Autobytel.com Announces Fourth Quarter and
Year-End 2000 Results
Company Beats Bottom-Line Analyst Estimates by Nearly 12 Percent;
Operations Remain Solid and On-Track to Q3, 2001 Profitability Goal
IRVINE, Calif., Jan. 25 Autobytel.com today
announced fourth quarter and year-end 2000 financial results.
Fourth quarter revenue was $16.8 million, a 35 percent increase over
revenue of $12.4 million in the fourth quarter of 1999, and a four percent
sequential decrease from revenue in the quarter ended September 30, 2000. The
percent of total revenue from international fees and licenses, and from
services such as financing, insurance and web site development was 18 percent
for the quarter.
Additionally, the Company reported that at the close of the quarter, its
cash and cash equivalents remained strong at $81.9 million. This amount
includes $47.7 million for use domestically and $34.2 million raised and
reserved for the operation of Autobytel Europe. The Company had $90.6 million
in cash as of September 30, 2000.
Excluding goodwill, stock-based compensation charges and foreign currency
exchange, net loss for the quarter was $0.22 per share, an improvement of
$0.03 cents per share, or 12 percent, over consensus estimates. The net loss
for the fourth quarter of this year was $3.3 million, or $0.16 per share,
including a foreign exchange gain of $1.7 million, or $0.08 cents per share.
For the year, revenue reached $66.5 million, a 65 percent increase over
revenue of $40.3 million in 1999. Related products revenue, including
international revenue, was $12.5 million for the year, a 177 percent increase
over revenue of $4.5 million in 1999. Net loss for 2000 was $29.0 million, or
$1.45 per share, compared with a net loss of $23.3 million, or $1.48 per share
in 1999.
"Profitability in the third quarter of 2001 remains our consuming goal,"
said Mark Lorimer, President and CEO of Autobytel.com. "Despite an economic
slowdown in the latter part of the year, our revenue remains strong. We
continue to successfully maintain our cash position, our dealer network
remains strong, we're integrating the CarSmart acquisition, and our consumer
and dealer-based programs show strong and consistent growth, including
MyGarage, which now has a record number of registered customers at 727,000."
"Just this week, we launched one of the most comprehensive automotive
customer data management tools available on the market today. iManager is
designed to assist dealers with every aspect of customer relationship
management, from reduced response times to detailed reporting to database
building tools for improving Internet sales and service revenues at the
dealership level," Lorimer continued. "So far, we've had great response from
our dealers, whose input was instrumental in the design and development of the
iManager product."
"During the quarter, we signed an agreement with Continental AG, one of
the world's leading tire manufacturers, for the development of an Internet
tire module in Europe. The total allocated amount of the investment from
Continental is $15 million, of which a large portion is earmarked for
Autobytel companies. We incurred foreign exchange losses of $1.8 million in
the third quarter which we largely recouped as gains in the fourth quarter due
to exchange rate fluctuations."
"And this quarter, we signed five new insurance carriers to provide
additional competitive price points and insurance coverage options to our
consumers."
"This quarter, total operating expenses were down by 9 percent, or over
$2 million, from $25.3 million in the third quarter to $23.1 million in the
fourth quarter of 2000. Sales and marketing expenses were down 6 percent and
product and technology expenses were down 23 percent, as we capitalized
$3.3 million of software cost investment in our iManager and web site
products. The fourth quarter also saw the commencement of our CarSmart
business integration and an intensive cost/benefit analysis of our sales and
service operations and marketing strategy. We expect these activities to bear
fruit in the first quarter of 2001 and help us meet our third quarter 2001
profitability targets."
In conjunction with Autobytel.com's Fourth Quarter and Year-End 2000
Earnings Release, there will be a conference call broadcast live over the
Internet today, January 25, 2001, at 4:30 PM EDT. Links to the web cast
conference call follow:
http://www.videonewswire.com/AUTOBYTEL/012501/
http://www.vcall.com/NASApp/Vcall/EventPage?ID=63340
Replays will be available at both links for 90 days.
