Cost of revenues (excludes depreciation of $118 in 2012 and $221 in 2011)		40,530			37,829

Gross profit		26,272			25,983
Operating expenses:
Sales and marketing		8,536			8,906
Technology support		6,848			7,045
General and administrative		7,852			7,987
Depreciation and amortization		1,717			1,771
Litigation settlements		(273	)		(451	)

Total operating expenses		24,680			25,258

Operating income		1,592			725

Interest and other income, net		139			40
Income tax provision		344			349

Net income and comprehensive income	$	1,387		$	416


Basic earnings per common share	$	0.15		$	0.05

Diluted earnings per common share	$	0.15		$	0.04

AUTOBYTEL INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


	Years Ended December 31,
	2012			2011
Cash flows from operating activities:
Net income	$	1,387		$	416
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,162			2,106
Provision for bad debt		164			131
Provision for customer credits		391			833
Write-down of property and equipment		-			5
Share-based compensation		910			1,022
Gain on long-term strategic investment		(132	)		-
Changes in assets and liabilities:
Accounts receivable		(492	)		(2,041	)
Prepaid expenses and other current assets		67			226
Other non-current assets		-			4
Accounts payable		756			(632	)
Accrued expenses and other current liabilities		628			332
Deferred revenues		(48	)		(348	)
Non-current liabilities		13			150

Net cash provided by operating activities		5,806			2,204

Cash flows from investing activities:
Change in short-term investment		400			-
Change in long-term strategic investment		326			806
Purchases of property and equipment		(772	)		(642	)

Net cash (used in) provided by investing activities		(46	)		164

Cash flows from financing activities:
Repurchase of common stock		(1,455	)		-
Net proceeds from stock option exercises		27			355
Payment of contingent fee arrangement		(245	)		(333	)

Net cash (used in) provided by financing activities		(1,673	)		22

Net increase in cash and cash equivalents		4,087			2,390
Cash and cash equivalents, beginning of period		11,209			8,819

Cash and cash equivalents, end of period	$	15,296		$	11,209

Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	24		$	84
Cash paid for interest	$	300		$	312