Autobytel Inc. (Nasdaq: ABTL), a leading provider of online consumer leads and marketing resources for the automotive industry, today announced improved financial results for the second quarter ended June 30, 2013, including net income growth of 67% on 13% revenue growth, compared with last year’s second quarter.
“Our ongoing emphasis on growing revenues, coupled with strong automotive market conditions, resulted in Autobytel’s highest second-quarter sales in five years,” said Jeffrey H. Coats, President and Chief Executive Officer. “Autobytel’s independently verified high sales conversion rates for the leads we sell have been a game-changer for us and our sector. With robust demand from both the retail and wholesale channels, we remain confident in our ability to continue generating improved financial results.”
Total revenues for the second quarter of 2013 increased to $17.8 million from $15.7 million last year. Revenues generated from automotive leads, the company’s core business, rose nearly 16% to $15.3 million for the 2013 second quarter, up from $13.2 million for last year’s second quarter, principally reflecting strong ongoing demand from automotive dealers (retail) and manufacturers (wholesale). Total retail revenues grew approximately 9%, and total wholesale revenues increased 21% for the second quarter of 2013, compared with the second quarter of 2012. The number of dealerships purchasing leads from Autobytel grew by over 70 from the first quarter of 2013.
Gross profit grew 10% for the 2013 second quarter to $7.0 million, or 39.1% of total revenues, from $6.3 million, or 40.3% of total revenues, last year. Gross profit was $6.6 million, or 36.1% of total revenues, for the 2013 first quarter. Autobytel’s longer-term gross margin target remains above 40%.
Total operating expenses were $6.4 million, or 36.0% of revenues, for the second quarter of 2013, compared with $6.0 million, or 38.1% of revenues, for the second quarter last year.