Autobytel Inc., an Internet automotive marketing services company, has announced financial results for its fourth quarter and fiscal year ended December 31, 2002.

Highlights for the quarter:

  • First profitable quarter with net income totaling $0.5 million on a GAAP basis

  • Cash generation of $1.1 million; cash balance of $27.6 million

  • EBITDA at $1.0 million, or $0.03 per share

  • Strong growth in advertising and enterprise segments

    "The business is now generating profits and cash," said Jeffrey Schwartz, president and CEO of Autobytel Inc. "Hitting the net income milestone is the high-point of 2002, which was our year of fixing and building. As we move into 2003, we have a stronger base from which to leverage and extend the business. Our operating metrics are improving significantly and our customer relationships are solid. I feel very confident about our prospects in the coming year."

    Autobytel reported net income for the fourth quarter ended December 31, 2002 of $0.5 million, or $0.01 per share. This compares to a net loss for the quarter ended December 31, 2001 of $(0.9) million, or $(0.03) per share, and a net loss for the third quarter ended September 30, 2002 of $(2.1) million, or $(0.07) per share. While the Company has reported pro forma earnings before interest, taxes, depreciation, amortization and non-recurring charges (pro forma EBITDA) in the previous four quarters, this is the first quarter in its history of positive EBITDA without adjustments, and positive net income on a Generally Accepted Accounting Principles (GAAP) basis.

    During the fourth quarter, Autobytel generated $1.1 million in cash, marking its second consecutive quarter of cash generation. The Company generated $4.2 million in cash in the second half of fiscal year 2002, as compared to using $9.6 million in cash in the first half of 2002. The Company’s cash balance as of December 31, 2002 was $27.6 million.

    Revenue for the fourth quarter ended December 31, 2002 totaled $20.0 million, slightly down from revenue of $20.5 million for the quarter ended December 31, 2001 and a 4% sequential increase from third quarter 2002 revenues of $19.3 million.

    EBITDA for the fourth quarter of 2002 totaled $1.0 million, or $0.03 per share. This compares to pro forma EBITDA of $0.2 million, or $0.01 per share, for the fourth quarter ended December 31, 2001. For the third quarter ended September 30, 2002, pro forma EBITDA was $0.6 million or $0.02 per share. There were no charges excluded from EBITDA for the fourth quarter of 2002.

    For fiscal year 2002, the net loss was $(20.7) million, or $(0.67) per share compared to a fiscal 2001 loss of $(44.9) million, or $(1.84) per share.

    For fiscal year 2002, revenues were $80.9 million, a 14 percent increase over 2001 revenues of $71.1 million.

    Fiscal year 2002 pro forma EBITDA was $2.6 million, or $0.08 per share, versus a fiscal year 2001 pro forma EBITDA loss of $(10.1) million, or $(0.41) per share. Fiscal year 2001 pro forma EBITDA, and quarterly results for the first three quarters of 2002, were impacted by various non-recurring charges. A reconciliation of GAAP to pro forma is included in the attached Consolidated Statements of Operations.

    "Growing revenues 14 percent year over year is a sign of accomplishment, especially as it reflects the strength of our enterprise and advertising segments. During the year, we grew enterprise revenues nearly 60 percent and advertising revenues - in a year generally acknowledged as soft - by over 80 percent," said Jeffrey Schwartz.

    Conference Call

    In conjunction with Autobytel Inc.'s fourth quarter and year 2002 earnings release, there will be a conference call broadcast live over the Internet today, January 30, 2003, at 4:30 PM EST (1:30 PM PST). Links to the Webcast conference call follow:

    www.irconnect.com/abtl/conf/4q2002.mhtml

    The Webcast will be archived within 2 hours of the end of the call until the next quarter's earnings announcement. To listen to the archived Webcast go to:

    www.irconnect.com/abtl/conf/4q2002.mhtml

    About Autobytel Inc.

    Autobytel Inc., an Internet automotive marketing services company, helps retailers sell cars and manufacturers build brands through marketing, advertising and CRM (customer relationship management) programs. The company owns and operates the automotive websites Autobytel.com, Autoweb.com, Carsmart.com and automotive research center, AutoSite.com, as well as AIC (Automotive Information Center), a provider of automotive marketing data and technology.

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