Autobytel Increases Revenue Guidance for 2014 First Quarter
April 01 2014 - 4:49PM
Autobytel Inc. (Nasdaq:ABTL), pioneer of the automotive Internet
and the company dedicated to connecting automotive consumers with
dealers and manufacturers, today announced it has raised its
revenue guidance for the first quarter of 2014.
Autobytel expects total revenue growth, including the
contribution from its recently completed acquisition of AutoUSA, of
45% to 47% for the first quarter of 2014, compared with the first
quarter of 2013. The company also now expects organic revenue
growth, excluding the contribution from AutoUSA, in the range of
22% to 24% for the first quarter ended March 31, 2014, compared
with last year. The company's original guidance range called for
revenue growth of 18% to 22%.
Additionally, Autobytel said it expects earnings per diluted
share (EPS) of approximately $0.03 for the 2014 first quarter, in
line with analysts' estimates. The company noted that EPS for the
first quarter includes one-time acquisition-related costs of
approximately $1.0 million and does not include cost synergy
benefits related to the acquisition of AutoUSA, which are expected
to begin at the end of the 2014 second quarter. As a reminder, due
to the company's one-time benefit on the deferred tax asset
allowance reversal in the fourth quarter of 2013, Autobytel will
begin recognizing a 40% book tax provision on its pre-tax income
prospectively, beginning with the first quarter of 2014. However,
due to the company's significant NOL's, there will be minimal
impact to cash from this recognition of a book tax
provision.
The company provided AutoUSA's audited financial statements for
the periods ended December 31, 2012 and 2013, as well as unaudited
pro forma financial information for AutoUSA and Autobytel combined
for 2013 in a March 26 amendment to its Form 8-K filed with the
Securities and Exchange Commission (SEC) on January 17, 2014 in
connection with the January 2014 acquisition of AutoUSA, a
Web-based auto leads and services provider, from AutoNation, Inc.
(NYSE:AN). AutoUSA generated 2013 revenues of approximately $30.0
million, with positive operating income and cash
flow. Autobytel reiterated that AutoUSA's historical gross
margins have been in the mid-20% range, and believes that it will
take several quarters to bring those margins closer to current
Autobytel gross margins. Autobytel expects the transaction to
be accretive to its 2014 results.
Autobytel also reiterated that it currently has no plans for
raising additional capital following its shelf registration
statement on Form S-3 filed with the SEC on February 27, 2014. The
filing allows the company to act opportunistically in support of
its longer-term growth objectives. When declared effective by the
SEC, the registration statement will allow Autobytel to issue
various types of securities, including common stock, preferred
stock, debt securities and warrants, from time to time.
About Autobytel Inc.
Autobytel Inc. provides high quality consumer leads and
associated marketing services to automotive dealers and
manufacturers throughout the United States and offers consumers
robust and original online automotive content to help them make
informed car-buying decisions. The company pioneered the automotive
internet in 1995 with its flagship website www.autobytel.com and
has since helped tens of millions of automotive consumers research
vehicles; connected thousands of dealers nationwide with motivated
car buyers; and helped every major automaker market its brand
online.
Investors and other interested parties can receive Autobytel
news releases and invitations to special events by accessing the
online registration form at Autobytel investor alerts.
Forward-Looking Statements Disclaimer
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, including,
but not limited to, expectations that total first quarter 2014
revenue growth, including the contribution from AutoUSA, will be in
the range of 45% to 47% compared with the 2013 first quarter,
expectations regarding first quarter 2014 organic revenue growth
being in the range of 22% to 24%, expectations that EPS will be
approximately $0.03 for the 2014 first quarter, the company's
belief that it will take several quarters to bring AutoUSA gross
margins closer to current Autobytel margins, and expectations that
the AutoUSA transaction will be accretive to Autobytel's 2014
results, are not guarantees of future performance and involve
assumptions and risks and uncertainties that are difficult to
predict. Actual outcomes and results may differ materially
from what is expressed in, or implied by, these 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 financial condition
of automobile manufacturers and dealers; disruptions in automobile
production; changes in fuel prices; the economic impact of
terrorist attacks, political revolutions or military actions;
failure of our internet security measures; dealer attrition;
pressure on dealer fees; increased or unexpected competition; the
failure of new products and services to meet expectations; failure
to retain key employees or attract and integrate new employees;
actual costs and expenses exceeding charges taken by Autobytel;
changes in laws and regulations; costs of legal matters, including,
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 the company's Annual Report on Form 10-K for
the year ended December 31, 2013 and other filings with the
Securities and Exchange Commission for a discussion of risks and
uncertainties that could affect the business, operating results or
financial condition of Autobytel and the market price of the
company's stock.
CONTACT: Autobytel Inc. Investor Relations
Curtis DeWalt
Chief Financial Officer
949-437-4694
curtisd@autobytel.com
or
PondelWilkinson Inc.
Roger Pondel/Laurie Berman
310-279-5980
pwinvestor@pondel.com
Autobytel Inc. Media Relations
Splash Media
Jennifer Lange
949-916-4820
jlange@getsplashmedia.com
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