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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: October 28, 1999
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autobytel.com inc.
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(Exact name of registrant as specified in its charter)
0-22239
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(Commission File Number)
Delaware 33-0711569
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
18872 MacArthur Boulevard
Irvine, California 92612
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(Address of principal executive offices, with zip code)
(949) 225-4500
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(Registrant's telephone number, including area code)
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Item 5. OTHER EVENTS
On October 28, 1999, autobytel.com inc., a Delaware corporation
("Autobytel.com"), announced its financial results for the quarter ended
September 30, 1999. A copy of Autobytel.com's press release announcing these
financial results is attached as Exhibit 99.1 hereto and incorporated by
reference herein.
The press release filed as an exhibit to this report includes "safe harbor"
language, pursuant to the Private Securities Litigation Reform Act of 1995,
indicating that certain statements about Autobytel.com's business contained in
the press release are "forward-looking" rather than "historic."
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS
99.1 Press Release dated October 28, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
autobytel.com inc.
Date: October 28, 1999 By: /s/ Hoshi Printer
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Hoshi Printer
Senior Vice President and Chief Financial
Officer (Principal Financial Officer)
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INDEX TO EXHIBITS
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<CAPTION>
Exhibit Number Description
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<C> <S>
99.1 Press Release dated October 28, 1999
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EXHIBIT 99.1
FOR IMMEDIATE DISTRIBUTION
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at Autobytel.com at FRB
Hoshi Printer Don Markley (general)
[email protected] [email protected]
949-862-3099 Kate Rajeck (analysts)
[email protected]
415-986-1591
AUTOBYTEL.COM REPORTS RECORD
FINANCIAL RESULTS IN THIRD QUARTER
Revenue Increases by 64 Percent, Car Requests by 75 Percent
IRVINE, CA - OCTOBER 28, 1999 -- Autobytel.com (Nasdaq: ABTL), the global leader
in automotive e-commerce and services, today announced financial results for the
third quarter and nine months ended September 30, 1999.
Revenue for the quarter rose to $10.6 million, a 64 percent increase over
revenue of $6.5 million in the same quarter a year ago, and a 15 percent
increase over revenue of $9.2 million in the second quarter of 1999.
In the third quarter, the Company recorded a one-time expense of $0.6 million
related to the termination of the agreement to acquire W.G. Nichols, Inc. The
net loss in the third quarter, excluding the one-time expense, was $5.7 million,
or $0.32 cents per share, compared with a net loss of $5.5 million, or $0.65 per
share, in the comparable period a year ago, and a net loss of $6.0 million, or
$0.33 per share in the second quarter of 1999. Including the one-time charge,
the net loss was $6.3 million, or $0.35 per share.
For the nine months, revenue expanded to $27.9 million, up 69 percent over
revenue of $16.5 million in the first nine months of the prior year. The net
loss for the nine months, excluding the one-time charge in the third quarter,
was $17.8 million, or $1.19 per share, compared with a net loss of $15.5
million, or $1.85 per share, in the same period of the prior year. Including the
one-time charge in the third quarter, the net loss for the nine months was $18.4
million, or $1.23 per share.
"Leadership comes from results," said Mark Lorimer, President and CEO of
Autobytel.com. "Our third quarter results again demonstrate our ability to
extend our lead in the automotive e-commerce marketplace and leverage our brand
permission beyond our traditional new car buying program."
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autobytel.com Third Quarter Results
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"Independent sources show that Autobytel.com has more than three times the
market share of its nearest competitor, and that our brand recognition by
consumers is among the highest of all e-commerce companies. Our intended
acquisition of CarSmart.com, which we announced recently, is expected to further
widen that lead by extending our consumer reach, providing additional content,
expanding our dealer network, and increasing our database of customers by 2
million," said Lorimer.
"During the quarter, we focused on developing the resources and infrastructure
to drive future growth; this included deepening our management staff, adding
services in our finance, insurance and maintenance programs, and strengthening
our dealer support system," said Lorimer. "We currently have the most
comprehensive consumer site, offering services and information throughout the
lifecycle of car ownership. We are now positioned to move to the next level of
industry leadership, which is to offer consumers a wide range of choices on how
they purchase, take delivery of, or receive their vehicle. Our industry leading
infrastructure, technology, content, and knowledge of our vertical allow
Autobytel.com to quickly adapt our service to what the individual consumer
wants."
