Autobytel Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenues for the 2013 first quarter increased more than 9% to $18,261,000 from $16,705,000 last year. Revenues generated from automotive leads, the company's core business, rose 13% to $15,900,000 for the 2013 first quarter, up from $14,100,000 for the same quarter last year, primarily reflecting strong demand from automotive dealers (retail) and manufacturers (wholesale). Total retail revenue increased approximately 15%, and total wholesale revenue grew more than 11% for the first quarter of 2013, compared with last year's first quarter. Operating income was $3,000 against $316,000 a year ago. Net income and comprehensive income was $334,000 or $0.04 per basic and diluted share against $253,000 or $0.03 per basic and diluted share a year ago. Cash net income was $1,058,000 or $0.12 per diluted share against $1,042,000 or $0.11 per diluted share a year ago. Earnings before interest, taxes, depreciation and amortization were $1,016,000 against $898,000 a year ago. Cash flow used in operations was $372,000 for the first quarter of 2013, compared with cash flow provided by operations of $894,000 for the prior-year first quarter. The decrease in cash related to an increase in working capital resulting from the significant increase in revenue for the first quarter of 2013 compared with the prior period. The company provided earnings guidance for the second quarter of 2013. For the quarter, the company expects second quarter revenue in the range of $17.0 million to $18.0 million and expects that second quarter gross margin will improve from the first quarter of 2013. The company also announced it expects continued profitability for the 2013 second quarter.

Autobytel Inc. proposed, to its Annual Meeting of Stockholders to be held on June 20, 2013, to approve an amendment to the company's certificate of incorporation to reduce the number of authorized shares of the company's common stock, $0.001 par value per share; to clarify the authority of the board of directors to fix the voting rights of any preferred stock issued under the certificate of incorporation's existing preferred stock authorization provision; and to eliminate the provisions establishing the powers, designations, preferences and rights for the Series A, B and C Preferred Stock that were converted into common stock in connection with the company's initial public offering in 1999.

Autobytel Inc., Q1 2013 Earnings Call, May 02, 2013