Autobytel Approves Stock Repurchase Program
-- Company Authorized to Repurchase up to $1.5 Million of its
Common Stock --
IRVINE, Calif.--(BUSINESS WIRE)--
Autobytel Inc. (Nasdaq: ABTL), a leading provider of online
consumer purchase requests and marketing resources for the automotive
industry, today announced that its Board of Directors has approved a
stock repurchase program that authorizes the repurchase of up to $1.5
million of the company's common stock.
Under the repurchase program, Autobytel may repurchase common stock from
time to time on the open market or in private transactions. The company
will fund the repurchases through the use of available cash. The timing
and extent of the repurchases will depend upon market conditions and
other corporate considerations at the company's sole discretion.
Autobytel currently has approximately 46 million shares of common stock
outstanding.
"Authorization of this stock repurchase program reflects our financial
performance for 2011 and positive outlook for the company, along with
the turnaround in the automotive industry," said Jeffrey H. Coats,
President and Chief Executive Officer of Autobytel. "It also is
indicative of our commitment to enhancing shareholder returns."
Autobytel recently announced that it expects to report profitable
operations for the full 2011 year and fourth quarter ended December 31,
2011. The company expects to report actual results for the full 2011
year and fourth quarter on March 1, 2012.
About Autobytel Inc.
Autobytel Inc., an online leader
offering consumer purchase requests and marketing resources to car
dealers and manufacturers and providing consumers with the
information they need to purchase new and used
cars, pioneered the automotive Internet when it launched
autobytel.com in 1995. Autobytel continues to offer innovative products
and services to help consumers buy, and auto dealers and manufacturers
sell, more used and new cars.
Autobytel has helped tens of millions of automotive consumers research
vehicles; connected thousands of dealers nationwide with motivated car
buyers; and helped every major automaker market its brand online.
Through its flagship website Autobytel.com®, its network of
automotive sites, including Dealershipjobs.com, Autoweb.com®,
AutoSite.com®, Car.comsm, CarSmart.com®
and its respected online partners, Autobytel continues its dedication to
innovating the industry's highest quality internet programs to provide
consumers with a comprehensive and positive automotive research and
purchasing experience, and auto dealers, dealer groups and auto
manufacturers with one of the industry's most productive and
cost-effective customer referral and marketing programs. For more
information, please visit www.autobytel.com.
Forward-Looking Statements Disclaimer
The statements
contained in this press release that are not historical facts are
forward-looking statements under the federal securities laws. These
forward-looking statements are not guarantees of actual performance or
results or the level of performance or results and involve assumptions
and risks and uncertainties that are difficult to predict. Actual
performance, outcomes and results may differ materially from what is
expressed in, or implied by, these forward-looking statements. Autobytel
undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise. Among the important factors that could cause actual results
to differ materially from those expressed in, or implied by, the
forward-looking statements are changes in general economic conditions;
the financial condition of automobile manufacturers and dealers;
disruptions in automobile production resulting from natural disasters in
Japan and Thailand; changes in fuel prices; the economic impact of
terrorist attacks, political revolutions or military actions; failure of
our internet security measures; dealer attrition; pressure on dealer
fees; increased or unexpected competition; the failure of new products
and services to meet expectations; failure to retain key employees or
attract and integrate new employees; actual costs and expenses exceeding
charges taken by Autobytel; changes in laws and regulations; costs of
legal matters, including, defending lawsuits and undertaking
investigations and related matters; and other matters disclosed in
Autobytel's filings with the Securities and Exchange Commission.
Investors are strongly encouraged to review the company's Annual Report
on Form 10-K for the year ended December 31, 2010, and other filings
with the Securities and Exchange Commission for a discussion of risks
and uncertainties that could affect the business, operating results or
financial condition of Autobytel and the market price of the company's
stock. In addition, current year financial information could be subject
to change as a result of subsequent events or the finalization of the
company's financial statement close which culminates with the filing of
the company's Annual Report on Form 10-K for the current year.
Investor Relations
PondelWilkinson Inc.
Roger
Pondel/Laurie Berman, 310-279-5980
investor@pondel.com
or
Media
Relations
MSC-PR
Michelle Suzuki, 310-444-7115
michelle@msc-pr.com
or
Media
Relations
Autobytel Inc.
Jim Helberg, 949-862-1395
jimh@autobytel.com
Source: Autobytel Inc.
News Provided by Acquire Media
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