Auto sales site Autobytel.com recorded higher revenues
but posted a net loss in the second quarter of $6.0 million, or $0.33 per
share, compared with a net loss of $3.1 million, or $0.37 per share, in the
comparable period a year ago.
Revenues for the quarter rose to $9.2 million, up from revenues of $5.4
million in the same quarter a year ago.
For the six months, revenues expanded to $17.2 million, up from revenues of
$10.0 million in the first six months of the prior year. The net loss for the
six months was $12.1 million, or $0.90 per share, compared with a net loss of
$10.0 million, or $1.19 per share, in the same period a year earlier.
“Our second quarter growth reflects the record number of new paying dealers
that joined the Autobytel.com network, as well as expanded revenues derived
from new business sectors,” said Mark Lorimer, president and CEO of
Autobytel.com., in a statement accompanying the earnings report.
“During the quarter, we recorded a 12 percent sequential increase in the
number of paying dealers in our network, from 2,560 to 2,865. In addition, we
saw a 140% sequential increase in our international and value-added service
fees.” There was no word on when profitability may be attained.
According to Lorimer, the number of vehicle purchase requests sent to dealers
in the second quarter reached a record 512,000, a 5 percent increase from the
first quarter of 1999, and a 74 percent increase over the same quarter a year
Separately, Autobytel.com announced a definitive agreement to acquire
privately held W.G. Nichols and a related entity, Marine Information
Technology, for $13 million in cash and 253,923 shares of common stock.
W.G. Nichols is the publisher of the Chilton series of automobile repair
manuals, with over 180 titles in publication, and Marine Information
Technology publishes repair and
maintenance procedures for watercraft.
“This acquisition enables us to accelerate our penetration into the ownership
portion of the vehicle life cycle, the cornerstone of which is service,
repair and parts,” Lorimer said.
Autobytel stock closed Friday at 17 and 15/16. Its 52-week high is 58.