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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 27, 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 27, 2000, autobytel.com inc., a Delaware corporation ("Autobytel.com"),
announced its financial results for the quarter ended March 31, 2000. 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 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: April 27, 2000 By: /s/ Hoshi Printer
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Hoshi Printer
Senior Vice President and
Chief Financial Officer
(Principal Financial Officer)
2
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INDEX TO EXHIBITS
Exhibit Number Description
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99.1 Press Release dated April 27, 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 West
[email protected]
415/986-1591
AUTOBYTEL.COM ANNOUNCES FIRST QUARTER RESULTS
Revenue Increases 88 Percent Over Q1 1999
In Q1 2000, Over 5,000 Dealers and Over 5 Million Unique Visitors
IRVINE, CA; April 27, 2000 --Autobytel.com (NASDAQ: ABTL), today announced
financial results for the three months ended March 31, 2000.
Revenue for the quarter reached $15.1 million, an 88 percent increase over
revenue of $8.0 million in the same quarter of the prior year, and a 21 percent
increase over revenue of $12.4 million in the quarter ended December 31, 1999.
The percent of total revenue from international fees and licenses, and from
services such as financing and insurance, reached 20 percent, up from 15 percent
in the prior quarter.
The Company reported that at the close of the quarter its cash and cash
equivalents were $106.6 million, including $36.7 million raised and reserved for
the operation of Autobytel Europe, compared with $85.5 million in cash as of
December 31, 1999.
The net loss in the quarter was $8.1 million, or $0.42 per share, compared with
a net loss of $6.1 million, or $0.68 per share, in the same quarter a year ago,
and a net loss of $4.9 million, or $0.27 per share, in the quarter ended
December 31, 1999.
"We are very pleased with the first quarter results. Once again, our solid
business values sustained our momentum and the consolidation of our industry
leadership position," said Mark Lorimer, Autobytel.com's President and CEO.
"In February, we completed the acquisition of CarSmart.com, bringing our network
of paying dealers to over 5,000, and unique visitors to our combined sites
during the quarter to over 5 million," said Lorimer.
Lorimer further stated that Autobytel.com's direct initiatives have proven
successful with both dealers and customers. "To date, approximately 1,100
dealers have signed up to participate, and we have already been responsible for
more than $8.5 million in vehicle sales representing 28 makes in 32 states."
The results for the quarter are consolidated, including revenue and expenses
from CarSmart.com since the closing of the acquisition on February 15, 2000.
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Autobytel.com Announces First Quarter Results
Page 2
The Company also reported a 120% sequential increase in its international
business during the quarter, with revenue from international fees and licenses
exceeding $1.3 million. "Our international initiative is one of the fastest
growing parts of our business, and we clearly have the leading brand name on the
four continents where we have presence. Our businesses in Europe, Japan and
Australia position Autobytel.com to take advantage of the growth of e-commerce
in these areas, and to replicate that success in additional countries," said
Lorimer.
Autobytel.com's international investor roster includes Inchcape plc, Pon
Holdings B.V., GE Equity, e-LaSer (a subsidiary of LaSER-Lafayette Services),
ITOCHU Corporation, Orient Corporation, Trans Cosmos, Inc., Intec, Inc., Recruit
Co., Ltd., e-solutions, Inc., St.George Bank Limited, Trading Post, Astre
Automotive, RACV (Royal Automobile Club of Victoria), Fortis Insurance and
Strathfield E-Ventures.
Lorimer also noted that for the third year in a row, Autobytel.com ranked #1 in
Dealer Satisfaction with Online Buying Services. "Plain and simple, we drive
more sales than anyone else in the space, which is why our dealers continue to
recognize us as the number one online buying service," he said. "We have always
focused, and continue to focus, on transacting customers, and on the lifetime
value of those customers. Our dominant market share is a testament to our belief
in fulfilling the `commerce' part of the e-commerce equation."
"Importantly, we have been able to achieve record growth and online market
leadership position with efficient use of our resources," said Lorimer. "During
the first quarter, we used $6.1 million in cash to fund ongoing operations. As
we have previously indicated, we expect that in the second quarter only, our
cash usage will be in the $10 to $12 million range due to marketing campaigns to
support direct initiatives. Subsequently, in the second half of 2000, we expect
the quarterly cash usage will be cut in half. With almost $107 million in cash,
and considering our cash usage projections, we feel very comfortable about our
ability to sustain and maintain our long term growth."
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 stockholders with more than five
percent of the outstanding shares, Autobytel.com's share float is approximately
10.2 million.
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.
(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.
-FINANCIAL TABLES TO FOLLOW-
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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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2000 1999
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<S> <C> <C>
Revenues:
Program fees $ 12,106 $ 7,613
Other related products and services 2,994 419
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15,100 8,032
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Operating expenses:
Sales and marketing 16,874 9,957
Product and technology
development 5,033 2,366
General and administrative 2,408 1,592
Stock based compensation 141 225
Goodwill amortization 217 --
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Total operating expenses 24,673 14,140
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Loss from operations (9,573) (6,108)
Interest and other income, net 1,515 8
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Loss before provision for income taxes (8,058) (6,100)
Provision for income taxes 20 41
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Net loss $ (8,078) $ (6,141)
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Basic and diluted net loss per share $ (0.42) $ (0.68)
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Shares used in computing basic and diluted
net loss per share 19,263,638 9,029,203
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</TABLE>
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AUTOBYTEL.COM INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
ASSETS
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
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(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $106,569 $85,457
Accounts receivable, net 6,297 4,593
Other current assets 2,556 2,819
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Total current assets 115,422 92,869
Property and equipment, net 1,884 1,630
Goodwill, net 24,910 10
Other assets 123 363
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Total assets $142,339 $94,872
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 13,782 $11,049
Deferred revenue 7,555 6,147
Other current liabilities 681 917
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Total current liabilities 22,018 18,113
Minority interest 8,208 --
Other liabilities 99 53
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Total liabilities 30,325 18,166
Total stockholders' equity 112,014 76,706
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Total liabilities and stockholders' equity $142,339 $94,872
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</TABLE>
