Autobytel Inc.’s board of directors has approved an additional $1 million common stock repurchase program, increasing the total planned amount to $3 million.
The Irvine-based automotive marketing company said it will fund the buyback with available cash. The timing and actual number of shares repurchased will “depend upon a variety of factors, including price, market conditions, release of quarterly and annual earnings and other legal, regulatory and corporate considerations.”
Autobytel currently has approximately 9 million shares outstanding. The company estimated its third-quarter revenue will increase by about 22% year-over-year to about $26.8 million. Its market value is about $81.4 million.
