Accounting errors understated cumulative Autobytel Inc. losses by $3.1 million from Jan. 1, 2002, through June 30, 2004, the company said last week.
The errors, which an internal audit began to unravel in October, cost Jeffrey Schwartz his job as CEO. He remains with the Irvine, Calif., company as vice chairman. Hoshi Printer, the company's CFO, resigned in November.
Autobytel last week named a new CFO, Michael Schmidt, and finally brought its financial statements up to date. Schmidt was CFO of Autoweb.com Inc., now an Autobytel subsidiary.
Initially, Autobytel reported losses for the period of $10.0 million; in fact, the red ink totaled $13.1 million.