Autobytel Posts Gain, Pares Losses

Irvine-based Autobytel.com Inc., issuing its first quarterly earnings report since going public earlier this month, said it lost $6.1 million, or 68 cents a share, compared to a loss of $6.9 million, or 83 cents a share, a year earlier.

Analysts expected the Internet car retailer to post a loss of 78 cents a share, according to a First Call Corp. survey.

Autobytel’s revenue grew 73% to $8 million from $4.6 million during the same quarter last year.

“They are off to a real solid start so far,” said James Priessler of PaineWebber. “There are two constituencies here: the customers and the dealers. Whoever is satisfying both is going to be the key in the long-term.”

Autobytel said its network of auto dealers grew to 2,560, a 45% increase over last year. Their Web site handled 480,000 purchase requests for automobiles during the quarter, a 38% increase over the prior quarter.

This quarter, the company will start offering auto insurance on its site, part of its strategy to broaden its vehicle-related services, said Autobytel chief executive Mark Lorimer.

The company released the quarterly results shortly after the market closed. The stock dropped $1.69 to $29 in Nasdaq trading.