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EX-99.2 BYLAWS - EXHIBIT 99.2 TRANSCRIPT OF EARNINGS CALL - AutoWeb, Inc. | exhibit_99-2.htm |
8-K - FORM 8-K 3RD QTR EARNINGS RELEASE - AutoWeb, Inc. | form_8k.htm |
Exhibit
99.1
8
AUTOBYTEL
REPORTS 2009 THIRD QUARTER FINANCIAL RESULTS
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·
Cash position remains strong
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·
Operating costs decrease 50% year-over-year, 7%
sequentially
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·
Web traffic and lead conversion up
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IRVINE, Calif. – October 22, 2009 –
Autobytel Inc. (Nasdaq: ABTL), a leading automotive marketing services
company, today announced financial results for the third quarter ended September
30, 2009.
The
company reported a net loss of $799,000, or $0.02 per share, for the 2009 third
quarter, which included approximately $642,000 of income from discontinued
operations, primarily related to the release of funds from the escrow account
which was established pursuant to the sale of the company’s AVV business in
January 2008, as well as tax benefits. In the 2009 second quarter,
the net loss was $251,000, or $0.01 per share, which included $1.3 million of
income from discontinued operations. For the same period last year,
the net loss was $5.6 million, or $0.13 per share.
The
company’s reported loss from continuing operations was $1.4 million for the 2009
third quarter. In the 2009 second quarter, loss from continuing
operations was $1.5 million, and for the third quarter last year, loss from
continuing operations was $5.8 million.
Revenue
for the 2009 third quarter of $13.4 million was flat with the 2009 second
quarter, and was down from $17.3 million for the same period last
year. Auto lead referral revenue was up approximately 2% from the
second quarter 2009. For the same period last year auto lead referral
revenue declined approximately 25%, reflecting continued weakness in the general
economy and automotive sector. Advertising revenue remained
relatively stable at $1.6 million for the 2009 third quarter and for the same
period last year.
“While
the US Government sponsored ”Cash-for-Clunkers” incentive program was a real
boon to auto manufacturers and dealers, it was somewhat of a mixed blessing for
Autobytel,” said Jeffrey Coats, Autobytel’s President and Chief Executive
Officer. “Although we experienced increased Leads delivered per dealer as
a result of the program during the third quarter, overall dealer demand for
Leads decreased, as certain dealers felt they had sufficient volume of customers
through increased on-line and showroom traffic.
In our
continued efforts to provide innovation, in September we began rolling out new
Lead products designed to better meet the needs of our large dealer
customers. Additionally, during the third quarter we significantly
ramped our search engine marketing efforts and implemented several website
improvements which resulted in a 30% sequential increase in page views and a
300% increase in organic leads compared to the beginning of the
year.”
Gross
profit margin for the 2009 third quarter was 35.5%, up from 32.9% in the 2009
second quarter, primarily resulting from the curtailment of retail auto lead
promotions, a decrease in auto lead supply costs and recent increases in
direct-to-site lead generation from the company’s owned web sites which carry
better margins than leads acquired from third parties. In the 2008
third quarter, gross profit margin was 35.7%.
Total
operating expenses for the third quarter of 2009 decreased by approximately 7%
to $6.2 million from $6.6 million in the 2009 second quarter. In the
third quarter of 2008 operating expenses were $12.2 million (which included $1.8
million of severance expense).
Operating
expenses as a percentage of total net revenue were 46% in the third quarter of
2009, compared with 49% in the second quarter of 2009, and 71% for the third
quarter of 2008.
Cash and
cash equivalents totaled $25.2 million at September 30, 2009, down from $26.8
million at June 30, 2009 and $27.4 million at December 31,
2008. Autobytel’s balance sheet remains debt free.
“By
managing our costs effectively, we have maintained a strong and flexible capital
structure which has allowed us to judiciously reinvest in our business and
continued to bring value added services to our manufacturer and dealer
customers. Further, we believe we are well positioned to take
advantage of stabilization in the automotive market and to capture new
opportunities to build our business,” said Mr. Coats.
