DETROIT -- Autobytel Inc. has replaced its CFO and has finally brought its financial statements up to date.
As a result, Autobytel should keep its spot on the Nasdaq exchange after all.
Autobytel late Tuesday named Michael Schmidt as its new executive vice president and CFO. Schmidt replaces Hoshi Printer, who resigned in November as the company scrambled to sort out accounting problems.
The Irvine, Calif., company marked its 10th anniversary during the National Automobile Dealers Association convention in New Orleans in February with a cake, campaign and confetti. But behind the scenes, Autobytel scrambled to file financial statements and restate others to avoid Nasdaq delisting its stock from trading.
The accounting problems were discovered during an internal company review.
Autobytel says that the impact of all the accounting errors on its statements from Jan. 1, 2002, through June 30, 2004, is a reduction of net income of $3.1 million, of which $1.7 million affected the first six months of 2004.
Autobytel sells sales leads to dealerships and advertising to automakers on its Web sites. The company also sells dealership software. It was one of the pioneers of selling cars on the Internet.
Autobytel CEO Jeffrey Schwartz, the public face of the company for the last decade, was bumped from the driver's seat in the wake of the financial review. Richard Post, a finance-oriented executive, replaced Schwartz in April. Schwartz now is Autobytel's vice chairman and remains on the board of directors.
Autobytel said Tuesday that it filed with the U.S. Securities and Exchange Commission its 2004 annual report, its 2004 third-quarter report, and its first-quarter report for 2005. Additionally, the company filed an amended quarterly report for the fiscal quarter ended June 30, 2004.
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