AWEB numbers: They are great !! (.12) cent a share loss. Q1 loss (.25)
AUTOWEB.COM INC (NASDAQ: AWEB)
Quote, Profile, History, News, Chart, Zacks, MarketGuide, StockTalk
News April 22, 16:13 Eastern Time
AUTOWEB.COM ANNOUNCES Q1 1999 FINANCIAL RESULTS
Record Revenues Up 166 Percent From Q1 1998
SANTA CLARA, Calif., April 22 /PRNewswire/ -- Autoweb.com, Inc. (Nasdaq: AWEB) today announced financial results for its first quarter ended March
31, 1999.
Net revenues for the first quarter of 1999 were a record $5.7 million, up 166 percent from net revenues of $2.2 million reported in the first quarter of 1998
and up 20 percent from net revenues of $4.8 million in the fourth quarter of 1998. Net loss for the first quarter of 1999 was $2.4 million, compared to a net
loss of $1.7 million in the first quarter of 1998, and a net loss of $6 million in the fourth quarter of 1998. First quarter loss per share was $0.25 on
approximately 9.8 million shares. This compares with a loss per share of $0.23 on approximately 7.8 million shares in the first quarter of 1998 and a loss
per share of $0.80 on approximately 7.9 million shares in the fourth quarter of 1998. On a pro forma basis, the first quarter of 1999 loss per share was
$0.10 on approximately 24.6 million shares (assuming conversion of preferred shares at the beginning of the quarter and common shares issued in the
Initial Public Offering outstanding for the entire quarter).
"We are extremely pleased with our record revenues and first quarter results. Our successful IPO yielded $71.1 million in net proceeds to the company,
and we progressed in a number of other important areas," said Dean DeBiase, president and chief executive officer of Autoweb.com. "We doubled the
size of our member dealer network from a year ago to 4,700 locations, added significant auto manufacturers as advertising partners and expanded our
senior management team," he said.
"The increasing number of users and purchase inquiries demonstrate the power of the Autoweb.com brand. We believe we have the right business model,
the right team, and a strong network of partners and member dealers to take advantage of the enormous opportunities ahead," said DeBiase.
The statements in this news release, other than the historical financial information, may contain forward-looking statements that involve risks and
uncertainties that could cause actual results to differ from anticipated results. Further information on risk factors that could affect the company's results
is detailed in the company's Registration Statement, as filed with the Securities and Exchange Commission, as well as the Form 10-Q for the quarter
ended March 31, 1999, to be filed with the Securities and Exchange Commission.
First Quarter 1999 Conference Call
Autoweb's first quarter 1999 conference call will be held on
Thursday, April 22 at 1:30 p.m. PT/ 4:30 p.m. ET. To participate in
the call, please dial 650-470-0200.
About Autoweb.com, Inc.
Autoweb.com(TM) is the leading consumer automotive Internet
service. With an extensive collection of automotive related community,
content and commerce offerings, Autoweb.com(TM) guides consumers
through every stage of vehicle ownership from browsing and buying, to
enjoying, maintaining or selling. As a trusted intermediary,
Autoweb.com(TM) connects mass market consumers to real-world buying
alternatives through the most extensive network of Member Dealers and
other commerce partners, and ensures the consumer experience is faster,
better and easier.
For more information, visit the company's web site at: www.autoweb.com or contact the company at 3270 Jay Street, Santa Clara, Calif. 95054;
408-330-4701.
Statements of Operations and Balance Sheets to follow
AUTOWEB.COM, INC.
BALANCE SHEETS
(in thousands)
December 31, March 31,
1998 1999
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,715 $65,335
Short term investments -- 8,788
Accounts receivable, net 2,147 2,872
Loans receivable
- related parties 157 1,092
Prepaid expenses and other
current assets 1,004 1,330
Total current assets 6,023 79,417
Property and equipment, net 1,162 1,184
TOTAL ASSETS $7,185 $80,601
LIABILITIES, MANDATORILY
REDEEMABLE CONVERTIBLE
PREFERRED STOCK, AND
STOCKHOLDERS' (DEFICIT)
EQUITY
CURRENT LIABILITIES:
Accounts payable and other
accrued expenses $2,557 $4,733
Accrued payroll and related
expenses 624 844
Deferred revenue 1,739 2,138
Current portion of notes
and lease obligations
payable 303 345
Total current liabilities 5,223 8,060
Notes payable and lease
obligations, net of current
portion 654 617
Total liabilities 5,877 8,677
MANDATORILY REDEEMABLE
CONVERTIBLE PREFERRED STOCK 12,969 --
STOCKHOLDERS' (DEFICIT) EQUITY:
Common stock 2 18
Additional paid-in capital 11,371 98,998
Unearned stock-based
compensation (5,406) (8,198)
Accumulated deficit (17,628) (18,894)
Total stockholders'
(deficit) equity (11,661) 71,924
TOTAL LIABILITIES, MANDATORILY
REDEEMABLE CONVERTIBLE
PREFERRED STOCK, AND
STOCKHOLDERS' (DEFICIT)
EQUITY $7,185 $80,601
AUTOWEB.COM, INC.
STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
THREE MONTHS ENDED
MARCH 31,
1998 1999
REVENUES
Net revenues $2,156 $5,744
Cost of net revenues 111 648
Gross Profit 2,045 5,096
OPERATING EXPENSES:
Sales and marketing 2,654 5,051
Product development 130 555
General and administrative 955 1,305
Stock-based compensation 4 664
Total operating expenses 3,743 7,575
LOSS FROM OPERATIONS (1,698) (2,479)
Interest and other income
(expense), net (2) 39
NET LOSS (1,700) (2,440)
Accretion of mandatorily
redeemable convertible
preferred stock to
redemption value (134) --
NET LOSS ATTRIBUTABLE TO
COMMON STOCKHOLDERS $(1,834) $(2,440)
NET LOSS PER SHARE:
Basic and diluted $(0.23) $ (0.25)
Weighted average shares
- basic and diluted 7,823 9,789
PRO FORMA NET LOSS PER SHARE:
Basic and diluted $(0.12) $(0.10)
Weighted average shares
- basic and diluted(A) 14,744 24,586
(A) Assumes conversion of preferred shares to common at the beginning of
the period. For March 31, 1999 quarter, also assumes common shares
issued in the Company's Initial Public Offering outstanding from the
beginning of the period.
SOURCE Autoweb.com, Inc.
04/22/99 /CONTACT: Sam Hedgpeth, Chief
Financial Officer of Autoweb.com, Inc., 408-330-4701; or Ellen Brook,
Vice President of Stapleton Communications Inc., 650-470-0200, for
Autoweb.com, Inc./
(AWEB)
CO: Autoweb.com, Inc. ST: California IN: CPR MLM SU: ERN
|
