Autobytel Inc. Files Form 10-Q Quarterly Report with the SEC and Reports Third Quarter 2006 Results.IRVINE, Calif. -- Autobytel Inc. (Nasdaq:ABTL ABTL Association Belge des Technologues de Laboratoire ), a leading Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the automotive marketing services company, today announced it filed with the Securities and Exchange Commission its Form 10-Q Form 10-Q See 10-Q. Quarterly Report for the third quarter ended September 30, 2006. "During the third quarter, we made significant progress on our new strategic initiatives, our continued efforts to get the company on a path back toward profitability, and in our endeavors to position the company for long term growth. Despite some challenges in the quarter, we were pleased to see a sequential decrease, on an absolute basis, in our total expense and continued growth in our dealer count," said Autobytel President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jim Riesenbach. "We continue to work intently to launch new products and services that we believe will transform the Automotive Internet, while improving the Company's infrastructure and expense structure. Our ongoing priority is to drive higher margins and leverage the power of new media for consumers and our network dealers." Summary of the Quarter Ended September 30, 2006: Revenue for the third quarter of 2006 was $28.2 million, of which $16.5 million was related to Lead Fees, $4.3 million was related to Advertising, $6.4 million was related to CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. services, and $1.0 million was related to Data, Applications and Other. Total revenue declined $2.4 million, or 8% from revenue of $30.6 million in the third quarter of 2005. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $36.4 million in the third quarter of 2006, an increase of $4.9 million from operating expenses of $31.4 million in the third quarter of 2005. Net loss for the third quarter of 2006 was $7.9 million, or a loss of $0.19 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. The Company delivered approximately 700,000 Purchase Requests in the third quarter of 2006. Of these, approximately 500,000 were delivered to retail dealers and approximately 200,000 were delivered to enterprise dealers. Additionally, the Company delivered 200,000 Finance Leads in the third quarter of 2006. During the third quarter of 2006, the Company changed how it calculates the number of vehicle lead referral customers. The Company now calculates a vehicle lead referral customer based on the dealership physical establishment not on the dealer franchise, and it counts a customer in a single physical establishment who subscribes to more than one of our new car lead referral programs as one customer. The Company's lead referral dealerships represent domestic and imported makes of vehicles and light trucks sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . At September 30, 2006 and 2005, the Company's new car lead referral dealerships, excluding lead referral enterprise dealerships attributable to automotive manufacturers or their automotive buying service affiliates, totaled approximately 2,550 and 2,580, respectively. The Company's used car lead referral dealerships, excluding lead referral enterprise dealerships attributable to automotive manufacturers or their automotive buying service affiliates, totaled approximately 1,630 and 1,530 at September 30, 2006 and 2005, respectively. Additionally, through our enterprise sales initiatives, the Company has 10 direct relationships with automotive manufacturers or their automotive buying service affiliates encompassing 20 brands. As of September 30, 2006, the Company's finance lead referral network included approximately 370 relationships with retail dealers, finance request intermediaries, and automotive finance companies. In addition, as of September 30, 2006, CRM customer relationships consisted of approximately 2,610 Web Control[R] system and approximately 950 Retention Performance Marketing[R] program relationships. Domestic cash, cash equivalents, and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments totaled $32.6 million as of September 30, 2006. Net cash used in operations was $5.1 million in the third quarter of 2006. Business Outlook "We are enthusiastic about the future as we work tirelessly tire·less adj. Not yielding to fatigue; untiring or indefatigable. tire  less·ly adv. on
launching the new Autobytel," said Riesenbach. "As we continue
to execute on our key priorities of transitioning the Company toward a
media-centric business model; providing high value internet marketing See Internet advertising. services for our dealer and manufacturer customers, and capturing
integration and growth opportunities between our businesses, the mission
of creating shareholder value will be front and center."Conference Call A conference call to discuss third quarter 2006 financial results will be webcast live on Thursday, November 9, 2006, at 5:00 PM Eastern Time. Participants may listen to a webcast of the live conference call over the Internet by visiting the investor relations Investor relations The process by which the corporation communicates with its investors. section of the Company's website located at: www.autobytel.com. Below is a direct link to the registration page. Please go to the website at least ten minutes prior to the call to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , and install any necessary audio software. http://www.irconnect.com/abtl/conf/3q2006.html A replay number will be available beginning at 8:00 p.m. Eastern Time (5:00 p.m. Pacific Time). The replay of the conference call may be accessed by dialing (800) 642-1687 or (706) 645-9291 for international callers. The conference ID for the replay is 2255782. About Autobytel Inc. Autobytel Inc. (Nasdaq:ABTL) is one of the largest online automotive marketplaces, empowering consumers to make smart vehicle choices using objective automotive data and insightful interactive editorial content. The result is a convenient car-buying process backed by a nationwide network of dealers who are committed to providing a positive consumer experience. Every day consumers choose Autobytel-owned and operated websites a Autobytel.com, Autoweb.com, CarSmart.com, Car.com, AutoSite autosite /au·to·site/ (aw´to-sit) the larger, more normal member of asymmetrical conjoined twin fetuses, to which the parasite is attached. au·to·site n. .com, Autoahorros.com, and CarTV.com - to facilitate their car-shopping decisions. Autobytel's ability to attract millions of highly qualified, in-market car buyers and connect them with retailers has made it a leader in facilitating the entire customer car-buying lifecycle. The Company's innovative marketing, advertising, data and CRM products, including its Web Control[R] customer management system, Retention Performance Marketing (RPM (1) (Revolutions Per Minute) With electric and electronics devices, RPM measures the rotational speed of the motor's spindle. Floppy disks rotate at 300 RPM, while hard disks rotate from 3,000 to 15,000 RPM. [R]) service reminder program, Special Finance Leads(SM), and AIC AIC Association des Infermières Canadiennes. [R] data center, are designed to enable dealers to offer a premium consumer experience. Since pioneering pro-consumer online automotive content and purchasing in 1995, Autobytel has helped more than twenty-seven million car buyers, generating billions of dollars in car sales for dealers. FORWARD-LOOKING STATEMENT forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. DISCLAIMER (networking) disclaimer - Statement ritually appended to many Usenet postings (sometimes automatically, by the posting software) reiterating the fact (which should be obvious, but is easily forgotten) that the article reflects its author's opinions and not necessarily those of the 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 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 actual results to differ materially from those expressed in, or implied by, the forward-looking statements are changes in general economic conditions, the economic impact of terrorist attacks or military actions, increased dealer attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: , pressure on dealer fees, increased or unexpected competition, the failure to successfully launch new products and services, the failure to realize anticipated synergies from acquired entities, costs related to acquisitions, failure to retain key employees or attract and integrate new employees, difficulties in successfully integrating the businesses and technologies of acquired entities and Autobytel, that actual costs and expenses exceed the charges taken by Autobytel, changes in laws and regulations, costs of defending lawsuits and undertaking investigations and related matters and other matters disclosed in Autobytel's filings with the Securities and Exchange Commission. Investors are strongly encouraged to review our annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2005, and other filings with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operating results and the market price of our stock. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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