AutoTradeCenter.com Announces 130% Increase in Internet Revenue
15 November 2000
AutoTradeCenter.com Announces 130% Increase in Internet Revenue
Business Editors/High-Tech WritersSCOTTSDALE, Ariz.--Nov. 15, 2000-- AutoTradeCenter.com Inc. (OTCBB: AUTC) announced sales of $44.6 million and $84.1 million for the quarter and six months ended Sept. 30, 2000, respectively.
Net sales increased 30% and 23% over the same periods last year. Included in sales are revenues from Internet operations of $253,000 and $445,000 for the three and six months ended Sept. 30, 2000, respectively.
The company began generating Internet revenues in April of 2000. The company incurred a net loss of $1.30 million or $0.04 per share and $2.23 million or $0.07 per share for the respective periods reported. These results of operations were in line with management's expectations.
Total operating expenses increased to $3.42 million and $6.46 million for the quarter and six months ended Sept. 30, 2000, respectively, compared to $1.3 million and $3.0 million for the same periods of the prior year.
These increases reflect continued expenses associated with the development of Internet applications and increased costs related to higher sales from its traditional wholesale operations.
Company President, Roger L. Butterwick said, "We continue to meet or exceed management expectations with our Internet programs as well as our traditional wholesale operations. Our Internet revenue increased in the second quarter of our fiscal year ended March 31, 2001, by over 130% when compared to Internet revenue reported for the first quarter of this year.
"We look forward to continued increases in Internet revenue as we expand our client base, increase volume and contract our Internet remarketing service with industry third party providers."
The company's 10Q filing with the SEC can be accessed through the EDGAR reporting system located at www.sec.gov. The company's financial statements for the second quarter and six months ended Sept. 30, 2000 will be posted in the Investor Relations section on its web site www.autotradecenter.com.
AutoTradeCenter.com (ATC) is the leading Internet-based "business-to-business" automotive remarketing company.
On its web site, http://www.autotradecenter.com, the company markets its services to automobile manufacturers, captive finance companies, lease and rental companies, and financial institutions across the United States who can use the site's many features for more efficient buying, selling and trading.
ATC powers the American Honda Finance Corp.'s Vehicle Inter-Dealer Purchase System "VIPS" and American Suzuki Motor Corp.'s PROLine, utilizing Internet technology and remarketing services. For more information on AutoTradeCenter.com Inc., please visit http://www.autotradecenter.com or contact Public Relations at lseegan@autotradecenter.com.
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995.
The company intends that such statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby.
Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.