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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: April 29, 1999
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autobytel.com inc.
(Exact name of registrant as specified in its charter)
0-22239
(Commission File Number)
Delaware 33-0711569
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
18872 MacArthur Boulevard
Irvine, California 92612
(Address of principal executive offices, with zip code)
(949) 225-4500
(Registrant's telephone number, including area code)
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Item 5. OTHER EVENTS
On April 29, 1999, autobytel.com inc., a Delaware corporation ("Autobytel.com"),
announced its financial results for the quarter ended March 31, 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 April 29, 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: April 29, 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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<S> <C>
99.1 Press Release dated April 29, 1999
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[Autobytel.com LOGO]
FOR IMMEDIATE DISTRIBUTION
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 ANNOUNCES FIRST QUARTER RESULTS
Record Revenues, Purchase Requests and Paying Dealers Power Autobytel.com's 16th
Consecutive Quarter of Sequential Revenue Growth
IRVINE, CA--APRIL 29, 1999--Autobytel.com inc., the premier Internet car-buying
service, today announced record revenues for its first quarter ended March 31,
1999. Revenues grew 73% to $8.0 million, up from the $4.6 million reported for
the same quarter a year ago. The Company also reported a narrower first quarter
net loss of $6.1 million, or $0.68 per share, compared with a net loss of $6.9
million, or $0.83 per share, recorded in the comparable period a year ago.
"Autobytel.com achieved strong growth in first quarter purchase requests for car
purchases, which expanded 39% from last quarter to a record 489,000," said Mark
Lorimer, President and CEO of autobytel.com. "More car buyers purchase a new or
a pre-owned vehicle through autobytel.com than anywhere else on the Web."
According to the March 25, 1999 press release announcing the J.D. Power and
Associates 1999 Dealer Satisfaction with Online Buying Services Study,
autobytel.com "generates nearly as many new-vehicle sales as its two closest
competitors combined." According to this study, autobytel.com ranks highest in
dealer satisfaction for the second year in a row, generating the Online car
buying industry's highest volume of purchase requests for both new and pre-owned
vehicles as well as the highest closing ratio.
Building upon its leadership position in dealer satisfaction as well as the 39%
sequential increase in purchase requests, autobytel.com monthly subscription
fees per dealer rose to a record level in the first quarter. In addition, 174
paying dealers joined the autobytel.com network in the first quarter, which
expanded by 45% to a record level, compared to a year ago.
"In addition to completing our initial public offering, during the first
quarter, we progressed in building our international presence, launching
Autobytel.se in Sweden, preparing for the second quarter launch of
Autobytel.co.uk in the United Kingdom, and signing a letter of intent to launch
Autobytel.jp in Japan with several Japanese partners," explained Lorimer. "We
also expanded our pre-owned vehicle sales business in the first quarter,
extending our CyberStore program participation outside of our new car dealer
network." The CyberStore website enables consumers to buy and dealers to sell
pre-owned vehicles through the autobytel.com website. All vehicles posted in the
pre-owned CyberStore must include a digital image and come complete with a
72-hour money-back guarantee and a 90-day warranty. The number of pre-owned
units posted to our CyberStore inventory increased 20% during the quarter,
fueled in part by extending
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Autobytel.com First Quarter Results
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the program eligibility to previously excluded non-Autobytel.com new car
dealers. As part of its effort to expand its CyberStore inventory of pre-owned
vehicles, Autobytel.com signed an agreement with a major car rental company to
sell vehicles retired from its fleet.
"The record revenue of our first quarter illustrates the continuing success of
our strategy to emphasize quality and value for both the consumer and the dealer
throughout the entire chain of events leading up to a vehicle purchase," noted
Lorimer. "The continuing goal of our distribution model is to eliminate some of
the inherent inefficiencies found in the car sales process, generating savings
for consumers by reducing sales costs for car dealers. Autobytel.com's high
brand awareness and targeted marketing programs attract serious car buyers to
the Autobytel.com web site, where they find all of the tools needed to obtain a
fast, pleasant and low-cost buying experience for the car they really want. On
the dealer side of the equation, the Company's 2,772 dealers receive extensive
training in facilitating the Internet sales process, followed up by
autobytel.com's unique combination of on-line as well as field support.
Autobytel.com's focus on dealer development allows us to deliver an unparalleled
purchase experience to the Internet car buyer, as well as lower cost and a
higher closing ratio for the dealership."
During the month of March 1999, traffic on the Autobytel.com website grew to
19.2 million page views, up 21% from the month of December 1998, compared to an
increase of 8% in total Internet usage over the same periods as reported by
MediaMetrix. A page view is defined as one electronic page of information
displayed in response to a user request. Also, the number of unique visitors per
month attracted to its website grew 48% from the month of December 1998 to over
1 million in the month of March 1999.
ABOUT AUTOBYTEL.COM INC.
Irvine, CA-based autobytel.com inc. (www.autobytel.com) is an internationally
branded Internet-based purchasing program for new and certified pre-owned
vehicles and related consumer services, including automotive financing, leasing,
a rewards program, and insurance. Autobytel.com has assisted over 2.5 million
car buyers since its inception in 1995. In 1999, Autobytel.com was ranked #1 in
Dealer Satisfaction with Online Buying Services for the second year in a row.
Autobytel.com's North American Accredited Dealer Network includes over 2,700
dealerships, representing every major automotive manufacturer. Autobytel.com is
a registered service mark of autobytel.com inc.
o 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.
The statements contained in this press release and the attached supplemental
information 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 and increased or
unexpected competition.
-FINANCIAL TABLES TO FOLLOW-
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AUTOBYTEL.COM INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
ASSETS
<TABLE>
<CAPTION>
December 31, March 31,
1998 1999
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(unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 27,984 $ 99,818
Accounts receivable, net 2,315 2,694
Other current assets 1,353 1,487
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Total current assets 31,652 103,999
Property and equipment, net 2,208 2,019
Other assets 347 345
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Total assets $ 34,207 $106,363
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 3,830 $ 9,343
Deferred revenue 4,008 4,239
Other current liabilities 378 629
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Total current liabilities 8,216 14,211
Deferred rent 123 122
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Total liabilities 8,339 14,333
Total stockholders' equity 25,868 92,030
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Total liabilities and stockholders' equity $ 34,207 $106,363
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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 March 31,
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1998 1999
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<S> <C> <C>
Revenues $ 4,632 $ 8,032
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Operating expenses:
Sales and marketing 8,459 9,957
Product and technology
development 1,895 2,366
General and administrative 1,346 1,592
Stock based compensation -- 225
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Total operating expenses 11,700 14,140
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Loss from operations (7,068) (6,108)
Interest and other income, net 185 8
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Loss before provision for income taxes (6,883) (6,100)
Provision for income taxes 15 41
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Net loss $ (6,898) $ (6,141)
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Basic and diluted net loss per share $ (0.83) $ (0.68)
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Shares used in computing basic and diluted
net loss per share 8,324,443 9,029,203
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