<PAGE> 1
EXHIBIT 99.1
<TABLE>
<S> <C>
At Autobytel.com: At Financial Relations Board:
Amit Kothari, Interim Chief Financial Officer Michele LaGrone, analyst contact
[email protected] Chris West, general information
949/862-3099 Chris Wood, financial media
Jennifer Bowser, IR Manager 415/986-1591
949/225-4553
</TABLE>
AUTOBYTEL.COM RESULTS BEAT EXPECTATIONS IN REVENUES AND EARNINGS PER SHARE
Revenues Increase 86 Percent Over Previous Year
Bottom Line Exceeds Analyst Expectations By 4 Percent
IRVINE, CA - July 27, 2000 - Autobytel.com (NASDAQ: ABTL) today announced
financial results for the second quarter ended June 30, 2000.
Second quarter revenue grew to $17.1 million, an 86 percent increase over
revenue of $9.2 million in the second quarter of 1999, and a 13 percent
sequential increase over revenue of $15.1 million in the quarter ended March 31,
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.
Excluding goodwill and stock based compensation, net loss for the quarter was
$0.46 per share, an improvement of two cents over consensus estimates. Including
approximately $0.5 million representing goodwill and stock based compensation,
net loss for the quarter was $9.8 million, or $0.48 per share, compared with a
net loss of $6.0 million, or $0.33 per share, in the same quarter a year ago,
and a net loss of $8.1 million, or $0.42 per share, in the quarter ended March
31, 2000.
The Company reported that at the close of the quarter, its cash and cash
equivalents were $100.3 million, including $36.7 million raised and reserved for
the operation of Autobytel Europe, compared with $106.6 million in cash as of
March 31, 2000.
"We are very excited about our second quarter results and believe these numbers
tell a story of growth, discipline and innovation," said Mark Lorimer, President
and CEO of Autobytel.com. "We are increasing sales, our bottom line is beating
analyst estimates and our large amount of cash on hand and moderate burn rate
not only keeps us on the path to profitability but also gives us the flexibility
to act opportunistically to increase our market-leading positions."
"There is much more to come. Our network of over 5,000 paying dealers and nearly
5.3 million unique web site visitors in the quarter indicate how broad our
market reach is. This reach is becoming wider still, through such moves as
CarSmart's alliance with Saturn and yesterday's announcement that SWS Capital
and Autobytel Europe have formed a Spanish Autobytel organization with the
expected launch of the Autobytel Spain web site in the near future," said
Lorimer.
-more-
<PAGE> 2
Autobytel.com Results Beat Expectations in Revenues and Earnings per Share
July 27, 2000
Page 2
"In addition to this breadth, we are deepening our offerings to consumers and
business partners. The launch of MyGarage in June allows us to provide a whole
new level of post-sales support and service to our customers that will enable us
to increase our consumer base and improve on our customer retention record. Our
customers are further served by our partnership with MortgageIT.com, which
expands the range of financing activities they can engage in on our site.
Additionally, DealerSites, expanded in June, enhances our ability to offer
multi-national web site management, development and hosting to our dealer
network."
The Company also reported that revenue from international fees and licenses
exceeded $1.0 million again during the second quarter. "With a leading position
in Europe, Japan and Australia, and the financial and technological ability to
build on this lead, international development will continue to be a significant
part of our business. We reached an agreement with customer relationship
management provider Interwoven during the quarter to expand our ability to
localize our international web presence while maintaining a consistent brand,"
said Lorimer.
"The expansion of our international programs, as well as services like financing
and insurance, are important ways we expect to grow our margins. We have the
financial resources to implement this plan. We used $6.3 million in cash in the
second quarter, of which $5.2 million was spent in operating activities and $1.1
million in investing and financing activities," said Lorimer.
The results for the quarter consolidate the financial results of CarSmart.com
for the full quarter.
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 row.(1)
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
- more -
<PAGE> 3
Autobytel.com Results Beat Expectations in Revenues and Earnings per Share
July 27, 2000
Page 3
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.
---------------
(1) 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.
# # #
<PAGE> 4
AUTOBYTEL.COM INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
ASSETS
<TABLE>
<CAPTION>
June 30, December 31,
2000 1999
-------- ------------
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $100,267 $85,457
Accounts receivable, net 6,336 4,593
Other current assets 2,388 2,819
-------- -------
Total current assets 108,991 92,869
Property and equipment, net 1,890 1,630
Goodwill, net 24,598 10
Other assets 1,236 363
-------- -------
Total assets $136,715 $94,872
======== =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 17,653 $11,049
Deferred revenues 7,257 6,147
Other current liabilities 739 917
-------- -------
Total current liabilities 25,649 18,113
Other liabilities 82 53
-------- -------
Total liabilities 25,731 18,166
Minority interest 8,193 --
Total stockholders' equity 102,791 76,706
-------- -------
Total liabilities and stockholders' equity $136,715 $94,872
======== =======
</TABLE>
<PAGE> 5
AUTOBYTEL.COM INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended June 30, Six Months Ended June 30,
----------------------------- -----------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenues
Program fees $ 13,880 $ 8,200 $ 25,986 $ 15,813
Other related products and services 3,204 1,003 6,198 1,422
------------ ------------ ------------ ------------
17,084 9,203 32,184 17,235
------------ ------------ ------------ ------------
Operating expenses:
Sales and marketing 17,993 11,027 34,867 20,984
Product and technology development 6,829 3,216 11,862 5,582
General and administrative 3,075 1,770 5,483 3,361
Stock based compensation 125 282 266 508
Goodwill amortization 427 -- 644 --
------------ ------------ ------------ ------------
Total operating expenses 28,449 16,295 53,122 30,435
------------ ------------ ------------ ------------
Loss from operations (11,365) (7,092) (20,938) (13,200)
Interest and other income, net 1,602 1,111 3,117 1,119
------------ ------------ ------------ ------------
Loss before provision for income taxes (9,763) (5,981) (17,821) (12,081)
Provision for income taxes 21 3 41 44
------------ ------------ ------------ ------------
Net loss $ (9,784) $ (5,984) $ (17,862) $ (12,125)
============ ============ ============ ============
Basic and diluted net loss per share $ (0.48) $ (0.33) $ (0.98) $ (0.90)
============ ============ ============ ============
Shares used in computing basic and diluted
net loss per share 20,251,218 17,875,150 18,262,190 13,476,613
============ ============ ============ ============
</TABLE>
