-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Erm6E46rSlsY4ee9v8Qb852azR/UObMV61O0F34jTt7yWv+lpSNNuxjbvgfo5WtE LCmTnYsjRJfHydikg1pKZw== 0000892569-99-002800.txt : 19991029 0000892569-99-002800.hdr.sgml : 19991029 ACCESSION NUMBER: 0000892569-99-002800 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991028 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUTOBYTEL COM INC CENTRAL INDEX KEY: 0001023364 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS RETAIL [5900] IRS NUMBER: 330711569 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-22239 FILM NUMBER: 99736551 BUSINESS ADDRESS: STREET 1: 18872 MACARTHUR BLVD STREET 2: SUITE 200 CITY: IRVINE STATE: CA ZIP: 92612-1400 BUSINESS PHONE: 9492254500 MAIL ADDRESS: STREET 1: AUTO BY TEL CORP STREET 2: 18872 MACARTHUR BLVD 2ND FL CITY: IRVINE STATE: CA ZIP: 92612-1400 FORMER COMPANY: FORMER CONFORMED NAME: AUTO BY TEL CORP DATE OF NAME CHANGE: 19960920 8-K 1 FORM 8-K DATED OCTOBER 28, 1999 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: October 28, 1999 ---------- 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) 1 2 Item 5. OTHER EVENTS On October 28, 1999, autobytel.com inc., a Delaware corporation ("Autobytel.com"), announced its financial results for the quarter ended September 30, 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 October 28, 1999 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: October 28, 1999 By: /s/ Hoshi Printer --------------------------------------- Hoshi Printer Senior Vice President and Chief Financial Officer (Principal Financial Officer) 2 3 INDEX TO EXHIBITS
Exhibit Number Description - -------------- ----------- 99.1 Press Release dated October 28, 1999
3 EX-99.1 2 PRESS RELEASE 1 EXHIBIT 99.1 FOR IMMEDIATE DISTRIBUTION - --------------------------- at Autobytel.com at FRB Hoshi Printer Don Markley (general) infoearnings@autobytel.com dmarkley@frb.bsmg.com 949-862-3099 Kate Rajeck (analysts) krajeck@frb.bsmg.com 415-986-1591 AUTOBYTEL.COM REPORTS RECORD FINANCIAL RESULTS IN THIRD QUARTER Revenue Increases by 64 Percent, Car Requests by 75 Percent IRVINE, CA - OCTOBER 28, 1999 -- Autobytel.com (Nasdaq: ABTL), the global leader in automotive e-commerce and services, today announced financial results for the third quarter and nine months ended September 30, 1999. Revenue for the quarter rose to $10.6 million, a 64 percent increase over revenue of $6.5 million in the same quarter a year ago, and a 15 percent increase over revenue of $9.2 million in the second quarter of 1999. In the third quarter, the Company recorded a one-time expense of $0.6 million related to the termination of the agreement to acquire W.G. Nichols, Inc. The net loss in the third quarter, excluding the one-time expense, was $5.7 million, or $0.32 cents per share, compared with a net loss of $5.5 million, or $0.65 per share, in the comparable period a year ago, and a net loss of $6.0 million, or $0.33 per share in the second quarter of 1999. Including the one-time charge, the net loss was $6.3 million, or $0.35 per share. For the nine months, revenue expanded to $27.9 million, up 69 percent over revenue of $16.5 million in the first nine months of the prior year. The net loss for the nine months, excluding the one-time charge in the third quarter, was $17.8 million, or $1.19 per share, compared with a net loss of $15.5 million, or $1.85 per share, in the same period of the prior year. Including the one-time charge in the third quarter, the net loss for the nine months was $18.4 million, or $1.23 per share. "Leadership comes from results," said Mark Lorimer, President and CEO of Autobytel.com. "Our third quarter results again demonstrate our ability to extend our lead in the automotive e-commerce marketplace and leverage our brand permission beyond our traditional new car buying program." (more) 2 autobytel.com Third Quarter Results Page 2 "Independent sources show that Autobytel.com has more than three times the market share of its nearest competitor, and that our brand recognition by consumers is among the highest of all e-commerce companies. Our intended acquisition of CarSmart.com, which we announced recently, is expected to further widen that lead by extending our consumer reach, providing additional content, expanding our dealer network, and increasing our database of customers by 2 million," said Lorimer. "During the quarter, we focused on developing the resources and infrastructure to drive future growth; this included deepening our management staff, adding services in our finance, insurance and maintenance programs, and strengthening our dealer support system," said Lorimer. "We currently have