| ABTL Investor Relations |
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News Releases
Autobytel.com Reports First Quarter 2001 ResultsNet Loss Cut in Half, Operating Loss Declines Significantly on Stable Revenue, Placing Company on Path to Profitability for Third Quarter of 2001IRVINE, Calif., April 26, 2001 -- Autobytel.com (Nasdaq: ABTL) today reported financial results for thequarter ended March 31, 2001. Revenue for the first quarter was $16.7 million, up 10 percent from revenue of $15.1 million in the same quarter of theprior year, and down 1 percent sequentially from revenue of $16.8 million in the quarter ended December 31, 2000. Inthe quarter, for the first time, we recognized $1.4 million related to an automotive consulting project. The portion oftotal revenue from international fees and licenses and from services such as finance, insurance and web sitedevelopment was 14 percent for the quarter. The operating loss in the quarter declined to $5.3 million, compared with an operating loss of $9.6 million in the samequarter a year ago, and an operating loss of $6.7 million in the quarter ended December 31, 2000. It was the thirdconsecutive quarter Autobytel.com significantly lowered its operating loss. The net loss in the first quarter was $4.1 million, or $0.20 per share, compared with a net loss of $8.1 million, or$0.42 per share, in the same quarter of the prior year, and with a net loss of $3.3 million, or $0.16 per share, in thequarter ended December 31, 2000. As of March 31, 2001, Autobytel.com's cash and cash equivalents were $75.1 million, including $34.6 million that isreserved for the operation of Autobytel Europe. The Company used $6.9 million in cash in the first quarter. "In light of the difficult economic environment, we continue to be pleased with our results and progress," said MarkLorimer, president and CEO of Autobytel.com. "We maintained stable revenue and significantly reduced our operatingloss and cost of customer acquisition by aligning our marketing costs and other expenses with the currentopportunities in the marketplace." Outlook for 2001 The Company is providing the following guidance for the second quarter of 2001: revenue in the range of $16.0 to$16.5 million, with a per share loss in the range of $0.09 to $0.11. "We expect to continue to lower our customeracquisition cost, and take further steps to decrease overall expenses," said Lorimer. "Those steps may includecontinued reduction in advertising, marketing and other costs, and renegotiation of supplier and portal relationships onmore favorable terms." "Given an uncertain outlook for both the auto industry and e-commerce in general, and our potential combinationwith Autoweb, we lack sufficient visibility to provide specific revenue and EPS guidance for the third and fourthquarters at this time," said Lorimer. "However, as a result of our success in reducing costs, we moved closer to ourgoal of profitability, which we expect to achieve in the third quarter of this year. Our strong cash position, increasinglyefficient operations, and market leadership position should allow us to aggressively pursue opportunities as themarket improves." First Quarter Highlights According to Lorimer, two recent developments highlight the Company's market leadership position. "Our recent agreement to combine with Autoweb, which we expect to close early in the third quarter, will not onlyexpand our market share lead and extend our dealer network, it should make Autobytel.com a leader in automotiveinformation services and provide us with significant manufacturer relationships," he said. "Furthermore, we reiterateour belief that the combined companies will achieve profitability in the third quarter." "Also, our recent agreement with General Motors to test the locate-to-order business model in the Washington, D.C.market demonstrates our unique ability to partner with and provide valuable services to the auto manufacturers,"continued Lorimer. "We believe that our brand and marketing strengths, technology development expertise, andability to work with dealer networks through training, management and customer services make Autobytel.com anattractive partner for others in the industry, potentially providing a source of high margin growth in the future." Conference Call A conference call to discuss first quarter 2001 financial results will be web cast live on Thursday, April 26, 2001, at4:30 PM EDT. Links to the web cast conference call follow: http://www.videonewswire.com/AUTOBYTEL/042601/ http://www.vcall.com/NASApp/VCall/EventPage?ID=73440 Replays will be available at both links for 90 days. A replay of the call will also be available through May 26, 2001 bydialing (800) 642-1687 or (706) 645-9291, code #790546 About autobytel.com inc. autobytel.com inc. (Nasdaq: ABTL), the global leader in online automotive commerce, brings car buyers,owners, and sellers together in a trusted environment, empowered by the Internet. Through its extensive automotivecontent and multiple purchasing, financing, insurance and service options, Autobytel.com offers consumers choice andpeace of mind throughout the automotive lifecycle, while providing its network of accredited dealers and automotiveservices partners the most efficient way to reach online car buyers and owners. Autobytel.com and its wholly-ownedsubsidiary, A.I.N. Corporation (Carsmart), have a network of dealers nationwide and are the seventh largest generatorof automotive sales in the United States, just behind GM, Ford, DaimlerChrysler, Toyota, Honda and Nissan.Autobytel.com has been ranked #1 in Dealer Satisfaction with Online Buying Services for three years in a row by J.D.Power and Associates.