5
Conference
Call
Autobytel
management will host a conference call today at 5 p.m. ET/2 p.m. PT to discuss
its 2009 third quarter financial results. The conference call will be
available to all interested parties through a live webcast at www.autobytel.com
(click on “Investor Relations” and then click on “Conference Calls”). Slides that will be referenced in the
call will be available on the website. Please visit the
website at least 15 minutes prior to the start of the call to register and
download any necessary software. For those unable to listen to the
live broadcast, the call will be archived for one year on Autobytel’s
website. A telephone replay of the call will also be available
through October 28, 2009 by dialing 800-642-1687 (domestic) or 706-645-9291
(international) and entering conference ID 35120681.
About
Autobytel Inc.
Autobytel
Inc. is an automotive marketing services company that assists automotive dealers
and manufacturers sell cars and light trucks. By connecting consumers
to automotive dealers and manufacturers through internet lead referral programs
and on-line advertising, the Company provides automotive dealers and
manufacturers with opportunities to efficiently market their vehicles to
potential customers. The Company purchases from third party sites and
generates from its owned websites consumer internet requests, or "leads," for
pricing and availability for new and used vehicles as well as for vehicle
financing. The Company sells leads primarily to its automotive dealer
and manufacturer customers. Leads are purchased from a network of
supplier websites. The Company owns consumer-facing automotive
websites, including Autobytel.com(R), Autoweb.com(R), AutoSite.com(R),
Car.comsm,
CarSmart.com(R), CarTV.com(R), and MyRide.com(R), that provide consumers with
information and tools to aid them with their automotive purchase
decisions. In addition to advertising opportunities on its owned
websites, the Company provides advertising opportunities for automotive
manufacturers and other automotive advertisers through the Company's marketing
network, which includes the automotive sections of third party co-branded
websites operated by the Company and the Company's AutoReachsm
advertising network.
Forward-Looking
Statement Disclaimer
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 assumptions and certain risks and uncertainties 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 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
actual results to differ materially from those expressed in, or implied by, the
forward-looking statements are changes in general economic conditions, the
financial condition of automobile manufacturers and dealers, the economic impact
of terrorist attacks or military actions, increased dealer attrition, pressure
on dealer fees, increased or unexpected competition, the failure of new products
and services to meet expectations, failure to retain key employees or attract
and integrate new employees, that actual costs and expenses exceed the charges
taken by Autobytel, changes in laws and regulations, costs of legal matters,
including, defending lawsuits and undertaking investigations and related
matters, and other matters disclosed in Autobytel's filings with the Securities
and Exchange Commission. Investors are strongly encouraged to review
the Annual Report on Form 10-K for the year ended December 31, 2008 and other
filings with the Securities and Exchange Commission for a discussion of risks
and uncertainties that could affect operating results and the market price of
the stock.
#
# #
(Financial
tables follow)
Contact:
Crystal
Hartwell, Investor and media relations
949.437.4755
crystalh@autobytel.com
PondelWilkinson
Inc., Investor relations
Roger
Pondel/Laurie Berman
310.279.5980
investor@pondel.com
6
AUTOBYTEL
INC.