the most comprehensive consumer site, offering services and information throughout the lifecycle of car ownership. We are now positioned to move to the next level of industry leadership, which is to offer consumers a wide range of choices on how they purchase, take delivery of, or receive their vehicle. Our industry leading infrastructure, technology, content, and knowledge of our vertical allow Autobytel.com to quickly adapt our service to what the individual consumer wants." Lorimer noted that the new consumer-to-consumer and dealer-to-consumer auction site launched three weeks ago already has over 1,100 vehicles listed. According to Lorimer, the number of purchase requests sent to dealers in the third quarter reached a record 590,000, a 15 percent increase from the second quarter of 1999, and a 75 percent increase over the same quarter a year ago. The Company also reported that its network of paying dealers increased to 3,063, up from 2,865 dealers at the close of the second quarter. The percentage of revenue from related products, such as insurance and financing, and from international fees, was 12 percent in the third quarter, the highest level achieved to date. "Autobytel.com Japan expects to launch on November 1; our strategic initiatives in Europe are growing according to plan, and we are moving forward in negotiations on a number of other strategic international agreements," said Lorimer. "Autobytel.com is certainly the most sought after brand name for online auto services outside the United States." The Company also reported that, according to MediaMetrix, unique visitors to its site totaled 2.9 million in the third quarter, up from 2.1 million in the second quarter. 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 (more) 3 autobytel.com Third Quarter Results Page 3 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) 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 percent 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. (FINANCIAL TABLES TO FOLLOW) For more information on autobytel.com, at no cost, please call 1-800-PRO-INFO (U.S.) or 908-544-2850 (int'l), ticker symbol ABTL. 4 autobytel.com inc. CONSOLIDATED BALANCE SHEETS (Amounts in thousands)
ASSETS September 30, December 31, 1999 1998 ------------- ------------ (unaudited) Current assets: Cash and cash equivalents $90,093 $27,984 Accounts receivable, net 3,155 2,315 Other current assets 2,210 1,353 ------- ------- Total current assets 95,458 31,652 Property and equipment, net 1,754 2,208 Other assets 412 347 ------- ------- Total assets $97,624 $34,207 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $10,612 $ 3,830 Deferred revenue 5,570 4,008 Other current liabilities 765 378 ------- ------- Total current liabilities 16,947 8,216 Deferred rent 70 123 ------- ------- Total liabilities 17,017 8,339 Total stockholders' equity 80,607 25,868 ------- ------- Total liabilities and stockholders' equity $97,624 $34,207 ======= =======
5 autobytel.com inc. CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share and per share data) (Unaudited)
Three Months Ended September 30, Nine Months Ended September 30, -------------------------------- ------------------------------- 1999 1998 1999 1998 ------------ ----------- ------------ ----------- Revenues $ 10,625 $ 6,462 $ 27,860 $ 16,499 ------------ ----------- ------------ ----------- Operating expenses: Sales and marketing 11,049 8,320 32,033 22,249 Product and technology development 4,216 2,352 9,798 6,216 General and administrative 1,789 1,480 5,149 4,016 Acquisition costs 601 -- 601 -- Stock based compensation 282 -- 791 -- ------------ ----------- ------------ ----------- Total operating expenses 17,937 12,152 48,372 32,481 ------------ ----------- ------------ ----------- Loss from operations (7,312) (5,690) (20,512) (15,982) Interest and other income, net 1,031 153 2,150 501 ------------ ----------- ------------ ----------- Loss before provision for income taxes (6,281) (5,537) (18,362) (15,481) Provision for income taxes 10 6 54 31 ------------ ----------- ------------ ----------- Net loss $ (6,291) $ (5,543) $ (18,416) $ (15,512) ============ =========== ============ =========== Basic and diluted net loss per share $ (0.35) $ (0.65) $ (1.23) $ (1.85) ============ =========== ============ =========== Basic and diluted net loss per share excluding acquisition costs $ (0.32) $ (0.65) $ (1.19) $ (1.85) ============ =========== ============ =========== Shares used in computing basic and diluted net loss per share 17,878,188 8,487,385 14,959,928 8,395,797 ============ =========== ============ ===========
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