Autoweb.com, a consumer automotive Internet service, on April 25 announced financial results for the first quarter ended March 31, 2001. Net revenues for the first quarter of 2001 were $10.1 million, compared to $15.8 million for the first quarter of 2000 and $9.8 million for the fourth quarter of 2000.
Pro-forma net loss for the first quarter of 2001 was $5.6 million, or $0.19 per share, compared to $7.2 million, or $0.28 per share for the first quarter of 2000 and $11.3 million, or $0.38 per share for the fourth quarter of 2000. Pro-forma EBITDA loss for the first quarter was $3.7 million compared to pro-forma EBITDA losses in the first and fourth quarters of 2000 of $5.3 million and $9.3 million respectively.
The pro-forma net loss and pro-forma EBITDA for the first quarter of 2001 exclude a sales and marketing settlement charge of $12.6 million related to the favorable restructuring of the company's partnership agreements, and acquisition related costs of $850,000 associated with the recently announced merger agreement with Autobytel. Net loss for the first quarter, which includes the items noted above, was $19.1 million, or $0.65 per share, compared to $7.2 million, or $0.28 per share in the first quarter of 2000 and $14.4 million, or $0.49 per share in the fourth quarter of 2000.
"We see the first quarter as a success by every measure, as we returned to sequential revenue growth and improved along key financial metrics, such as gross profit margins and cash flow," said Jeffrey Schwartz, president and CEO of Autoweb. "Additionally, we completed the restructuring of our marketing programs, reducing future obligations at March 31, 2001 by approximately $40 million. We are also proceeding according to plan with our merger agreement with Autobytel, which will create a leading force in the online automotive business."
"Our intense focus on increasing the profitability of our revenues has enabled us to continue our trend toward cash profitability while maintaining a cash position of $13.2 million at the end of the first quarter," said Michael Schmidt, Autoweb's CFO. "This is particularly impressive considering that we have now completed our restructuring and satisfied all related financial obligations. Both our financial results and cash position at the end of this quarter reflect a significant reduction in our quarterly cash loss, as well as improvements in key balance sheet metrics."
A replay of Autoweb's first quarter 2001 conference call, held April 25, will be available through May 2, 2001 at 800-642-1687.
About Autoweb
Autoweb.com is an automotive Internet service, guiding users through every stage of vehicle ownership. Through its direct and referral commerce channels, Autoweb.com offers consumers a variety of ways to purchase new and used vehicles in conjunction with vehicle manufacturers, local Member Dealers and other commerce partners.
The company's Web site also provides consumers with a wide range of automotive-related products to support the complete lifecycle of the vehicle, including finance, insurance and maintenance. Autoweb.com features comprehensive, unbiased research from its Automotive Information Center (AIC) division.
Autoweb also provides business-to-business Web sites with advanced technology to view automotive information, and accurate and reliable automotive data and content. Currently, major automobile manufacturers, including DaimlerChrysler, Ford, General Motors, Honda and Toyota, use Autoweb's automotive data to power their sites.
Some of the major consumer portals also use Autoweb's content and technology, including AOL, Yahoo, Lycos, MSN and Carpoint.
AutoSuite is highly configurable for any individual AIC customer, as the interface can match look and feel, while vehicles (both target and competitor) and specific features can be limited to desired selections.
For more information, visit www.autoweb.com and www.autosite.com.
