Autobytel Files for Extension with Nasdaq; Announces Preliminary, Partial Unaudited Financial Information Related to Restatement
May 11 2005 - 7:30AM
Business Wire
Autobytel Inc. (Nasdaq:ABTLE), a leading Internet automotive
marketing services company, today announced that it has filed with
Nasdaq a request to extend the deadline to come into substantial
compliance with Nasdaq Marketplace Rule 4310(c)(14) to May 23,
2005, and to extend the deadline to come into full compliance with
Nasdaq Marketplace Rule 4310(c)(14) to May 27, 2005. Nasdaq
Marketplace Rule 4310(c)(14) requires the Company to make, on a
timely basis, all filings with the Securities and Exchange
Commission required by the Securities Exchange Act of 1934, as
amended. The Company has not yet filed its Quarterly Report on Form
10-Q for the fiscal quarter ended September 30, 2004, its Annual
Report on Form 10-K for the fiscal year ended December 31, 2004,
its Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2005, or its restated financial statements for the full
2002 fiscal year, the second and third fiscal quarters of 2003, the
full 2003 fiscal year, and the first and second fiscal quarters of
2004 (the "Required Filings"). As previously disclosed, on April 7,
2005, the Company received notice from Nasdaq that it had granted
the Company's request to extend the deadline to come into full
compliance with Nasdaq Marketplace Rule 4310(c)(14) to May 15,
2005. The Company will be unable to file the Required Filings by
the May 15, 2005 deadline. Although Nasdaq previously indicated
that the Company's shares would remain listed on the Nasdaq
National Market through May 15, 2005, as a result of this new
request for extension the Company's shares may be delisted at any
time. The Company cannot provide any assurance that it will be able
to obtain any extension from Nasdaq, or that it will be able to
meet any other deadline established by Nasdaq to come into full
compliance with Nasdaq Marketplace Rule 4310(c)(14). If the Company
does obtain an extension to the deadline to come into full
compliance with Nasdaq Marketplace Rule 4310(c)(14), but does not
make the Required Filings by such deadline, its shares will
immediately be delisted from the Nasdaq National Market. If the
Company's shares of common stock are delisted from The Nasdaq
National Market, they will continue to trade in the
over-the-counter market. The Company intends to appeal any decision
to delist its shares from The Nasdaq National Market, but cannot
provide any assurance that its appeal will be successful. Any such
appeal will not stay the decision to delist the Company's shares.
As previously announced, the Company will restate its financial
statements for the full 2002 fiscal year, the second and third
fiscal quarters of 2003, the full 2003 fiscal year, and the first
and second fiscal quarters of 2004. The Company currently believes
that the aggregate impact of the expected restated items on its
balance sheet is a reduction of $1.6 million in stockholders'
equity at June 30, 2004, and the net impact on its statements of
operations during the period from January 1, 2002 through June 30,
2004 is a reduction in net income of $2.7 million, of which $1.6
million impacted the first six months of 2004. This change in net
impact from that previously reported is primarily the result of
inappropriate revenue recognition in fiscal years 2002 and 2003 and
the first and second fiscal quarters of 2004, and inappropriate
derecognition of an accrual in 2003, which should have been
derecognized prior to 2002. This information, however, has not been
audited and is subject to change and until such time as the Company
is able to file with the Securities and Exchange Commission its
financial statements for these periods, its existing financial
statements should not be relied upon. About Autobytel Inc.
Autobytel Inc. (Nasdaq:ABTLE), a leading Internet automotive
marketing services company, helps retailers sell cars and
manufacturers build brands through marketing, advertising, data and
CRM (customer relationship management) products and programs. The
Company owns and operates the automotive websites Autobytel.com,
Autoweb.com, Carsmart.com, Car.com, AutoSite.com, AICAutoSite.com,
Autoahorros.com, and CarTV.com. Autobytel is also a leader in
dealership lead management and CRM solutions and owns and operates
AVV, Inc., a top provider of dealership CRM and sales management
products, and Retention Performance Marketing, Inc., (RPM(R)),
which powers dealerships with cutting-edge customer loyalty and
retention marketing programs. As the Internet's largest new car
buying service, Autobytel was the most visited new car buying and
research destination in 2003, reaching millions of car shoppers as
they made their vehicle buying decisions. Autobytel's car-selling
sites and lead management products are used by more of the nation's
top-100 e-dealers than any other program. 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. 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. 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 economic impact of terrorist attacks or military
actions, increased dealer attrition, pressure on dealer fees,
increased or unexpected competition, the failure to realize
anticipated synergies from acquired entities, costs related to
acquisitions, failure to retain key employees at acquired entities,
difficulties in successfully integrating the businesses and
technologies of acquired entities and Autobytel, that actual costs
and expenses exceed the charges taken by Autobytel, changes in laws
and regulations, costs of 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 our annual report on
Form 10-K for the year ended December 31, 2003, and other filings
with the Securities and Exchange Commission for a discussion of
risks and uncertainties that could affect operating results and the
market price of our stock.
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