Autobytel Reports Increased Revenues and Profits for 2012 First Quarter
IRVINE, Calif.--(BUSINESS WIRE)--
Autobytel Inc. (Nasdaq: ABTL),
a leading provider of online consumer purchase requests and marketing
resources for the automotive
industry, today reported increased revenues and improved profitability
for the first quarter ended March 31, 2012, compared with last year's
first quarter.
"Our focus on helping automotive dealer and manufacturer customers
generate higher levels of sales conversions by providing them with
quality purchase requests is continuing to drive improvements in our
business," said Jeffrey H. Coats, President and Chief Executive Officer
of Autobytel. "As a comprehensive resource for car buyers, and with what
we believe to be the industry's largest combined dealer and manufacturer
automotive purchase request distribution network, Autobytel is well
positioned to benefit from ongoing improvements in our core business,
along with the continuing recovery in the automotive sector."
Revenues for the 2012 first quarter grew 4% to $16.7 million from $16.0
million a year ago. Revenues generated from purchase requests, the
company's core product offering, rose 6% to $15.8 million for the 2012
first quarter from $15.0 million last year, primarily reflecting
stronger demand from automotive manufacturers and other wholesale
channels.
Gross profit grew 11% to $6.8 million for the 2012 first quarter from
$6.2 million a year ago. Gross margin improved to 40.9% of total
revenues for the 2012 first quarter from 38.4% for the first quarter of
2011. The improvement in gross margin was due, in part, to a higher
level of internally generated purchase requests.
Total operating expenses declined to $6.5 million for the 2012 first
quarter from $6.6 million for the same quarter last year.
Net income for the 2012 first quarter totaled $253,000, or $0.01 per
diluted share, versus a net loss of $571,000, or $0.01 per share, for
the 2011 first quarter.
Cash flow provided by operations was $894,000 for the first quarter of
2012, compared with cash flow used in operations of $1.2 million for the
prior-year first quarter.
Cash and cash equivalents grew to $12.1 million at March 31, 2012, up
from $11.2 million at December 31, 2011 and $7.5 million at March 31,
2011.
Conference Call
Autobytel management will host a conference
call today at 5 p.m. ET/2 p.m. PT to discuss its 2012 first quarter
financial results. Interested parties may participate in the live call
by dialing (877) 852-2929, passcode 73798213. An audio broadcast will
also be available through a live webcast at www.autobytel.com
(click on "Investor
Relations" and then click on "Events
& Presentations"). Please visit the website at least 15 minutes
prior to the start of the call to register and download any necessary
software. For those unable to listen to the live broadcast, the call
will be archived for one year on Autobytel's website. A telephone replay
of the call will also be available through May 10, 2012 by dialing (855)
859-2056, passcode 73798213. The slides that will be referenced during
the call will be available on the company's website at www.autobytel.com
(click on "Investor
Relations" and then click on "Events
& Presentations"). The slides will contain disclosures of EBITDA
(earnings before interest, taxes, depreciation and amortization) and
cash flow, which are non-GAAP financial measures as defined by SEC
Regulation G. Reconciliations of these non-GAAP financial measures to
the most directly comparable GAAP financial measure will be included in
the slides.
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 and its respected online affiliates,
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 some of the
industry's most productive and cost-effective customer referral and
marketing programs.
Investors and other interested parties can receive Autobytel news
releases and invitations to special events by accessing our online
signup form at http://investor.autobytel.com/alerts.cfm
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, including, but not limited to, the company
benefiting from ongoing improvements to its core business and the
recovery in the automotive market, are not guarantees of future
performance and involve assumptions and risks and uncertainties that are
difficult to predict. Actual 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; 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, 2011 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.
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AUTOBYTEL INC.
