Carbiz Announces Q2 Results.TORONTO -- Carbiz Inc. ("Carbiz") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CZ) is pleased to announce its 2nd quarter results. In the second quarter, three months ended July 2004, sales increased over the previous year by 19%. This increase was due primarily to the incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. increase from our auto credit division. "Carbiz Auto Credit had sales of $189,530 up to July 2004 and is on track as compared to our projections" stated Carl Ritter Carl Ritter (August 7, 1779 – September 28, 1859) was a German geographer. Along with Alexander von Humboldt, he is considered one of the founders of modern geography. From 1825 until his death, he occupied the first chair in geography at the University of Berlin. , Chief Executive Officer, he said further, "I am pleased with the quarter results, we expect the Palmetto palmetto or cabbage palmetto Tree (Sabal palmetto) of the palm family, occurring in the southeastern U.S. and the West Indies. Commonly grown for shade and as ornamentals along avenues, palmettos grow to about 80 ft (24 m) tall and have fan-shaped leaves. facility to deliver greater results in sales and operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the third quarter." The gross profit increase was due mainly to currency fluctuations between the Canadian and U.S. dollar and non-recurring development costs incurred in 2003. Operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. increased on a quarter to quarter basis and continues to increase year to date mainly due to the adoption of the fair value method of employee stock-based compensation provision under Section 3870 of the CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) Handbook which added an expense of $125,375 in Q2 and $272,425 year-to-date. An additional $75,921 will be expensed in the third quarter. Although the total consolidated operations losses increased, the Carbiz Auto Credit portion of the Company had an operating profit of $4,277 Outlook "The third quarter will be an exciting period for the corporation," stated Stan Heintz, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Carbiz. With the start of TaxMax season, the second Carbiz Auto Credit facility scheduled to open in November 2004 and growth in software sales from the IDA Ida (ē`dä), city (1990 pop. 91,859), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural market and railway junction. software product we are well positioned for a strong finish to the year.
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For the For the For the For the
3 months 3 months 6 months 6 months
ended ended ended ended
July 2004 July 2003 July 2004 July 2003
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Revenue $ 933,538 $ 785,112 $ 2,321,473 $ 2,485,935
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Gross Profit 522,334 340,579 1,317,375 1,282,073
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Operating expenses 969,442 691,005 1,907,939 1,434,375
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Operating loss (447,108) (350,426) (590,564) (152,302)
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Interest income
(expense) (35,950) (48,576) (84,484) (96,046)
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Amortization/
Depreciation (63,003) (115,908) (490,565) (231,652)
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Net loss $ (546,061) $ (514,910) $ (1,165,613) $ (480,000)
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Current Assets $ 472,575 $ 457,782
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Capital Assets 750,099 1,655.884
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Intangible Assets 26,084 38,981
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Total Assets $ 1,248,758 $ 2,152,597
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Current Liabilities $ 1,290,514 $ 1,178,907
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Long-term Debt 584,299 681,974
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Preferred Shares 302,091 446,667
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Share Capital & Con. Surplus 27,281,157 25,743,109
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Deficit (28,208,303) (25,898,060)
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Total Liabilities +
Shareholders' Equity $ 1,248,758 $ 2,152,597
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Based in Toronto and Sarasota, Florida Sarasota is a city located in Sarasota County on the central west coast of Florida, USA. Its official limits include Sarasota Bay and several barrier islands between the bay and the Gulf of Mexico. , Carbiz Inc., is a leading provider of Internet and software solutions to the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . Carbiz's suite of business solutions include dealer software products focused on the finance, sub-prime finance, buy-here pay-here finance solutions, lead generation, Internet and training services. Carbiz has provided thousands of products to dealers in the U.S., Canada, and other countries and currently supports over 3000 dealers with a recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenue model plus individual product sales. Forward-Looking Statements 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. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Carbiz Inc. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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