Carbiz Inc. Reports Second-Quarter Growth
SARASOTA, Fla.--Oct. 3, 2005--Carl Ritter, chief executive officer of Carbiz Inc., reported that expansion in the company's Carbiz Auto Credit center division and higher software revenues pushed year-over-year revenue up 34 percent. Six month revenues were $2,286,269 compared to $1,703,434 in the same period last year."The first two Carbiz Auto Credit centers continue to drive growth by increasing revenues from credit center operations," Ritter said. "We expect the third quarter to continue demonstrating strong year-over-year growth."
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Six months ending Six months ending
July 31, 2005 July 31, 2004
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Revenue $2,286,269 $1,703,434
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Cost of sales $1,103,134 $757,893
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Operating expenses $1,170,214 $1,433,073
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Operating profit (loss) $12,921 $(487,532)
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Interest income (expense) $(117,675) $(61,884)
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Amortization/depreciation $73,203 $370,278
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Net profit (loss) $(177,957) $(919,694)
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Profit (loss) per common share $0.000 $(0.03)
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About Carbiz
Based in Sarasota, Florida, Carbiz is a leading provider of software, training and consulting solutions to the U.S. automotive industry. Carbiz's suite of business solutions includes dealer software products focused on the "buy-here pay-here," sub-prime finance and automotive accounting markets. Carbiz also operates a chain of "buy-here pay-here" dealerships in Florida which are wholly owned and joint venture companies. Carbiz also provides a tax refund service, distributed through automobile dealers across the United States on a seasonal basis. For more information about Carbiz and its services, visit Carbiz's web site: www.carbiz.com.
Carbiz Inc. (TSX VENTURE:CZ)