Autobytel Inc. (ABTL) has reported a 0.58 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $1.38 million, or $0.10 a share in the quarter, compared with $1.39 million, or $0.10 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $4.73 million, or $0.35 a share compared with $4.40 million or $0.33 a share, a year ago.
Revenue during the quarter grew 10.86 percent to $40.38 million from $36.42 million in the previous year period. Gross margin for the quarter contracted 358 basis points over the previous year period to 36.16 percent. Total expenses were 95.52 percent of quarterly revenues, down from 95.72 percent for the same period last year. This has led to an improvement of 19 basis points in operating margin to 4.48 percent.
Operating income for the quarter was $1.81 million, compared with $1.56 million in the previous year period.
"We generated record revenues in 2016 while maintaining our commitment to high-quality products for our dealer and OEM customers," said Jeff Coats, president and chief executive officer of Autobytel. "2016 also represented a year of integration, execution and investment as we rolled out the new usedcars.com site and completed the integration of the Dealix and AutoWeb acquisitions from 2015. Each of these acquisitions brought us important strategic assets, particularly AutoWeb, which dramatically strengthened our technology leadership in the automotive digital landscape."
For the fiscal year 2017, Autobytel Inc. expects revenue to be in the range of $156 million to $160 million for financial year 2017. The company projects adjusted net income to be in the range of $16.80 million to $17.30 million. The company projects diluted earnings per share to be in the range of $1.24 to $1.28 on adjusted basis.
Working capital increases sharply
Autobytel Inc. has recorded an increase in the working capital over the last year. It stood at $48.80 million as at Dec. 31, 2016, up 46.25 percent or $15.43 million from $33.36 million on Dec. 31, 2015. Current ratio was at 2.67 as on Dec. 31, 2016, up from 2.41 on Dec. 31, 2015.
Days sales outstanding went up to 38 days for the quarter compared with 35 days for the same period last year.
At the same time, days payable outstanding went up to 17 days for the quarter from 16 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 Dec. 31, 2016, down 14.58 percent or $3.94 million from $27 million on Dec. 31, 2015. Total debt was 13.95 percent of total assets as on Dec. 31, 2016, compared with 17.58 percent on Dec. 31, 2015. Debt to equity ratio was at 0.19 as on Dec. 31, 2016, down from 0.25 as on Dec. 31, 2015.
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