Autobytel Inc (ABTL) has reported a 69.54 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $2.74 million, or $0.21 a share in the quarter, compared with $1.62 million, or $0.14 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $6.48 million, or $0.49 a share compared with $5.16 million or $0.45 a share, a year ago.
Revenue during the quarter grew 9.30 percent to $43.91 million from $40.18 million in the previous year period. Gross margin for the quarter contracted 220 basis points over the previous year period to 35.88 percent. Total expenses were 90.31 percent of quarterly revenues, down from 91.74 percent for the same period last year. This has led to an improvement of 143 basis points in operating margin to 9.69 percent.
Operating income for the quarter was $4.26 million, compared with $3.32 million in the previous year period.
"The third quarter was highlighted by the strong momentum of our advertising-related click product, which has continued to exceed our expectations since acquiring AutoWeb last year," said Jeff Coats, president and chief executive officer of Autobytel. "At the end of the quarter, we launched the beta version of our new lead-enhanced product solution on AutoWeb.com. Initial customer feedback is positive so we intend to continue to develop similar new products that we believe will ultimately help our customers sell more cars, while making the path to purchase easier and more enjoyable for consumers."
For the financial year 2016, Autobytel Inc forecasts revenue to be in the range of $153 million to $155 million. The company expects adjusted net income to be in the range of $16.50 million to $16.90 million. It company expects diluted earnings per share to be in the range of $1.23 to $1.26 on adjusted basis.
Working capital increases sharply
Autobytel Inc has recorded an increase in the working capital over the last year. It stood at $41.47 million as at Sep. 30, 2016, up 50.21 percent or $13.86 million from $27.61 million on Sep. 30, 2015. Current ratio was at 2.50 as on Sep. 30, 2016, up from 2.12 on Sep. 30, 2015. Days sales outstanding were almost stable at 62 days for the quarter, when compared with the last year period.
At the same time, days payable outstanding went down to 35 days for the quarter from 37 for the same period last year.
Debt comes down
Autobytel Inc has recorded a decline in total debt over the last one year. It stood at $23.06 million as on Sep. 30, 2016, down 18.55 percent or $5.25 million from $28.31 million on Sep. 30, 2015. Total debt was 14.22 percent of total assets as on Sep. 30, 2016, compared with 21.91 percent on Sep. 30, 2015. Debt to equity ratio was at 0.20 as on Sep. 30, 2016, down from 0.35 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