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UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
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(Amounts in thousands, except share and per-share data)
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March 31,
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December 31,
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2012
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2011
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Assets
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Current assets:
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Cash and cash equivalents
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$
|
12,112
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|
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$
|
11,209
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Restricted cash
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50
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|
400
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Accounts receivable (net of allowances for bad debts and customer
credits
of $513 and $540, at March 31, 2012 and December 31,
2011,
respectively)
|
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|
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10,586
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10,144
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Prepaid expenses and other current assets
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383
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571
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Total current assets
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23,131
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22,324
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Property and equipment, net
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1,502
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1,629
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Long-term strategic investment
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194
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194
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Intangible assets, net
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2,551
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|
|
|
|
|
2,893
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Goodwill
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|
|
|
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11,677
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|
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11,677
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Other assets
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77
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|
|
|
|
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77
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Total assets
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$
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39,132
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$
|
38,794
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Liabilities and Stockholders' Equity
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Current liabilities:
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Accounts payable
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$
|
4,105
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$
|
3,081
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Accrued expenses and other current liabilities
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|
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4,092
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4,994
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Deferred revenues
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116
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|
|
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|
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216
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Total current liabilities
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8,313
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8,291
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Convertible note payable
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5,000
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5,000
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Other non-current liabilities
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|
|
608
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|
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|
|
607
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Total liabilities
|
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|
|
|
|
13,921
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|
|
|
|
|
13,898
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Commitments and contingencies
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Stockholders' equity:
|
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Preferred stock, $0.001 par value; 11,445,187 shares authorized;
none outstanding
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-
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-
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Common stock, $0.001 par value; 200,000,000 shares authorized;
45,899,826
and 46,121,727 shares issued and outstanding, as of
March 31,
2012 and December 31, 2011, respectively
|
|
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|
|
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46
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|
|
|
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|
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46
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Additional paid-in capital
|
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|
|
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|
306,795
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|
|
|
|
|
|
306,733
|
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|
|
Accumulated deficit
|
|
|
|
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|
(281,630
|
)
|
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|
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|
(281,883
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)
|
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Total stockholders' equity
|
|
|
|
|
|
25,211
|
|
|
|
|
|
|
24,896
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Total liabilities and stockholders' equity
|
|
|
|
|
$
|
39,132
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|
|
|
|
|
$
|
38,794
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|
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AUTOBYTEL INC.
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UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND
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COMPREHENSIVE INCOME (LOSS)
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(Amounts in thousands, except per-share data)
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Three Months Ended
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|
March 31,
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2012
|
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2011
|
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Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase requests
|
|
|
|
|
|
$
|
15,794
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|
|
|
|
|
$
|
14,964
|
|
|
|
Advertising
|
|
|
|
|
|
|
859
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|
|
|
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|
|
1,001
|
|
|
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Other revenues
|
|
|
|
|
|
|
52
|
|
|
|
|
|
|
67
|
|
|
Total revenues
|
|
|
|
|
|
|
16,705
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|
|
|
|
|
|
16,032
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Cost of revenues (excludes depreciation of $32 and $55 for the
three months
ended March 31, 2012 and 2011, respectively)
|
|
|
|
|
|
|
9,869
|
|
|
|
|
|
|
9,872
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Gross profit
|
|
|
|
|
|
|
6,836
|
|
|
|
|
|
|
6,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
|
|
|
|
2,345
|
|
|
|
|
|
|
2,419
|
|
|
|
Technology support
|
|
|
|
|
|
|
1,828
|
|
|
|
|
|
|
1,725
|
|
|
|
General and administrative
|
|
|
|
|
|
|
2,015
|
|
|
|
|
|
|
2,084
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
402
|
|
|
|
|
|
|
446
|
|
|
|
Litigation settlements
|
|
|
|
|
|
|
(70
|
)
|
|
|
|
|
|
(67
|
)
|
|
|
Total operating expenses
|
|
|
|
|
|
|
6,520
|
|
|
|
|
|
|
6,607
|
|
|
Operating income (loss)
|
|
|
|
|
|
|
316
|
|
|
|
|
|
|
(447
|
)
|
|
|
Interest and other income (expense), net
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
9
|
|
|
|
Income tax provision
|
|
|
|
|
|
|
62
|
|
|
|
|
|
|
133
|
|
|
Net income (loss) and comprehensive income (loss)
|
|
|
|
|
|
$
|
253
|
|
|
|
|
|
$
|
(571
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basic income (loss) per common share
|
|
|
|
|
|
$
|
0.01
|
|
|
|
|
|
$
|
(0.01
|
)
|
|
Diluted income (loss) per common share
|
|
|
|
|
|
$
|
0.01
|
|
|
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Shares used in computing income (loss) per common share (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
46,087
|
|
|
|
|
|
|
45,676
|
|
|
|
Diluted
|
|
|
|
|
|
|
47,479
|
|
|
|
|
|
|
45,676
|
|
Investor Relations:
PondelWilkinson Inc.
Roger
Pondel/Laurie Berman
310-279-5980
investor@pondel.com
or
CMC
Group, Inc.
Bradley Orr
303-887-4932
borr@cmc-group.us
or
Media
Relations:
MSC-PR
Michelle Suzuki
310-444-7115
michelle@msc-pr.com
or
Autobytel
Inc.
Jim Helberg
949-862-1395
jimh@autobytel.com
Source: Autobytel Inc.
News Provided by Acquire Media
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