IRVINE, Calif.--Autobytel Inc. (Nasdaq: ABTL - News), a leading Internet automotive marketing services company, today said it has postponed the release of its 2007 fourth quarter and full year financial results, as well as its quarterly conference call previously scheduled for Thursday, March 13, 2008 at 2 p.m. PT.
The news release and conference call will be rescheduled as soon as practicable pending the final determination by the Company of the accounting treatment related to the Company’s patent litigation settlement with Dealix Corporation. In its prior quarterly filings, the Company has disclosed that it is responding to comments from the Securities and Exchange Commission regarding the accounting treatment for the patent litigation settlement. The Company is continuing to evaluate its accounting and disclosure with respect to this patent litigation, but expects to come to a resolution on these matters and file its Form 10-K for the fiscal year ended December 31, 2007 with the SEC by the March 17, 2008 deadline.
As previously disclosed, the resolution of these issues will not affect the terms of the settlement, but might result in a change in the accounting treatment of the settlement, specifically, acceleration of all or a portion of deferred gain associated with the settlement or further deferral of all or a portion of amounts already recorded. This may have a material impact on our consolidated financial statements as of March 31, 2007, June 30, 2007 and September 30, 2007 and for the three months ended March 31, 2007, June 30, 2007 and September 30, 2007, the six months ended June 30, 2007 and the nine months ended September 30, 2007.
About Autobytel Inc.
Since launching the first car-buying website in 1995, Autobytel Inc.’s mission has been to empower automotive consumers with the tools and information they need to make smart, well-informed vehicle purchasing and ownership decisions. The company has helped millions of car shoppers and generated billions of dollars in car sales for dealers. Today, the company’s innovative, consumer-driven flagship site, MyRide.com, expands the company’s mission across the automotive purchase and ownership life cycle. As the first vertical search experience for the automotive marketplace, MyRide.com is designed to help Internet-savvy consumers FIND, SEE, BUY and LEARN anything automotive and BELONG to a diverse community of people who have similar automotive interests.
By providing a convenient and comprehensive automotive consumer experience across the purchase and ownership lifecycle, Autobytel provides new value and touch-points for automotive marketers. Through MyRide.com and Autobytel’s marketing network, the company connects dealerships with a steady, diverse stream of motivated, serious shoppers, while providing both dealers and manufacturers with precision-targeted brand and product marketing opportunities. The company's advanced web-based advertising and marketing programs also help dealers and manufacturers build relationships with customers, as well as help them to efficiently manage and convert online business.
Forward-Looking Statement Disclaimer
The statements contained in this press release that are not historical facts are forward-looking statements under the federal securities laws, including, but not limited, to the Company’s ability to file its 2007 Form 10-K by March 17, 2008. These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed in, or implied by, such forward-looking statements. Autobytel undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include Autobytel’s ability to come to a resolution on the accounting matters relating to its patent litigation settlement with Dealix Corporation.