autobytel inc (ABTL) Key Developments
Autobytel Appoints Donald Perkins as Executive Vice President of Strategic and Business Development
Jun 18 15
Autobytel Inc. has appointed Donald Perkins, Jr. to the new position of Executive Vice President of Strategic and Business Development. Most recently, Perkins founded Zon Capital Partners, an early stage venture fund.
Autobytel Inc. Enters into the Third Amendment to Loan Agreement with MUFG Union Bank, N.A
May 27 15
On May 20, 2015, Autobytel Inc., a Delaware corporation entered into a Third amendment to loan agreement with MUFG Union Bank, N.A., formerly Union Bank, N.A., amending the company’s existing loan agreement with Union Bank initially entered into on February 26, 2013, as amended on September 10, 2013 and January 13, 2014 (the existing Loan Agreement, as amended to date, is referred to herein collectively as the Credit Facility Agreement). The Credit Facility Amendment provides for a new $15 million term loan; the amendment of certain financial covenants in the credit facility agreement; and amendments to the company’s existing $8 million working capital revolving line of credit. The term loan is amortized over a period of five years, with fixed quarterly principal payments of $750,000.00. Borrowings under the Term Loan will bear interest at either the London Interbank Offering Rate plus 3.00% or the bank’s Reference Rate (prime rate), at the option of the company. Borrowings under the Revolving Loan will bear interest at either the LIBOR plus 2.50% or the bank’s Reference Rate (prime rate) minus 0.50%, at the option of the company. Interest under both the term loan and the revolving loan adjust at the end of each LIBOR rate period (1, 2, 3, 6 or 12 months terms) selected by the company, if the LIBOR rate is selected; or with changes in Union Bank’s reference rate, if the reference rate is selected. The Company paid an upfront fee of 0.10% of the Term Loan principal amount upon drawing upon the term Loan and also pays a commitment fee of 0.10% per year on the unused portion of the Revolving Loan, payable quarterly in arrears. Borrowings under the Term Loan and the Revolving Loan are secured by a first priority security interest on all of the company’s personal property (including, but not limited to, accounts receivable) and proceeds thereof. The term loan matures June 30, 2020, and the maturity date of the Revolving Loan was extended from March 31, 2017 to April 30, 2018. Borrowings under the revolving loan may be used as a source to finance working capital, capital expenditures, acquisitions and stock buybacks and for other general corporate purposes.
Autobytel Inc. Revises Earnings Guidance for the Fiscal Year 2015
May 21 15
Autobytel Inc. revised earnings guidance for the fiscal year 2015. For the year, the company has been revised upward with revenues now expected to range between $128.0 million and $132.0 million, representing an increase of approximately 20% to 24% from 2014. The company also now expects non-GAAP diluted EPS in fiscal 2015 to range between $1.21 and $1.27, an increase of approximately 46% to 53%.
Autobytel Inc., Dealix Corporation, Autotegrity, Inc. - M&A Call
May 21 15
To discuss the acquisition of Dealix Corporation and Autotegrity, Inc. by Autobytel Inc.
Autobytel Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Full Year of 2015
May 7 15
Autobytel Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company’s total revenues were $26.2 million compared to $27.0 million in the same year-ago quarter. Net income was increased by 109% to $0.8 million or $0.07 per diluted share, compared to $0.4 million or $0.04 per diluted share in the year-ago quarter. Non-GAAP income increased 11% to $2.4 million or $0.21 per diluted share, compared to $2.1 million or $0.21 per diluted share in the first quarter of 2014. Operating income was $1.2 million compared to $0.76 million a year ago. Cash used in operations for the 2015 first quarter was $500,000, compared to cash provided by operations of $900,000 in the prior year quarter. The decrease in cash was largely the result of changes in working capital.
The company provided earnings guidance for the full year of 2015. The company’s guidance for fiscal 2015 remains on track with revenues to range between $114.0 million and $120.0 million, representing an increase of approximately 7% to 13% from 2014. The company also maintains its expectation for non-GAAP diluted EPS in fiscal 2015 to range between $0.97 and $1.16, compared to $0.83 in 2014, an increase of approximately 17% to 40%.