About autobytel.com inc.
Autobytel.com inc. , the global leader in online automotive
commerce, brings car buyers, owners, and sellers together in a trusted
environment, empowered by the Internet. Through its extensive automotive
content and multiple purchasing, financing, insurance and service options,
Autobytel.com offers consumers choice and peace of mind throughout the
automotive lifecycle, while providing its network of accredited dealers and
automotive services partners the most efficient way to reach online car buyers
and owners. Autobytel.com and its wholly-owned subsidiary, A.I.N. Corporation
(CarSmart.com), have a network of over 5,000 dealers nationwide and are the
seventh largest generator of automotive sales in the United States, just
behind GM, Ford, DaimlerChrysler, Toyota, Honda and Nissan. Autobytel.com has
been ranked #1 in Dealer Satisfaction with Online Buying Services for three
years in a row by J.D. Power and Associates(1). Autobytel.com's low-cost, no-
haggle car-buying program is available in the U.S., Canada (http://www.autobytel.ca),
the United Kingdom (http://www.autobytel.co.uk), Sweden (http://www.autobytel.se), Japan
(http://www.autobytel-japan.com), and Australia (http://www.autobytel.com.au).
Headquartered in Irvine, California, Autobytel.com is recognized as the
company that transformed the $1 trillion new car industry when it invented
online car buying.
(1) J.D. Power and Associates 1998 - 2000 Dealer Satisfaction With Online
Buying Services Studies(SM). 2000 study conducted among dealership
Internet specialists who completed 2,144 evaluations of individual
services. http://www.jdpower.com.
The statements contained in this press release 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,
increased or unexpected competition, and other matters disclosed in
Autobytel.com's filings with the Securities and Exchange Commission.
Investors are strongly encouraged to review the Company's annual report on
Form 10-K for the year ended December 31, 1999, and quarterly reports on Form
10-Q on file with the Securities and Exchange Commission for a discussion of
risks and uncertainties that could affect operating results and the market
price of the Company's stock.
autobytel.com inc.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
ASSETS
December 31, December 31,
2000 1999
Current assets:
Cash and cash equivalents $81,945 $85,457
Accounts receivable, net 6,638 4,593
Other current assets 3,457 2,819
Total current assets 92,040 92,869
Property and equipment, net 2,537 1,630
Capitalized software, net 3,338 --
Goodwill, net 23,755 10
Other assets 2,451 363
Total assets $124,121 $94,872
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $17,347 $11,049
Deferred revenues 6,360 6,147
Other current liabilities 368 917
Total current liabilities 24,075 18,113
Other liabilities 47 53
Total liabilities 24,122 18,166
Minority interest 8,193 --
Total stockholders' equity 91,806 76,706
Total liabilities and
stockholders' equity $124,121 $94,872
autobytel.com inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
Three Months Ended Year Ended
December 31, December 31,
2000 1999 2000 1999
Revenues
Program fees $13,826 $10,617 $54,043 $35,791
Other related products
and services 2,983 1,821 12,489 4,507
16,809 12,438 66,532 40,298
Operating expenses:
Sales and marketing 14,526 12,143 64,897 44,176
Product and technology
development 4,788 4,464 22,847 14,262
General and
administrative 3,826 2,054 13,797 8,595
Total operating
expenses 23,140 18,661 101,541 67,033
Loss from operations (6,331) (6,223) (35,009) (26,735)
Interest income
(expense), net 1,416 1,378 6,114 3,922
Foreign currency
exchange gain (loss) 1,656 (1) (103) (6)
Other income
(expense), net 9 (59) 9 (448)
Loss before provision
for income taxes (3,250) (4,905) (28,989) (23,267)
Provision for income taxes -- (1) 42 53
Net loss $(3,250) $(4,904) $(29,031) $(23,320)
Basic and diluted net
loss per share $(0.16) $(0.27) $(1.45) $(1.48)
Shares used in computing
basic and diluted net
loss per share 20,336,083 18,158,047 20,047,173 15,766,406