Lorimer noted that the new consumer-to-consumer and dealer-to-consumer auction
site launched three weeks ago already has over 1,100 vehicles listed.
According to Lorimer, the number of purchase requests sent to dealers in the
third quarter reached a record 590,000, a 15 percent increase from the second
quarter of 1999, and a 75 percent increase over the same quarter a year ago. The
Company also reported that its network of paying dealers increased to 3,063, up
from 2,865 dealers at the close of the second quarter. The percentage of revenue
from related products, such as insurance and financing, and from international
fees, was 12 percent in the third quarter, the highest level achieved to date.
"Autobytel.com Japan expects to launch on November 1; our strategic initiatives
in Europe are growing according to plan, and we are moving forward in
negotiations on a number of other strategic international agreements," said
Lorimer. "Autobytel.com is certainly the most sought after brand name for online
auto services outside the United States."
The Company also reported that, according to MediaMetrix, unique visitors to its
site totaled 2.9 million in the third quarter, up from 2.1 million in the second
quarter.
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
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autobytel.com Third Quarter Results
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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 (www.autobytel.ca), the United Kingdom (www.autobytel.co.uk)
and Sweden (www.autobytel.se). In 1999, Autobytel.com was ranked #1 in Dealer
Satisfaction with Online Buying Services for the second 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, the
failure to close the acquisition of A.I.N. Corporation, 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, Autobytel.com accounts for 45
percent of all new vehicles sold through an online service (8.23.99)
(2) J.D. Power and Associates 1998-1999 Dealer Satisfaction With Online Buying
Services Studies(SM). 1999 study conducted among dealership Internet
specialists who completed 1,024 individual evaluations.
(FINANCIAL TABLES TO FOLLOW)
For more information on autobytel.com, at no cost, please call 1-800-PRO-INFO
(U.S.) or 908-544-2850 (int'l), ticker symbol ABTL.
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autobytel.com inc.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
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<CAPTION>
ASSETS
September 30, December 31,
1999 1998
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(unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $90,093 $27,984
Accounts receivable, net 3,155 2,315
Other current assets 2,210 1,353
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Total current assets 95,458 31,652
Property and equipment, net 1,754 2,208
Other assets 412 347
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Total assets $97,624 $34,207
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $10,612 $ 3,830
Deferred revenue 5,570 4,008
Other current liabilities 765 378
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Total current liabilities 16,947 8,216
Deferred rent 70 123
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Total liabilities 17,017 8,339
Total stockholders' equity 80,607 25,868
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Total liabilities and stockholders' equity $97,624 $34,207
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autobytel.com inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
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1999 1998 1999 1998
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<S> <C> <C> <C> <C>
Revenues $ 10,625 $ 6,462 $ 27,860 $ 16,499
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Operating expenses:
Sales and marketing 11,049 8,320 32,033 22,249
Product and technology
development 4,216 2,352 9,798 6,216
General and administrative 1,789 1,480 5,149 4,016
Acquisition costs 601 -- 601 --
Stock based compensation 282 -- 791 --
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Total operating expenses 17,937 12,152 48,372 32,481
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Loss from operations (7,312) (5,690) (20,512) (15,982)
Interest and other income, net 1,031 153 2,150 501
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Loss before provision for income taxes (6,281) (5,537) (18,362) (15,481)
Provision for income taxes 10 6 54 31
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Net loss $ (6,291) $ (5,543) $ (18,416) $ (15,512)
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Basic and diluted net loss per share $ (0.35) $ (0.65) $ (1.23) $ (1.85)
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Basic and diluted net loss per share
excluding acquisition costs $ (0.32) $ (0.65) $ (1.19) $ (1.85)
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Shares used in computing basic and diluted
net loss per share 17,878,188 8,487,385 14,959,928 8,395,797
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