Autobytel Inc.,
an Internet automotive marketing services company, announced financial results for the second quarter
ended June 30, 2003.
Highlights for the quarter:
basis, meeting analysts’ estimates.
reported quarterly revenue in the company’s history.
doubling from Q1 2003.
shares of common stock.
net proceeds of $25.6 million
"Growing net income at four times the rate of revenue
demonstrates the unique leverage and financial benefits of
our business model," noted Jeffrey Schwartz, president and
CEO of Autobytel. "With the acquisition of AVV, the raising
of additional capital, and our strong cash flow, we are well
positioned to make strategic advances and further solidify
our position as a leader in the automotive marketing
services category."
Autobytel reported net income for the second quarter ended
June 30, 2003 of $1.1 million, or $0.03 per share. This
compares to a net loss for the quarter ended June 30, 2002
of $(0.6) million, or $(0.02) per share, and represents a
29 percent increase over the net income reported for the first
quarter ended March 31, 2003, when net income was $0.9
million, or $0.03 per share.
For the second quarter of 2003, EBITDA was $1.7 million, or
$0.05 per share, versus $0.2 million, or $0.01 per share, in
the second quarter of 2002, and EBITDA of $1.4 million, or
$0.04 per share, in the first quarter ended March 31, 2003.
Revenues for the second quarter ended June 30, 2003 totaled
$21.7 million, versus revenues of $20.8 million for the
quarter ended June 30, 2002 and revenues of $20.3 million
for the first quarter ended March 31, 2003.
During the second quarter of 2003, net cash provided by
operations was $2.3 million, marking our fourth consecutive
quarter of cash generation. In addition, Autobytel received
net proceeds of $25.6 million in a private placement of
equity. Autobytel also used $4.8 million in cash to pay a
portion of the purchase price for the acquisition of AVV.
The Company’s cash balance as of June 30, 2003 was $51.7
million.
"I am very pleased with the progress we made this quarter,"
continued Schwartz. "In our lead referral category, the
results of our strategy of improving close rates, increasing
customer support, and better leveraging our marketing tools
are clear: dealers are up, pricing is up, gross margin is
up, and average fees are up. Our CRM category has been
bolstered by the AVV acquisition and the continuing strength
of RPM, and our website advertising category produced record
revenue, showing an 85 percent year-over-year growth."
The company reiterates its previous revenue guidance, and
expects to exit fiscal year 2003 at approximately a $95
million revenue run-rate. The Company forecasts that in the
second half of 2003 net income will increase over 50 percent.
Additionally, the Company expects that net cash provided by
operations will increase in the second half of the year.
Non-GAAP Measures
In addition to furnishing its consolidated financial
statements presented in accordance with generally accepted
accounting principles (GAAP), Autobytel discloses certain
non-GAAP financial measures, including EBITDA and EBITDA per
share, which are derived from results based on GAAP.
Autobytel believes these non-GAAP measures assist users in
understanding its results of operations, cash generated, and
resources available for strategic opportunities including
reinvestment in the business and acquisitions.
The non-GAAP measures are provided to enhance the user’s
overall understanding of Autobytel’s current financial
performance and its prospects for the future. As such,
these measures should be considered in addition to results
prepared in accordance with GAAP and should not be
considered a substitute for or superior to GAAP results. A
reconciliation of the non-GAAP measures to the nearest GAAP
measures is included in the attached Statement of
Supplemental Financial Information.
Conference Call
In conjunction with Autobytel Inc.'s second quarter 2003
earnings release, there will be a conference call broadcast
live over the Internet, July 24, 2003, at 5:30 PM EDT
(2:30 PM PDT). The link to the Webcast conference is as
follows:
www.irconnect.com/abtl/conf/2q2003.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, please go to the link shown
above.
About Autobytel Inc.
Autobytel Inc. helps retailers sell cars and
manufacturers build brands through marketing, advertising
and CRM (customer relationship management) tools and
programs. The company owns and operates the automotive
websites Autobytel.com, Autoweb.com, Carsmart.com and
AutoSite.com, as well as AIC (Automotive Information
Center), a provider of automotive marketing data and
technology. Autobytel owns and operates AVV,
Inc., a provider of dealership CRM and sales
management tools and data extraction services.
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