Autobytel Will Miss Nasdaq Deadline

Autobytel Inc., an Internet automotive marketing services company, said it would miss a Nasdaq deadline today to file updated, audited financial statements and that its stock could be delisted as a result. The company said it had applied to extend its deadline to April 15.

The company had announced last year that after an internal review of accounting matters, it would restate its earnings for the second, third and fourth quarters of 2003, full year 2003 and the first and second quarters of 2004.

After further review, the company said it expected to also restate earnings for its 2002 fiscal year and the first quarter of 2003.

Autobytel said it believed the aggregate effect of the changes from Jan. 1, 2002, through June 30, 2004, was a reduction of net income of $1.8 million.

Shares of the Irvine-based company fell 70 cents in after-hours trading after closing at $5.70, down 19 cents, on Nasdaq.