(1) Autobytel.com's low-cost, no-haggle car-buying program is available in the U.S., Canada(www.autobytel.ca), the United Kingdom (www.autobytel.co.uk), Sweden (www.autobytel.se), Netherlands(www.autobytel.nl), Japan (www.autobytel-japan.com), Australia (www.autobytel.com.au) and Spain(www.autobytel.es). Headquartered in Irvine, California, Autobytel.com is recognized as the company that transformedthe $1 trillion new car industry when it invented online car buying. (1) J.D. Power and Associates 1998 - 2000 Dealer Satisfaction With Online Buying Services Studies(SM). 2000 studyconducted among dealership Internet specialists who completed 2,144 evaluations of individual services.www.jdpower.com. The statements contained in this press release that are not historical facts are forward-looking statements under thefederal securities laws. These forward-looking statements are not guarantees of future performance and involve certainrisks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materiallyfrom what is expressed in, or implied by, such forward-looking statements. Autobytel.com undertakes no obligation toupdate 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, increased or unexpected competition, thefailure to realize anticipated synergies related to the proposed merger with Autoweb, failure to obtain requiredstockholder or regulatory approvals or the merger not closing for any other reason, failure of the combined company toretain and hire key employees, difficulties in successfully integrating the parties' businesses and technologies andother matters disclosed in Autobytel.com's filings with the Securities and Exchange Commission. Investors are stronglyencouraged to review our annual report on Form 10-K for the year ended December 31, 2000, and other reports on filewith the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operatingresults and the market price of our stock.
autobytel.com inc.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
ASSETS
March 31, December 31,
2001 2000
Current assets:
Cash and cash equivalents,
includes restricted amounts of
$16,028 and $15,029, respectively $75,082 $81,945
Accounts receivable, net of
allowance for doubtful accounts of
$1,821 and $1,494, respectively 7,405 6,638
Prepaid expenses and other current
assets 3,481 4,127
Total current assets 85,968 92,710
Property and equipment, net 2,031 2,537
Investments 1,165 1,353
Goodwill, net 23,334 23,755
Capitalized software in process 5,603 3,338
Notes receivable 639 530
Other assets 84 86
Total assets $118,824 $124,309
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $10,176 $9,828
Accrued expenses 6,175 7,519
Deferred revenues 5,862 6,360
Customer deposits 204 185
Other current liabilities 1,429 371
Total current liabilities 23,846 24,263
Other long-term liabilities -- 47
Total liabilities 23,846 24,310
Minority interest 8,787 8,193
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value;
200,000,000 shares authorized; 20 20
20,364,070 and 20,336,083 shares
issued and outstanding, respectively
Warrants 1,332 1,332
Additional paid-in capital 187,380 186,097
Accumulated other comprehensive loss (2,838) (16)
Accumulated deficit (99,703) (95,627)
Total stockholders' equity 86,191 91,806
Total liabilities and
stockholders' equity $118,824 $124,309
autobytel.com inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
Three Months Ended March 31,
2001 2000
Revenue $16,653 $15,100
Operating expenses:
Sales and marketing 13,346 16,874
Product and technology development 3,988 5,033
General and administrative 3,604 2,766
Restructuring costs 992 --
Total operating expenses 21,930 24,673
Loss from operations (5,277) (9,573)
Interest income, net 1,150 1,515
Foreign currency exchange gain (loss) 717 --
Equity losses in unconsolidated
subsidiary (500) --
Loss before minority interest
losses and provision for income taxes (3,910) (8,058)
Minority interest losses (128) --
Loss before provision for income
taxes (4,038) (8,058)
Provision for income taxes 38 20
Net loss $(4,076) $(8,078)
Basic and diluted net loss per share $(0.20) $(0.42)
Shares used in computing basic and
diluted net loss per share 20,354,430 19,263,638
Contacts: Autobytel.com Amit Kothari, Vice President, Corporate Controller 949-862-1362 infoearnings@autobytel.com Melanie Webber, Director, Corporate Communications 949-862-3023 melaniew@autobytel.com |
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