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UNAUDITED
CONSOLIDATED BALANCE SHEETS
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||||
(Amounts
in thousands, except share and per-share data)
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September
30,
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December
31,
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|||
2009
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2008
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Assets
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Current
assets:
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Cash
and cash equivalents
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$ 25,239
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$ 27,393
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Accounts
receivable, net of allowances for bad debts and customer credits of $1,294
and $1,277, at September 30, 2009 and December 31, 2008,
respectively
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8,802
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10,047
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||
Prepaid
expenses and other current assets
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744
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1,378
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Total
current assets
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34,785
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38,818
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Property
and equipment, net
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1,348
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2,421
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Investment
and other assets
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130
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763
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Total
assets
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$ 36,263
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$
42,002
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Liabilities
and stockholders' equity
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||||
Current
liabilities:
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Accounts
payable
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$ 2,917
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$ 3,579
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Accrued
expenses and other current liabilities
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3,652
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6,432
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Deferred
revenues
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794
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1,835
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Total
current liabilities
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7,363
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11,846
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Non-current
liabilities
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108
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181
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Total
liabilities
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7,471
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12,027
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Commitements
and contingencies
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||||
Stockholders'
equity:
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||||
Preferred
stock, $0.001 par value; 11,445,187 shares authorized; none
outstanding
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-
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-
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Common
stock, $0.001 par value; 200,000,000 shares authorized;
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45,184,679
and 45,219,679 shares issued and outstanding, as of September 30, 2009 and
December 31, 2008, respectively
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45
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45
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Additional
paid-in capital
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301,512
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300,720
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Unrealized
gain from investment
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-
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568
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Accumulated
deficit
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(272,765)
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(271,358)
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Total
stockholders' equity
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28,792
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29,975
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Total
liabilities and stockholders' equity
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$ 36,263
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$ 42,002
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7
AUTOBYTEL
INC.
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UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
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|||||||||
(Amounts
in thousands, except per-share amounts)
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Three
Months Ended
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Nine
Months Ended
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||||||||
September
30,
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September
30,
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||||||||
2009
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2008
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2009
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2008
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Net
revenues:
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Lead
fees
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$ 11,695
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$
15,571
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$ 35,431
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$ 50,910
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Advertising
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1,627
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1,640
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5,100
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5,906
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Other
revenues
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32
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59
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138
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137
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Total
net revenues
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13,354
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17,270
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40,669
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56,953
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Cost
of revenues (excludes depreciation of $225 and $318 for the three months
ended September 30, 2009 and 2008, respectively and $859 and $1,102 for
the nine months ended September 30 2009 and 2008,
respectively)
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8,614
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11,107
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26,523
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37,146
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Gross
profit
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4,740
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6,163
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14,146
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19,807
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Operating
expenses
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|||||||||
Sales
and marketing
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2,387
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4,001
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7,568
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13,516
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Technology
support
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1,357
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3,651
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4,044
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11,924
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General
and administrative
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2,409
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4,593
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9,495
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15,328
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Patent
litigation settlement
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(2)
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-
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(2,848)
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(2,667)
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Goodwill
impairment
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-
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-
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-
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52,074
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Total
operating expenses
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6,151
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12,245
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18,259
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90,175
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Operating
loss
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(1,411)
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(6,082)
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(4,113)
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(70,368)
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|||||
Interest
and other income
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94
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271
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915
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1,116
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Provision
for income taxes
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124
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-
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124
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-
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|||||
Loss
from continuing operations
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(1,441)
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(5,811)
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(3,322)
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(69,252)
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Discontinued
operations, net
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642
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184
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1,915
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4,390
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|||||
Net
loss
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$ (799)
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$
(5,627)
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$ (1,407)
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$
(64,862)
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|||||
Basic
and diluted loss per common share:
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|||||||||
Loss
from continuing operations
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$ (0.03)
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$ (0.13)
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$ (0.07)
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$ (1.57)
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|||||
Discontinued
operations, net
|
0.01
|
-
|
$
0.04
|
0.10
|
|||||
Basic
loss per common share
|
$ (0.02)
|
$ (0.13)
|
$ (0.03)
|
$ (1.47)
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|||||
Comprehensive
loss
|
|||||||||
Net
loss
|
$ (799)
|
$ (5,627)
|
$ (1,407)
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$ (64,862)
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|||||
Unrealized
gain (loss) from investment
|
-
|
33
|
-
|
(6)
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|||||
Comprehensive
loss
|
$ (799)
|
$ (5,594)
|
$ (1,407)
|
$ (64,868)
|
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8