Autobytel, Inc. (NASDAQ: ABTL) Announces Second Quarter 2008 Financial Results and Shares Fall to Multi-Year Low
Source: http://Blog.QualityStocks.net/?p=11623Posted on Thursday, August 7th, 2008 | In Market Commentary, OTCBB Markets, Small & Micro Cap, Stocks to Watch
Autobytel, Inc. (NASDAQ: ABTL), a leading Internet automotive marketing services company, recently announced the company’s results for the second quarter ending June 30, 2008. Shares fell to a multi-year low earlier this week after the company released the news of a net loss of $57.3 million, or $1.30 per share, for the second quarter, compared with a net loss of $2.0 million, or $0.05 per share, during the same period one year earlier.
According to the president and chief executive officer, Jim Riesenbach, the company made significant progress in respect to removing costs and creating a more streamlined infrastructure during a difficult overall environment. Autobytel plans to capture future growth and better position itself for profitability in the quarters ahead by implementing additional cost reductions and restructuring the organization to be more efficient and sustainable in order to grow the company’s top line.
Despite the decrease in revenues for the second quarter of this year, the company reduced its negative cash flow, before working capital and capital expenditures, by more than 50 percent from the first quarter of 2008. Senior management is committed to the goal of achieving break-even prior to year end, which will give the company additional flexibility with respect to its capital structure and potential revenue-generating opportunities.
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