Autobytel Inc. said Monday that it pared its losses dramatically last year while posting revenue of $84.4 million, down less than 1 percent from revenue of $85.1 million in 2006.
Autobytel, a pioneer in Internet auto shopping, reported a net loss of $5.4 million in 2007, compared with a net loss of $31.5 million in 2006.
Weve already completed actions that are expected to remove at least $10 million in annualized costs from our P&L, and we expect to achieve additional expense reductions, bringing the total to approximately $15 million on an annual basis by the end of 2008, Autobytel CEO Jim Riesenbach said in a statement.
Revenue in the fourth quarter of 2007 was $18.9 million, compared with $20.4 million in the prior-year period. The company blamed the decrease in fourth quarter revenue on the elimination of low-quality Web traffic, which hurt advertising revenue.
Although our revenue results this quarter were impacted by our decision to strengthen traffic quality across Autobytels properties, we believe these actions will produce enhanced value for automotive marketers and increased revenue opportunities for the company, Riesenbach said in the statement.
Autobytel, of Irvine, Calif., launched its first car-buying Web site in 1995.