ABTL - full story
Autobytel.com Announces First Quarter Results
Record Revenues, Purchase Requests and Paying Dealers Power Autobytel.com's
16th Consecutive Quarter of Sequential Revenue Growth
IRVINE, Calif., April 29 /PRNewswire/ -- Autobytel.com inc. (Nasdaq: ABTL), the
premier Internet car-buying service, today announced record revenues for its first
quarter ended March 31, 1999. Revenues grew 73% to $8.0 million, up from the $4.6
million reported for the same quarter a year ago. The Company also reported a narrower
first quarter net loss of $6.1 million, or $0.68 per share, compared with a net loss of
$6.9 million, or $0.83 per share, recorded in the comparable period a year ago.
"Autobytel.com achieved strong growth in first quarter purchase requests for car
purchases, which expanded 39% from last quarter to a record 489,000," said Mark Lorimer,
President and CEO of autobytel.com. "More car buyers purchase a new or a pre-owned
vehicle through autobytel.com than anywhere else on the Web." According to the March 25,
1999 press release announcing the J.D. Power and Associates 1999 Dealer Satisfaction with
Online Buying Services Study, autobytel.com "generates nearly as many new-vehicle sales
as its two closest competitors combined." According to this study, autobytel.com ranks
highest in dealer satisfaction for the second year in a row, generating the Online car
buying industry's highest volume of purchase requests for both new and pre-owned vehicles
as well as the highest closing ratio.
Building upon its leadership position in dealer satisfaction as well as the 39%
sequential increase in purchase requests, autobytel.com monthly subscription fees per
dealer rose to a record level in the first quarter. In addition, 174 paying dealers
joined the autobytel.com network in the first quarter, which expanded by 45% to a record
level, compared to a year ago.
"In addition to completing our initial public offering, during the first quarter, we
progressed in building our international presence, launching Autobytel.se in Sweden,
preparing for the second quarter launch of Autobytel.co.uk in the United Kingdom, and
signing a letter of intent to launch Autobytel.jp in Japan with several Japanese
partners," explained Lorimer. "We also expanded our pre-owned vehicle sales business in
the first quarter, extending our CyberStore program participation outside of our new car
dealer network." The CyberStore website enables consumers to buy and dealers to sell
pre-owned vehicles through the autobytel.com website. All vehicles posted in the
pre-owned CyberStore must include a digital image and come complete with a 72-hour
money-back guarantee and a 90-day warranty. The number of pre-owned units posted to our
CyberStore inventory increased 20% during the quarter, fueled in part by extending the
program eligibility to previously excluded non-Autobytel.com new car dealers. As part of
its effort to expand its CyberStore inventory of pre-owned vehicles, Autobytel.com signed
an agreement with a major car rental company to sell vehicles retired from its fleet.
"The record revenue of our first quarter illustrates the continuing success of our
strategy to emphasize quality and value for both the consumer and the dealer throughout
the entire chain of events leading up to a vehicle purchase," noted Lorimer. "The
continuing goal of our distribution model is to eliminate some of the inherent
inefficiencies found in the car sales process, generating savings for consumers by
reducing sales costs for car dealers. Autobytel.com's high brand awareness and targeted
marketing programs attract serious car buyers to the Autobytel.com web site, where they
find all of the tools needed to obtain a fast, pleasant and low-cost buying experience
for the car they really want. On the dealer side of the equation, the Company's 2,772
dealers receive extensive training in facilitating the Internet sales process, followed
up by autobytel.com's unique combination of on-line as well as field support.
Autobytel.com's focus on dealer development allows us to deliver an unparalleled purchase
experience to the Internet car buyer, as well as lower cost and a higher closing ratio
for the dealership."
During the month of March 1999, traffic on the Autobytel.com website grew to 19.2
million page views, up 21% from the month of December 1998, compared to an increase of 8%
in total Internet usage over the same periods as reported by MediaMetrix. A page view is
defined as one electronic page of information displayed in response to a user request.
Also, the number of unique visitors per month attracted to its website grew 48% from the
month of December 1998 to over 1 million in the month of March 1999.
About autobytel.com inc.
Irvine, CA-based autobytel.com inc. ( www.autobytel.com ) is an internationally
branded Internet-based purchasing program for new and certified pre-owned vehicles and
related consumer services, including automotive financing, leasing, a rewards program,
and insurance. Autobytel.com has assisted over 2.5 million car buyers since its inception
in 1995. In 1999, Autobytel.com was ranked #1 in Dealer Satisfaction with Online Buying
Services for the second year in a row.* Autobytel.com's North American Accredited Dealer
Network includes over 2,700 dealerships, representing every major automotive
manufacturer. Autobytel.com is a registered service mark of autobytel.com inc.
* J.D. Power and Associates 1998 -- 1999 Dealer Satisfaction With Online Buying
Services Studies(SM). 1999 study conducted among dealership Internet specialists who
completed 1,024 individual evaluations.
The statements contained in this press release and the attached supplemental
information that are not historical facts are forward-looking statements under the
federal securities laws. These forward-looking statements are not guarantees of future
performance and involve certain risks, uncertainties and assumptions that are difficult
to predict. Actual outcomes and results may differ materially from what is expressed in,
or implied by, such forward-looking statements. Autobytel.com undertakes no obligation
to update publicly any forward-looking statements, whether as a result of new
information, future events or otherwise. Among the important factors that could cause
Autobytel.com's actual results to differ materially from those expressed in, or implied
by, the forward-looking statements are changes in general economic conditions and
increased or unexpected competition.
autobytel.com inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended March 31,
1998 1999
Revenues $4,632 $8,032
Operating expenses:
Sales and marketing 8,459 9,957
Product and technology
development 1,895 2,366
General and administrative 1,346 1,592
Stock based compensation -- 225
Total operating expenses 11,700 14,140
Loss from operations (7,068) (6,108)
Interest and other income, net 185 8
Loss before provision for income taxes (6,883) (6,100)
Provision for income taxes 15 41
Net loss $(6,898) $(6,141)
Basic and diluted net loss per share $(0.83) $(0.68)
Shares used in computing basic and
diluted net loss per share 8,324,443 9,029,203
autobytel.com inc.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
ASSETS
December 31, March 31,
1998 1999
(unaudited)
Current assets:
Cash and cash equivalents $27,984 $99,818
Accounts receivable, net 2,315 2,694
Other current assets 1,353 1,487
Total current assets 31,652 103,999
Property and equipment, net 2,208 2,019
Other assets 347 345
Total assets $34,207 $106,363
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $3,830 $9,343
Deferred revenue 4,008 4,239
Other current liabilities 378 629
Total current liabilities 8,216 14,211
Deferred rent 123 122
Total liabilities 8,339 14,333
Total stockholders' equity 25,868 92,030
Total liabilities and
stockholders' equity $34,207 $106,363
/CONTACT: Hoshi Printer of Autobytel.com, 949-862-3099, or email,
infoearnings@autobytel.com; or general, Don Markley, email, dxm@sf.frbd.com, analysts,
Kate Rajeck, email, ker@sf.frbd.com, both of FRB, 415-986-1591/
16:00 EDT
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