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News Releases
Autobytel Reports 2009 Second Quarter Financial Results* Cash position increases from Q1 to $26.8 million * Operating costs reduced significantly IRVINE, Calif. -- July 23, 2009 Autobytel Inc. (Nasdaq: ABTL), a leading automotive marketing services company, today announced financial results for its 2009 second quarter, ended June 30, 2009. The company reported a net loss of $251,000, or $0.01 per share, for the second quarter of 2009. This included other income of approximately $580,000 related to the sale of common shares of a third party acquired as part of the purchase of Autoweb several years ago, and $1.3 million in income from discontinued operations in connection with the release of escrowed funds from the January 2008 sale of its AVV business. Both of these items were related to patent litigation settlements executed in the 2009 second quarter. Autobytel reported a net loss of $57.3 million, or $1.30 per share, for the second quarter of 2008, including a $52.1 million goodwill impairment charge. Revenue for the 2009 second quarter totaled $13.4 million, compared with $19.0 million for the second quarter of 2008. Lead referral revenue declined approximately 33% from the prior year period, reflecting continued weakness in the general economy and automotive sector, with new U.S. light vehicle sales declining 32% year-over-year in the 2009 second quarter. Advertising revenue was about equal to the prior year period. Gross profit margin for the 2009 second quarter declined to 33% from 36% for the 2008 second quarter as the result of retail auto lead promotions and increased lead supply expenses. Cost of revenues declined to $9.0 million from $12.2 million for the prior-year period. Total operating expenses for the 2009 second quarter dropped sharply to $6.6 million from $64.5 million in the year ago period. Total operating expenses declined by 47% compared to the second quarter of 2008 if the $52.1 million goodwill impairment charge in the 2008 second quarter is excluded. Cash and cash equivalents were $26.8 million at June 30, 2009, up from $25.8 million at March 31, 2009 and compared with $27.4 million at December 31, 2008. Autobytel remains debt free. "We continued to reduce our cost structure during the second quarter of 2009 amidst the ongoing turmoil in the automotive industry," said Jeffrey Coats, Autobytel's President and Chief Executive Officer. "Our steadfast focus on maximizing efficiencies while providing increasing value to our customers is allowing us to create a business that can successfully manage through this challenging environment. Additionally, the strength of our balance sheet provides significant flexibility as we work toward building for long-term growth and profitability." Conference Call Autobytel management will host a conference call today at 5 p.m. ET/2 p.m. PT to discuss its 2009 second quarter financial results. The conference call will be available to all interested parties through a live webcast at www.autobytel.com (click on "Investor Relations" and then click on "Conference Calls"). 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 for approximately one week by dialing 800-642-1687 (domestic) or 706-645-9291 (international) and entering conference ID 20173152. About Autobytel Inc. Autobytel Inc. (Nasdaq: ABTL) is an automotive marketing services company that assists automotive dealers and manufacturers sell cars and light trucks. By connecting consumers to automotive dealers and manufacturers through internet lead referral programs and on-line advertising, the Company provides automotive dealers and manufacturers with opportunities to efficiently market their vehicles to potential customers. The Company purchases from third party sites and generates from its owned websites consumer internet requests, or "leads," for pricing and availability for new and used vehicles as well as for vehicle financing. The Company sells leads primarily to its automotive dealer and manufacturer customers. Leads are purchased from a network of supplier websites, such as Edmunds, Kelley Blue Book and Yahoo!. The Company owns consumer-facing automotive websites, including Autobytel.com(R), Autoweb.com(R), AutoSite.com(R), Car.com^sm, CarSmart.com(R), CarTV.com(R), and MyRide.com(R), that provide consumers with information and