Autobytel Posts Gains in Q2 Profit, RevenueFriday, August 3, 2012
Irvine-based automotive marketer Autobytel Inc. saw revenue and profit increase in the second quarter.
Revenue increased to $15.7 million for the quarter, up $15.2 million a year earlier.
The company said the increase reflects a stronger demand for its services from auto makers and dealers as the auto industry rebounds from the recession.
Autobytel sells consumer-purchase leads to automakers and dealers. It also provides vehicle information for prospective buyers through its Autobytel.com, MyRide.com, Autoweb.com and other websites.
The company's core product offering is purchase requests. Revenue generated from the requests rose to $14.8 million for the second quarter from $14.2 million last year.
The company had net income rose of $231,000 compared with $199,000 for the 2011 second quarter.
Total operating expenses declined to $6 million for the 2012 second quarter from $6.1 million for the same quarter last year.
Autobytel said it anticipates continued growth for the rest of the year in the single-digit range. It also anticipates a doubling of net income year-over-year.
The company returned to profitability last year with $416,000 in earnings. That followed a long run of losses started in 2004 and saw $8.6 million in red ink in 2010.
Autobytel was down 4.61% to $3.52 during midday trading on Friday.
The company had a recent market value of $32 million.