Autobytel reported net income for the first quarter ended March 31, 2003 of $0.9 million, or $0.03 per share. This compares to a net loss for the quarter ended March 31, 2002 of $(18.5) million, or $(0.59) per share. It is nearly double the net income reported for the fourth quarter ended December 31, 2002, when net income was $0.5 million, or $0.01 per share.
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“Fiscal year 2003 is shaping up very well so far,” said Jeffrey Schwartz, president and CEO of Autobytel Inc. “We have now delivered a second consecutive quarter of net income, which reflects the success of our efforts to rebuild and enhance operations during 2002. Our operating metrics, such as closing ratio and gross margin per purchase request, have substantially improved and our customer and affiliate relationships are more solid than ever.”
Autobytel said that it was the most visited new-car-buying and research network in Q1 2003. Autobytel’s four web site properties — Autobytel.com, Autoweb.com, Carsmart.com and AutoSite.com — received about 9.25 million average monthly unique visitors in the first quarter of 2003, versus 7.45 million in the fourth quarter, as reported by comScore Media Metrix.
Autobytel said that it delivered approximately 795,000 Purchase Requests during the first quarter of 2003, of which about 612,000 were delivered to program dealers and the remaining 183,000 to enterprise dealers. Closing ratios for Autobytel dealers remained in the range of 16%-18%, roughly a 30% improvement over 12% closing ratios reported for the first quarter of 2002.
The company reported approximately 20,100 dealer relationships in the first quarter. Revenues from online advertising increased sequentially by 14%, to $2.8 million, in the first quarter of 2003.
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By GlobalDataJeffrey Schwartz added: “In addition to improved financial results, we are continuing to expand our leadership in automotive marketing services. Our expanded relationship with Yahoo!, and the launch of a co-branded channel targeting Hispanic car buyers, under an agreement with Terra.com, are an important part of our strategy of becoming an indispensable partner in the automotive interactive marketing arena.”
