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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 6, 2000
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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 April 6, 2000, autobytel.com inc., a Delaware corporation ("Autobytel.com"),
announced preliminary financial results for the quarter ended March 31, 2000. A
copy of Autobytel.com's press release announcing these preliminary 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 6, 2000
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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 6, 2000 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
Exhibit Number Description
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99.1 Press Release dated April 6, 2000
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EXHIBIT 99.1
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 EXPECTS FIRST QUARTER RESULTS
TO EXCEED ANALYST ESTIMATES
IRVINE, CA; April 6, 2000 - Autobytel.com (NASDAQ: ABTL), today announced
preliminary financial results for the three months ended March 31, 2000.
The Company expects revenue for the quarter to be between $14.5 and $15.0
million, and for the net loss to be in the range of $0.43 to $0.45 per share.
The current median analyst estimates are revenue of $13.4 million and net loss
of $0.48. The results for the quarter are consolidated, including revenue and
expenses from CarSmart.com since the closing of the acquisition on February 15,
2000.
"This is the fifth consecutive quarter of financial performance that has
exceeded street estimates since our IPO in March 1999," said Mark Lorimer,
Autobytel.com's President and CEO. "This quarter's results reflect continued
outstanding performance along several fronts. With the addition of CarSmart we
have driven our dealer base to more than 5,000 strong, unique visitors to our
sites topped 5 million, and we have seen a dramatic increase in our
international business."
"In addition to record revenues from our traditional car-buying program, we
launched AutobytelDirect and CarSmart's Personal Shopper, both of which have
been well-received by dealers and consumers. We have already been responsible
for more than $8.5 million in vehicle sales representing 28 makes in 32 states,"
Lorimer continued.
According to Lorimer, the Company's marketing and sales expenses were less than
previously anticipated. "In our last conference call, we indicated that we would
increase marketing and sales expenses by $5 to $7 million in each of the first
two quarters to support the launch of AutobytelDirect. Our creative marketing
approach allowed us to spend less in the first quarter than anticipated," he
said.
The Company stated that at the close of the quarter its cash and cash
equivalents stood at approximately $105 million, including $37 million raised
for the operation of Autobytel Europe, compared with $85 million in cash as of
December 31, 1999. The Company used approximately $8 million in cash to fund
ongoing operations in the first quarter. "We expect to maintain or even decrease
the rate of cash usage in the second half of this year," said Lorimer.
-more-
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Autobytel.com Expects First Quarter Results To Exceed Analyst Estimates
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The Company disclosed that as of March 31, its shares outstanding had increased
to 20.2 million as a result of the CarSmart.com acquisition. Excluding the
holdings of officers and directors and those entities with more than 5 percent
of the outstanding shares, Autobytel.com's share float is approximately 10.2
million.
Autobytel.com's final first quarter results will be reported on Thursday, April
27, 2000 at 1 pm PDT, following the close of the market.
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 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 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,
changes in A.I.N. Corporation's financial performance, and other matters
disclosed in Autobytel.com's filings with the Securities and Exchange
Commission.
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(1) As reported by J.D. Power and Associates, 4/5/00.
(2) J.D. Power and Associates 2000 Dealer Satisfaction With Online Buying
Services Studies(SM). Study is based on 1,262 automotive retailer
interviews. Each respondent evaluated up to three different services, which
resulted in 2,144 evaluations.
