Autobytel Inc. (Nasdaq: ABTL), a leading provider of online consumer purchase requests and marketing resources for the automotive industry, today announced increased revenues and net income for the third quarter ended September 30, 2012. The company reported its sixth consecutive quarter of profitability and seventh consecutive quarter of positive cash flow.
Revenues for the 2012 third quarter increased 7% to $17.5 million from $16.3 million one year ago. Revenues generated from automotive purchase requests, the company’s core product offering, rose more than 12% to $15.1 million for the 2012 third quarter, up from $13.5 million last year, primarily reflecting ongoing demand from automotive dealers and OEMs. Advertising revenue improved 13% to $884,000 from $784,000 for the third quarter of 2011.
Gross profit grew to $6.7 million for the 2012 third quarter from $6.6 million last year. Gross margin totaled 38.5% of total revenues for the 2012 third quarter, compared with 40.3% for the third quarter of 2011. Gross margin declined as a result of investments in generating additional lead volume and further investment in our online content to drive increased growth.
Total operating expenses were $6.1 million for the 2012 third quarter, the same as for the 2011 third quarter. Total operating expenses for the 2012 third quarter included a $68,000, or $0.01 per diluted share, one-time impairment charge related to a long-lived asset.Net income for the 2012 third quarter grew 24% to $551,000, or $0.05 per diluted share, based on 10.1 million diluted average weighted shares outstanding. Excluding the one-time impairment charge, net income for the 2012 third quarter would have been $619,000, or $0.06 per diluted share. Net income for the 2011 third quarter was $446,000, or $0.05 per diluted share, based on 9.5 million diluted average weighted shares outstanding. Per share amounts reflect a 1-for-5 reverse stock split effected on July 11, 2012.
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