Autobytel Inc. (Nasdaq: ABTL), a leading provider of online consumer purchase requests and marketing resources for the automotive industry, today reported increased year-over-year revenues and profitability for the second quarter ended June 30, 2012.
“Our financial results this quarter reflect Autobytel’s ongoing ability to help automotive dealers and manufacturers sell more cars,” said Jeffrey H. Coats, President and Chief Executive Officer of Autobytel. “With our business now sustaining positive results, we are focused on strategically investing in future growth through a series of initiatives that we believe will allow the company to capture greater market share, as well as benefit from the improving auto industry.”
Revenues for the 2012 second quarter grew to $15.7 million from $15.2 million a year ago. Revenues generated from purchase requests, the company’s core product offering, rose to $14.8 million for the 2012 second quarter from $14.2 million last year, primarily reflecting stronger demand from automotive manufacturers and other wholesale channels, as well as an increase in purchase request volume from dealers.
Gross profit was $6.3 million for the 2012 second quarter, compared with $6.4 million a year ago. Gross margin totaled 40.3% of total revenues for the 2012 second quarter, compared with 41.7% for the second quarter of 2011. The reduction in gross profit and gross margin was primarily due to cost increases during the quarter related to purchase request generation activities as the company increased expenditures to offset purchase request volume declines.
Total operating expenses declined to $6.0 million for the 2012 second quarter from $6.1 million for the same quarter last year.
Net income for the 2012 second quarter rose to $231,000, or $0.02 per diluted share, versus $199,000, or $0.02 per diluted share, for the 2011 second quarter. Per share amounts reflect a 1-for-5 reverse stock split effected on July 11, 2012.