Tuesday, November 16, 2004

Autobytel To Restate Earnings

Irvine-based Autobytel said yesterday that its Audit Committee has completed a previously announced internal accounting review. According to a statement by the company, the company is reviewing the results of the internal review, and expects to restate its financial statements for the second, third, and fourth quarters of 2003, the full 2003 fiscal year, and the first and second quarters of 2004. The company said that certain unapplied credits were recognized as revenue during the four quarters, as well as accounting treatment of uncashed checks by the company. Because of the restatement, the company said that it expects to delay its 10-Q report for the latest quarter, as it restates its historical financial statements. The company also said that it expects to receive a Nasdaq notification for non-compliance with filing requirements due to the delay and issues. Hoshi Printer, the company's existing EVP and CFO has resigned from the company, and has been succeeded by Michael Schmidt, SVP Finance of the company until a CFO can be named.