An accounting review, management shift and potential stock delisting.
It’s not surprising that Autobytel Inc. has named a new chief executive.
Out is Jeffrey Schwartz, who resigned last week. In is board member Richard A. Post.
Post is the former chief financial officer of MediaOne Group, which was bought by AT & T; in 2000.
He also held the same title at US West Media Group.
He takes over Autobytel as it undergoes a major review of its books. The company, which hooks up auto buyers and dealers via its Web site, is looking at its financial reports going back to 2002.
Autobytel cited a “material weakness” in its internal controls for the review. The company blamed stricter rules required by the Sarbanes-Oxley accounting reform act for not filing its reports on time.
The company has until May 15 to file its quarterly reports for the periods ending Sept. 30, 2004, and March 31, 2005, as well as its 2004 annual report.
Otherwise it could be delisted from the Nasdaq exchange.
Meanwhile, Autobytel said last week that its revenue guidance for 2005 no longer should be relied on.
Analysts were looking for net income of $12.5 million on sales of $150 million this year, according to a survey by Thomson Financial.
In March, Matthew McDowell, controller and vice president, resigned from the company.
In November, Autobytel’s chief financial officer, Hoshi Printer, stepped down when the company announced a restatement. Printer has stayed on with the company as a consultant.
Autobytel also said last week that Richard G. Walker, formerly its executive vice president, corporate development and strategy, was named chief operating officer.
Schwartz, meanwhile, is set to continue working for the company, though a release didn’t name a position.
He also will remain a director and vice chairman of Autobytel.