tools to aid them with their automotive purchase decisions. In addition to advertising opportunities on its owned websites, the Company provides advertising opportunities for automotive manufacturers and other automotive advertisers through the Company's marketing network, which includes the automotive sections of third party co-branded websites operated by the Company and the Company's AutoReach advertising network. Forward-Looking Statement 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 future performance and involve certain assumptions and certain risks and uncertainties that are difficult to predict. Actual outcomes and results may differ materially from what is expressed in, or implied by, such 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 continued adverse general economic conditions, the financial condition of automobile manufacturers and dealers, the economic impact of terrorist attacks or military actions, increased 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, that actual costs and expenses exceed the 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 our Annual Report on Form 10-K for the year ended December 31, 2008 and other filings with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operating results and the market price of our stock. (Financial tables follow)
AUTOBYTEL INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per-share data)
June 30, December 31,
2009 2008
Assets
Current assets:
Cash and cash equivalents $ 26,768 $ 27,393
Accounts receivable, net of allowances for
bad debts and customer credits of $1,394 and 8,184 10,047
$1,277, at June 30, 2009 and December 31,
2008, respectively
Prepaid expenses and other current assets 702 1,378
Total current assets 35,654 38,818
Property and equipment, net 1,694 2,421
Investment and other assets 130 763
Total assets $ 37,478 $ 42,002
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 3,796 $ 3,579
Accrued expenses and other current 3,281 6,432
liabilities
Deferred revenues 940 1,835
Total current liabilities 8,017 11,846
Non-current liabilities 137 181
Total liabilities 8,154 12,027
Commitments and contingencies
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; 45,184,679 and 45,219,679 45 45
shares issued and outstanding, respectively
Additional paid-in capital 301,245 300,720
Unrealized gain from investment - 568
Accumulated deficit (271,966 ) (271,358 )
Total stockholders' equity 29,324 29,975
Total liabilities and stockholders' equity $ 37,478 $ 42,002
AUTOBYTEL INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Amounts in thousands, except per-share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
Net revenues:
Lead fees $ 11,583 $ 17,178 $ 23,735 $ 35,339
Advertising 1,786 1,767 3,473 4,266
Other revenues 75 41 107 78
Total net revenues 13,444 18,986 27,315 39,683
Cost of revenues
(excludes
depreciation of $197
and $279 for the
three months ended
June 30, 2009 and 9,022 12,214 17,908 26,039
2008, respectively
and $450 and $598
for the six months
ended June 30, 2009
and 2008,
respectively)
Gross profit 4,422 6,772 9,407 13,644
Operating expenses
Sales and marketing 2,542 4,320 5,182 9,515
Technology support 1,226 3,680 2,687 8,273
General and 3,032 4,386 7,086 10,737
administrative
Patent litigation (179 ) - (2,846 ) (2,667 )
settlement
Goodwill impairment - 52,074 - 52,074
Total operating 6,621 64,460 12,109 77,932
expenses
Operating loss (2,199 ) (57,688 ) (2,702 ) (64,288 )
Interest and other 675 334 821 846
income
Provision for income - - - -
taxes
Loss from continuing (1,524 ) (57,354 ) (1,881 ) (63,442 )
operations
Discontinued 1,273 69 1,273 4,205
operations, net
Net loss $ (251 ) $ (57,285 ) $ (608 ) $ (59,237 )
Basic and diluted
loss per common
share:
Loss from continuing $ (0.03 ) $ (1.30 ) $ (0.04 ) $ (1.44 )
operations
Discontinued 0.03 - 0.03 0.09
operations, net
Basic and diluted
loss per common $ (0.01 ) $ (1.30 ) $ (0.01 ) $ (1.35 )
share
Comprehensive loss
Net loss $ (251 ) $ (57,285 ) $ (608 ) $ (59,237 )
Unrealized loss from - (72 ) - (39 )
investment
Comprehensive loss $ (251 ) $ (57,357 ) $ (608 ) $ (59,276 )
Contacts: Autobytel Inc. Crystal Hartwell, Investor and media relations 949.437.4755 crystalh@autobytel.com or PondelWilkinson Inc., Investor relations Roger Pondel/Laurie Berman, 310.279.5980 investor@pondel.com |
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