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Autobytel Gets Temporary Reprieve

Autobytel Inc., which is undergoing a major review of its books, said it won’t be bumped off the Nasdaq stock exchange before May 15.

Irvine-based Autobytel, which hooks up auto buyers and dealers via its Web site, said late Friday that Nasdaq agreed to extend a deadline for filing its quarterly and annual reports.

Nasdaq was ready to knock Autobytel from its exchange because of the delayed filings.

Meanwhile, Autobytel said today that its revenue guidance for 2005 should no longer be relied upon. Analysts were looking for net income of $12.5 million on sales of $150 million this year, according to a survey by Thomson Financial.

Shares of Autobytel were down about 1% to $5 Monday.

Autobytel said it missed the deadline for filing its 2004 annual report with the Securities and Exchange Commission because of stricter rules required by the Sarbanes-Oxley accounting reform act.

The company is restating results going back to 2002 because of a “material weakness” in its internal controls, Autobytel said in a filing with the Securities and Exchange Commission.

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 the restatement. Printer has stayed on with the company as a consultant.

Autobytel, which met with Nasdaq officials last week, said it now must file by May 15 its quarterly reports for the periods ending Sept. 30, 2004 and March 31, 2005, as well as its 2004 annual report.

Nasdaq also asked Autobytel to provide additional information regarding the “weaknesses” in its internal controls.

Autobytel said there was no guarantee it would be able to comply with Nasdaq’s requests.

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