Autobytel.com today announced financial results for the third quarter ended Sept. 30, 2000.

Third quarter revenue grew to $17.5 million, a 65 percent increase over revenue of $10.6 million in the third quarter of 1999, and a three percent sequential increase over revenue of $17.1 million in the quarter ended June 30, 2000. The percent of total revenue from international fees and licenses, and from services such as financing, insurance and web site development was 19 percent for the quarter.

Additionally, the company reported that at the close of the quarter, its cash and cash equivalents were $90.6 million, including $35.4 million raised and reserved for the operation of Autobytel Europe, compared with $100.3 million in cash as of June 30, 2000. During the quarter, Autobytel.com's cash position declined $0.7 million due to foreign currency exchange rate fluctuations.

Excluding goodwill and stock-based compensation charges and foreign currency exchange losses, the net loss for the quarter was $0.28 per share, an improvement of $0.01 cent, or 3.4 percent, over consensus estimates. The net loss for the quarter, excluding foreign currency exchange losses, was $6.2 million, or $0.30 per share, compared with a net loss of $9.8 million, or $0.48 per share, in the quarter ended June 30, 2000, or an improvement in net loss of 37%. The net loss was $6.3 million, or $0.35 per share, in the quarter ended September 30, 1999. The net loss for the third quarter of this year was $7.9 million, or $0.39 per share.

The company also reported that revenue from international fees and licenses exceeded $1.3 million during the third quarter, up from $1.2 million in the prior quarter.

"Again, Autobytel.com clearly demonstrates strength, growth and discipline as we move ever closer to achieving profitability," said Mark Lorimer, President and CEO of Autobytel.com. "Purchase request volume has reached record-breaking levels for the quarter and our dealer network is strong and growing at over 5,100."

"We continue to grow our international partnerships, our ancillary products and services such as financing and aftermarket products, and our customer relationship management tools including MyGarage, which now has over 575,000 registered customers since the program's official launch. Also, in a dedicated effort to achieving profitability, we are strictly managing costs and maintaining our modest cash burn rate. We expect the third quarter of next year to be profitable."

"Additionally, several recent independent studies have further validated our leadership position as well as the strength of the online automotive space. Opinion Research found that American adults, by nearly a three-to-one margin, would rather use an independent online site than a site from a single manufacturer. A study by the University of California, Berkeley and the Yale School of Management found that consumers save money when they purchase a vehicle through Autobytel.com. And J.D. Power and Associates confirmed that Autobytel.com is still the most popular online automotive purchasing service, now accounting for more than 1 percent of all new vehicles sold in the United States."