Autobytel.Com Announces First Quarter Results
27 April 2000
Autobytel.Com Announces First Quarter Results Revenue Increases 88 Percent Over Q1 1999 In Q1 2000, Over 5,000 Dealers And Over 5 Million Unique Visitors
IRVINE, Calif., April 27 Autobytel.com (Nasdaq: ABTL),
today announced financial results for the three months ended March 31, 2000.
Revenue for the quarter reached $15.1 million, an 88 percent increase
over revenue of $8.0 million in the same quarter of the prior year, and
a 21 percent increase over revenue of $12.4 million in the quarter ended
December 31, 1999. The percent of total revenue from international fees
and licenses, and from services such as financing and insurance, reached
20 percent, up from 15 percent in the prior quarter.
The Company reported that at the close of the quarter its cash and cash
equivalents were $106.6 million, including $36.7 million raised and reserved
for the operation of Autobytel Europe, compared with $85.5 million in cash as
of December 31, 1999.
The net loss in the quarter was $8.1 million, or $0.42 per share, compared
with a net loss of $6.1 million, or $0.68 per share, in the same quarter a
year ago, and a net loss of $4.9 million, or $0.27 per share, in the quarter
ended December 31, 1999.
"We are very pleased with the first quarter results. Once again, our solid
business values sustained our momentum and the consolidation of our industry
leadership position," said Mark Lorimer, Autobytel.com's President and CEO.
"In February, we completed the acquisition of CarSmart.com, bringing our
network of paying dealers to over 5,000, and unique visitors to our combined
sites during the quarter to over 5 million," said Lorimer.
Lorimer further stated that Autobytel.com's direct initiatives have
proven successful with both dealers and customers. "To date, approximately
1,100 dealers have signed up to participate, and we have already been
responsible for more than $8.5 million in vehicle sales representing 28 makes
in 32 states."
The results for the quarter are consolidated, including revenue and
expenses from CarSmart.com since the closing of the acquisition on
February 15, 2000.
The Company also reported a 120% sequential increase in its international
business during the quarter, with revenue from international fees and licenses
exceeding $1.3 million. "Our international initiative is one of the fastest
growing parts of our business, and we clearly have the leading brand name on
the four continents where we have presence. Our businesses in Europe, Japan
and Australia position Autobytel.com to take advantage of the growth of
e-commerce in these areas, and to replicate that success in additional
countries," said Lorimer.
Autobytel.com's international investor roster includes Inchcape plc, Pon
Holdings B.V., GE Equity, e-LaSer (a subsidiary of LaSER-Lafayette Services),
ITOCHU Corporation, Orient Corporation, Trans Cosmos, Inc., Intec, Inc.,
Recruit Co., Ltd., e-solutions, Inc., St.George Bank Limited, Trading Post,
Astre Automotive, RACV (Royal Automobile Club of Victoria), Fortis Insurance
and Strathfield E-Ventures.
Lorimer also noted that for the third year in a row, Autobytel.com ranked
#1 in Dealer Satisfaction with Online Buying Services. "Plain and simple, we
drive more sales than anyone else in the space, which is why our dealers
continue to recognize us as the number one online buying service," he said.
"We have always focused, and continue to focus, on transacting customers, and
on the lifetime value of those customers. Our dominant market share is a
testament to our belief in fulfilling the 'commerce' part of the e-commerce
equation."
"Importantly, we have been able to achieve record growth and online market
leadership position with efficient use of our resources," said Lorimer.
"During the first quarter, we used $6.1 million in cash to fund ongoing
operations. As we have previously indicated, we expect that in the second
quarter only, our cash usage will be in the $10 to $12 million range due to
marketing campaigns to support direct initiatives. Subsequently, in the
second half of 2000, we expect the quarterly cash usage will be cut in half.
With almost $107 million in cash, and considering our cash usage projections,
we feel very comfortable about our ability to sustain and maintain our long
term growth."
The Company disclosed that as of March 31, its shares outstanding had
increased to 20.2 million as a result of the CarSmart.com acquisition.
Excluding the holdings of officers and directors and those stockholders with
more than five percent of the outstanding shares, Autobytel.com's share float
is approximately 10.2 million.
About autobytel.com inc.
Internationally-branded Autobytel.com is the acknowledged leader in online
automotive commerce(1). The most comprehensive automotive Internet site,
Autobytel.com offers consumers a positive purchasing and ownership experience,
while providing its Accredited Dealer Network with the most efficient way to
reach online car buyers. As it assists consumers through every aspect of the
automotive lifecycle, Autobytel.com provides continuity into the next vehicle
purchase. Launched in March 1995, 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 ) and Japan
( http://www.autobytel-japan.com ). In 2000, Autobytel.com was ranked #1 in Dealer
Satisfaction with Online Buying Services for the third year in a row(2).
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, changes in A.I.N. Corporation's financial performance, and other
matters disclosed in Autobytel.com's filings with the Securities and Exchange
Commission.
(1) As reported by J.D. Power and Associates, 4/5/00.
(2) J.D. Power and Associates 2000 Dealer Satisfaction With Online Buying
Services Studies(SM). Study is based on 1,262 automotive retailer
interviews. Each respondent evaluated up to three different services,
which resulted in 2,144 evaluations.
autobytel.com inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended March 31,
2000 1999
Revenues:
Program fees $12,106 $7,613
Other related products and services 2,994 419
15,100 8,032
Operating expenses:
Sales and marketing 16,874 9,957
Product and technology development 5,033 2,366
General and administrative 2,408 1,592
Stock based compensation 141 225
Goodwill amortization 217 --
Total operating expenses 24,673 14,140
Loss from operations (9,573) (6,108)
Interest and other income, net 1,515 8
Loss before provision for income taxes (8,058) (6,100)
Provision for income taxes 20 41
Net loss $(8,078) $(6,141)
Basic and diluted net loss per share $(0.42) $(0.68)
Shares used in computing basic
and diluted net loss per share 19,263,638 9,029,203
autobytel.com inc.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
ASSETS
March 31, December 31,
2000 1999
(Unaudited)
Current assets:
Cash and cash equivalents $106,569 $85,457
Accounts receivable, net 6,297 4,593
Other current assets 2,556 2,819
Total current assets 115,422 92,869
Property and equipment, net 1,884 1,630
Goodwill, net 24,910 10
Other assets 123 363
Total assets $142,339 $94,872
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $13,782 $11,049
Deferred revenue 7,555 6,147
Other current liabilities 681 917
Total current liabilities 22,018 18,113
Minority interest 8,208 --
Other liabilities 99 53
Total liabilities 30,325 18,166
Total stockholders' equity 112,014 76,706
Total liabilities and
stockholders' equity $142,339 $94,872