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EXHIBIT 99.1
AT AUTOBYTEL.COM: AT FINANCIAL RELATIONS BOARD:
Amit Kothari, Interim Chief Financial Officer Michele LaGrone, analyst contact
[email protected] 415/986-1591
949/862-3099
Jennifer Bowser, IR Manager
949/225-4553
AUTOBYTEL.COM ANNOUNCES SOLID Q3 FINANCIAL RESULTS
Company Improves Bottom Line by 37 Percent Sequentially
Record-Breaking Purchase Request Volume at 778,000 for the Quarter
IRVINE, CA - OCTOBER 26, 2000 - Autobytel.com (NASDAQ: ABTL) today announced
financial results for the third quarter ended September 30, 2000.
Third quarter revenue grew to $17.5 million, a 65 percent increase over revenue
of $10.6 million in the third quarter of 1999, and a three percent sequential
increase over revenue of $17.1 million in the quarter ended June 30, 2000. The
percent of total revenue from international fees and licenses, and from services
such as financing, insurance and web site development was 19 percent for the
quarter.
Additionally, the Company reported that at the close of the quarter, its cash
and cash equivalents were $90.6 million, including $35.4 million raised and
reserved for the operation of Autobytel Europe, compared with $100.3 million in
cash as of June 30, 2000. During the quarter, Autobytel.com's cash position
declined $0.7 million due to foreign currency exchange rate fluctuations.
Excluding goodwill and stock-based compensation charges and foreign currency
exchange losses, the net loss for the quarter was $0.28 per share, an
improvement of $0.01 cent, or 3.4 percent, over consensus estimates. The net
loss for the quarter, excluding foreign currency exchange losses, was $6.2
million, or $0.30 per share, compared with a net loss of $9.8 million, or $0.48
per share, in the quarter ended June 30, 2000, or an improvement in net loss of
37%. The net loss was $6.3 million, or $0.35 per share, in the quarter ended
September 30, 1999. The net loss for the third quarter of this year was $7.9
million, or $0.39 per share.
The Company also reported that revenue from international fees and licenses
exceeded $1.3 million during the third quarter, up from $1.2 million in the
prior quarter.
"Again, Autobytel.com clearly demonstrates strength, growth and discipline as we
move ever closer to achieving profitability," said Mark Lorimer, President and
CEO of Autobytel.com. "Purchase Request volume has reached record-breaking
levels for the quarter and our dealer network is strong and growing at over
5,100."
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Autobytel.com Reports Third Quarter Results
October 26, 2000
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"We continue to grow our international partnerships, our ancillary products and
services such as financing and aftermarket products, and our customer
relationship management tools including MyGarage, which now has over 575,000
registered customers since the program's official launch. Also, in a dedicated
effort to achieving profitability, we are strictly managing costs and
maintaining our modest cash burn rate. We expect the third quarter of next year
to be profitable."
"Additionally, several recent independent studies have further validated our
leadership position as well as the strength of the online automotive space.
Opinion Research found that American adults, by nearly a three-to-one margin,
would rather use an independent online site than a site from a single
manufacturer. A study by the University of California, Berkeley and the Yale
School of Management found that consumers save money when they purchase a
vehicle through Autobytel.com. And J.D. Power and Associates confirmed that
Autobytel.com is still the most popular online automotive purchasing service,
now accounting for more than 1 percent of all new vehicles sold in the United
States."
In conjunction with Autobytel.com's Third Quarter Earnings Release, there will
be a conference call broadcast live over the Internet today, October 26, 2000,
at 4:30 PM EDT. Links to the web cast conference call follow:
http://event.videonewswire.com/redir.asp?cmp=AUTOBYTEL&dat=102600
http://streetevents.ccbn.com/company.asp?ticker=abtl&client=streetevents
ABOUT AUTOBYTEL.COM INC.
Internationally-branded Autobytel.com is the acknowledged leader in online
automotive commerce. 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 (www.autobytel.ca), the United Kingdom
(www.autobytel.co.uk), Sweden (www.autobytel.se) and Japan
(www.autobytel-japan.com). In 2000, Autobytel.com was ranked #1 in Dealer
Satisfaction with Online Buying Services for the third year in a row1.
(1) J.D. Power and Associates 1998 - 2000 Dealer Satisfaction With Online Buying
Services Studies(SM). 2000 study conducted among dealership Internet
specialists who completed 2,144 evaluations of individual services.
www.jdpower.com.
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
obliation to update publicly any forward-looking
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Autobytel.com Reports Third Quarter Results
October 26, 2000
Page 3
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. Investors are strongly encouraged to review the Company's annual
report on Form 10-K for the year ended December 31, 1999, and quarterly reports
on Form 10-Q on file with the Securities and Exchange Commission for a
discussion of risks and uncertainties that could affect operating results and
the market price of the Company's stock.
# # #
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Autobytel.com Reports Third Quarter Results
October 26, 2000
Page 4
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,
--------------------------------- ---------------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenues
Program fees $ 14,174 $ 9,361 $ 40,160 $ 25,174
Other related products and services 3,365 1,264 9,563 2,686
------------ ------------ ------------ ------------
17,539 10,625 49,723 27,860
------------ ------------ ------------ ------------
Operating expenses:
Sales and marketing 15,504 11,049 50,371 32,033
Product and technology development 6,197 4,216 18,059 9,798
General and administrative 3,090 2,390 8,580 5,750
Stock based compensation 65 282 330 791
Goodwill amortization 423 -- 1,061 --
------------ ------------ ------------ ------------
Total operating expenses 25,279 17,937 78,401 48,372
------------ ------------ ------------ ------------
Loss from operations (7,740) (7,312) (28,678) (20,512)
Interest income (expense), net 1,580 1,097 4,698 2,544
Foreign currency exchange loss (1,758) -- (1,759) --
Other income (expense), net -- (66) -- (394)
------------ ------------ ------------ ------------
Loss before provision for income taxes (7,918) (6,281) (25,739) (18,362)
Provision for income taxes 1 10 42 54
------------ ------------ ------------ ------------
Net loss $ (7,919) $ (6,291) $ (25,781) $ (18,416)
============ ============ ============ ============
Basic and diluted net loss per share $ (0.39) $ (0.35) $ (1.41) $ (1.23)
============ ============ ============ ============
Shares used in computing basic and diluted
net loss per share 20,331,455 17,878,188 18,296,639 14,959,928
============ ============ ============ ============
</TABLE>
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Autobytel.com Reports Third Quarter Results
October 26, 2000
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AUTOBYTEL.COM INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
ASSETS
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
------------- ------------
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 90,565 $85,457
Accounts receivable, net 6,459 4,593
Other current assets 2,583 2,819
-------- -------
Total current assets 99,607 92,869
Property and equipment, net 2,047 1,630
Goodwill, net 24,175 10
Other assets 1,451 363
-------- -------
Total assets $127,280 $94,872
======== =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 15,396 $11,049
Deferred revenues 6,853 6,147
Other current liabilities 1,778 917
-------- -------
Total current liabilities 24,027 18,113
Other liabilities 67 53
-------- -------
Total liabilities 24,094 18,166
Minority interest 8,193 --
Total stockholders' equity 94,993 76,706
-------- -------
Total liabilities and stockholders' equity $127,280 $94,872
======== =======
</TABLE>
