News of finances and transformation from Autobytel

Internet automotive marketing services company Autobytel Inc. today announced financial results for the first quarter ended March 31.

“We are off to a solid start for the year,” said Autobytel president and CEO Jim Riesenbach. “After spending much of 2006 laying a solid foundation for the future, we now are focused on our transformation to a more media-centric business model, et cetera, et cetera… Autobytel will be well positioned for long-term … and so on … sustainable growth and profitability.”

All right, Mr. Riesenbach, thank you. The numbers, please!

• Revenues for the first quarter of 2007 totaled $28.4 million, compared with $28.3 million in the prior-year period and up 6% from $26.8 million in the fourth quarter of 2006.

• Autobytel generated 61% of total revenues from lead fees, 17% from advertising and 22% from customer relationship management services and other in the first quarter of 2007, compared with 64% of total revenues from lead fees, 13% from advertising and 23% from CRM services and other in the first quarter of 2006.

• The change in revenue mix was largely the result of a 25% increase in ad revenues from the first quarter of last year. This increase was offset by a 4% decline in lead referral fees.

• Autobytel reported operating income for the 2007 first quarter of $3.1 million, which included a $9.9 million gain related to the recent settlement with Dealix Corporation in connection with a patent infringement lawsuit. This compares to an operating loss of $9.1 million in the first quarter of 2006 and an operating loss of $8.0 million in the 2006 fourth quarter.

• Autobytel posted net income of $5.6 million, or $0.13 per diluted share, for the first quarter of 2007, including the $9.9 million gain related to the Dealix settlement and a $2.3 million gain from the January 2007 sale of the company’s Automotive Information Center business. This compares with a net loss of $8.5 million, or $0.20 per share, in the first quarter of 2006 and a net loss of $7.3 million, or $0.17 per share, in the fourth quarter of 2006.

Looking to do no less that “transform the automotive internet,” Riesenbach and co. also announced plans to unveil its consumer internet site MyRide.com in June 2007. MyRide.com is promised to be “the first-of-its-kind integrated vertical search experience built around the entire automotive purchase and ownership lifecycle” while hoping to allow access to “more than one million automotive parts and accessories through a relationship with a leading internet retailer, and social networking capabilities.”