IRVINE, Calif., Sept. 11, 2014 (GLOBE NEWSWIRE) -- Autobytel Inc. (Nasdaq:ABTL), pioneer of the automotive Internet and the company dedicated to connecting automotive consumers with dealers, today announced it expects revenue growth at the high end of its previously announced business outlook, or a revenue increase in the range of 25% to 26% compared with last year's third quarter. Autobytel also reiterated its 2014 third quarter guidance for adjusted EBITDA per diluted share in the range of $0.22 to $0.25 per share.
"Based on solid July and August business trends, and a strong start to September, we believe revenue will grow at a slightly faster pace for the third quarter than originally anticipated," said Jeffrey H. Coats, President and Chief Executive Officer. "AutoUSA is performing as expected, and is providing us with a substantially larger retail footprint and a platform from which to accelerate revenue growth. Our expected third quarter results reflect a strong auto leads business and ongoing healthy automotive market. We remain optimistic about our business, our industry and our future opportunities, and are looking forward to continued success."
Note about Non-GAAP Financial Measures
Autobytel has disclosed expected 2014 third quarter adjusted EBITDA per diluted share in this press release, which is a non-GAAP financial measure as defined by SEC Regulation G. The company defines adjusted EBITDA per diluted share as EBITDA (earnings before interest, taxes, depreciation and amortization), plus stock-based compensation and acquisition-related expenses, divided by weighted average diluted shares outstanding. The company's management believes that presenting adjusted EBITDA per diluted share provides useful information to investors regarding the underlying business trends and performance of the company's ongoing operations and is a better metrics for monitoring the company's performance given the company's net operating loss (NOL) tax credits and recent acquisitions. This non-GAAP financial measure is used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the company's consolidated financial statements in their entirety and to not rely on any single financial measure.
About Autobytel Inc.
Autobytel Inc. provides high quality consumer leads and associated marketing services to automotive dealers and manufacturers throughout the United States and offers consumers robust and original online automotive content to help them make informed car-buying decisions. The company pioneered the automotive internet in 1995 with its flagship website www.autobytel.com and has since helped tens of millions of automotive consumers research vehicles; connected thousands of dealers nationwide with motivated car buyers; and helped every major automaker market its brand online.
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Forward-Looking Statements Disclaimer
The statements contained in this press release that are not historical facts are forward-looking statements under the federal securities laws. These forward-looking statements, including, but not limited to, expectations that third quarter 2014 revenue growth will be approximately 26% compared with the third quarter of 2013 and that adjusted EBITDA per diluted share will be in the range of $0.22 to $0.25 per share, are not guarantees of future performance and involve assumptions and risks and uncertainties that are difficult to predict. Actual outcomes and results may differ materially from what is expressed in, or implied by, these 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. Among the important factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements are changes in general economic conditions; the financial condition of automobile manufacturers and dealers; disruptions in automobile production; changes in fuel prices; the economic impact of terrorist attacks, political revolutions or military actions; failure of our internet security measures; dealer attrition; pressure on dealer fees; increased or unexpected competition; the failure of new products and services to meet expectations; failure to retain key employees or attract and integrate new employees; actual costs and expenses exceeding charges taken by Autobytel; changes in laws and regulations; costs of legal matters, including, defending lawsuits and undertaking investigations and related matters; and other matters disclosed in Autobytel's filings with the Securities and Exchange Commission. Investors are strongly encouraged to review the company's Annual Report on Form 10-K for the year ended December 31, 2013 and other filings with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect the business, operating results or financial condition of Autobytel and the market price of the company's stock.