<PAGE> 1
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: January 27, 2000
--------------------------------
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)
<PAGE> 2
Item 5. OTHER EVENTS
On January 27, 2000, autobytel.com inc., a Delaware corporation
("Autobytel.com"), announced its financial results for the quarter and year
ended December 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 January 27, 2000
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: January 27, 2000 By: /s/ Hoshi Printer
-------------------------------
Hoshi Printer
Senior Vice President and Chief
Financial Officer (Principal
Financial Officer)
2
<PAGE> 3
INDEX TO EXHIBITS
Exhibit Number Description
- -------------- -----------
99.1 Press Release dated January 27, 2000
<PAGE> 1
EXHIBIT 99.1
FOR IMMEDIATE DISTRIBUTION
- --------------------------
At Autobytel.com at Financial Relations Board
Hoshi Printer Don Markley
[email protected] [email protected]
949/862-3099 Chris Wood
[email protected]
415/986-1591
AUTOBYTEL.COM REPORTS RECORD FINANCIAL
RESULTS IN FOURTH QUARTER
Revenue Increases 70 Percent from a Year Ago
Irvine, CA - January 27, 2000 - Autobytel.com (NASDAQ: ABTL), the leading
international automotive e-commerce provider, today announced financial results
for the fourth quarter and year ended December 31, 1999.
Revenue for the quarter rose to $12.4 million, a 70 percent increase over
revenue of $7.3 million in the same quarter of the prior year, and a 17 percent
sequential increase over revenue of $10.6 million in the quarter ended September
30, 1999. The percent of total revenue from international fees and licenses, and
from services such as financing and insurance, reached 15 percent, up from 12
percent in the previous quarter.
The net loss in the quarter was $4.9 million, or $0.27 per share, compared with
a net loss of $3.9 million, or $0.46 per share, in the comparable period a year
ago, and a net loss of $6.3 million, or $0.35 per share, in the third quarter of
1999.
"By achieving record growth while controlling costs, we are making great
progress in building the long term value of our business," said Mark Lorimer,
President and CEO of Autobytel.com. "We continue to outperform all other online
car buying services as we set the standard for serving consumers and providing
innovative ways for our dealers and strategic partners to build their Internet
business."
"With the introduction of AutobytelDIRECT earlier this week, we once again have
leapfrogged the competition," said Lorimer. "With AutobytelDIRECT, click-and-buy
is a reality, making buying a car at Autobytel.com as easy as buying a book at
Amazon.com. Only Autobytel.com has the combination of experience, infrastructure
and resources to successfully implement a true and scalable direct-to-consumer
online sales model."
"Choice is oxygen on the Internet and we now offer consumers three distinct
options for purchasing a vehicle, all on one site. They can buy direct,
selecting a vehicle from thousands upon thousands of pre-priced cars online, or
submit a purchase request for a vehicle through our classic car-buying program,
or participate in the most comprehensive auction service on the Internet."
<PAGE> 2
According to Lorimer, Autobytel.com continues to expand its international
businesses at a rapid rate. "An obvious indication of Autobytel.com's industry
leadership position is our success in attracting international partners and
investors to leverage our brand name and business model in Europe and Asia
Pacific. With our alliances in Japan, Australia, the United Kingdom and Sweden,
and the newly formed Autobytel Europe, we are the only global e-commerce auto
player. We anticipate launching online services in many countries, including
Finland, Denmark, Norway, the Netherlands, and Belgium, in 2000," he said.
For the year, revenue reached $40.3 million, a 69 percent increase over revenue
of $23.8 million in 1998. The net loss for the year was $23.3 million, or $1.48
per share, compared with a net loss of $19.4 million, or $2.30 per share, in
1998. The Company reported that as of December 31, 1999, cash and cash
equivalents totaled $85.5 million.
"We also proved the scalability of our core business by achieving records in
both the size of our dealer network and the monthly subscription fees," said
Lorimer. The Company reported that its network of paying dealers increased to
3,323, up 8 percent from the previous quarter, and up 39 percent for the year.
Average monthly dealer fees reached $1,109, a 5 percent increase from the
previous quarter, and an increase of 9 percent from the comparable period a year
ago.
The number of purchase requests sent to dealers in the fourth quarter was
475,000, an increase of 35% over the same period last year, and a decline of 19
percent from the record 590,000 purchase requests in the third quarter. "We
anticipated a decline in purchase requests from the blistering third quarter
pace, and we believe it is also reflective of the enormous ".com" advertising
levels in the fourth quarter, and an accompanying decline in car sales
nationwide" said Lorimer. "What the fourth quarter shows us is that our blend of
subscription and transaction based revenue streams enables us to vigorously grow
and scale our business with great visibility."
About autobytel.com inc.
Internationally-branded Autobytel.com (www.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 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), Japan
(www.autobytel-japan.com) 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% 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.
<PAGE> 3
AUTOBYTEL.COM INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
ASSETS
<TABLE>
<CAPTION>
December 31, December 31,
1999 1998
------------ ------------
<S> <C> <C>
Current assets:
Cash and cash equivalents $85,457 $27,984
Accounts receivable, net 4,593 2,315
Other current assets 2,819 1,353
------- -------
Total current assets 92,869 31,652
Property and equipment, net 1,630 2,208
Other assets 373 347
------- -------
Total assets $94,872 $34,207
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $11,049 $ 3,830
Deferred revenue 6,147 4,008
Other current liabilities 917 378
------- -------
Total current liabilities 18,113 8,216
Deferred rent 53 123
------- -------
Total liabilities 18,166 8,339
Total stockholders' equity 76,706 25,868
------- -------
Total liabilities and stockholders' equity $94,872 $34,207
======= =======
</TABLE>
<PAGE> 4
AUTOBYTEL.COM INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
<TABLE>
<CAPTION>
Three Months Ended December 31, Year Ended December 31,
------------------------------- ---------------------------
1999 1998 1999 1998
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
Revenues $ 12,438 $ 7,327 $ 40,298 $ 23,826
------------ ----------- ------------ -----------
Operating expenses:
Sales and marketing 12,143 7,784 44,176 30,033
Product and technology
development 4,464 2,312 14,262 8,528
General and administrative 1,782 1,892 6,931 5,908
Acquisition costs -- -- 601 --
Stock based compensation 272 -- 1,063 --
------------ ----------- ------------ -----------
Total operating expenses 18,661 11,988 67,033 44,469
------------ ----------- ------------ -----------
Loss from operations (6,223) (4,661) (26,735) (20,643)
Interest and other income, net 1,318 779 3,468 1,280
------------ ----------- ------------ -----------
Loss before provision for income taxes (4,905) (3,882) (23,267) (19,363)
Provision for income taxes (1) 4 53 35
------------ ----------- ------------ -----------
Net loss $ (4,904) $ (3,886) $ (23,320) $ (19,398)
============ =========== ============ ===========
Basic and diluted net loss per share $ (0.27) $ (0.46) $ (1.48) $ (2.30)
============ =========== ============ ===========
Basic and diluted net loss per share
excluding acquisition costs $ (0.27) $ (0.46) $ (1.44) $ (2.30)
============ =========== ============ ===========
Shares used in computing basic and diluted
net loss per share 18,158,047 8,503,873 15,766,406 8,423,038
============ =========== ============ ===========
</TABLE>
