Autobytel Revenues Drop, But Losses Stabilize

Irvine-based Autobytel, which provides automotive information and an online lead referral business for automotive dealers, reported its results Thursday, reporting that it had revenues of $13.4M for Q2, down from $19.0M for Q2 of 2008. The firm had a net loss of $251,000. The firm said that it continued to see declines in its lead referral revenue, which was down 33% from the prior year, roughly matching the decline in U.S. light vehicle sales. However, the firm said its cash and cash equivalents were up, to $26.8M, and the firm's operating expenses were significantly lower than last year, even excluding an impairment charge from Q2 of last year, reflecting staff reductions the firm put in place in the latter half of 2008.